Bitcoin Rejected at $85K as Macro Pressure Mounts and FOMC Looms: Weekly Crypto Recap

It was another interesting week in terms of developments, crypto partnerships, new purchases, and price moves, but the focus has now turned to the Federal Reserve as its next meeting looms.

Recall that the previous business week ended with a nosedive that tanked BTC to under $80,000 for the first time in a month. It came on the heels of both the CPI and PPI showing that inflation remains a major concern. Bitcoin managed to regain some traction on Friday afternoon and Saturday, jumping to $82,800. There was a brief flash crash on Saturday evening in crypto as well as AI stock futures, but it was quickly overcome, and BTC tried to regain more traction on Sunday evening and Monday morning.

Its attempt took it to $83,000 once again, but the bears continued to have a stronger grip on the market. The primary cryptocurrency finally managed to escape them on Wednesday when it suddenly rocketed to almost $85,000 for the first time in two weeks.

After gaining $5,000 from the previous week’s dip to under $80,000, the asset faced another rejection. It slumped by over four grand within a day or so, as the macro landscape continues to deteriorate. Oil prices have rocketed above $100 per barrel after new threats from US President Donald Trump about potential strikes against Iran.

BTC currently struggles to remain above $81,000 after another leg down on Friday. The weekly chart shows a minor decline for the leading digital asset, while most altcoins, such as ETH, XRP, SOL, TRX, and DOGE, have dropped by up to 2%. More painful declines come from HYPE, ADA, NEAR, RAIN, TAO, BTW, QNT, and AAVE. In contrast, XMR, PEPE, PUMP, and BNB are in the green weekly.

The market has now focused on next week’s FOMC meeting, where the general consensus is that the Fed won’t change interest rates.

Market Data

Cryptocurrency Market Overview Weekly October 23. Source: QuantifyCrypto

Market Cap: $2.840T | 24H Vol: $68B | BTC Dominance: 57.5%

BTC: $81,340 (-0.37%) | ETH: $2,390 (-2.3%) | XRP: $1.31 (-1.5%)

This Week’s Crypto Headlines You Can’t Miss

Ethereum Delays Glamsterdam Hoodi Fork as Developers Test EIP-8037. Perhaps the biggest industry news from earlier today: Ethereum developers delayed the Glamsterdam upgrade on the Hoodi testnet to further investigate EIP-8037 interactions with existing smart contracts. No new date has been set yet.

Bitcoin’s Biggest Holders Scoop Up Nearly 89,000 BTC in Just One Month. Despite the cryptocurrency’s price struggles, BTC whales have been on an accumulation spree lately. On-chain data showed that these large holders have scooped up almost 89,000 units in the past month alone.

Bitcoin Profitability Nears 2022 Lows as BTC Price Slumps Below $82K: Analyst. The profitability indicator neared November 2022 levels despite BTC’s price recovery from under $64,000 in mid-August to over $80,000 as of now. There’s a sharp gap between today’s price and investors’ profit conditions.

CZ Warns Crypto Users as Critical PHP Vulnerabilities Put Websites at Risk. In light of the latest online threat, Changpeng Zhao warned internet users to exercise caution due to the newly disclosed PHP vulnerabilities that could lead to credential theft and device exploitation.

Fireblocks Denies Report of $2.5B Visa Acquisition Talks. Reports emerged on Friday that Visa is planning to acquire Fireblocks for around $2.5 billion. However, the company selling software to banks was quick to dismiss the claims, saying they are news to them as well.

Strive and Strategy Keep Buying Bitcoin. The two most consistent BTC buyers in the past month, at least from the corporate side, Strive and Strategy, announced new purchases on Monday once again. Matt Cole’s Strive acquired another 1,223 BTC, while Saylor’s brainchild acquired 267 BTC, putting its total stash at a new all-time high of 848,527 units.