Crypto prices today (Oct. 31): BTC, ETH, XRP, SOL dip amid heavy long liquidations

Ripple's CTO David Schwartz, known as 'JoelKatz', recently discussed the value of XRP on X, emphasizing that its worth isn't solely determined by the ledger itself. Instead of using typical marketing jargon, he focused on deeper concepts like power, control, and speculation. Schwartz's insights are significant as they challenge conventional views on cryptocurrency valuation, highlighting the need for a broader understanding of what drives the worth of digital assets like XRP.

Nordea, a leading Nordic bank, is set to launch a Bitcoin-linked synthetic exchange-traded product (ETP) on its platforms, marking a significant step in the integration of cryptocurrency into traditional finance. This move not only reflects the growing acceptance of digital assets among mainstream financial institutions but also provides investors with a new way to gain exposure to Bitcoin without directly holding the cryptocurrency. As more banks embrace such innovations, it could pave the way for broader adoption of cryptocurrencies in the financial sector.

NEO Legacy, often referred to as the Chinese Ethereum, is officially shutting down its original blockchain, marking a significant transition for the platform that began in 2016. This shutdown is occurring in two phases, with the first phase already completed in June 2025. As the crypto community watches closely, the future of NEO may hinge on upcoming plans from Xi Jingping, which could potentially influence NEO's price in 2026. This development is crucial as it reflects the evolving landscape of cryptocurrency and the impact of governmental strategies on digital assets.

October has marked a downturn for Bitcoin, breaking a seven-year trend of positive performance during this month. Despite hopes for a Federal Reserve rate cut and easing trade tensions between the US and China, Bitcoin prices have struggled to maintain their value. This shift is significant as it raises questions about the cryptocurrency's resilience and what investors can expect in November.

Bitcoin and Ethereum ETFs are facing significant challenges as they continue to experience outflows amid a weakening market. With Bitcoin trading below $110,000 and Ethereum also struggling, this trend highlights the ongoing volatility in the cryptocurrency sector. Investors are closely watching these developments, as they could signal broader market trends and impact future investment strategies.

In October, the Bitcoin mining pool BTC.com made headlines by transferring a staggering 186,000 BTC to Binance, raising concerns among investors. This significant selloff suggests that miners may be offloading their holdings, which could indicate bearish sentiment in the market. Such large transactions can impact Bitcoin's price and overall market stability, making it crucial for investors to monitor these developments closely.

Canary Capital Group is making waves in the financial world with its proposed XRP spot ETF, now set to launch on November 13 after a recent update to its SEC filing. This development is significant as it could pave the way for broader acceptance of cryptocurrencies in traditional finance, attracting more investors and potentially boosting the market.

The Shiba Inu cryptocurrency is facing a significant downturn as its open interest has plummeted to levels not seen since 2024, contrasting sharply with the rising trends of Bitcoin and Ethereum. This decline is concerning for investors and enthusiasts, as it suggests a lack of confidence in the meme coin's future. The stark difference in performance highlights the challenges Shiba Inu faces in maintaining relevance in a competitive market, raising questions about its sustainability moving forward.

Coinbase's Chief Product Officer has stepped up to defend stablecoins against the banking sector's concerns about their potential impact on bank deposits and community banks. He argues that these fears are unfounded and could hinder the growth of the emerging stablecoin market. This discussion is crucial as it highlights the ongoing tension between traditional banking and innovative financial technologies, emphasizing the need for a balanced perspective on the role of stablecoins in the economy.

Ripple's CTO David Schwartz, known as 'JoelKatz', recently discussed the value of XRP on X, emphasizing that its worth isn't solely determined by the ledger itself. Instead of using typical marketing jargon, he focused on deeper concepts like power, control, and speculation. Schwartz's insights are significant as they challenge conventional views on cryptocurrency valuation, highlighting the need for a broader understanding of what drives the worth of digital assets like XRP.

The U.S. is facing a significant disruption in its inflation reporting due to a government shutdown that has led to the furlough of Bureau of Labor Statistics staff. This unprecedented situation means there will be no Consumer Price Index released, leaving markets without a crucial measure of the cost of living. This lack of data could create uncertainty for investors and policymakers alike, highlighting the broader implications of the shutdown on economic stability.

The Sui token is facing a challenging time as its price has dropped 5.7% in the last 24 hours, now trading at $2.35. This decline comes ahead of a significant $103 million token unlock, which has traders feeling cautious about the market's short-term stability. The situation is crucial as it could test the resilience of investors and the overall market, making it a key moment for those involved in cryptocurrency.

Nordea, a leading Nordic bank, is set to launch a Bitcoin-linked synthetic exchange-traded product (ETP) on its platforms, marking a significant step in the integration of cryptocurrency into traditional finance. This move not only reflects the growing acceptance of digital assets among mainstream financial institutions but also provides investors with a new way to gain exposure to Bitcoin without directly holding the cryptocurrency. As more banks embrace such innovations, it could pave the way for broader adoption of cryptocurrencies in the financial sector.

In a significant breakthrough, the Australian Federal Police successfully cracked a coded crypto wallet backup, seizing an impressive $5.9 million in cryptocurrency. This achievement was made possible by a skilled data scientist who deciphered a complex numerical sequence on a phone. This event highlights the ongoing efforts of law enforcement to tackle cybercrime and recover stolen assets, showcasing the intersection of technology and policing in the fight against financial fraud.