Daily Crypto Signals: Bitcoin Slides Below $100K, XRP ETF Launches Amid Market Uncertainty
The cryptocurrency market experienced significant volatility Thursday as Bitcoin fell 6.5% to test support around $99,000, while the newly
Quick overview
- Bitcoin fell 6.5% to around $99,000 amid economic uncertainty and a broader sell-off in risk markets.
- The newly launched Canary Capital XRP ETF attracted over $46 million in trading volume on its debut, despite a 2.7% drop in XRP's price.
- Grayscale Investments filed for an IPO on the NYSE, marking a significant step for the digital asset management company.
- Analysts attribute Bitcoin's recent price movements to macroeconomic issues rather than problems within the cryptocurrency market itself.
The cryptocurrency market experienced significant volatility Thursday as Bitcoin BTC/USD fell 6.5% to test support around $99,000, while the newly launched Canary Capital XRP ETF attracted over $46 million in trading volume despite both the token and fund experiencing price declines on debut day.
Crypto Market Developments
On Thursday, the digital asset sector had a lot of problems because of pessimism in the economy that spread to risk markets. The Nasdaq Index, which is made up mostly of tech stocks, fell 2.3% after Palantir CEO Alex Karp made cautionary comments about the economics of artificial intelligence. This caused a wider sell-off that brought down Bitcoin and other cryptocurrencies. The market fell because investors were dealing with questionable economic data after the longest US government shutdown in history, which lasted 43 days.
Grayscale Investments filed a registration statement with the US Securities and Exchange Commission for an initial public offering on the New York Stock Exchange under the ticker symbol GRAY. The filing, which was filed in on the first day the SEC was back to normal after the shutdown, is a big step forward for the digital asset management company. In the meantime, Singapore’s Monetary Authority said it will be keeping a closer eye on things. Managing Director Chia Der Jiun said that uncontrolled stablecoins pose systemic concerns and will not be considered settlement assets under new laws that are coming.
President Donald Trump signed a bill that ended the government shutdown and gave people temporary help until January 30, 2026. Still, there are worries regarding the quality and availability of economic statistics. Some reports from October may not be published because of the long closure.
Bitcoin Trades Above $98,000 Amid Selling Pressure
Bitcoin fell 6.5% on Thursday after briefly touching the $105,000 barrier the day before. It was under a lot of selling pressure. The pullback was similar to weakness in other risky assets and caused some $350 million in leveraged long bets to be closed, which led to the loss of the psychologically crucial $100,000 support level. Bitcoin is hanging at $99,000, according to trading data, as investors rethink how much it is worth in light of growing economic uncertainty.
Analysts stress that the recent price movement is due to macroeconomic problems and not problems with cryptocurrencies themselves. PlanB, the developer of the stock-to-flow indicator, says that most of the selling pressure came from those who bought Bitcoin between 2017 and 2022. There is scant evidence that insiders were behind the liquidations. The link between Bitcoin and traditional risk assets has grown stronger as investors are unsure about growth prospects, the direction of Federal Reserve policy, and whether stock market valuations have become too high after the boom in artificial intelligence investments.
XRP ETF Registers $46M+ Trading Volume on Launch
The Canary Capital XRP exchange-traded fund made its long-awaited debut on Thursday, and there was a lot of interest right away, with more than $46 million in trading volume on its first day. Eric Balchunas, a senior Bloomberg ETF analyst, said that XRPC had $26 million in trading within 30 minutes of its introduction, making it one of the best cryptocurrency ETF debuts of 2025. The impressive initial performance is almost as good as the Bitwise Solana ETF’s for the best launch of the year.
Even though people were excited about the ETF’s launch, XRP’s XRP/USD price dropped 2.7% in the last 24 hours, going from about $2.50 to $2.28. Analysts called this a classic “sell-the-news” incident. The Canary ETF itself fell 8%, from a high of about $27 during the day to about $24.50. After President Trump’s reelection and the shift in regulations that favored cryptocurrencies, market players expected the XRP ETF to be a bullish factor. JPMorgan analysts had predicted that an XRP ETF could bring in up to $8 billion in capital flows. Now, new estimates say that XRP may reach $5 by the end of 2025, thanks to the debut of the ETF and clearer rules once the government shutdown was finished.
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