Share:

Market picture

The cryptocurrency market cap has fallen 1.6% over the past 24 hours to $1.10 trillion, back to the levels from which the market rebounded almost two weeks ago. At the same time, bitcoin is down 2%, Ethereum is down 2.2%, and the top altcoins are losing between 0.5% (Solana) and 3% (Cardano). Polygon (+0.8% in 24 hours) and Tron (+10% in 7 days) beat the headwinds.

The price of Bitcoin dipped below $26K at the start of trading on Thursday, a level it has been consistently above since March 17th. Bitcoin enjoyed a strong rally in March and April amid fears over the safety of funds held by regional US banks. As this issue has faded from the headlines, cryptocurrencies have reversed into a correction.  

On the technical analysis front, the $25K level is seen as a critical stop on the way down, with little support found on the journey to that level.

Ethereum has rolled back to the lower end of the last two months' range at $1777. A further move lower opens the door to $1700.

News background

The popular ChatGPT predicted that Bitcoin's 2024 halving would be the catalyst for a "massive bull run", explaining that the value of the limited resource is increasing with unchanged or rising demand.

The International Organisation of Securities Commissions (IOSCO) said that cryptocurrencies should be treated similarly to stocks and bonds because of their similarities.

Reuters reports that cryptocurrency exchange Binance failed to keep separate corporate and customer balance sheets in 2020 and 2021, violating US financial regulations. Binance has denied the information.

Elon Musk urged people "don't bet too much" on Dogecoin and not put all their money into the asset, yet he still said that DOGE is his favourite coin.


Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Shiba Inu price stagnancy brings investors’ losses to a 28-month high

Shiba Inu price stagnancy brings investors’ losses to a 28-month high

Shiba Inu has been rather dormant these past four weeks, which is bearing a negative impact on the investors. The meme coin market has been struggling to make headlines as the lack of increase in altcoin’s market value has left investors in peril, which is now driving them to pull back and wait until SHIB starts rising again.

More Shiba News

LDO sees lowest cumulative volume in ten months as Lido DAO price struggles to breach key barrier

LDO sees lowest cumulative volume in ten months as Lido DAO price struggles to breach key barrier

Lido DAO price is up over the past day as the market shifted its stance despite the SEC announcing a delay in the spot Bitcoin ETF applications of BlackRock among other applicants. However, this one-day rise is not enough for the likes of LDO that have been failing in recovering for a few weeks now.

More Lido DAO News

THORChain leaps 12% with soaring open interest as RUNE targets a peak of its current range

THORChain leaps 12% with soaring open interest as RUNE targets a peak of its current range

THORChain is testing a crucial multi-month obstacle after a remarkable climb. The move has completed the altcoin’s recovery rally following the 15% fall of September 27.  RUNE has outperformed the broader market, with Bitcoin and Ethereum recording only up to 3% in daily gains.

More Rune News

Chainlink and Australia’s ANZ Bank issue AUD-stablecoin to successfully test interoperability

Chainlink and Australia’s ANZ Bank issue AUD-stablecoin to successfully test interoperability

Chainlink put itself on the map with the help of its real-time data-feeding Oracles and is now in the spotlight for its interoperability protocol. Through this protocol, the blockchain project intends to not only connect two or five chains but also create the world’s largest liquidity layer, starting with Australia’s second-largest bank.

More Chainlink News

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.

Read full analysis

BTC

ETH

XRP