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Cryptocurrency News Articles
Bitcoin and Ethereum Make U-Turn, See Steepest Daily Decline Since Sept. 21 as 'Uptober' Rally Pauses
Oct 22, 2024 at 09:57 am
Leading cryptocurrencies made a sharp U-turn Monday, mirroring the pullback in stocks, as the ‘Uptober’ rally takes a halt.
Major cryptocurrencies made a U-turn on Monday, tracking a pullback in stocks as the ‘Uptober’ rally hit a pause.
What Happened: Bitcoin slid throughout the day, reaching an intraday low of $66,580. The pullback comes a day after the leading cryptocurrency briefly topped $69,000 for the first time since early June.
Ethereum saw a sharper decline, slipping back into the $2,600 zone. On Sunday, the second-largest cryptocurrency reached its highest level since the first week of August.
Total crypto liquidations surged to $204 million in the last 24 hours, with over $174 million longs being wiped out.
Bitcoin Open Interest dropped by 2% in the last 24 hours, while Ethereum's speculative market contracted by 3.75%.
The pullback triggered bearish sentiment as the number of traders shorting Bitcoin rose compared to those bullishly leveraged on the asset, as per the Long/Shorts Ratio.
That said, market sentiment remained in the "Greed" zone as of this writing, according to the Cryptocurrency Fear & Greed Index.
Top Gainers (24-Hours)
The global cryptocurrency market cap stood at $2.33 trillion, contracting 2.14% in the last 24 hours.
Stocks pulled back on Monday, giving up gains from last week. The Dow Jones Industrial Average slipped 344.31 points, or 0.80%, to end at 42,931.60. The S&P 500 fell 0.18% to 5,853.98. The tech-heavy Nasdaq Composite defied the slump, gaining 0.27% to end at 18,540.01.
The retrace followed record closes for both the Dow and the S&P 500 on Friday, marking the sixth consecutive week of gains for Wall Street.
Investors expected the upcoming third-quarter earnings of premium tech companies like Tesla Inc (NASDAQ:TSLA) and Amazon.com Inc (NASDAQ:AMZN) to drive the markets.
See More: Best Cryptocurrency Scanners
Analyst Notes: A widely followed cryptocurrency analyst, operating under the pseudonym Emperor, advised his followers to buy Bitcoin dips between $62,000 and $63,000 without any hesitation.
He added that the area between $66,000 and $66,500 could be a good area of support and short-sellers could take profit at these levels.
“My target of $69,000 has now been hit and I’m looking to relong dips.”
Bitcoin Price Update1. Backtest of $66,000 level held and we moved higher. Want to see price hold above Previous Month High for continuation higher.
My target of $69,000 has now been hit and I'm looking to relong dips.
2. I told you most will be scared to buy the dip at… pic.twitter.com/1NwHonte72
Another well-known cryptocurrency market observer, Michaël van de Poppe, noted that whale activity was high despite Bitcoin approaching its all-time highs.
“In essence: that’s a great sign for Bitcoin, but a terrible sign for the global economy,” Van De Poppe remarked.
Even though #Bitcoin is ranging around the ATH's, the activity on whales is increasing and they are buying more.
In essence: that's a great sign for #Bitcoin, but a terrible sign for the global economy.
What can we expect?
– I think we'll see #Bitcoin run to $300-500K. pic.twitter.com/JKuRh1khpr
Image via Shutterstock
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