Key Takeaways
- • Bitcoin traded near $82,790 at 07:18 ET on Saturday, down 0.5% on the day and on course for a weekly decline of nearly 3% after briefly approaching $87,000 the previous Sunday, according to Investing.com.
- • Hardware wallet maker Ledger launched an investigation into reports of missing cryptocurrency linked to devices sold through Southeast Asian reseller CryptoBilis; blockchain investigators estimate potential losses of $86 million to $93.4 million, which Ledger has not confirmed.
- • Markets expect the Federal Reserve to hold its benchmark rate at the October 27-28 meeting, with a potential 25-basis-point increase in December, a backdrop that weighs on speculative assets.
- • Bitcoin's annualized volatility fell to about 46% in 2026 from 84% in 2018, yet it recorded 10 days of three-standard-deviation price moves this year versus eight across all of 2018, per a CoinDesk analysis.
- • Strategy's 12% STRC preferred shares climbed to $99.71 on Friday, their highest level since June; a move above $100 could allow additional preferred issuance to fund further Bitcoin purchases.
Summary
Bitcoin remained under pressure on Saturday as a late-week rebound lost momentum, according to Investing.com. The world's largest cryptocurrency was trading around $82,800 and was on course for a weekly decline of nearly 3%, after approaching $87,000 the previous Sunday. Ether, which was down roughly 7% for the week in earlier assessments, traded at $2,495.77, down 0.4%, while XRP rose 0.2% to $1.4036 and Solana slipped 1.6% to $109.53.
The weakness reflects several pressures: rising energy prices, higher U.S. interest rate expectations, and renewed security concerns. The first anniversary of the October 10 flash crash also added to uncertainty. Upcoming September consumer and producer price index reports, due next week, will indicate whether the Federal Reserve could resume raising rates. Higher rates tend to reduce demand for speculative assets as investors reassess the relative appeal of fixed-income alternatives.
Security concerns centered on Ledger, which opened an investigation into missing cryptocurrency tied to devices sold through reseller CryptoBilis. Blockchain investigators estimated potential losses of between $86 million and $93.4 million, but Ledger has not confirmed those amounts or the cause. The company asked CryptoBilis to suspend sales and shipments pending the review, and there is no confirmed evidence that Ledger's own systems were compromised. Concerns that artificial intelligence could potentially compromise hardware-wallet security also surfaced.
A CoinDesk analysis found Bitcoin's price swings remain unusually frequent relative to its recent volatility, even as overall volatility has declined. Corporate demand was also in focus: Strategy's high-yield preferred shares, STRC, closed at $99.71 on Friday, their highest since June. The preferred stock carries a 12% annualized dividend, with Strategy maintaining dollar reserves to support payments, and a move above $100 could let the company issue more preferred shares to finance additional Bitcoin purchases.
The weakness reflects several pressures: rising energy prices, higher U.S. interest rate expectations, and renewed security concerns. The first anniversary of the October 10 flash crash also added to uncertainty. Upcoming September consumer and producer price index reports, due next week, will indicate whether the Federal Reserve could resume raising rates. Higher rates tend to reduce demand for speculative assets as investors reassess the relative appeal of fixed-income alternatives.
Security concerns centered on Ledger, which opened an investigation into missing cryptocurrency tied to devices sold through reseller CryptoBilis. Blockchain investigators estimated potential losses of between $86 million and $93.4 million, but Ledger has not confirmed those amounts or the cause. The company asked CryptoBilis to suspend sales and shipments pending the review, and there is no confirmed evidence that Ledger's own systems were compromised. Concerns that artificial intelligence could potentially compromise hardware-wallet security also surfaced.
A CoinDesk analysis found Bitcoin's price swings remain unusually frequent relative to its recent volatility, even as overall volatility has declined. Corporate demand was also in focus: Strategy's high-yield preferred shares, STRC, closed at $99.71 on Friday, their highest since June. The preferred stock carries a 12% annualized dividend, with Strategy maintaining dollar reserves to support payments, and a move above $100 could let the company issue more preferred shares to finance additional Bitcoin purchases.
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