Cryptocurrencies remain under pressure as investors rotate money out of technology stocks amid growing concerns about a bubble forming in artificial intelligence (A.I.) stocks. Bitcoin’s (CRYPTO: BTC) price briefly dipped below $80,000 U.S. on Oct. 16 amid the market volatility. Other cryptocurrencies such as Ethereum (CRYPTO: $ETH) are also sliding lower.
Digital assets have been under heavy pressure throughout the past week as concerns about the A.I. trade worsen. In Asia, South Korea’s main KOSPI stock exchange suffered a mini crash this past week, falling 6% in a single trading session, as Asian chip stocks pulled back sharply. Rising oil prices and bond yields also continue to roil risk assets such as crypto.
Bitcoin’s price dropped to $79,800 U.S. early on Oct. 16 before recovering to trade at $81,000 U.S. late in the day. Over the past trading week, Bitcoin’s price has decreased 2%, bringing its loss for the month of October to 5%.
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Here’s what else happened with cryptocurrencies over the past week…
Kalshi CEO Warns Prediction Markets Could Move Offshore: The CEO of Kalshi warned that efforts by U.S. states to regulate prediction markets could lead the platforms to move offshore. Tarek Mansour said the current battle over how prediction markets are regulated will ultimately decide whether platforms such as Kalshi continue to operate in the U.S. or overseas. Mansour’s comments come as a growing list of U.S. states challenge Kalshi and other prediction markets in court, accusing them of running illegal gambling operations. The U.S. Supreme Court has agreed to hear arguments in the case and could settle the matter in 2027.
Michael Saylor Says Bitcoin Bull Market Is Just Beginning: Michael Saylor, the chairman of serial cryptocurrency acquirer Strategy (NASDAQ: $MSTR), says a new bull market in Bitcoin has only just begun. In a media interview, Saylor said that Bitcoin’s price would again surpass $100,000 U.S., adding that his “long-term forecast is Bitcoin grows 20% to 30% a year over the next 20 years.” The comments from Saylor come after Bitcoin endured a prolonged “crypto winter” that lasted from October 2025 to the end of June this year.