What happened?
Early October “Uptober” buy signals quickly reversed after President Trump announced a 100% tariff on Chinese imports, triggering a broad risk‑off move ahead of the Fed’s FOMC meeting. Prices fell sharply as traders unwound leverage and short‑term momentum faded. Despite the drop, commentators see the pullback as a normal correction and highlighted several altcoins (XRP, ZEC, Story/IP, HYPER) that still show upside potential.
Who does this affect?
Retail and institutional traders who were long or highly leveraged felt the biggest pain from the sudden volatility. Investors and communities tied to XRP, ZEC, Story/IP and presale projects like HYPER are watching closely because these tokens could swing big in either direction. Broader participants — payments providers, stablecoin issuers, creators using on‑chain IP tools, and DeFi builders — may also see capital flows shift depending on sentiment and regulation.
Why does this matter?
The market impact is twofold: the correction can create short‑term buying opportunities and clear risky leverage, but it also raises the chance of continued volatility while macro and regulatory news unfolds. Events like tariffs, the Fed meeting, and potential U.S. crypto rules or ETF approvals will likely steer asset prices and could amplify moves in the highlighted altcoins. If risk appetite returns, those projects could outperform, but the current environment means outsized gains come with equally large downside risk for leveraged traders.