Crypto Today: Bitcoin, Ethereum lose gains, XRP corrects on Monday, traders brace for $400 million unlocks
- Bitcoin erases 2% of its value on Monday and hovers around $67,000.
- Ethereum holds above $2,600, down nearly 3% on Monday.
- XRP trades near $0.55 as holders digest developments in lawsuit appeal and Elon Musk’s reaction to the altcoin.
Bitcoin, Ethereum and XRP updates
- Bitcoin trades above $67,000 on Monday. The largest cryptocurrency by market capitalization lost 2% of its value on Monday even as Spot Bitcoin ETFs note seven consecutive days of positive flows.
- Ethereum trades at $2,669, down 3% as the altcoin suffers a correction.
- XRP corrects less than 1% and holds above $0.55 on Monday as traders digest the Securities & Exchange Commission’s (SEC) appeal in the Ripple lawsuit and Elon Musk’s response to being asked about the altcoin.
- Elon Musk commented on the decentralized nature of cryptocurrencies and said he does not endorse XRP when asked about the token.
Chart of the day: Cosmos (ATOM)
Cosmos (ATOM) has been in a downward trend since its March 7 peak at $14.585. Technical indicators, the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) show ATOM price could gain.
The green histogram bars on MACD show there is underlying positive momentum in the ATOM price trend. Green bars on the Awesome Oscillator shows there is potential in ATOM.
ATOM/USDT daily chart
ATOM could find support at the 10-day Exponential Moving Average (EMA) at $4.582. In the event of a correction, ATOM could sweep liquidity at the October 10 low of $4.043.
Market updates
- Stripe, a payments processing firm, finalized a deal to buy the stablecoin platform Bridge for $1.1 billion.
- Bitcoin reached closer to $70,000 on Monday. Traders speculate on the likelihood of the token’s return to its all-time high of $73,777.
- Open Interest (OI) in USD-denominated Bitcoin futures surpassed $40 billion, an all-time high, according to data from Coinglass.
Bitcoin futures open interest
Industry updates
- Coinbase Assets announces that Flare (FLR), Injective Protocol (INJ), The Sandbox (SAND) and Stacks (STX) are now available to New York residents on the iOS and Android applications.
- VanEck, an asset management firm, announces that its Solana Exchanged Traded Note (ETN) now comes with a staking function. Users will receive the staking rewards in their token equity and this will be reflected in the daily terminal value.
VanEck EU Enables Staking for the $VSOL Solana ETP (AUM= $73M)
— matthew sigel, recovering CFA (@matthew_sigel) October 21, 2024
> Rewards Accrue & Re-Invested Daily
> Staking Rewards Included in End-of-day NAV Daily.
> VanEck to Manage Staking Exposure to Ensure Daily Liquidity@vaneck_eu
⬇️ pic.twitter.com/ynDZytbf5i
- Crypto veterans debate Ethereum vs. Solana in a YouTube video, concluding that Ethereum is the money of the internet.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
