- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Pro-crypto French Hill selected as Chairman of the House Financial Services Committee
Republicans selected French Hill as the new Chairman of the House Financial Services Committee. Hill is a crypto supporter and spearheaded the FIT21 bill for crypto regulations. French Hill will be replacing Chair Patrick McHenry, who is retiring from office.
Ethereum could see new all-time high above $5,000, on-chain data signals bullish momentum
Ethereum is up 1% on Thursday as it aims to tackle the selling pressure near the $4,000 psychological level. On-chain data shows that ETH has begun seeing increased bullish momentum, which could push its price to a new all-time high above $5,000.
Crypto Today: Bitcoin price tops $102K as Trump’s firm acquires Ethereum and Chainlink
Cryptocurrency market valuation broke $3.5 trillion Thursday, up 9.4% since Tuesday's market crash halt. In the last 24 hours, 104,700 traders liquidated $172.7 million in long contracts, accounting for 58% of the $298.5 million total liquidations.
Shiba Inu Price Prediction: SHIB set for $0.00004000 breakout as ETH leads market recovery
Shiba Inu price has rebounded 22% from its 14-day low of $0.00002400 recorded during the crypto market dip on Tuesday. With the Ethereum ecosystem attracting rapid capital inflows, is SHIB on the verge of a major breakout?
Bitcoin: BTC reclaims $100K mark
Bitcoin (BTC) reclaimed the $100K level, trading near $100,100 on Friday after a recent decline earlier this week. The recent pullback in BTC was mostly due to high-leverage traders and some holders booking profits. Despite Microsoft’s rejection of adding Bitcoin to the company’s balance sheet, institutional demand remained strong, recording a total inflow of $1.72 billion until Thursday.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.