Why Crypto Is Down Today (Live Updates) Oct 8

YZi Labs, formerly Binance Labs, unveiled a $1 billion Builder Fund aimed at supporting founders and innovation within the BNB Ecosystem, particularly on BNB Chain. The fund will provide capital, tools, integrations, and access to its 460 million-user network, focusing on DeFi, AI, RWA, DeSci, payments, and wallets. This initiative underscores YZi Labs’ commitment to fostering next-generation blockchain projects and accelerating the growth and adoption of BNB-based solutions across multiple sectors.

The cryptocurrency market suffered a massive $130 billion wipeout in the past 24 hours, highlighting widespread selling pressure. Amid the downturn, Binance Coin ($BNB) emerged as the sole notable gainer, standing out in an otherwise red market. Traders are closely monitoring key support levels as volatility remains high, while investors assess whether BNB’s resilience signals a potential short-term safe haven or a temporary reprieve in the broader market sell-off.

Market observers note that predicting this bull cycle is trickier than before. While Bitcoin and Ethereum ETFs have fueled optimism, the traditional 4-year cycle may no longer apply. So far, altcoins have shown limited momentum, unlike the previous cycle when tokens like $SOL and $AVAX surged beyond expectations. Experts suggest the risk-on cycle is just beginning, with growing hype around the Web 3.0 ecosystem hinting that altcoin valuations could climb significantly as the bull market unfolds

GraniteShares has filed for an XRP ETF offering 3x long and 3x short leveraged exposure to the cryptocurrency, according to Bill Korgan. The move mirrors similar leveraged products already available for Bitcoin, Ethereum, and Solana, giving traders amplified opportunities to gain—or hedge—based on XRP price movements. This filing signals growing institutional interest in leveraged crypto ETFs, expanding options for both aggressive traders and sophisticated investors seeking targeted exposure in the digital asset market.

Nasdaq-listed Bit Digital, Inc. reported holding 122,187 ETH as of September 30, valued at over $500 million. Of this, 99,936 ETH—or 81.8% of total holdings—was staked, earning 291 ETH in rewards during the period. The staking activity delivered an annualized yield of approximately 3.37%, highlighting the company’s strategy to generate passive income from its Ethereum reserves while maintaining substantial exposure to the crypto market.

Jesse, head of the Base network, invited feedback on exploring the Base token distribution. Messari researcher AJC highlighted that any BASE airdrop should aim to increase COIN shareholder value, rather than simply rewarding users. He suggested designing an airdrop that balances both objectives—boosting shareholder value while incentivizing Base users. The discussion underscores the network’s focus on strategic tokenomics to maximize long-term value for both investors and the community.

Bitcoin could be on the verge of a major rally, mirroring gold’s recent breakout. While gold surpassed its measured move target, BTC is showing a similar formation, hinting at a potential surge toward $268,000—a nearly 120% gain from current levels. Analysts see this pattern as a bullish signal, suggesting strong upside potential if Bitcoin follows gold’s trajectory, keeping investors excited about the next major leg in the crypto market.

After Bitcoin’s $126K all-time high, the crypto market is seeing a short-term cooldown. BTC is trading around $121.5K, down 2.5%, while Ethereum slipped 4% to $4,490. In contrast, BNB surged 4.5% to $1,280, showing selective bullish momentum. The total market cap stands at $4.25 trillion with $195 billion in trading volume. Meanwhile, BTC-focused ETFs recorded $1.2 billion in inflows, signaling continued institutional interest despite the minor market pullback.

Bitcoin faces a minor retreat after hitting new highs, but bullish momentum remains strong. Market analysts highlight significant inflows into crypto investment funds, showing sustained confidence from retail and institutional investors alike. Despite the short-term correction, the path toward $150K stays intact as buying pressure continues. Traders are watching key support levels closely, signaling that the crypto market’s optimism remains firmly in place.

Rich Dad Poor Dad author Robert Kiyosaki has once again sounded the alarm on the U.S. dollar, calling it a losing bet for savers. In a recent post, he declared, “Savers of US dollars are losers,” while revealing he’s adding more gold, silver, Bitcoin, and Ethereum to his portfolio. Kiyosaki’s latest warning reinforces his long-standing view that hard assets and crypto offer stronger protection against inflation and economic instability.

Bitcoin is struggling to break past the $123K–$124K resistance zone, signaling a critical juncture for traders. Analysts note strong support levels at $118K, $115K, and a major one near $110K. A successful breakout above $124K could ignite a rally toward $128K and beyond. Despite the pause, BTC’s trend remains bullish as long as it holds above its key trendline, keeping market sentiment optimistic.