Asia Market Open: Bitcoin Slips Under $90K, Stocks Slip as US Data Delay Keeps Markets On Edge

The cryptocurrency market has entered another sharp correction phase, sending digital assets deep into the red. Bitcoin has slipped toward the $90,000 mark while Ethereum has dropped below $3,000. This breakdown below the $90,000 level is crucial because it has not happened in more than seven months

Market analyst Gareth Soloway has released a fresh technical outlook on Bitcoin and Ethereum, confirming that both cryptocurrencies have now tapped key support levels that could decide whether the current bull trend continues or breaks down.

Bitcoin Slides to $90K as Sellers Take Control

Bitcoin’s price declined to around $90,662 at the time of reporting, marking close to a 5% drop in the last 24 hours. The world’s largest cryptocurrency briefly fell as low as $89,673, struggling to reclaim the $96,000 area that acted as recent resistance. The day’s trading range between $89,673 and $95,928 shows rising volatility and more aggressive sell pressure in derivatives and spot markets.

Market sentiment has also weakened after multiple failed attempts to break and sustain above the psychological $100,000 barrier.

Ethereum Breaks Key Support, Drops Under $3,000

Ethereum has also turned bearish, falling below the crucial $3,000 support zone. ETH traded between $2,948 and $3,218 in the past 24 hours. The slip below $3,000 is significant because it has historically acted as a defense zone backed by institutional interest, staking demand, and network growth expectations.

Gareth Soloway Issues Fresh Technical Alert

Soloway has released a new technical outlook for both Bitcoin and Ethereum, stating that the latest drop has pushed both cryptocurrencies directly into important support zones. According to Soloway, these levels may determine whether the broader bull trend continues or begins to break down, making the next few trading sessions highly critical for market direction.

Next Levels to Watch

For Bitcoin, the analyst is monitoring the $88,000 to $90,000 range as short-term structural support. A bounce from this zone could bring BTC back toward $94,000 or $97,000, while a confirmed breakdown could expose the mid-$80,000 region.

For Ethereum, it remains to be seen whether price can reclaim above $3,000 with strong volume. A successful push back above could restore bullish confidence, while sustained weakness may send ETH toward $2,750 or even $2,600 in an extended correction.

XRP price started a fresh decline from $2.250. The price is now showing bearish signs and might extend losses if it dips below $2.120.

• XRP price started a fresh decline below the $2.250 zone.
• The price is now trading below $2.20 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $2.220 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it settles below $2.120.

XRP Price Dips Further

XRP price attempted a recovery wave above $2.30 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $2.250 and $2.20.

There was a move below the $2.150 support level. A low was formed at $2.105, and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the downward move from the $2.525 swing high to the $2.058 low.

The price is now trading below $2.20 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.20 level. The first major resistance is near the $2.220 level. There is also a bearish trend line forming with resistance at $2.220 on the hourly chart of the XRP/USD pair.

A close above the trend line could send the price to $2.28. The next hurdle sits at $2.320 or the 50% Fib retracement level of the downward move from the $2.525 swing high to the $2.058 low. A clear move above the $2.320 resistance might send the price toward the $2.40 resistance. Any more gains might send the price toward the $2.450 resistance. The next major hurdle for the bulls might be near $2.50.

Another Drop?

If XRP fails to clear the $2.220 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.120 level. The next major support is near the $2.10 level.

If there is a downside break and a close below the $2.10 level, the price might continue to decline toward $2.050. The next major support sits near the $2.020 zone, below which the price could continue lower toward $1.880.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.120 and $2.050.

Major Resistance Levels – $2.20 and $2.220.

The Bitcoin price has seen a significant pullback, retracing nearly 26% from its all-time highs, fueling speculation about the potential onset of a new bear market. 

Compounding this uncertainty, a fresh sell signal has emerged from one of the cryptocurrency’s key indicators, reminiscent of the past when similar signals led to a staggering 67% drop in value.

Bitcoin Price Could Plunge To $31,000

Market expert Ali Martinez pointed out in a recent post on social media platform X (formerly Twitter) that the last time the SuperTrend indicator issued a sell signal for Bitcoin was in 2022. At that time, Bitcoin, which had reached an all-time high of $69,000, subsequently fell to around $17,000. 

While the market landscape has changed significantly since then—with the introduction of exchange-traded funds (ETFs), new digital asset treasuries (DATs), and increased institutional support spurred by pro-crypto regulations—the current situation mirrors some of those past concerns.

As it stands, the Bitcoin price is trading just above $94,500. If the historical trend of a 67% retracement were to repeat in the next months, the price could potentially fall to around $31,185, which could be the potential bottom of the new bear market. 

Adding to the conversation, another analyst known as Mr. Wall Street suggested that the recent Bitcoin price peak might be at $126,000. He forecasted that the next major downward move could see BTC hit levels between $74,000 and $82,000, ultimately reaching a target between $54,000 and $60,000 by the fourth quarter of 2026. 

This perspective contributes to the notion that Bitcoin is likely confirmed in a bear market, which could result in a year-long decline marked by price fluctuations similar to those seen in previous bear cycles.

A New Death Cross Emerges

Further complicating the outlook, analyst Doctor Profit pointed out a significant technical signal: the Bitcoin price experienced a death cross for the first time since April 2025. 

This event, marked by the 50-day moving average (MA) crossing below the 200-day moving average, historically led to rallies of 25% to 60% in the following three months. 

However, Doctor Profit emphasized a crucial difference this time around: the death cross occurred while Bitcoin was trading 6% below the 50-day exponential moving average (EMA50). In the previous instances, such crosses happened while Bitcoin was positioned above the EMA50, suggesting a different market sentiment this time.

The current bearish sentiment is intensified by negative trends in ETF sales and whale net volume, adding significant pressure to the Bitcoin price. 

With the average entry price for Bitcoin buyers over the past six months set at approximately $94,600, falling back toward or below this level could trigger fresh selling pressure. 

Historically, short-term traders tend to exit at breakeven or even at a slight loss, raising concerns about further declines. Doctor Profit concluded his analysis stating: 

Featured image from DALL-E, chart from TradingView.com 

Swiss crypto bank AMINA Bank AG said it has secured regulatory approval in Hong Kong to offer crypto trading and custody services to institutional clients in the region, adding its the first international bank to receive such permission.

AMINA said the “Type 1 license uplift” received from the Securities and Futures Commission would help it address a gap in the Hong Kong institutional crypto market, which has faced limited access to bank-grade crypto services due to the region’s high regulatory compliance standards.

The license will allow AMINA’s Hong Kong subsidiary to offer 13 cryptocurrencies — including Bitcoin (BTC), Ether (ETH), USDC (USDC), Tether (USDT) and major decentralized finance tokens. 

It comes as AMINA reported a 233% increase in trading volume on Hong Kong crypto exchanges in the first half of 2025 compared to the same period last year, indicating that both retail and institutional traders are increasingly embracing the asset class.

Michael Benz, head of AMINA for Hong Kong, stated that the license would enable the company to expand into private fund management, structured products, derivatives, and tokenized real-world assets, thereby providing a wider range of crypto offerings for its client base.

Hong Kong courts international crypto firms

Hong Kong has been positioning itself as a global crypto hub, and the latest approval could encourage other foreign firms to consider the market.

While AMINA claims to be the first international firm to win a Type 1 license upgrade, it is entering a market already serviced by local players such as Tiger Brokers, HashKey, and others.

Hong Kong launched new stablecoin rules in August

Hong Kong has adopted a cautious approach to crypto. It rolled out long-awaited stablecoin rules in August — prompting HSBC and ICBC to consider seeking licenses soon after.

Related: Digital Chamber seeks to guide crypto policy across US states 

Hong Kong’s SFC also approved its first Solana exchange-traded fund in late October — beating the US.

Hong Kong tightened rules around self-custodying crypto in August, though the move was aimed more at reducing cybersecurity risks than restricting user freedom.

El Salvador added 1,090 BTC to its holdings on Monday evening, marking the largest single-day acquisition the country has ever made.

According to its Bitcoin Office, the country acquired around $100 million worth of bitcoin at 6:01 p.m., eastern time. This purchase brought its total holdings to 7,474 BTC, worth roughly $676 million.

El Salvador, led by pro-bitcoin President Nayib Bukele, has been accumulating bitcoin consistently, making daily purchases of 1 BTC since November 2022.

Monday's addition of 1,090 BTC took place as bitcoin fell to lows of under $90,000, which was the lowest level it has seen since April, according to The Block's price page. The country has historically added batches of bitcoin to its holdings during bitcoin's price dip.

Bukele shared a screenshot showing the recent bitcoin acquisition on his official X account. He has previously written on the social media platform that the country's bitcoin acquisitions will not stop.

Deal with IMF

However, it is unclear whether El Salvador actually purchased 1,090 BTC from the market, as its $1.4 billion loan agreement with the IMF explicitly requires the country's public sector not to buy bitcoin. 

In July, two of El Salvador's top finance officials stated that the country had not bought any bitcoin since February, which directly contradicts the statements from Bukele. An official IMF report said increases in bitcoin holdings in the reserve fund reflect the consolidation of Bitcoin across various government-owned wallets, rather than new purchases.

The head of the Bitcoin Office, Stacy Herbert, has previously stated that El Salvador continues to buy bitcoin in defiance of the IMF deal.

"Some 'bitcoiners' trust the words of the IMF over the stacking actions of El Salvador recorded for eternity onto the Bitcoin blockchain," Herbert wrote in March.

The Block has reached out to the Bitcoin Office for comment.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Last month, Coinbase bought Echo, an angel investing platform founded by popular crypto trader Jordan "Cobie" Fish, for around $375 million. Then, last week, it launched its own public token sales platform, with a main focus on letting U.S. retail users participate. The back-to-back moves signal a clear shift in Coinbase’s business strategy. I spoke with Coinbase, rival platforms, VCs, and founders to break down what’s driving the shift and what comes next.

Coinbase's maneuvers raise an obvious question: why now? The company recently told me it sees the current Trump administration as the most pro-crypto the U.S. has had — suggesting a reopening of the ICO door that’s effectively been shut since the 2017–18 crackdown. The regulatory backdrop has indeed changed. In July, SEC Chair Paul Atkins said he had asked staff to propose “purpose-fit disclosures, exemptions, and safe harbors” for ICOs, airdrops, and network rewards — a sharp break from the post-2017 era when the SEC treated most ICOs as unregistered securities and pushed many projects into shutdowns or settlements.

Other signals also point towards improving regulatory clarity. CoinList president Scott Keto highlighted the recent SEC no-action letter for DoubleZero, which suggested its 2Z token was not a security — something he said he had never seen before. DoubleZero recently conducted a public sale on CoinList, marking the platform’s first sale to accredited U.S. users since 2019. Keto added that new legislation moving through Congress, including the Clarity Act crypto market structure bill, now gives companies like Coinbase far more confidence to operate in this space, especially with access to U.S. retail. Echo, notably, has only served accredited U.S. investors — likely one reason Coinbase launched a separate retail-facing platform.

Keto said this regulatory shift benefits all token sale platforms, not just Coinbase. When asked whether CoinList will now enable U.S. retail participation, he said that decision ultimately lies with issuers: “During the [former SEC Chair Gary] Gensler era, it’s not that we were unable to offer token sales to U.S. people (even accredited), but the projects themselves decided that it was too risky,” he said. “If projects want to offer their tokens to U.S. retail, then we can be supportive of that.”

Other rival platforms see the same regulatory opening but are taking different paths. Legion co-founder Matt O’Connor said the platform plans to serve U.S. retail as well, arguing that “securities laws should not apply to most tokens” under an updated policy framework. In contrast, BuidlPad founder Erick Zhang said he still does not plan to target U.S. users.

But regulation isn’t the only driver. Coinbase’s head of trading, Scott Shapiro, said the goal is to support projects “at every stage of their lifecycle” — early raises on Echo groups, crypto-native public sales through Echo Sonar, and then broad distribution to Coinbase’s global retail base. Shapiro's pitch is a full-stack, founder-friendly path from inception to liquidity, designed not just for quick sales but “the long-term health of the project.”

Framework Ventures' partner Brandon Potts said Coinbase is simply trying to own more of the user journey as users increasingly want to participate earlier, and issuers want compliant, higher-trust venues. Robot Ventures’ partner Anirudh Pai called it vertical integration: if Coinbase wants to dominate both centralized trading and the onchain economy through Base, it needs a direct pipeline for token distribution.

A couple of founders added a competitive lens. Superfluid co-founder and CEO Francesco Renzi said token launches remain one of the highest-volume moments for any exchange — and Coinbase’s conservative stance on day-one listings meant it “missed out” on this market. Lluis Bardet Alvarez, co-founder of idOS, said that as decentralized-exchange volumes rise and onchain fees decline, centralized exchanges face an “innovator’s dilemma.” He said, “Coinbase is exploring new crypto products that don’t cannibalize directly their core product (CEX), while still helping to capture users that are more decentralization-minded.”

What Coinbase’s moves mean for rivals

Most rivals saw Coinbase’s Echo acquisition and the launch of a public token sales platform as both validation and a bit of competition. CoinList’s Keto said it confirms the regulatory environment has finally shifted enough for major platforms to re-enter U.S. token launches — something many avoided for years — and added that CoinList is now preparing a more decentralized sale mechanism to give projects alternatives beyond centralized venues.

“We are going in the other direction because that is what I think projects and their users will ultimately care about,” Keto said. “The projects want the users on their own chains and inside their own apps. CoinList is committed and ready to integrate those networks. We have a few deals like that coming up.”

Legion’s O’Connor said Coinbase’s move increases some competition but doesn’t eliminate room for others. He said Legion is positioning itself as more of an ICO underwriter — working closely with projects on structuring, compliance and go-to-market — rather than just a distribution channel. “Tokenization is a powerful technology, and the addressable market is not a handful of altcoins — it’s bringing any and every asset and investment opportunity onchain. It’s reinventing IPOs. That’s why we call Legion the first ICO underwriter,” he said.

BuidlPad’s Zhang said his platform will stay focused on non-U.S. markets and has a “highly curated and high touch” approach, spending a couple of months with projects to cultivate community and run pre-launch marketing campaigns. “This means we cannot do token launches very frequently — but that’s the path we choose,” he said.

Most people I spoke to said that Coinbase might win a share of premium deals, but not all. Platforms offering more “degen” launch mechanics, less strict compliance, or more favorable founder terms will still compete for strong launches, they said. As Pai put it, “Some [platforms] might build a brand around memecoins and riskier, more speculative tokens.”

Will Coinbase spark a new ICO wave?

Coinbase says it aims to run one token sale per month — although Shapiro said that “isn’t a hard and fast rule” as the focus is on quality over quantity. While the pace of strong launches this year has been modest, many I spoke to said the next year could see a meaningful uptick as teams that delayed launches finally step forward.

Framework’s Potts said, “There is a real pent-up supply of high-quality projects that have delayed launching, not because they lack conviction, but because the venue landscape has been limited and inconsistent.”

Others expect more activity with Coinbase’s entry — though not a 2017-style flood — as teams take advantage of clearer rules and renewed access to U.S. retail. “We’ve received an increase in inbound from top-tier projects and institutional partners after Coinbase’s announcement,” Legion’s O’Connor said. “ICO season is back, but it’s evolved to be more sustainable and resilient from the 2017 era.”

Vinayak Kurup, head of research and investor at EV3 Ventures, agreed: “We’ve evolved significantly as an industry since the [early] ICO days,” adding that fundamentals, not hype, will drive the next phase. With institutional capital coming onchain and crypto now treated more seriously as an asset class, “the pure days of market degeneracy, I think, are in the rear-view mirror,” he said.

A Base token?

Another big question is whether Coinbase will eventually use its own platform to launch a Base token. Coinbase’s Shapiro said, “Base is in the early stages of exploring a network token, but we have nothing further to share at this time.”

Others I spoke to were split. Some said if Base ever launches a token, it will almost certainly happen on Coinbase’s platform. But others warned it could create conflict-of-interest issues and attract regulatory scrutiny — and Coinbase may instead opt for an airdrop-only route.

“Issuing a Base token on their own high-compliance venue would create an issuer-platform conflict and draw regulatory scrutiny,” said Framework’s Potts. “A Base token becomes more plausible only once competitive pressures rise and U.S. policy becomes clearer.”

Mathijs van Esch, general partner at Maven 11, said, “We would speculate they would most likely facilitate an airdrop… This way, the Base token would immediately be deemed as a commodity under current regulations.”

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.