Market update
Markets appeared to turn a corner the very minute ‘Uptober’ began, with anticipation over the expected launch of Ether Futures ETFs in the US sending Bitcoin and Ethereum surging. The institutions-friendly ETF news saw Ether finish the week up 1.1% to trade around A$2,611 (US$1,661), and Bitcoin was up 1.2% on seven days ago to trade around A$43,233 (US$27,516). Yesterday Bitcoin was actually trading above the US$28K mark for the first time since August 17. Other coins gained too, including Solana which surged 16.1% and Cardano (up 2%) but others fell after the pump such as XRP which was down 2% and Dogecoin (down 1.5%). In the US, the regular game of chicken that legislators play over raising the debt ceiling ended with a midnight deal that avoided a US Government shutdown on October 1. The Crypto Fear and Greed Index is at 50, or Neutral.
After a sharp drop to A$38,890 (US$25K) this time last week, Bitcoin has recovered 6% to trade around A$41,580 (US$26,740), and Ethereum is up 5% to trade at A$2,530 (US$1,630). It was a sea of green elsewhere, with gains for XRP (6%), Cardano (4%), Dogecoin (2%) and Polkadot (2%). Telegram messaging app TON surged 48% and is now in the top 10 coins according to Coinmarketcap after the app integrated TON’s self-custodial crypto wallet for its 800 million users. The Fear and Greed Index improved to 46, which is still Fear.
September continues its reputation as “Downtember”, with the markets down again this week Looming “death crosses” for Ethereum and Bitcoin sparked another debate over whether it was a portent of doom, or whether charting was merely astrology for men. Bitcoin finishes the week down 3% at A$39,128 (US$25,119), while Ethereum dropped 5% to A$2,409 (US$1,547). Both are about 13-15% down on a month ago. XRP lost 7%, Cardano fell 6%, Dogecoin (-4%) and Solana fell 9% on fears of an FTX selloff. The Crypto Fear and Greed Index is steady at 40, or Fear.
Despite a short-lived sugar rush from Grayscale’s court victory against the Securities and Exchange Commission, crypto markets remain in a holding pattern and are looking for a direction. Bitcoin finishes the week at A$40,035 (US$25,965), which is essentially the same as seven days ago. Ethereum also treads water this week and ends up at A$2,519 (US$1,640). XRP (-3%), Cardano (-4%), Dogecoin (1.2%) and Solana (-5%) also barely moved. The Fear and Greed Index is at 40 or Fear.
Crypto markets traded sideways again this week, with Bitcoin flat on seven days ago and trading around A$40,550 (US$26,025). Ethereum lost 1.3% and finished the week at A$2,570 (US$1,650). XRP and Cardano were flat, Dogecoin was up 1.4%, while Solana fell 3%. There is some good news, with Bloomberg analysts arguing the recent downtrend in Bitcoin prices is weakening, and the liquidations are “largely behind us” based on a decline in open interest. “As a result, we see limited downside for crypto markets over the near term,” their report stated. However, with the war on crypto in full swing and the US Fed boss Jereme Powell indicating inflation is still too high and that “we are prepared to raise rates further if appropriate” it’s anyone’s guess where markets will go next. Analyst Michael van de Poppe says that nearing 500 days, we’re in “the longest bear market in history for Bitcoin”. The Crypto Fear and Greed Index is at 39 or Fear.