This Week's Cryptocurrency Market Dynamics

Last week, Bitcoin experienced significant volatility. At the beginning of the week, it continued its upward trend, reaching a high of $126,296, but on Friday, market sentiment shifted sharply after Trump announced a 100% tariff on Chinese goods and implemented export controls. BTC briefly plummeted to $102,000 on Binance, then rebounded and stabilized around $112,980. Although it briefly rose above $115,000 over the weekend, selling pressure persisted, and the price fell below $110,000 again mid-week, reaching a low of $108,198 on Thursday. As of the current trading day, BTC is reported at approximately $105,700, with a weekly decline of over 7%, and market sentiment has turned cautious, with volatility significantly increasing.

Ethereum also experienced substantial fluctuations. At the beginning of the week, it surged past $4,600 but quickly retraced due to macro shocks and options expirations. On the day the Trump tariff news was announced, ETH briefly dropped to $3,444, then rebounded to close at $3,836, with a single-day decline exceeding 12%. Although it briefly recovered above $4,200 over the weekend, selling pressure continued, and it fell below $4,000 again mid-week, hitting a low of $3,678, currently hovering around $3,800. Overall, ETH declined about 8% for the week, with the market still affected by macro uncertainties and high volatility from options expirations, leading to a weak short-term trend.

This Week's Popular Cryptocurrencies

In terms of popular cryptocurrencies, ENA, TAO, MORPHO, PAXG, and XAUt all performed well. ENA's price increased by 13.29% this week, with a 24-hour trading volume of 1.3B. TAO's price rose by 8.3%. XAUt and PAXG increased by 4.11% and 4.26%, respectively, this week.

U.S. Market Overview and Hot News

On October 10, President Trump announced a 100% tariff on products imported from China and new export controls on "all critical software" starting November 1, escalating U.S.-China trade tensions and causing market unease. This tariff increase is a response to China's expansion of restrictions on rare earth minerals. These restrictions mean that foreign companies must obtain approval from the Chinese government to export products that contain even trace amounts of Chinese rare earth elements.

Gold served as a hedge against macro uncertainty, rising 5% this week, while the S&P 500 index rebounded from its lows, closing the week down only 0.8%. In contrast, Bitcoin and Ethereum's rebounds were not strong, both closing down about 10% for the week.

ETHShanghai 2025 will open on October 22.

The 11th Global Blockchain Summit by Wanxiang will be held on October 23.

The U.S. Bureau of Labor Statistics will release the September CPI report on October 24 at 8:30 AM (Beijing time 8:30 PM).

Popular Sectors and Project Unlocks

Meme Sector

Driven by the Federal Reserve's interest rate cuts and a recovery in market liquidity, risk appetite has significantly increased, making the Meme sector one of the high-beta tracks that attracted the most capital inflow last week. According to 7-day data, mainstream Meme tokens generally recorded double-digit gains: DOGE +14.2%, PEPE +18.6%, FLOKI +25.3%, WIF +27.8%, BONK +21.5%, significantly outperforming BTC's +1.5%. There was also notable differentiation within the sector: SHIB lagged with only +3.9%, while smaller new tokens like TURBO and MEMEAI saw gains exceeding 30%, indicating that market funds prefer projects with narrative heat and community activity.

On-chain data shows that trading activity for Meme coins on Solana and Base has significantly increased, especially with WIF and BONK's on-chain transfer volumes reaching recent highs, reflecting a rapid rise in speculative sentiment. Overall, the Meme sector has regained attention during the liquidity easing period, with funds flowing from mainstream assets and stablecoins to high-volatility small-cap tokens. However, the rapid short-term gains and emotional trading warrant caution for subsequent pullbacks and profit-taking pressures.

LayerZero (ZRO) will unlock approximately 25.71 million tokens at 7 PM Beijing time on October 20, representing 7.86% of the current circulating supply, valued at about $44.2 million.

KAITO (KAITO) will unlock approximately 8.35 million tokens at 8 PM Beijing time on October 20, representing 3.06% of the current circulating supply, valued at about $8.7 million.

Plasma (XPL) will unlock approximately 88.89 million tokens at 8 PM Beijing time on October 25, representing 4.97% of the current circulating supply, valued at about $36.9 million.

Risk Warning:

The risks associated with using BitMart services are entirely borne by you. All cryptocurrency investments (including returns) are inherently highly speculative and involve significant risk of loss. Past, hypothetical, or simulated performance does not necessarily represent future results.

The value of digital currencies may rise or fall, and buying, selling, holding, or trading digital currencies may involve substantial risks. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment goals, financial situation, and risk tolerance. BitMart does not provide any investment, legal, or tax advice.

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