Bitcoin Holds Key Support at $108K Amid Market Turbulence
The cryptocurrency market experienced a significant downturn, shedding $74 billion in market capitalization to settle at $3.59 trillion as investors engaged in profit-taking and trading volumes declined. Bitcoin, however, managed to maintain its position above the critical $108,000 support level, currently trading at $108,179, despite increasing bearish pressure across exchanges. The market's volatility was further exacerbated by Federal Reserve Chair Jerome Powell's ambiguous comments regarding potential December rate cuts, which bolstered the US dollar and reduced risk appetite among investors. Additionally, Bitcoin ETFs saw outflows totaling $1.15 billion last week, reflecting heightened caution in the market. Despite these challenges, Bitcoin's resilience at key support levels suggests underlying strength, offering a bullish outlook for long-term investors.
Crypto Market Faces Sharp Decline Amid Profit-Taking and Fed Uncertainty
The cryptocurrency market cap plummeted $74 billion to $3.59 trillion as investors cashed out gains and trading volumes contracted. Bitcoin, while holding above the $108,000 support level at $108,179, shows mounting bearish pressure across exchanges.
Federal Reserve Chair Jerome Powell's ambiguous stance on December rate cuts strengthened the dollar, dampening risk appetite. Bitcoin ETFs bled $1.15 billion last week, with BlackRock, ARK Invest and Fidelity products leading outflows. Leveraged positions unwound violently, triggering $400 million in liquidations.
Altcoins mirrored Bitcoin's retreat, with several tokens posting double-digit losses. The $3.56 trillion market cap level now serves as a critical technical threshold - its breach could accelerate selling.
Prince Andrew's Crypto Dealings Collapse Amid Royal Fallout
Buckingham Palace faces renewed scrutiny as Prince Andrew's ties to a failed cryptocurrency venture come to light. The Duke of York arranged a private palace tour for executives from Pegasus Group Holdings in June 2019, a Bitcoin mining operation that promised his ex-wife Sarah Ferguson £1.4 million in payments.
The deal collapsed within a year, producing just £25,000 worth of bitcoin before folding. U.S. investors later won a $4.1 million arbitration claim against Pegasus, alleging fund misuse. Meanwhile, King Charles has stripped Andrew of all royal titles and privileges, marking a decisive break from the scandal.
Is Altcoin Season Dead? As Bitcoin Dominance Jumps 60%
Despite fading chatter about altcoin season, analyst VIRTUAL Bacon argues the phase is far from over—it may be entering its most potent stage. Bitcoin's dominance, currently at 60.21%, remains below the critical 62% threshold and continues its weekly downtrend. This signals sustained potential for altcoin outperformance.
The Federal Reserve's looming liquidity pivot could further catalyze altcoins. Historical patterns suggest rising global liquidity often correlates with declining Bitcoin dominance, creating fertile ground for altcoin rallies. "This is still a bullish setup for alts," Bacon tweeted, underscoring the macroeconomic tailwinds.
Bitcoin’s Monthly Chart Shows Rare Indecision Amid Market Uncertainty
Bitcoin's monthly chart has displayed an unusual pattern of indecision, with October's candlestick revealing a massive price range between $103,600 and $126,000. Despite the volatility, the month closed with only a slight 3.8% decline, leaving analysts divided on whether this signals accumulation or weakening momentum.
Some interpret the gradual uptrend since early 2023 as a potential bottom formation, contrasting sharply with Bitcoin's historical sharp peaks. The current hesitation becomes particularly notable at the critical trendline connecting 2017 and 2021 all-time highs, where dominant buyer activity was expected but failed to materialize decisively.
Technical indicators add to the uncertainty. The monthly MACD histogram shows diminishing bullish momentum, with successive peaks weakening above the zero line. This convergence of factors creates a complex landscape for traders navigating Bitcoin's next major move.
SpacePay Simplifies Bitcoin Payments for Everyday Transactions
London-based fintech startup SpacePay has developed a seamless solution for cryptocurrency payments at merchant terminals, specifically targeting small transactions like coffee purchases. The system supports over 325 digital wallets, converts crypto to fiat instantly, and charges just 0.5% in fees—addressing the key pain points of speed, cost, and complexity that have hindered crypto adoption in retail.
Unlike most crypto payment systems that struggle with microtransactions, SpacePay's Android-compatible software integrates with existing terminals without hardware upgrades. The platform has already secured $1.4 million in funding, signaling strong market confidence in its approach to bridging crypto and traditional finance.
Michael Saylor Hints at 13th Bitcoin Purchase Amid Trump Trade Deal Rally
MicroStrategy founder Michael Saylor has sparked speculation about another Bitcoin acquisition with a cryptic social media post. The company's relentless accumulation strategy now holds 640,808 BTC worth $71 billion, representing unrealized gains of $23.6 billion since its first purchase at an average price of $74,302 per coin.
Bitcoin's price surged past $110,000 following President Trump's announcement of a revised US-China trade agreement. The deal includes tariff reductions and new controls on fentanyl exports, creating favorable macroeconomic conditions for cryptocurrency markets. Saylor's post featuring an orange-themed chart and November reference was widely interpreted as a bullish signal for continued institutional adoption.
