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Cryptocurrency News Articles
Bitcoin (BTC) Rallies to $64K Overnight as Ethereum (ETH) Spikes to $2.49K: What's Driving the Market?
Oct 07, 2024 at 09:52 am
Leading cryptocurrencies rallied Sunday overnight as investors remained optimistic following a healthy employment report.
Major cryptocurrencies experienced a surge in value overnight Sunday into Monday, as optimism among investors remained high following a strong employment report.
What Happened: Bitcoin rose steadily throughout the day, before a late evening breakout saw the world’s largest cryptocurrency reach nearly $64,000.
The sharp surge also saw Ethereum trade at $2,490, recovering from a loss of more than 5% last week.
Total cryptocurrency liquidations hit nearly $112 million in the last 24 hours, with downside bets getting the most affected.
Bitcoin Open Interest soared 5.83% in the last 24 hours, indicating a sharp surge in speculative interest for the leading cryptocurrency.
The Cryptocurrency Fear & Greed entered the "Neutral" zone after languishing in "Fear" last week.
Top Gainers (24-Hours)
The global cryptocurrency stood at $2.2 trillion, following an increase of 2.35% in the last 24 hours.
Stock futures were little changed overnight. The Dow Jones Industrial Average Futures fell 6 points, or 0.01%, as of 8:50 p.m. EDT. Futures tied to the S&P 500 were down 0.06%, while Nasdaq 100 Futures lost 0.1%.
Major averages ended last week on a high after healthy labor market signs emerged from the September jobs report released Friday. Nonfarm payrolls rose from 159,000 in August to 254,000 in September, bettering economists' forecasts.
This week, investors would watch for the minutes of FOMC from September's policy meeting, due for release on Wednesday, and the Consumer Price Index data, slated for Thursday.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst Kyle Chassé attributed Bitcoin’s latest rally to whale demand, as the latest data showed a sharp surge in accumulation by wealthy investors.
"This is proof of demand. We know the supply is starting to dwindle. This is how it starts," the analyst noted.
NEW WHALES SPIKE $BTC DEMANDThere has been a sharp increase in new whales accumulating #Bitcoin.
THIS IS PROOF OF DEMAND
WE KNOW THE SUPPLY IS STARTING TO DWINDLE.
THIS IS HOW IT STARTS! pic.twitter.com/xafTBXSw2d
Another noted cryptocurrency researcher, 0xNobler, drew attention to the historical tendency of a Bitcoin bull run in October.
"The next target for $BTC is ~$260,000 and many altcoins will follow the lead. Every $100 today = $10,000 in Q1 2025," the analyst noted.
Historically, every major Bull Run started in October 🔥
The next target for $BTC is ~$260,000 and many alts will follow the lead.
Every $100 today = $10,000 in Q1 2025.
Here are 10 lowcaps that will 50-100x this cycle.
pic.twitter.com/VCyk6ZKsfi
Photo by CMP_NZ on Shutterstock
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- MENA Emerges as the Seventh-Largest Crypto Market Globally, Driven by Institutional Activity and a Robust Regulatory Framework
- Oct 07, 2024 at 02:25 pm
- The Middle East & North Africa (MENA) region has emerged as the seventh-largest crypto market globally in 2024, with an estimated $338.7 billion in on-chain value received between July 2023 and June 2024.