Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The crypto market is expected to enter the evening with recovery in progress but far from secure. The weekend crash, fueled by U.S.-China trade escalation and cascading liquidations, erased hundreds of billions in capitalization before a partial rebound set in. According to data, global crypto market value has added back about $550 billion from the bottom, yet the overall capitalization still sits $280 billion below pre-crash levels.
What stands out is the change in trader focus. After a chaotic weekend, institutional commentary, regulatory windows and exchange actions are now dominating discussion.
Bitcoin’s relative standing against gold is questioned by a top Bloomberg strategist. XRP has entered its most critical week of the year, with ETF decisions looming. And Binance has intervened directly with a $283 million payout to clients.
Bitcoin: 50% Loss against gold?
Mike McGlone, a senior strategist at Bloomberg, has shared one of the most pessimistic views on Bitcoin we have seen in a while. He says that the Bitcoin/gold ratio, which is about 30 ounces of gold for one BTC right now, could drop by about 50%. This would erase years of outperformance since the "digital gold" narrative took hold.
McGlone says market stress could trigger a return to gold's safe-haven role and make Bitcoin a high-beta risk asset again. This warning comes as Bitcoin struggles to hold $110,000 after hitting lows near $100,600 during the crash.
But at the same time, Bitcoin dominance has hit its strongest point in two months, passing 55%. This shows traders exiting altcoins and going back to BTC because they think even when things get tough, it will always be the crypto standard.
The thing is, Bitcoin might do better than altcoins in percentage terms, but it does not hold its value as well as gold. For investors, that means the fight between "digital gold" and "high-risk tech" is far from over.
XRP ETF decision window opens
Oct. 18-24 is going to be a big deal for XRP, as the U.S. Securities and Exchange Commission is set to make rulings on six spot ETF applications linked to the token. Grayscale, 21Shares, Bitwise, CanaryCapital, CoinShares and WisdomTree are all under review. If just one of these gets approved, it will be a first for the US — putting XRP in the same category as Bitcoin and Ethereum, which recently got their own ETFs approved.
If a spot ETF gets the green light, we could see a rush of institutional capital, with the XRP price potentially following the same path as BTC and ETH after their respective ETFs.
Analysts are already saying that XRP could test major resistance zones above $3 in such a scenario.
But there is still a lot of uncertainty. The SEC is currently operating with reduced staff due to a government funding freeze, which could lead to delays in procedures. It is also possible that the commission will deny the application if they decide that liquidity or investor protection standards are not being met.
Binance pays $283 million in compensation
The other big development is from the world's largest crypto exchange, which announced a $283 million compensation package for clients hit hardest by the sudden collapse during the Oct. 10-11 crash. The three instruments that caused the losses were: Ethena's USDe stablecoin dropped from $1 to $0.65 in a few hours, Binance Staked SOL (BNSOL) was issued as a derivative of Solana's staking program and Wrapped Beacon ETH (WBETH) is tied to locked Ethereum deposits.
When these assets dipped below their expected pegs or valuations, Binance's internal price oracles marked them down aggressively, triggering forced liquidations on both long and short positions.
To restore confidence, Binance reimbursed clients directly, calling the payout a corrective measure in response to "extraordinary macroeconomic volatility" that drove panic-selling across institutional and retail accounts.
Evening outlook
The evening news is not just about one big story; it is all about how these three things are connected. Crypto is still linked to major economic pressures, government control and centralized platforms, even though it is supposed to be decentralized.
As we head into the U.S. stock market opening, traders are focusing on whether Bitcoin can hold its ground at between $109,000 and $111,000. If it dips below those levels, it could trigger a chain reaction of liquidations. On the upside, targets are around $113,000 to $114,000.
Ethereum's $4,300 zone is still important, and there is not much sign of new energy beyond that price point.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team