Bitcoin (COIN:BTCUSD) extended its recent losses on Tuesday, slipping back below $109,000 after its weekend rally ran out of momentum, leaving the broader crypto market under pressure despite improving sentiment in traditional risk assets.
By 09:26 ET (13:26 GMT), Bitcoin was down 2.3% at $108,820, leading declines across major cryptocurrencies even as investors grew more optimistic over developments in Japan and signs of progress on U.S.–China trade talks.
Uptober rally loses steam
Bitcoin has struggled to regain its footing above $110,000 since a flash crash earlier in October erased around $500 billion from the overall crypto market cap. The sharp drop stoked risk aversion, with traders hesitant to make big moves amid heightened volatility.
Optimism over “Uptober” — a term traders use to describe October’s historically strong crypto performance — is fading quickly as Bitcoin remains down more than 2% for the month.
“So far this year, Uptober hasn’t gone to plan for Bitcoin bulls. Instead of seasonal strength, the price action has remained subdued with an early rally fizzling midway through the month, delivering an ugly reversal that may not be over yet,” FOREX.com analysts wrote in a note.
They also pointed out that Bitcoin is decoupling from other risk assets, especially stocks, which have rallied to record highs in recent weeks. Bitcoin, they said, was “lagging badly in an environment where so many high-beta markets are ripping higher.”
This divergence was on full display Tuesday. Asian equities surged, with Japan hitting record highs as Sanae Takaichi advanced toward becoming prime minister, while Chinese markets jumped on softer U.S. trade rhetoric. Crypto, however, bucked the broader risk-on mood and fell sharply during the session.
Coinbase makes $375M push into fundraising tech
Coinbase (NASDAQ:COIN) announced plans to acquire investment platform Echo in a deal worth roughly $375 million in cash and stock, marking a major step into capital-raising technology.
Echo specializes in tools for private and public token sales, aimed at streamlining how crypto investors access fundraising. “We want to create more accessible, efficient, and transparent capital markets,” Coinbase said in a blog post.
The exchange said it will first use Echo’s Sonar platform for crypto token offerings, with plans to expand into tokenized securities and real-world assets in the future. Founded by crypto trader Jordan “Cobie” Fish two years ago, Echo has already facilitated over $200 million in blockchain fundraising.
Deal activity in the digital assets sector has picked up in 2025, buoyed by a more favorable U.S. regulatory climate, encouraging firms to expand domestically.
Altcoins follow Bitcoin lower
Other major cryptocurrencies mirrored Bitcoin’s pullback. Ether dropped 3.5% to $3,881.71, failing to hold above the $4,000 mark. XRP slipped 1.1% to $2.42, offering little reaction to news that Evernorth — backed by Ripple Labs — plans to list on Nasdaq via a SPAC merger and raise over $1 billion to buy XRP.
Among other altcoins, BNB lost 3.1%, Cardano fell 2.4%, and Solana dropped 3%. In memecoins, Dogecoin and TRUMP both declined by more than 2%.