Saudi Press

Saudi Arabia and the world
Tuesday, Oct 07, 2025

Bitcoin set for worst week since FTX crash on regulation, interest rates

Bitcoin set for worst week since FTX crash on regulation, interest rates

Bitcoin is having its worst week since November as an equity selloff, fear over higher interest rates and an escalating US regulatory crackdown on crypto combine to hurt investor sentiment.

The largest token fell as much 2.1 percent on Friday in Asia, breaking below $20,000 for the first time since January, after it fell more than 8 percent on Thursday. It pared some of the Asian slide to retake the round-number marker but remained subdued, as did smaller tokens such as Ether and Dogecoin.

A rout in US bank stocks on Thursday stoked concerns that rising borrowing costs is creating a treacherous economic and investing outlook. In New York, the state regulator sued KuCoin, a popular crypto exchange, and in the process claimed in court that second-largest token Ether is a security.

The US Securities & Exchange Commission also contends that many cryptocoins are securities, a designation that would potentially make them harder to trade.


‘Equity-Market Led’


“The selloff in cryptocurrencies appears to be largely equity-market led,” said John Toro, head of trading at digital-asset exchange Independent Reserve. He added that the wind-down of crypto-friendly bank Silvergate Capital Corp. and President Joe Biden’s proposal for a series of tax increases on investors and top-earning Americans contributed to the downdraft.

Among smaller tokens, some of the spotlight fell on HT, the native token of the Huobi Global exchange. HT on Thursday rapidly halved in price at one point before paring the losses. It has fallen about 19 percent in the past 24 hours.

China-born crypto mogul Justin Sun, an adviser to Huobi, said it will set up a $100 million fund to improve the platform’s multi-currency liquidity.

Bitcoin has shed about 11 percent so far this week, the most since a 23 percent weekly tumble in November amid the collapse of Sam Bankman-Fried’s FTX platform.

Sentiment has taken a knock from the demise of Silvergate’s payments platform for crypto firms, as well as Chair Jerome Powell’s stance that the Federal Reserve is likely to take rates higher than previously anticipated.

Bitcoin is now hovering just above its 200-day moving average, which analysts see as an area that could stem its fall.

The token will likely trade in the lower end of a range from about $15,500 to $25,000, said Tony Sycamore, market analyst at IG Australia Pty. “Risk sentiment has really deteriorated this week,” he said. “Powell was more hawkish than what markets were expecting.”

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Syria Holds First Elections Since Fall of Assad
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
New Eye Drops Show Promise in Replacing Reading Glasses for Presbyopia
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
Top AI Researchers Are Heading Back to China as U.S. Struggles to Keep Pace
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Trump and Starmer Clash Over UK Recognition of Palestinian State Amid State Visit
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Sam Altman sells the 'Wedding Estate' in Hawaii for 49 million dollars
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Did the Houthis disrupt the internet in the Middle East? Submarine cables cut in the Red Sea
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
×