BTC Slides Below $100K, Balancer Exploited for $128M, Ripple’s Big Announcements: Weekly Crypto Recap

For the first time since June this year, the primary cryptocurrency dipped below $100,000 (on a couple of occasions, in fact) this week, which is quite surprising given the overall positive developments on a macro and industry ￰0￱ instance, just last week, the US Federal Reserve cut the interest rates by another 25 bps, which is typically regarded as a bullish move for risk-on assets. A day later, Washington and Beijing made significant progress in their trade war, which was followed by a trade ￰1￱ yet, neither of those benefited ￰2￱ the opposite, its correction started after the two announcements with a price dip to $106,500 last Thursday. Nevertheless, the asset bounced by the weekend and stood mostly at around $111,000.

The worst, though, was yet to take ￰3￱ the new business week began, bitcoin went on another downfall and dropped to $105,000 on ￰4￱ correction intensified on Tuesday, and it plunged below $100,000 for the first time in nearly five ￰5￱ bottom, at the time, came at $99,000. The bulls tried to intercept the move and help the asset ￰6￱ were successful at first as BTC quickly rebounded to over $104,000. However, this was a short-lived rally that was halted in its ￰7￱ today, the cryptocurrency dipped below $100,000 once again and now fights to stay above that crucial ￰8￱ more painful weekly declines come from the likes of ETH, which dumped to $3,200, XRP, which is close to breaking below $2.20, BNB, SOL, DOGE, ADA, LINK, BCH, and many ￰9￱ contrast, ZEC and ICP have stolen the show with price pumps of 73% and 163%, ￰10￱ Data Weekly Market Overview:) | ETH: $3,230 (-15.7%) | XRP: $2.19 (-12.7%) This Week’s Crypto Headlines You Can’t Miss All the Bullish Narratives Are Still There: So Why Is Bitcoin (BTC) Breaking Down?

As mentioned above, the bullish narratives and developments continue in the cryptocurrency markets, but the ongoing correction is quite painful. However, analysts outlined some of the reasons behind the current crash, which include weak sentiment and deteriorating ￰11￱ DeFi Giant Balancer Exploited for $128M: Forks Are Now Bleeding Out ￰12￱ of the oldest and largest names in the DeFi sphere, Balancer, was hit with a massive $128 million hack this ￰13￱ to industry experts, the culprit for the painful exploit was a faulty smart contract ￰14￱ Traders Just Flipped Bullish, But History Says This Is a Major Red ￰15￱ ETH’s bounce from under $3,200 to $3,500, investors turned bullish on social media, which is typically a bearish sign, according to data from Santiment.

Interestingly, the asset indeed tumbled in the following days to $3,200 as of press ￰16￱ Hayes Ties Next Bitcoin Rally to End of ￰17￱ ￰18￱ it comes down to BTC’s correction to under $100,000, market observers and commentators speculate that the main reason is the economic uncertainty in the US due to the government shutdown, which set a new record earlier this ￰19￱ Hayes believes that once that is resolved, BTC will be ready to rip. Interestingly, Raoul Pal had a somewhat similar idea, but he also included the end of ￰20￱ Pardoning CZ, Trump Insists He Doesn’t Know the ￰21￱ week, the POTUS pardoned Changpeng Zhao, the founder of Binance, who spent four months in prison and had to pay a $50 million penalty in ￰22￱ an interview conducted just days after the pardoning, Trump said he didn’t even know the man and admitted that his sons were behind the ￰23￱ Garlinghouse: Here’s Ripple’s Valuation Post–$500M Capital ￰24￱ had a big week, which included a $500 million funding round led by Pantera Capital, Citadel Securities, and other big ￰25￱ put the company’s valuation at a whopping $40 billion, said CEO Garlinghouse.

Additionally, the firm acquired a digital asset wallet and custody provider called Palisade.