Bitcoin and XRP Prices Fall. What November Holds for Cryptos After Rough Month. — Barrons.com

By George Glover

Bitcoin and other cryptocurrencies were tumbling on Monday, putting the digital assets on course to start the first few days of November as they ended October — extending a rough recent run.

The world's largest token by total market capitalization, was down 2.7% to $107,568 over the past 24 hours, according to data from CoinDesk. It's now trading 18% off the record high it hit early last month.

Ethereum fell 4.4% and XRP slid 4.7% over the past 24 hours, according to data from the Kraken crypto exchange.

The fourth quarter tends to be the strongest three-month stretch of the year for cryptos, but that trend could grind to a halt in 2025. Bitcoin fell 4% last month, for its worst October in seven years.

It slumped after President Donald Trump threatened to hike tariffs on China, then took further losses when Federal Reserve Chair Jerome Powell signaled that a December interest-rate cut wasn't a done deal. Lower borrowing costs make risky assets such as stocks and digital tokens more attractive relative to interest-bearing investments such as bonds. Reduced rates also tend to weaken the dollar, which boosts crypto valuations.

The key question is if the token can now find a floor, or if the selloff carries on gathering speed.

"It's crucial for Bitcoin to hold the $98,000 level," analysts from TeraHash said on Friday. "Losing it could easily push the price down toward the $90,000 to $74,000 range. If these levels fail to hold, a deeper correction to the $70,000-$60,000 zone becomes likely."

Crypto stocks were also tumbling on Monday. Shares in Bitcoin investor Strategy slid 1.8% ahead of the opening bell, and digital-asset exchange Coinbase Global was down 1.4%.

Write to George Glover at george.glover@dowjones.com

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