Ether Tumbles 5.8%, Leading Large Crypto Losses, With Bitcoin Sliding Below $71K
Crypto-linked stocks such as MicroStrategy, Coinbase, Robinhood and bitcoin miners MARA, RIOT also suffered sizable declines.
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Bitcoin Price
Crypto-linked stocks such as MicroStrategy, Coinbase, Robinhood and bitcoin miners MARA, RIOT also suffered sizable declines.
Some $350 million notional value of November call options traded on CME with a breakeven bitcoin price of nearly $80,000, anticipating a rally next month, one analyst noted.
The largest crypto has extended its year-to-date gain to nearly 75% and has more than doubled from year-ago levels.
Bitcoin’s “bullish setup” into the U.S. election next week mirrors late 2020, which preceded a 120% rally in two months, Matthew Sigel of VanEck said.
The holdings of the U.S. spot bitcoin exchange-traded funds are about to cross over one million tokens after only ten months of trading.
Bitcoin price on Oct. 21 (CoinDesk)
Bitcoin began to gain wider attention in the October 2023 rally when it became more clear that so-called “spot” ETFs would be approved and launched soon. The launch of 11 ETFs on Jan. 11 was a milestone for the digital asset world and broke ETF records.
With less than three weeks until the U.S. presidential election, traders are positioning themselves for what’s to come after Nov. 5 and how a new administration will respond to factors affecting financial markets, including crypto.
Bitcoin price on 10 11 (CoinDesk)
Bitcoin price on 10/10 (CoinDesk)