Crypto Markets Stagnate as October Lags and Quantum Concerns Resurface
Cryptocurrency markets remain range-bound, with October on track to post the weakest gains since 2015, despite typically bullish seasonal trends.
During Thursday’s Asian session, Bitcoin (BTC) traded near $109,000, holding steady after the Oct. 10 crash that wiped out $19 billion in leveraged bets and dampened market sentiment.
Ether (ETH) hovered around $3,850, while Solana (SOL), XRP ($2.49), and Cardano (ADA, $0.6454) showed little movement. Analysts describe the market as being in “sell-the-growth mode,” where minor rallies are quickly sold amid low liquidity. The crypto fear index stands at 25, signaling near-extreme caution.
The recent announcement of Google’s Willow chip achieving “quantum advantage” briefly reignited concerns over Bitcoin’s cryptographic security. While practical quantum attacks remain distant, the milestone reminded traders of potential vulnerabilities in older blockchain addresses.
With the Federal Reserve’s Oct. 29 policy decision looming, investors remain cautious, keeping prices confined to a narrow range.
“Markets are balancing in a tight range. The next decisive move will depend on whether bulls lose patience or bears run out of conviction,” said Alex Kuptsikevich, chief market analyst at FxPro, highlighting the market’s subdued mood.
