The crypto market is still falling, but Bitcoin has already stabilised
|Market picture
The crypto market lost another 1.44% of its capitalisation in 24 hours to $2.13 trillion. The pressure is due to the ongoing wave of dollar gains and declines in risk assets due to the medium-term impact of the Middle East conflict and short-term profit-taking ahead of the US jobs report. The Sentiment Index returned to fear territory, falling to 37, a two-week low.
Bitcoin found support on the decline towards the 50-day moving average and the $60,000 area. Over the next two days, swings within the $60-63.6K area could be misleading market noise as the market awaits new information.
XRP, which has lost around 20% in four days, is failing to find support. Despite the news of the ETF application, the coin fell from the upper boundary of the sideways range to the lower boundary. On Wednesday, it broke the 50—and 200-day moving averages in one fell swoop, pulling back below $0.53. A breakout of the range with a confirmation below $0.50 could trigger a drop to $0.40.
News background
According to CryptoQuant, the growth of stablecoin capitalisation in August-September may prolong the upward trend of cryptocurrencies. In two months, the figure rose by $8.73 billion to $172.75 billion, with the USDT balance on CEX reaching a record $22.5 billion.
A BTC rally is inevitable if its post-halving pattern remains relevant, reports Canaccord. According to historical patterns, bull rallies have occurred 6-12 months after the halving, with ATH forming another 2-6 months later.
According to The Block, bitcoin miners' revenues fell to $815.7 million in September, the lowest since the beginning of the year. JPMorgan calculates that miners' gross profit per mined block was down 6% from August.
Bitwise, a digital asset manager, filed to launch a spot exchange-traded fund based on XRP. The news did not lead to a significant reaction in XRP. The Ethereum example shows that launching an ETF does not guarantee exceptional growth.
Dogecoin was conceived as a joke, but 11 years later, the token has become popular with merchants to pay for purchases, according to Bloomberg. The average fee on the network is <$0.01, around 79 times cheaper than the bitcoin blockchain. Transactions are processed in less than a minute.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.