Market picture

The crypto market lost 0.75% in 24 hours to $2.29 trillion. A day earlier, we noted a decline in cryptocurrencies in contrast to the positivity in equities on Wednesday, and then synchronised selling prevailed on Thursday. Meanwhile, the sentiment index remains at 57 (greed). This is bad news for the market right now, as a state of fear might have attracted buyers on downturns, but now they will wait for a bigger drawdown.

At the same time, the bulls in Bitcoin are leaving important levels behind them, having managed to push back from the 50-day moving average. The price change over the past 36 hours is small (-0.6%), but this result masks a 5.5% jump in price in the five hours after touching lows near $62.3K on Thursday night.

Current levels fit into a corrective pattern from the July price amplitude. However, it is difficult to rely on this short-term pattern ahead of labour market data, with volatility spiking in equities.

News background

Bitcoin's hashrate drawdown from its all-time high is just 3%, down from 8% as of 9 July, and a recovery in the index is usually associated with a sustained rally, CryptoQuant noted. BTC's hashrate growth will contribute to the stability of its price.

At the end of July, the Solana ecosystem surpassed Ethereum for the first time in terms of trading volume on decentralised exchanges—$55.8 bn versus $53.8bn. The hype around Solana-based meme tokens probably influenced the growth of the metric.

USDT issuer Tether posted a record net profit of $5.2bn in the first half of the year, of which approximately $1.3bn was interest income from US government bonds. The company received another ~$3.9bn due to the increase in the value of positions in bitcoin and gold.

Telegram developers unveiled new features in the messenger, including a browser with support for TON-based Web3 browsing and a mini-app shop. The internal currency Telegram Stars can now be gifted to contacts via the Settings section.


Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP