What’s Happening in the Market
The crypto market’s
total market cap fell another 1.4% over the past 24 hours, and the overall picture looks rather sluggish. But don’t jump to conclusions—the numbers can be misleading. During the U.S. trading session, there was a sharp drop: market capitalization fell from $2.83 trillion to $2.72 trillion, but then the market tried to recover and rose to $2.79 trillion. A similar rollercoaster ride is currently being observed in the stock market, which typically fuels interest in risky assets toward the end of the week. Most tokens are currently in the red, but there are some standouts. Today’s top gainers include Basic Attention Token (+9.8%), Cosmos (+9.4%), and Immutable (+9.3%). Meanwhile, Algorand (-8.7%), Near Protocol (-7.8%), and Bitcoin Cash (-6.3%) are not faring so well.
On Thursday, Bitcoin broke through the $80,400 mark, hitting a three-week low. It touched its 50-day moving average, and that’s when buyers stepped in. Traders often pay attention to this line to understand where the price is likely to move in the near future. Since July, this line has served as an excellent benchmark: sometimes the price stays above it, and other times it uses it as support. The recent rebound has once again proven that the market is ready to buy the dips.
The situation with Ethereum is much more concerning. The second-largest cryptocurrency has been stuck around $2,700 since late September, and this week it even fell below that very 50-day moving average. Since ETH often serves as a barometer for the entire industry, such a drop does not bode well. However, this may simply be a false breakout. To definitively determine whether the uptrend has been broken, we’ll need to wait for Friday’s close to be below the $2,550 level.
What Else Is Important to Know
On Thursday, Bitcoin fell below $81,000 as U.S. stock indices declined. The Nasdaq 100 index fell by more than 1.2% following news about OpenAI: its annual revenue turned out to be much weaker than anyone had expected.
According to SoSoValue, on October 7, a record $487 million—the highest in the last three and a half months—was withdrawn from U.S. spot Bitcoin ETFs. Since the beginning of the month, net outflows have already totaled $165.6 million. Meanwhile, money has been flowing out of Ethereum ETFs for the seventh consecutive trading session.
As long as Bitcoin remains above the $77,000–$79,000 range, institutional investors are still in the black, and sellers aren’t particularly aggressive. But analyst João Vedson warns: if this level is breached, 2.57 million BTC will immediately fall into the loss zone.
On the other hand, Hunter Horsley of Bitwise Asset Management believes the prolonged downtrend is over. He is confident that next year, Bitcoin will break its all-time high, as major players and traditional financial institutions will increasingly enter the cryptocurrency market.
By the way, there’s some interesting news from Samsung. The company wants to add support for the USDC stablecoin to its Samsung Wallet for 82 million Galaxy smartphones in the U.S. They have chosen the Solana and Sui blockchains as partners, but not Ethereum. Analyst MartyParty believes this could hurt Ethereum’s position, although Samsung has not officially announced that it is abandoning this network.
And finally: according to Arkham, U.S. government agencies have once again transferred $470 million worth of cryptocurrency from their wallets.