‘Uptober' remained elusive as leading cryptocurrencies stagnated after hotter-than-expected inflation data poured cold water on expectations of further interest rate cuts by the Federal Reserve.
Cryptocurrency Gains +/- Price (Recorded at 9:15 p.m. EDT) Bitcoin BTC/USD -0.75% $60,135.24 Ethereum ETH/USD
+0.75% $2,382.33 Dogecoin DOGE/USD -1.37% $0.106
What Happened: Bitcoin slipped below $58,000 during trading hours before nearly recouping all the losses overnight. The world's largest cryptocurrency was down 1.16% over the week and 8% since the beginning of October—a month that on average has yielded over 20% returns for King Crypto.
The hotter-than-expected September's consumer price index data, coupled with higher-than-expected weekly jobless claims, likely influenced the markets.
Traders priced in 86% odds of the Fed slashing the interest rates by a further 0.25% during November's FOMC meeting, according to the CME FedWatch tool.
Ethereum remained choppy as well, barely changing in the last 24 hours. Over the last week, however, the second-largest cryptocurrency eked out gains of 1.14%.
Cryptocurrency liquidations exceeded $194 million in the last 24 hours, with more than $145 million in bullish bets getting evaporated.
Bitcoin's Open Interest dropped 0.63% in the last 24 hours, while the number of long positions on the coin surged sharply vis-à-vis shorts.
The market sentiment slipped into the "Fear" category, according to the Cryptocurrency Fear & Greed index, raising fears of further downsides.
Top Gainers (24-Hours)
Cryptocurrency Gains +/- Price (Recorded at 9:15 p.m. EDT) Uniswap (UNI) +9.67% $8.01 Popcat (POPCAT) +7.96% $1.26 MANTRA (OM) +5.53% $1.44
The global cryptocurrency stood at $2.11 trillion, following a decrease of 0.46% in the last 24 hours.
Stocks continued to be turbulent, with major indices retracing on Thursday.
The Dow Jones Industrial Average dropped 57.88 points, or 0.14%, to close at 42,454.12. The S&P 500 slipped 0.21% to end at 5,780.05, while the tech-heavy Nasdaq Composite lost 0.05% to close at 18,282.05.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst Rekt Capital noted Bitcoin's retest of $60,600 as support for the second straight week.
"Weekly close above $60,600 would preserve the range and position price for a move to the upside across it," the analyst remarked, while also cautioning about further downsides if the support is lost.
#BTC
Bitcoin is retesting the Weekly Re-Accumulation Range Low (~$60600) as support for the second consecutive week
Weekly Close above $60600 would preserve the range and position price for a move to the upside across it
Lose support here –> another downside deviation period… https://t.co/wk5bBdyOMC pic.twitter.com/j6nfUIih8b — Rekt Capital (@rektcapital) October 10, 2024
Leading analyst Ali Martinez drew attention to the increasing leverage use on cryptocurrency exchanges, suggesting that more people were borrowing to make bigger bets.
"This can increase the risk of big price swings, so it's important to be cautious," Martinez predicted.
Leverage use on #crypto exchanges just hit a yearly high, meaning more people are borrowing to make bigger bets. This can increase the risk of big price swings, so it's important to be cautious! pic.twitter.com/InUbp7g2x3 — Ali (@ali_charts) October 10, 2024
Photo by stockphoto-graf on Shutterstock
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