Leading cryptocurrencies rose in tandem with stocks on Thursday as Treasury yields retreated after briefly touching a 24-year high earlier in the day.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:27 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.40% | $84,613.14 |
| Ethereum (CRYPTO: ETH) | +0.90% | $2,700.43 |
| XRP (CRYPTO: XRP) | +0.40% | $1.49 |
| Solana (CRYPTO: SOL) | +0.70% | $118.71 |
| Dogecoin (CRYPTO: DOGE) | -0.50% | $0.0935 |
Bitcoin, Crypto Stocks Gain
Bitcoin broke through $85,000 after days of sideways action, while Ethereum remained rangebound. XRP and Solana recorded modest increases.
Cryptocurrency-related stocks lifted, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 4.84% and 1.14%, respectively.
Over $190 million was liquidated from the cryptocurrency market in the last 24 hours, with $107 million in bullish long positions evaporated, according to Coinglass data.
Bitcoin’s open interest spiked 2.39% over the last 24 hours. Traders holding open BTC derivatives positions flipped to “Neutral,” with their Long/Short ratio falling sharply.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:27 p.m. EDT) |
| Bitway (BTW) | +8.90% | $1.43 |
| Aave (AAVE) | +8.20% | $174.71 |
| SKY (SKY) | +5.20% | $0.08251 |
Stock Market Rebounds
Stocks recovered ground to start October in the green. The Dow Jones Industrial Average gained 20.51 points, or 0.04%, to end at 50,926.56. The S&P 500 rose 0.19% to close at 7,666.4, while the tech-heavy Nasdaq Composite added 0.04% to end at 26,871.60.
The 10-year Treasury yield dropped to 5.25%, pulling back from an intraday high of 5.34%, its highest level since April 2002.
Meanwhile, the probability of a rate hike has cooled to 24.9% from 37.6% the day before, according to the CME FedWatch tool.
Bitcoin to Move Up Faster?
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, called Bitcoin’s move above $84,800 a “great” development
“Now, if this holds, then we’re going to see a lot more momentum on the Altcoin markets again after a few days of no volatility,” Van De Poppe said.
Bitcoin analyst Willy Woo reacted to Glassnode data showing the major $85,000 sell wall on Binance has been absorbed by buyers after “a week of failed tests.”
“With reduced ask liquidity above, this should allow price to move up faster,” Glassnode noted.
Woo added that there’s plenty of buy support below current BTC levels and less sell pressure above.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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