The Daily Chain: Key Crypto Insights You Need Right Now

Your trusted source for the latest market moves, bold insights, and breaking news in crypto — delivered daily.

Author

CoinGape Media
October 08, 2025

Crypto market crash on Wednesday saw the market cap tumbling back to $4.1 trillion, down more than 2.50% over the last 24 hours. Moreover, the Crypto Market Fear & Greed Index recorded a sharp drop in the sentiment from 70 (greed) to 60 (greed) in just a day.

Bitcoin (BTC) loses strength amid massive profit booking and plunges more than 4% to $121,257 from $126,200 ATH. Ethereum (ETH) reverses 7% to $4,436, witnessing exceedingly higher liquidations than BTC in the last 24 hours. This is a hallmark of Euphoria phases, where widespread profitability often fuels accelerated profit-taking and rising market risk.

Top altcoins XRP, Solana (SOL), Cardano (ADA), and Hyperliquid (HYPE) fell 5-10% over the last 24 hours. Meme coins Dogecoin (DOGE) and Pepe Coin (PEPE) tumbled over 7%, with Shiba Inu (SHIB) trying to defend levels after 5% fall. DoubleZero (2Z) and Plasma (XPL) are down nearly 19% and 13%, respectively.

Bitcoin and altcoins falter ahead of the FOMC Minutes release and Jerome Powell speech due this week. Traders await these key macroeconomic events for cues to support a further rally. While the US government shutdown continues, Bitcoin recovery hinges on the dovish FOMC meeting minutes and FED Chair Jerome Powell as inflation concerns rise amid “debasement trade.”

The XRP price continues to draw attention as market analyst, Ali Charts, warns of a potential retest toward $2.72. His observation comes at a time when the U.S. government shutdown has created fresh uncertainty around the SEC’s approval timeline for XRP spot ETFs. This combination of technical weakness and regulatory delay is fueling renewed caution across the market, with many eyeing the lower boundary of the current triangle pattern as the next critical zone.

Bitcoin price continues to trade within a defined consolidation range as the broader crypto market reacts to the ongoing U.S. government shutdown. The political gridlock has delayed progress on essential crypto legislation, creating uncertainty across investor circles. Meanwhile, BTC price action reflects indecision, with participants assessing whether the next major swing will favor bulls or bears.