- Bitcoin gains over 1.3% on Friday, recovering above $61,500.
- Ethereum gains nearly 1.5% on the day, limited to just below $2,400.
- XRP is steady above $0.5200 as traders digest the SEC appeal and await Ripple’s response.
Bitcoin, Ethereum and XRP updates
- Bitcoin trades at $61,804 in the early American session on Friday. The largest cryptocurrency by market capitalization has erased over 6.0% of its value since Monday. While BTC dropped in value this week, the asset notes three consecutive days of net outflows from Spot Exchange Traded Funds (ETFs), according to data from Farside Investors.
- Ethereum hovers just below $2,400 on Friday. The altcoin trends towards lower fees, and analysts at IntoTheBlock consider this as a key contributor to Ethereum’s underperformance. Analysts say the market effectively “rejects the thesis of ETH as money,” in a recent newsletter, explaining the decline in Ether price.
- Ethereum Spot ETFs noted $3.2 million in net outflows on Thursday.
- XRP traders grapple with the US Securities & Exchange Commission’s (SEC) appeal against the $125 million lawsuit ruling in the Ripple case. The payment remittance firm has 14 days from October 3 to file a counter appeal, and XRP traders keep their eyes peeled.
Chart of the day: Aptos (APT)
Aptos ranks among cryptocurrencies that yielded the most negative returns for traders in the last 24 hours. APT is likely poised for a double-digit rally if the DeFi token extends its gains. The Moving Average Convergence Divergence (MACD) momentum indicator shows a positive underlying impulse in the APT price trend.
The consecutive green histogram bars in the momentum indicator support a bullish thesis for APT. Aptos could face resistance at the upper boundary of the Fair Value Gap (FVG) between $8.60 and $8.91.
APT could target the $10.41 level, a resistance level respected by Aptos between May and October. This marks a 16.89% gain in APT’s price.
APT/USDT daily chart
Looking down, APT could find support in the FVG between $7.99 and $8.19 in case of a correction in Aptos.
Market updates
- Binance, one of the largest cryptocurrency exchanges, has noted a decline in its market share. Coindesk reports that Binance’s trading volume took a 20% hit month-on-month in September 2024.
⚡️ NOW: Binance Market Share Hits 4-Year Low
— Cointelegraph (@Cointelegraph) October 4, 2024
In September, trading volumes on the largest cryptocurrency exchange dropped by over 20% compared to the previous month. pic.twitter.com/TDKXaBiQBb
- Kraken obtains a license to operate a derivatives trading platform in Bermuda, in a move that could bolster crypto adoption.
- The International Monetary Fund (IMF) asked El Salvador to scale back its Bitcoin policy during a press conference event on Thursday.
- Over $1 billion in Bitcoin options expire on Friday, likely increasing the volatility in BTC.
Oct. 4 Options Delivery Data
— Greeks.live (@GreeksLive) October 4, 2024
17,500 BTC options expired with a Put Call Ratio of 0.75, a max pain point of $63,000 and a notional value of $1.07 billion.
119,000 ETH options expired with a Put Call Ratio of 0.68, a max pain of $2,500 and a notional value of $280 million.
With… pic.twitter.com/LGjcRwDGIr
Industry updates
- Crypto data intelligence firm Santiment identifies that bearish sentiment has emerged among market participants as mentions of “Uptober,” a term that implies positive monthly returns in Bitcoin in October, have declined.
Mentions of "Uptober" have declined significantly, painting a picture that traders have become much more bearish on the idea of this month being an automatic money printer for crypto. The lack of optimism opens the door for (at least) a short-term bounce. https://t.co/iACWMGPvSs
— Santiment (@santimentfeed) October 3, 2024
- Crypto platform Polymarket introduced a betting market on Bitcoin creator Satoshi Nakamoto’s identity.
Bet on Satoshi Nakamoto’s identity
- Coinbase is set to remove stablecoin-related services that do not comply with the European Union’s (EU) MiCA requirements starting December 30, 2024, according to Bloomberg’s report.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC Chair Gensler hints at resignation amid lawsuit from 18 states accusing the regulator of unlawful overreach
In a filing on Thursday, 18 states, along with the DeFi Education Fund, issued a lawsuit against the Securities and Exchange Commission, alleging that the regulator's crackdown on the crypto industry has been unlawful and unconstitutional.
Bitcoin Price Forecast: BTC eyes $100K, what are the key factors to watch out for?
Bitcoin trades below $90K in the Asian session on Friday as investors realized nearly $8 billion in profits in the past two days. Despite the profit-taking, Bitwise CIO Matt Hougan suggested that BTC could be ready for the $100K level, fueled by increased stablecoin supply and potential government investment.
Ethereum Price Forecast: ETH could rally to $4,522 despite mixed on-chain flows among investors
Ethereum is down over 1% on Thursday following record net inflows across ETH exchange-traded funds in the past six days. Despite the bullish market outlook, $300 million worth of unstaked ETH could hit the market and cause downward pressure on prices.
Crypto Today: Bhutan sells $33M BTC, McDonald’s launches NFTs, PEPE, SUI emerge top gainers
The aggregate cryptocurrency market capitalization shrank by 1.45% on November 14, reflecting a $42.6 billion dip. In the last 24 hours, 170,878 traders were liquidated to the tune of $485.13 million, per Coinglass data.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
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.