|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin Chops Between $60K-$62K, Ethereum Dips Below $2.4K as Geopolitical Tensions Flare
Oct 03, 2024 at 10:38 am
Leading cryptocurrencies continued to trade in the red as geopolitical tensions kept risk appetite in check.
Major cryptocurrencies continued to trade in the red on Thursday evening, a day after sliding to nearly two-week lows on Iran's missile attack and Israel's retaliation promise.
What Happened: Leading cryptocurrency Bitcoin traded in the range of $60,000 to $62,000 on Thursday, as compared to lows of $59,844 (on an FTX 15-minute chart) seen on Wednesday evening.
The world's apex cryptocurrency was trading at an average price of $61,112 at press time and appeared set to close out the week with a loss of about 3.18%.
Bitcoin's apex rival Ethereum sank further on Thursday, dipping below $2,400 during afternoon hours and was down more than 7% over the week, compared to Bitcoin's losses of 3.18% over the same time frame.
On Thursday, several traders appeared to be gunning for the lower time frames, with total cryptocurrency liquidations increasing to $243.36 million in the past 24 hours. Of these liquidations, long liquidations stood at $181.22 million.
Meanwhile, Bitcoin's funding rate on top exchanges continued to be positive on Thursday, indicating the dominance of bullish traders.
The coin's Long/Short Ratio also surged to 1.09, indicating a higher number of traders placing bullish bets as compared to those gunning for price declines.
The market sentiment remained in the "Fear" zone, according to the popular Cryptocurrency Fear & Greed Index.
Top Gainers (24-Hours)
The global cryptocurrency market cap stood at $2.12 trillion in the past 24 hours, following a drop of 1.27% in the last 24 hours.
Stocks ended Wednesday just above the flatline. The Dow gained 39.55 points, or 0.09%, to end at 42,196.52. The S&P rose 0.01% to close at 5,709.54, while the Nasdaq ended 0.08% higher at 17,925.12.
Geopolitical tensions continued to boost crude oil prices, as the West Texas Intermediate (WTI) rose 1.17% to $70.93 a barrel.
Investors also parsed the better-than-expected private employment data, with 143,000 workers getting added to payrolls in September, compared to 103,000 in August.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency trader Michaël van de Poppe revealed he was "heavily long" on Bitcoin and the broader cryptocurrency market on Thursday evening despite war fears.
"Last night, the markets corrected due to a panic reaction, but once things calmed down, markets quickly reversed back up. The bigger picture: liquidity is tremendously being added, fiat currencies devaluating, and such," Van De Poppe remarked.
Wars aren't for selling.
Last night, the markets corrected due to a panic reaction, but once things calmed down, markets quickly reversed back up.
The bigger picture: liquidity is tremendously being added, fiat currencies devaluating, and such.
Heavily long on #Bitcoin &…
In response to his post, another widely followed investor, Crypto Yapper, said that such dips are "lifetime opportunities."
However, away from the positivity, prominent market observer Ali Martinez issued a bearish forecast, saying, "Bitcoin could drop to $52,000 if the governing pattern behind the recent price action is a descending parallel channel!"
#Bitcoin could drop to $52,000 if the governing pattern behind the recent price action is a descending parallel channel!
Photo by Avi Rozen via Shutterstock
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Cutoshi (CUTO): The Meme Coin That Could 100x in 2024
- Oct 03, 2024 at 02:25 pm
- Cutoshi (CUTO) draws inspiration from the Lucky Cat of Chinese and Japanese folklore. These cats are said to bring good fortune and wealth to businesses with their lucky powers. Cutoshi wants to bring good fortune to early adopters by merging meme culture and a state-of-the-art DeFi framework.