The tone in risk markets soured again overnight as traders rotated back to stablecoins, avoiding bitcoin and smaller tokens ahead of key Federal Reserve and geopolitical catalysts.
Bitcoin Drops Below $107K, XRP, ADA Down 17% on Week as Traders Await Risk-Taking Mode
The tone in risk markets soured again overnight as traders rotated back to stablecoins, avoiding bitcoin and smaller tokens ahead of key Federal Reserve and geopolitical catalysts.
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BTC put bias is strongest since the U.S. regional banking crisis of early 2023, according to one observer.
The Ripple-related token bounced back from a $1.91 low as institutional momentum builds and ETF developments heat up.
“Regardless of the next 60 days, the bull market will continue along traditional four-year cycle lines with solid gains in October and November,” one trader said.
The token has traded like an unweighted mix of bitcoin and ether since May 2021, the report said.