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Cryptocurrencies fell to start the week in the red, extending the price drop from recent weeks, which resulted in the market’s worst October in years. At press time, Bitcoin was trading up 3.18% in the last 24 hours and up 6.99% in the last seven days.
The market’s fall came without immediate catalysts, implying a potential profit over the weekend after a rise in prices in the past week. Some traders suggested that the perceived lack of fundamentals on the market may have influenced sentiment.
In the middle of the price drop, Bitcoin long critical Peter Schiff took to X to highlight his usual criticism of the cryptocurrency.
In an initial tweet, Schiff said that Bitcoin was back below its high since January 2025 compared to the Nasdaq and gold, which are 18% and 42% above their respective highs in January, asking why Bitcoin has not made any progress despite the increase in risk and risk assets.
This statement was quickly rejected by members of the crypto community, including Binance co-founder Changpeng “CZ” Zhao, who asked Schiff to consider the one-year Bitcoin card. CZ shared the screenshot of the one-year chart of Bitcoin provided by CoinMarketCap, which indicated a growth of 57.52% year-on-year.
Has Bitcoin Stopped Going Up?
Ship He seemed to concede this point, weakly chipping in, “Bitcoin has stopped going up. That’s my point. That means it’s probably just starting to go down.”
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Bitcoin’s recent fall reflects losses previously seen in the precious metals sector; Gold settled around $4,000 an ounce on Monday after an earlier fall sparked by China’s move to end tax rebates for some gold dealers – a policy adjustment that could reduce demand in one of the world’s biggest bullion markets. Even before the announcement, gold’s record rally was beginning to weaken.
In a recent tweet, Santiment noted that large Bitcoin holders are taking profits, contributing to the fall in the price of BTC. According to Santiment, the main stakeholders with 10-10,000 BTC now hold 13.68 million BTC, for a total of 68.62% of all Bitcoin. Going into the latest all-time high, they accumulated around 110,010 coins between August 22nd and October 12th, but have reduced their holdings by 23,200 coins since then.
