Bitcoin’s shaky October has extended into the first week of November as the broader crypto outlook appears to be deteriorating. On Tuesday, the price of Bitcoin fell about 21% from its all-time high last month, to around $99,000, while other cryptocurrencies fell even more sharply. And although Bitcoin has since reclaimed the key psychological $100,000 mark, some believe the crypto sector’s remarkable performance may be over for now.
The declines in Bitcoin and other cryptocurrencies have been particularly sharp over the past week. On Thursday, Bitcoin recovered slightly to just under $103,000, but is still down about 5% over the past week. Ethereum is down about 12% to just under $3,372, and Solana is down about 19% to just under $158 during that time.
Ethereum and Solana, the most prominent non-Bitcoin currencies known as alt-coins, hit record prices earlier in the year but have declined significantly. The former has fallen about 30% since August, while the latter is down about 41% since January.
Bitcoin boosters like to present the asset as an independent store of value similar to gold, but, as has been the case in the past, the price has fallen along with the rest of the economy. Over the past week, the crypto market’s slide has coincided with uncertainty over the direction of the Federal Reserve and a decline in the S&P 500.
Meanwhile, the crypto market is still recovering from the Oct. 10 flash crash, in which traders experienced the worst crypto liquidation event in history, according to analytics firm CoinGlass. That day, exchanges liquidated more than $19 billion in leveraged positions. The flash crash followed Trump’s Truth Social message in which he said the United States would impose a 100% tariff on China, “on top of” any tariffs it was already paying.
“The current weakness reflects a mix of (a continued effort by markets to digest) 10/10, a slightly more hawkish tone from the Fed and broader risk aversion across assets,” said Jasper De Maere, OTC trader at Wintermute.
Comments from Federal Reserve Chairman Jerome Powell also affected crypto markets. Late last month, he suggested that October’s rate cut could be the last of the year. He said his colleagues had “very divergent views” on future rate cuts and that “more and more voices are being heard today that maybe this is where we should at least wait for a cycle.” In the 24 hours following these comments, Bitcoin and Ethereum fell approximately 1.6% and 2%, respectively.
When Bitcoin fell below $100,000 on Tuesday, many people on social media were quick to express their concern.
there are many of you today pic.twitter.com/YxM5qImeLy– Aubrey Strobel (@aubreystrobel) November 4, 2025
Me after bitcoin fell below 100,000: pic.twitter.com/PFiMWfA7g6
-Zpeedy (@Zpeedycryptosol) November 4, 2025
Some analysts also believe the crypto could be in trouble for a while, “(Many long-term holders) who buy into the four-year cycle theory… are selling positions, convinced we are at or near the top of the cycle,” said James Butterfill, head of research at CoinShares.
Then there are those in the crypto world who view Bitcoin’s fall as simply a reason to buy more of it.
If bitcoin drops below $100,000 again pic.twitter.com/EGXYlupcy9– Pomp Podcast (@PompPodcast) November 3, 2025
