The cryptocurrency market has remained bearish over the past day, with the total market capitalization dropping to $2,133 billion during the past 24 hours, down 1.44%. The fresh pressure is attributed to appreciation pressure in the U.S. dollar and a slump in risk assets because of its long-drawn effects on the Middle East conflict and profit selling before the U.S. jobs report. In the Sentiment Index, we are back to the “fear” level which scored 37, the lowest in the past two weeks.
Bitcoin has reverted from the descending triangle after testing the $60,000 level and the 50-day moving average. In the next few days, Bitcoin might bounce between $60K and $63.6K for the simple reason that traders are yet to have grounds for their artificial trading noise.
At the same time, there is potential for XRP, which decreased by 20% within four days. However, recently, there has been some positive signals after the ETF application for XRP. The coin has crashed and is going below the bottom line at $0.53, cutting both the 50MA & 200MA. If the coin dips below the crucial $0.50 level and decides to consolidate further, the target is $0.40.
News Highlights
- Stablecoin Growth: In its report, CryptoQuant found out that capitalization of the stablecoins went up in August and September by $8.73 billion to reach $172.75 billion in total, which might help to amplify the upward trend in the cryptos. More so, the reserve of USDT on centralized exchanges has hit a new historic high of $22.5 billion.
- BTC Post-Halving Rally: According to research done by Canaccord, bull rallies in Bitcoin have tended to occur within 6-12 months following the halving process, and new ATHs within 2-6 months. If so, another BTC rally may be in the future, just as the chart pattern suggests.
- Miners’ Revenue Decline: According to the data of The Block, revenue of bitcoin miners plunged to $815.7 million in September, representing the minimum level since January this year. According to estimations made by JPMorgan, the miners’ gross profit per block decreased by 6% month-to-month in September.
- Bitwise Files XRP ETF: Digital asset management firm Bitwise has proposed listing a spot exchange-traded fund (ETF) that will track the XRP price. Still, the market did not react much. As it was seen with the Ethereum ETF, the news does not necessarily translate to a higher price of the token or coin.
- Dogecoin’s Evolution: Dogecoin, initially developed as a parody, has seen the number of merchants accepting it as a payment constantly growing. Even transactions on the Dogecoin network cost less than 1 cent, significantly cheaper than Bitcoin’s mean fee rate of $0.79. Further, the transactions take place within a minute.
Also, Read @ Binance Squashes Moonbix Coin Launch Rumors
