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Market Wrap: Bitcoin, Ether Continue Their Sideways Moves as the World Turns Price Action

Market Wrap: Bitcoin, Ether Continue Their Sideways Moves as the World Turns Price Action

Market Wrap: Bitcoin, Ether Continue Their Sideways Moves as the World Turns Price Action

Bitcoin certainly likes the air above $19,000, the largest cryptocurrency by market value, holding above this threshold for the 14th straight day as investors continue to digest a variety of issues that have plagued the markets for weeks or more. Bitcoin has been traded recently. at around $19,200, a very slight increase from the last 24 hours. Ether recently changed hands just below $1,300, which has been its main compass point for over a month %.

The CoinDesk Market Index (CMI), a broad market index that measures the performance of a basket of cryptocurrencies, was recently up 0.6%.

  • Bitcoin (BTC) was recently trading at around $19,200, around the same time as Thursday, and near the lower end of the $19,000 to $21,000 range that BTC has held for over a Trading volume remained subdued.
  • Ether (ETH) recently changed hands just below $1,300, also around the same since Thursday, and near its lower support for much of the past
  • Some of the top altcoin gainers of late include XRP and EOS, which are up about 3%. Earlier in the day, Aptos’ APT token was up5% to bounce back from its rocky start a few days earlier. AXIE down 6%.

Macro View

Traditional financial markets ended the week on a high, with the Nasdaq, Dow Jones Industrial Average (DJIA) and the tech-heavy S&P 500 all up nearly 2.5%. The first fortnight of third quarter results were higher than expected. despite gloomy economic forecasts. Investors continued to argue about high inflation, a weakening yen and a US government in crisis.

Data showed that Bitcoin’s 30-day price volatility is now almost identical to that of the US currency, down more than 15% year-to-date. Safe-haven Gold is up 1.6% to trade at $1,654 an ounce.

The U.Fed is widely expected to hike rates by another 75 basis points at its next meeting on Nov. 2-3, but futures traders are now anticipating that central bankers will ease monetary policy for the time being . The CME FedWatch tool is currently showing that traders see a 50:50 chance that the Fed’s FOMC will hike rates by 50 basis points in December. “Now is the time to talk about retirement; Now it’s time to start planning your retirement.

 

Latest Prices

 

  • CoinDesk Market Index (CMI): 935.73 +1.1%
  • Bitcoin (BTC): $19,184 +0.8%
  • Ether (ETH): $1,303 +1.5%
  • S&P 500 daily close: 3,752.75 +2.4%
  • Gold: $1,660 per troy ounce +1.8%
  • Ten-year Treasury yield daily close: 4.21% −0.01

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