The cryptocurrency market is currently experiencing a cautious mood following a significant liquidation wave that flushed out $824.47 million in leveraged positions. This event, while rattling market sentiment, has not completely broken it. Bitcoin, the leading cryptocurrency, remains anchored around $110,258, while the altcoin capitalization, excluding Bitcoin and Ethereum, holds at $1 trillion, despite a 5.48% monthly decline. Contributing to the broader macroeconomic narrative, the Federal Reserve confirmed a 25 basis points rate cut and is set to conclude its Quantitative Tightening (QT) in December, signaling a gradual return of liquidity to the markets.

However, the immediate market dynamics are being driven by several key factors. Notably, SpaceX wallets have shown renewed activity, XRP has secured a Nasdaq ticker, and U.S.-China headlines are introducing chaotic volatility across global and crypto markets alike.

In a significant development, Elon Musk's SpaceX has once again drawn attention with its Bitcoin movements. Data from Arkham reveals that SpaceX transferred 281 BTC, valued at $31.28 million, to a new address. This continues a recent pattern of mysterious transfers, including 2,130 BTC and 2,495 BTC earlier this month, and a notable 1,308 BTC transfer in July – the first in three years. The underlying reasons for these substantial transfers—whether a change in money management, diversification of investment vehicles, or a liquidity stress test—remain a subject of market speculation.

Bitcoin’s price action reflects this uncertainty, trading at $110,258. The cryptocurrency’s monthly range has seen a high of $126,195 and a low of $102,329. Critical support levels are identified at the psychological $100,000 mark and the $81,697 breakout level. A sustained push past $120,000 could potentially open the path towards $130,000. Liquidation data confirms Bitcoin's central role in market movements, as it accounted for $369.54 million in liquidations over 24 hours. The majority of these losses were absorbed by long positions, a process that defused overheated bullish leverage and could set the stage for another upward attempt.

Meanwhile, XRP has made a notable entry onto Nasdaq, acquiring a new ticker identity. Arrington XRP Capital's Armada Acquisition Corp. II's Class A shares are now trading as XRPN, units as XRPNU, and warrants as XRPNW on Nasdaq. This follows a merger with Evernorth Holdings, which successfully raised over $1 billion with the specific intent of purchasing XRP on the open market. This institutional XRP treasury model is an unprecedented move within the crypto industry. Michael Arrington lauded this development as a testament to strong belief in the XRP ecosystem, highlighting integrations with partners like Hidden Road, GTreasury, and Standard Custody. The ticker change provides XRP with new exposure to regulated markets by directly linking a listed equity vehicle to its flows. Despite these positive developments, XRP's price action has been less dramatic, trading at $2.55, down 3.28% for the week. Resistance is noted at $2.71, with support ranging between $2.40 and $2.45. A clean break above $3 is necessary for larger upward movements, while a failure to defend $2.40 could trigger a steeper decline.

The broader markets were unexpectedly impacted by liquidation cascades following the confirmation of a one-year U.S.-China trade pact on rare earths and minerals. This deal saw tariffs cut from 57% to 47%, and China expressed willingness to discuss future arrangements regarding chips and agricultural imports. This macroeconomic relief reverberated through risk assets, causing forced unwinds across the crypto market. Bitcoin accounted for the largest share of liquidations at $369.54 million, followed by Ethereum with $188.97 million and Solana with $47.22 million. Other altcoins collectively lost $53.66 million. The significant imbalance, with longs absorbing $656.09 million and shorts losing $168.16 million, underscores the previously crowded long positioning. This event once again demonstrated crypto’s susceptibility to global trade flows rather than solely native catalysts, highlighting its dependency on macro factors.

Heading into the U.S. evening session, market participants are focusing on four key pivots. For Bitcoin, the critical task is to hold the $110,000 level to avoid a potential 10% drop towards $100,000. XRP's performance will be a balance between its positive Nasdaq debut narrative and its fragile $2.40-$2.70 technical price corridor. The overall altcoin market capitalization needs to defend the $1.02 trillion mark to prevent a slide towards $900 billion. Lastly, the macroeconomic backdrop will be influenced by follow-ups on commodity clauses and probabilities regarding the Fed's December rate cut. With $824.47 million in leverage already flushed, markets enter the evening with lighter positioning, allowing spot flows and headline catalysts to dictate the next market leg.