Crypto prices today (Oct. 17): BTC, ETH, SOL drop below critical levels

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Ah, the sweet chaos of October 17! How delightful, how wonderfully predictable! The world of cryptocurrencies has taken a dive, just like your last hope of achieving anything remotely resembling financial stability. Trade war fears and ETF outflows have pulled the rug out from under us, triggering a market-wide retreat into the ever-so-familiar pit of “extreme fear.”

And you thought the worst was behind us, didn’t you? Oh, how naïve!

  • Total crypto market cap? Down by 2.7%, now a modest $3.7 trillion, as Bitcoin slid beneath the oh-so-critical $109K mark. A real tragedy for those who believed their riches were secure.
  • Spot ETF outflows? A staggering $600 million. And the “Fear Index” is at 22 – does anyone still dare to call this a market?
  • But, wait! Don’t despair just yet. A potential Fed rate cut and the almighty trade talks may deliver a short-term recovery. Oh, the hope that kills you.

In the last 24 hours, the cryptocurrency market capitalization fell 2.7% to $3.7 trillion. Meanwhile, liquidations surged by 56% to $724 million. How quaint, really. The global crypto market momentum has also plunged, with the relative strength index standing at 39. But fear not – this is the kind of “consolidation phase” that true market aficionados have learned to love.

The Crypto Fear & Greed Index, once a symbol of the fervor of greed, now sits at 22, showing us that fear is alive and well. Yes, “extreme fear” is upon us, dear investors. It’s almost as if we’re back to square one. What a magnificent display of volatility.

BTC, ETH, and SOL fall below key levels – Where’s your hope now?

At this very moment, Bitcoin has taken a 2.6% dive to $108,485. Ethereum, always the drama queen, has fallen 2.8% to $3,909. And Solana? Well, it’s in a freefall, declining 5.2% to $185. XRP, ever the underdog, slipped 3.4% to $2.35. What a day. The sell-off is not without reason; the renewed geopolitical and macroeconomic pressures are working their dark magic.

Oh, and do let’s not forget the U.S.-China trade tensions. Trump’s October 10 tariff announcement hit like a slap in the face to the tech industry, while Beijing’s retaliatory sanctions added just enough uncertainty to wipe out Monday’s little rally. That’s right – the market’s fragile dreams dashed in an instant.

ETF outflows and options expiry – A gift from the heavens, or perhaps from hell?

Spot Bitcoin ETFs bled $506 million on October 16, while Ethereum ETFs saw $103 million disappear, as per the ever-watchful SoSoValue. It seems that institutional demand is waning. And, as if that wasn’t enough, Bitcoin options worth $4.73 billion and Ethereum options totaling $970 million are about to expire. Yes, today, October 17. Hold your breath.

Bitcoin’s put/call ratio is a graceful 0.82, with a max pain price of $116,000, while Ethereum’s stands at 0.81, with a max pain price of $4,100. These might be the magnetic levels we’ll cling to, as we await the next great plunge or upward push.

What could drive the crypto market rebound? Hope springs eternal!

Now, after all the doom and gloom, a beacon of hope emerges. Maybe. A 25 bps Federal Reserve rate cut, expected during the FOMC meeting on October 28-29, is already priced in at 95%. Oh, how sweet it is to believe in the magic of central banks. Chair Jerome Powell might even hint at further easing. Lower rates traditionally weaken the dollar and send capital flowing into crypto. After September’s rate cut, Bitcoin soared by 15%. Could another cut send it above $115,000? Why not – let’s hold on to that dream!

And let’s not forget about the potential U.S.-China trade de-escalation. Could a relief rally push Bitcoin to $120,000? Reports of renewed negotiations and reduced Middle East tensions might just be the wind beneath the market’s wings. As if that weren’t enough, new altcoin ETF applications and impending SEC/CFTC rule finalizations may provide the institutional capital needed to lift us all back up. Or at least give us a temporary reprieve.

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2025-10-17 08:16