For the first time since 2018, Bitcoin (BTC) has closed October in the red — breaking a seven-year streak of monthly gains that traders had long referred to as “Uptober.” The world’s largest cryptocurrency fell slightly by the end of the month, trading just below US$109,700, according to data from Crypto.News.
While the decline was modest — around 0.5% in the past 24 hours — the broader sentiment shift has sent ripples through the crypto market. The total global market capitalization now sits at approximately US$3.7 trillion, reflecting cautious investor positioning amid macroeconomic uncertainty.
Macro and Market Factors
Several external factors contributed to the downturn. Global inflation remains sticky, and expectations of further interest rate hikes by central banks have dampened risk appetite across asset classes. At the same time, renewed U.S.–China trade tensions and sluggish tech earnings have driven investors toward safe-haven assets like gold and Treasury bonds.
“Crypto is no longer insulated from traditional finance. The same forces driving equity volatility now directly influence Bitcoin and Ethereum,” said one digital-asset strategist.
See more related: Bitcoin Rebounds Above $110K as Crypto Market Recovers Globally
Regulatory Headwinds Intensify
Adding to the pressure, the Financial Stability Board (FSB) released a warning this week highlighting persistent gaps in global crypto regulation. The FSB cautioned that inconsistent rules across jurisdictions could heighten systemic risk, especially as institutional exposure grows.
The report noted that while many regions — including Africa — are embracing innovation through clearer frameworks, the lack of global harmonization leaves room for regulatory arbitrage and consumer vulnerability.
Outlook: Short-Term Volatility, Long-Term Maturity
Despite the October setback, analysts remain cautiously optimistic. Bitcoin’s year-to-date performance is still positive, and the current pullback is seen by some as a healthy consolidation after months of relentless upward movement.
Meanwhile, the shift toward stablecoin utility, real-world tokenization, and institutional infrastructure builds continues to strengthen crypto’s foundational resilience — even amid short-term volatility. As one strategist put it, “This isn’t the end of Uptober; it’s the beginning of a more mature phase for digital assets globally.”
