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Cryptocurrency News Articles
Bitcoin (BTC) Falls Below $60,000, Altcoin Market Grapples With Regulatory Hurdles
Oct 11, 2024 at 09:37 am
Bitcoin (BTC) fell below the crucial $60,000 price level for the first time since September 18, sparking speculation about potential further downside.
Bitcoin (BTC) price dropped below the crucial $60,000 level for the first time since September 18, sparking speculation about potential further downside.
The leading cryptocurrency was trading at $60,800 by 00:15 (UTC), down 2.3% over the past 24 hours. BTC/USD had risen by about 1.2% over the past week.
Crypto trader Justin Bennett highlighted in a recent X (formerly Twitter) post that the “first BTC target at $59K [has been] reached, $57K next?”
“It's unclear if there will be a bounce before reaching the $57,000 level,” Bennett added.
This price decline comes despite October historically being one of the strongest months for Bitcoin.
Onchain analytics provider Santiment noted on October 4 that mentions of “Uptober” have significantly decreased since the beginning of the month, potentially signaling waning enthusiasm among traders.
While Bitcoin faces its own challenges, the altcoin market is grappling with regulatory hurdles that are hampering growth.
CryptoQuant founder and CEO Ki Young Ju explained in an October 9 X post that “some altcoins with real value aren't rising due to regulatory hurdles.”
“Projects are being cautious and holding back on maximizing revenue to avoid pissing off regulators,” Ju said, adding that “if Trump wins the election on November 5, alts could rally.”
“For now, buying alts is pure speculation in an unregulated market,” Ju opined.
The impact of regulatory actions on altcoin prices has been evident in recent times.
In April, Uniswap's UNI token sank to a six-week low after the decentralized exchange received a proposed lawsuit notice from United States regulators.
Some traders, however, remain optimistic about the long-term prospects of the altcoin market.
“Altcoin markets are still in accumulation. Start of a bull cycle is super boring, slowly grinds up and nothing more,” MN Trading founder Michael van de Poppe said in an October 10 X post.
“Probably Q1 2025 for the vertical stages,” he added.
Meanwhile, Signal Profits co-founder Jacob Canfield observed that “a handful of altcoins and a lot of memecoins are holding the altcoin market up.”
“You'll see memes go to $5-$20 billion when Bitcoin dominance gets a real rejection,” Canfield said.
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