Bitcoin holds near $81,400 as sentiment cools and quantum risk resurfaces

Bitcoin edged lower overnight and traded at $81,404, while market sentiment cooled sharply as the Crypto Fear & Greed Index dropped to 55 from 63. Altcoins took more of the strain, with XRP and Cardano leading losses, as fresh reports on quantum computing put the security of early bitcoin back in the headlines.

Bitcoin

According to CoinGecko data from 12:57 UTC on October 17, bitcoin was down 0.68% over 24 hours and 1.59% over seven days. It traded between $80,761 and $82,385 in the past day, so it stayed above the $80,000 mark it briefly lost earlier this week. Spot volume stood at about $22 billion. The price is little changed from our last recap, but the daily low came closer to $80,000 again. You can follow the move on the BTC/USD chart.

Ether and the majors

Ether slipped 1.57% to $2,422.62 and gave back most of Thursday's jump. Every major in our list fell over both windows. Cardano stands out with a 12.68% weekly loss.

XRP and BNB both traded at or near the bottom of their 24-hour ranges at the time of the snapshot.

Breadth and sentiment

Total crypto market value was $2.749 trillion, per CoinGecko. Bitcoin dominance stood at 59.4% and Ether's share at 10.7%. With altcoins falling harder than bitcoin, the market's tilt toward the largest coin held firm.

The Fear & Greed Index fell eight points to 55, still labelled "Greed" but close to neutral. The reading has swung back and forth all week: 69 on October 12, 53 on October 15, 63 on October 16 and 55 today. Over eight days the trend points lower from the mid-60s.

What drove the news

Quantum risk. CoinDesk reports that Google says its Willow chip can prepare the quantum states needed for advanced calculations with about 40 times fewer errors. CoinDesk says this reduces one hardware bottleneck behind any future attempt to crack bitcoin wallets, with Satoshi-era coins most exposed. Separately, CoinDesk reports that nine crypto companies formed a Quantum Alliance amid warnings that 6.4 million bitcoin face a future threat. The members disagree on timing and on whether vulnerable coins should be frozen.

Stablecoins. Cointelegraph reports that Circle CEO Jeremy Allaire wants to enter about 40 developing markets. A BIS working paper cited by CoinDesk found that a 1 basis point rise in US bank deposit rates predicted slower stablecoin growth, cutting ten-week growth from 15% to 12%.

Exchanges and enforcement. Bitget will discontinue services for some users in a one-off exercise, according to Cointelegraph. The exchange says user funds are safe. Decrypt reports that a judge refused the CFTC's request to drop Gemini's $5 million settlement.

Macro. Our sister site FXCash notes the dollar ended a four-week win streak as AI debt fears pushed yields lower, a backdrop crypto traders have been watching alongside stocks.

What to watch next

• Digital euro. ECB President Christine Lagarde called the digital euro imminent, Cointelegraph reports.
• MSCI rules. Decrypt reports that MSCI will treat "non-operating companies" as ineligible from November 30, putting Strategy at risk of removal.
• Bitget changes. Details on which users are affected by the exchange's service cut.
• US politics. Cointelegraph reports that industry-aligned PACs have spent more than $52 million opposing Sherrod Brown in the Ohio Senate race.
• Quantum debate. Any steps by the new Quantum Alliance on how to protect older bitcoin addresses.