Bitcoin Plunges to $89K Before Rapid Recovery

Bitcoin has been volatile over the past 24 hours, falling as low as $89,300 before quickly recovering to its current price.

Azcnews Bitcoin Plunges To $89k Before Rapid Recovery

Bitcoin has seen a lot of volatility in the past few hours, falling as low as $89,300 before quickly recovering to $94,000 at press time. The main reason was the US Dollar Strength Index (DXY) which surged to a peak of 110.1, putting pressure on Bitcoin and the financial markets. However, the index has started to decline again, showing signs that the DXY may have peaked.

The rise in the value of the US dollar, as measured by the DXY, reflects the cautious sentiment of large investors who are preferring to hold cash and short-term bonds. At the same time, geopolitical tensions have increased as the US imposed more stringent sanctions on Russian crude oil exports, threatening the supply chains of major consuming countries such as China and India.

Btcusdt Chart
Btcusdt Chart

Notably, Bitcoin’s rally coincided with news that Donald Trump is preparing to sign executive orders aimed at supporting the cryptocurrency industry on his first day in office. These orders are expected to reverse several key regulatory measures, including the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121.

Read more: Demand for Crypto Mining Equipment in Russia Triples

According to a report from The Washington Post, these orders could help address some of the major challenges facing the cryptocurrency industry.

Additionally, some analysts believe that Bitcoin’s recent performance has been significantly influenced by MicroStrategy. On January 13, the company announced that it had completed the purchase of 2,530 BTC in just one week, bringing its total Bitcoin holdings to an impressive figure, backed by $6.5 billion from approved stock offerings. In addition, the company plans to raise an additional $2 billion through perpetual preferred stock offerings.

(1 vote)

2.0/5

(1 vote)

Latest

Bio Soars 58% After Upbit Listing, Desci Tokens Make A Powerful Comeback

News | Altcoin | Editor Choice

BIO Soars 58% After Upbit Listing, DeSci Tokens Make a Powerful Comeback

South Korea’s crypto market just witnessed a major explosion as Upbit, the country’s largest exchange by trading volume, announced the listing of BIO Protocol’s native token, BIO. Following the news, the altcoin skyrocketed over 58%, while its trading volume surged by more than 500% within hours.

Ripple Chairman Accused Of Dumping 50m Xrp On Retail Investors

News | Altcoin | Editor Choice

Ripple Chairman Accused of Dumping 50M XRP on Retail Investors

The XRP community is in turmoil after a new claim by CryptoQuant analyst Maartunn alleged that Ripple Chairman Chris Larsen sold off 50 million XRP, “dumping” on retail investors. However, industry experts quickly pushed back, clarifying that the transaction was not a sell-off as speculated.

Chainlink Whales Accumulate $15 Million, Is Link Poised For A Breakout

News | Altcoin | Editor Choice

Chainlink Whales Accumulate $15 Million, Is LINK Poised for a Breakout?

The market is buzzing as major investors quietly scoop up millions of dollars’ worth of Chainlink (LINK) — a signal that a powerful breakout could be on the horizon.

Bitcoin Heads Into November With Two Pivotal Catalysts

News | Bitcoin | Editor Choice

Bitcoin Heads Into November with Two Pivotal Catalysts

Bitcoin enters November amid unpredictable volatility, as the upcoming CPI report and FOMC meeting could become the decisive catalysts shaping its price trend in Q4.

18 Wallets Dump 890 Million Tokens, Astra Nova Crashes 65%

News | Altcoin | Editor Choice

18 Wallets Dump 890 Million Tokens, Astra Nova Crashes 65%

After 18 wallets suddenly dumped 890 million RVV tokens worth over $10.6 million, the Astra Nova team was forced to launch an emergency token buyback program to calm the community.

Screenshot 2025 10 20 091338