MicroStrategy Surges to 6-Month High as Bitcoin Wrestles With Key Moving Average
NEAR, UNI and APT led crypto gains, while bitcoin faded after pushing through $64,000 earlier in the day.
NEAR, UNI and APT led crypto gains, while bitcoin faded after pushing through $64,000 earlier in the day.
The latest price moves in crypto markets in context for Oct. 7, 2024.
Bitcoin is struggling to gain upside traction as a hawkish rethink of Fed interest-rate policy raises Treasury yields and strengthens the dollar.
Even with a 3-5% cost to convert [stablecoin] USDT into equities, the potential upside of 50-70% in China’s stocks makes this a strategic move, one observer said.
Bitcoin may have bottomed at $60,000 earlier this week, and the Fed easing into a strong economy points to more upside, Will Clement said.
BTC’s implied volatility curve shows a noticeable kink on Oct. 5, signaling expectations for an unusually volatile Saturday.
Bitcoin held above the $60,000 key support level, while Ethereum’s ETH fell to near its weakest level against BTC since mid-September.
While Binance remains a giant in crypto trading, its volumes dropped over 20% in September versus the previous month, while rival Crypto.com’s surged over 40%.
Just as optimism was about to surge, clouds rolled in, pushing prices lower.
The U.S. election combined with an easier monetary environment could spark the next crypto bull market, says David Lawant.