Bitcoin Slides Below $108K, Crypto Stocks Sink as 'Uptober' Disappoints

Why It Matters

The sharp pullback underscores heightened macro‑policy risk for the crypto market, potentially slowing corporate treasury adoption and pressuring earnings of crypto‑focused firms. It also signals that the much‑anticipated “Uptober” rally is fading, raising caution among investors and analysts.

Summary

Bitcoin slipped below $108,000 on Thursday, a 7% drop from its $116,000 peak three days earlier, setting up its worst October performance since 2014. Major altcoins such as Ethereum, XRP, Solana and Dogecoin fell 5‑7% in the same period, and crypto‑related equities—including Coinbase, MicroStrategy, Robinhood and Circle—declined 2‑5%. The sell‑off was sparked by the Federal Reserve’s unexpectedly hawkish stance, outweighing positive U.S.–China diplomatic developments. Corporate digital‑asset treasury (DAT) stocks also came under pressure, with MicroStrategy trading at a 1.33× premium to NAV, its lowest since early 2024.