Bitcoin Tumbles Below $59K Amid Inflation Worry, Regulatory Onslaught on Crypto
Bitcoin price on 10/10 (CoinDesk)
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Bitcoin price on 10/10 (CoinDesk)
One observer noted 7,000 PlusToken-related ETH transferred to crypto exchanges on Wednesday, raising concerns about potential selling pressure.
NEAR, UNI and APT led crypto gains, while bitcoin (BTC) faded after pushing through $64,000 earlier in the day.
Bitcoin may have bottomed at $60,000 earlier this week, and the Fed easing into a strong economy points to more upside, Will Clement said.
Bitcoin held above the $60,000 key support level, while Ethereum’s ETH fell to near its weakest level against BTC since mid-September.
Bitcoin’s price is currently retesting its “Bull Market Support Band” trend indicator, where prices often rebounded from pullbacks during uptrends.
Crypto market capitalization dropped 5% on average as Middle East tensions flared up late Monday, denting growth in risk assets.
The S&P 500 and the Nasdaq also fell on a report that Iran was preparing an imminent missile attack on Israel.
Bitcoin price on 09 30 (CoinDesk)
MicroStrategy could soon have bigger bitcoin pockets than Grayscale.