Bitcoin recovered toward $83,000 on Oct. 10 after one of the sharpest sell-offs of the month, while NEAR Protocol surged more than 10% and XRP traders positioned for a Nasdaq listing tied to Ripple-backed Evernorth. The recovery followed a volatile week that pushed BTC from roughly $87,000 on Monday to a multi-week low of $80,400 on Thursday, before a bounce to $83,400 and a pullback to around $82,950–$83,000.
The sell-off was amplified by large derivatives liquidations. Forced closures wiped out about $859 million in long positions, or 86% of total liquidations reported during Thursday's session. U.S. spot Bitcoin ETFs added to the pressure with $244.13 million in net outflows on Oct. 8. Separately, U.S. authorities transferred 17,733 BTC worth approximately $1.484 billion to Coinbase Prime.
Among major altcoins, NEAR was the standout performer, rising more than 10% to about $5.25. Cardano's ADA rebounded 7% to reclaim $0.255. Ethereum remained below $2,500 after sliding to $2,400, while XRP held a range around $1.34–$1.41.
XRP-specific developments drew attention as the XRP Ledger activated PermissionDelegationV1_1 on Oct. 8, allowing businesses to delegate up to 10 account permission roles to third-party applications without exposing master keys. Ripple also moved 200 million XRP between its own addresses, then sent 20 million XRP to a new address, though the transfers did not by themselves signal a strategy change.
Ripple-backed Evernorth completed its merger with Armada Acquisition Corp. II and expects to begin Nasdaq trading under the ticker XRPN on Monday, Oct. 12. The transaction involves approximately 473 million XRP and $300 million in cash proceeds, and is designed to bring XRP-focused digital asset treasury exposure to public-market investors.
Shiba Inu also featured in the weekly recap after falling below its 200-day moving average and failing to hold above $0.00000600; it rebounded from around $0.00000510, with the 100-day moving average near $0.00000529 acting as immediate support.
In regulation, ESMA is requiring EU crypto firms to close positions in non-MiCA-compliant stablecoins by Jan. 8, 2027, adding compliance pressure on exchanges serving European customers.
The total crypto market capitalization dropped by about $200 billion from top to bottom before recovering to roughly $2.8 trillion, according to CMC. Bitcoin's dominance over altcoins climbed to 59.5% even as its market cap pulled back to about $1.660 trillion.
