Bitcoin, Ethereum, and XRP Drop. Why ‘Uptober’ Isn’t Going to Plan for Crypto.

Bitcoin has tumbled this month, defying crypto investors’ hopes for an “Uptober” rally. (GIUSEPPE CACACE/AFP via Getty Images)

Key Points

• Bitcoin’s price fell 2.2% to $110,558 over the past 24 hours, trading approximately 14% below its record high from earlier in October.
• Other cryptocurrencies also declined, with Ethereum down 3.6%, Solana dropping 6.5%, and XRP sliding 5% in the last 24 hours.
• Increased trade tensions between China and the U.S. have prompted investors to sell risk-on assets, significantly impacting cryptocurrencies.

The price of Bitcoin was sliding early Thursday, as a miserable month so far for crypto investors went from bad to worse.

The world’s largest cryptocurrency slipped 2.2% to $110,558 over the past 24 hours, according to data from CoinDesk. It’s now trading about 14% off the record high it hit earlier in October.

Created with Highcharts 9.0.1Sources: CoinDesk (BTCUSD, SOLUSD); Kraken​(ETHUSD, XRPUSD)As of Oct. 16, 9:20 a.m. ET

Created with Highcharts 9.0.1SolanaEthereumBitcoinXRPOct. 12Oct. 16-10.0-7.5-5.0-2.502.55.07.510.0%

Among other tokens, Ethereum fell 3.6%, Solana dropped 6.5%, and XRP slid 5% over the past 24 hours, according to data from the crypto exchange Kraken.

Heightened trade tensions between China and the U.S. this week have led to investors dumping risk-on assets, with cryptocurrencies taking the brunt of it. At one point on Sunday, Bitcoin was down 15.4% from its all-time high, outstripping the percentage-points loss the Dow Jones Industrial Average suffered the day of the 1929 Wall Street crash.

Octobers aren’t supposed to go this way for cryptos. Bitcoin had risen nine out of the previous 11 Octobers before this year, according to Dow Jones Market Data, leading to some bulls christening the month “Uptober.”

Write to George Glover at george.glover@dowjones.com