By Omkar Godbole (All times ET unless indicated otherwise)
The crypto market remains under pressure and falling in October. Bitcoin BTC$107,829.62 has dropped 3% to $107,500 in the past 24 hours, while ETH, XRP, BNB and SOL have seen even bigger losses. The CoinDesk 20 Index fell more than 4%.
Among the top 100 coins, only ICP, ASTER and HASH remain in the green, with ASTER boosted by Binance co-founder ChangPeng “CZ” Zhao’s disclosure of his exposure to the token.
It’s worth flagging that BTC has recently decoupled from the tech-heavy Nasdaq index, with upside likely capped by consistent profit-taking by long-term holder wallets.
Here’s some food for thought for traditional finance traders: The decoupling could be an early warning signal for stocks. In 2021, BTC topped out in November and stocks followed suit about a month later. Coincidentally, options tied to the so-called “Magnificent Seven” tech giants are already showing signs of overexuberance, a typical hallmark of market tops.
For now, bulls remain confident as BTC prices stay above the $100,000 mark.
“Historical data show November as the strongest month for BTC performance, averaging returns above 40% across the past decade,” said Emir Ebrahim of ZeroCap. “With macro uncertainty easing and risk sentiment gradually improving, positioning remains favorable for a continuation of the longer-term uptrend into year-end.”
Chart analysts see things differently. Veteran technical analyst Peter Brandt opened a short trade in BTC futures, noting that a “megaphone” pattern on the bitcoin chart usually signals a price drop.
Trends come and go, but some things remain constant, like the steady pace of hacks, which continue to raise questions about blockchain infrastructure security and highlight that institutional impact hasn’t yet moved beyond pricing. Just today, Balancer was hacked for millions.
In regulatory news, the Financial Times reported that the European Commission is preparing to expand central oversight over key financial infrastructures – including stock exchanges, crypto exchanges and clearing houses to reduce market fragmentation and boost the bloc’s competitiveness.
On the traditional markets side, the yield on the U.S. 10-year Treasury note traded near three-week highs as traders await economic data releases this week, including ADP employment, ISM PMIs and the Michigan sentiment index. Stay alert!
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
By Oliver Knight
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Source: Farside Investors
