Bitcoin Tumbles Below $59K Amid Inflation Worry, Regulatory Onslaught on Crypto
Bitcoin price on 10/10 (CoinDesk)
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Market Wrap
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.
Traditional risk assets like stocks surged while gold and oil tumbled, but cryptos didn’t get the memo.
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.
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)
Bitcoin is back to levels not seen in nearly two months as it pushed past the $65,000 mark during U.S. late morning hours on Thursday.