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Over the weekend, major cryptocurrencies experienced a mixed trading pattern. This can be attributed to various factors, including the ongoing Israel-Hamas conflict and concerns surrounding persistent inflation. In light of the prevailing political and economic uncertainty, certain investors opted to sell off their riskier assets as a hedging strategy.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +1.19% | $27,214 |
| Ethereum (CRYPTO: ETH) | +0.49% | $1,553 |
| Dogecoin (CRYPTO: DOGE) | -0.29% | $0.059 |
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What Happened: The cryptocurrency market is currently facing significant pressure due to various factors, including the ongoing trial of Sam-Bankman Fried, and the looming possibility of another interest rate hike.
Coinbase director Conor Grogan pointed to an important observation regarding the circulation of Tether (CRYPTO: USDT). He said that almost half of the existing USDT was created by Alameda Research, a trading firm that was believed to be a “sister company” to FTX. However, in reality, Alameda Research was directly controlled by Bankman-Fried.
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Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Loom | +46.59% | $0.40 |
| Trust Wallet Token | +16.58% | $1.12 |
| Rocket pool | +14.52% | $20.11 |
The global crypto market cap currently stands at $1.06 trillion, reflecting an increase of 0.74% in the past 24 hours.
Stock futures have shown a slight upward movement in overnight trading on Sunday, signaling a potentially positive start to the week amidst a flurry of corporate earnings reports.
Futures linked to the renowned Dow Jones Industrial Average have experienced a modest increase of 0.1%, while futures associated with the S&P 500 and the Nasdaq-100 have shown gains of 0.12% and 0.16% respectively.
In terms of economic indicators, the financial industry is eagerly anticipating the release of the Empire State Index for October on Monday.
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Analyst Notes
Michaël van de Poppe, the founder and CEO of MN Trading, has suggested that the price of BTC could potentially reach $27,800.
“Weekends are ultra boring for trading, especially for Bitcoin,” he told X subscribers on the day. “Unchanged perspective. Did a double-bottom test at $26,500 and held there. Currently fighting resistance, through which another test of $27,000 should end up with a breakout to $27,800.”
According to crypto analyst Benjamin Cowen, there is a continued decline in the dominance of ETH. As ETH dominance decreases, it is expected that the dominance of BTC will increase.
Santiment, an on-chain analytics platform said Bitcoin’s recent surge back to $27,000 may have been supported by a significant movement of long-held, inactive coins. This upsurge in our Age Consumed metric, which measures the transfer of dormant BTC between wallets, is indicative of potential reversals in price direction, it said. Since July, this is the largest amount of dormant BTC changing wallets, suggesting a noteworthy influence on Bitcoin’s return to this level.
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Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
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