“Uptober” remained elusive as major cryptocurrencies slumped after better-than-expected inflation data poured cold water on hopes for further interest rate cuts by the Federal Reserve.
| cryptocurrency | Gain +/- | Prices (recorded at 9:15 p.m. EDT) |
| Bitcoin BTC/USD | -0.75% | $60,135.24 |
| Ethereum ETH/USD |
+0.75% | $2,382.33 |
| dogecoin doge/usd | -1.37% | $0.106 |
what happened: Bitcoin It fell below $58,000 during the trading session, but recovered most of its losses overnight. The world's largest cryptocurrency is down 1.16% this week and down 8% since the beginning of October, but the month has averaged more than a 20% return for King Crypto.
It is likely that the market was affected by the higher-than-expected consumer price index in September and the higher-than-expected weekly unemployment insurance claims.
According to the CME FedWatch tool, traders are pricing in an 86% chance that the Fed will cut rates by another 0.25% at the November FOMC meeting.
Ethereum similarly remained volatile, with little change over the past 24 hours. However, last week, the second-largest cryptocurrency registered a gain of 1.14%.
Cryptocurrency liquidations totaled over $194 million in the past 24 hours, evaporating over $145 million of bullish bets.
Bitcoin's open interest has fallen by 0.63% in the past 24 hours, but the number of long positions in the coin has increased sharply relative to short positions.
According to the Cryptocurrency Fear and Greed Index, market sentiment has slipped into the “fear” category, raising fears of further declines.
Top Gainers (24 hours)
| cryptocurrency | Gain +/- | Prices (recorded at 9:15 p.m. EDT) |
| uniswap (Uni) | +9.67% | $8.01 |
| pop cat (Pop Cat) | +7.96% | $1.26 |
| mantra (OM) | +5.53% | $1.44 |
Global cryptocurrencies totaled $2.11 trillion, down 0.46% in the past 24 hours.
Stock prices continued to be volatile, with major indexes rebounding on Thursday.
of Dow Jones Industrial Average It fell 57.88 points (0.14%) to close at 42,454.12. of S&P500 The stock fell 0.21% to end at 5,780.05, with many tech stocks. Nasdaq Composite It fell 0.05% to close at 18,282.05.
See more: best cryptocurrency scanner
Analyst notes: virtual currency analyst Recto Capital He noted that Bitcoin has retested support at $60,600 for the second week in a row.
“If the weekly close is above $60,600, the upside range and position price will be maintained,” the analyst said, while also warning of further downside if support is lost. .
top analyst Ali Martinez drew attention to the increased use of leverage on crypto exchanges, suggesting that more people are borrowing money to make bigger bets.
“This could increase the risk of large price movements, so it is important to be careful,” Martinez predicted.
Photo by Stockphoto-graf on Shutterstock
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