Bitcoin traded at $108,733.66 at press time, declining 2% intraday, driven by trade tensions and leverage unwind.
Waning demand also contributed to the correction. US-traded spot Bitcoin ETFs recorded approximately $104 million in net outflows on Oct. 15, according to Farside Investors’ data, removing recent support for spot bids.
Major altcoins tracked Bitcoin’s decline, with Ethereum falling 1% to $3,949.92 and Solana dropping 1.85% to $190.21.
BNB and XRP each declined 1% and 1.25% respectively, trading at $1,151.47 and $2.37. Cardano and Dogecoin posted steeper losses of 1.5% and 1.6%, reaching $0.6582 and $0.1929.
Macro headwinds and liquidations
The outflows coincided with broader risk-asset weakness stemming from escalating US-China trade tensions over rare-earth export controls.
China expanded its rare-earth export restrictions this week, targeting critical inputs for the semiconductor, defense, and electronics manufacturing industries.
The new controls carry extraterritorial reach, prompting Washington officials to warn of accelerated economic “decoupling” between the two nations.
These headlines pushed the price below the range between $111,000 and $110,000, triggering a cascade of liquidations in Bitcoin futures markets.
Nearly $500 million in long positions faced liquidation over 24 hours, with $405 million of this amount occurring in the most recent trading session alone, according to Coinglass data.
Markets adopted a risk-averse stance as headlines highlighted new port-fee measures affecting US vessels and coordinated G7 efforts to counter China’s export restrictions.
Amid this backdrop, gold reached a new all-time high of $4,250, reflecting the flight-to-safety sentiment that failed to benefit Bitcoin despite its positioning as a hedge against currency debasement.
Traders now monitor the $107,000-$110,000 technical range for Bitcoin’s next directional move.
A clean break below this support zone risks triggering additional liquidation-driven selling pressure as the crypto navigates the intersection of reduced institutional demand and heightened geopolitical uncertainty.
The post Why is Bitcoin trading below $110,000? Everything that happened in crypto today appeared first on CryptoSlate.
