Bitcoin is back at the top of the market.

After hitting an all-time high of around $ 65,000 in mid-April, Bitcoin had taken a back seat to let altcoins experience a mind-boggling rally.

But now, after almost six months, Bitcoin has taken over the reins. On Wednesday, the price of BTC hit $ 55,700. This level was last seen on May 12, during the sell-off.

With this latest spike, Bitcoin has reverted back to being a trillion dollar asset.

October turns out to be a bullish month after the red month of September. Historically, not only has September seen negative returns, but the fourth quarter has also seen a substantial rise.

Kraken Intelligence also noted in its research blog that September headwinds for bitcoin “appear to have positioned the market to rally higher and throughout the fourth quarter.” He added that the fourth quarter is Bitcoin’s best quarter in history, with an average and median return of 119% and 58%, respectively.

Dominant Futures Market In the futures market, the funding rate on Bitcoin perpetual contracts is still normal, with the high on FTX at 0.0320%. Delphi Digital said,

“While BTC started to recover in October, the base has not grown as aggressively as one might have imagined. BTC has become a perpetual market and dominated by futures contracts.

As for open interest in Bitcoin futures, it climbed to $ 17.4 billion to reach early September levels.

The OI for BTC options is also up, currently at $ 8.56 billion.

“The rise coincided with the rally in BTC in early October. After a large expiration, OI tends to rebound as the capital released from expirations returns to the market. “

Banks capitulate This week we saw US Bancorp (NYSE 🙂 launch a crypto custodial service for institutional investment managers and Bank of America Corp (NYSE 🙂 publish its first crypto research coverage. Additionally, Soros Fund owns Bitcoin, CEO Dawn Fitzpatrick revealed.

“Banks are capitulating one by one,” said Martha Reyes, head of research at BEQUANT, the leading digital asset brokerage.

“For those of us who work in space, that it’s too big to ignore is hardly news, and regulators are certainly not ignoring it.”

Pumping Bitcoin is not only good for BTC itself, but also for altcoins, as it means big players are entering the market, and it’s not just a few players trying to cash in and manipulate small pieces of market capitalization.

During this bull assault, altcoins register gains with the ether rising to $ 3,625. The other big winner today is the SHIB (24%), which has seen a rally since the start of this week.

ETH 4.38%

Ethereum / USD

$ 3,591.79 $ 157.32 4.38%

Volume 22.65 b Variation $ 157.32 Opened $ 3,591.79 Outstanding 117.82 m Market capitalization 423.18 b

21 mins It’s season for Bitcoin: BTC recovers trillion dollar market cap as banks capitulate and stocks fall 5 a.m. Shiba Inu (SHIB) leads the crypto market, currently active on no longer traded on Binance, Coinbase (NASDAQ 🙂 and Huobi Citadel Founder Says Crypto Regulation Will Make It “A Smaller Market” And “It Will Be Good”

SHIB 25.00%


$ 0.00 $ 0.00 25.00%

Volume 11.92 b Variation $ 0.00 Open $ 0.00 Circulation 10 t Market capitalization 9.1 b

21 min It’s season for Bitcoin: BTC recovers trillion dollar market cap as banks capitulate and stocks tumble 5 a.m. Shiba Inu (SHIB) leads the crypto market, currently the most traded asset on Binance, Coinbase and Huobi on: Bitcoin is already up 12% in Uptober amid stock market weakness

Total market capitalization is now targeting $ 2.4 trillion.

Stocks take a hit As Bitcoin and crypto cheer for gains, global stock markets have slipped. The S&P 500 fell 0.77% and lost 0.51%.

Meanwhile, the dollar rose 0.413% to 94.4 after a strong report on the private wage bill and surging energy prices fueling the inflation outlook and expectations that the Federal Reserve will soon begin to decrease.

However, while the U.S. private sector payroll increased by 568,000 in September, according to the ADP employment report (NASDAQ :), this is an unreliable indicator of mass data. non-farm payroll that the Labor Department will publish on Friday.

After warning of a 20% drop in US stocks about two weeks ago, Morgan Stanley’s Mike Wilson now says the correction would be led by tech stocks because “earnings estimates are too high.”

“We are in the final phase of this mid-cycle transition where growth is slowing and markets are correcting.”

Bitcoin / USD

54,828.4784 $ 5,005.84 9.13%

  • Volume 50.4b
  • Change $ 5,005.84
  • Open $ 54,828.4784
  • Circulation 18.84 m
  • Market capitalization 1.03 t

Post It’s Season For Bitcoin: BTC Recovers Trillion Dollar Market Cap As Banks Surrender, Stocks Fall For The First Time On BitcoinExchangeGuide.

Continue reading on BitcoinExchangeGuide

Source link

Recommended Posts

No comment yet, add your voice below!

Add a Comment

Your email address will not be published. Required fields are marked *