Market Update 22nd October 2024
By Shikha Singh
Bitcoin (BTC) is nearing a critical price range, approaching $70,000 after surpassing $69,500 on October 21. This level marks the first significant resistance test since the Nashville Bitcoin Conference, where Donald Trump and Robert F. Kennedy spoke. Currently, Bitcoin is trading at $67,500, with sustained interest potentially leading to a breakout from its eight-month consolidation.
Despite ongoing upward momentum, speculation in the futures market has increased, with open interest hitting a new high of $40.38 billion. Analysts suggest a correlation between Bitcoin’s price movements and Trump’s election odds, noting that recent rallies may be influenced by speculation about his potential victory and proposed reforms that could favor crypto investors.
In terms of investment, BlackRock’s iShares Bitcoin Trust (IBIT) saw significant inflows, with investors purchasing 4,869 BTC worth $329 million on October 21. This marks the sixth consecutive day of inflows, totaling $1.47 billion in the past week and bringing IBIT’s total inflow to over $23 billion since its launch in January. The fund is now among the top three ETFs by year-to-date inflows.
Conversely, other ETFs, such as Fidelity’s Bitcoin ETF (FBTC), reported minor inflows, while competitors like Bitwise and Grayscale faced outflows. Spot Ethereum ETFs experienced a net outflow of $20.8 million.
The broader crypto market has seen some retreat, with Bitcoin dropping 3.3% from its multi-month high, and altcoins like Ethereum and Binance Coin also declining. However, altcoins such as Aptos and Uniswap have shown resilience, with Aptos rising over 9%.
As of now, Bitcoin remains around $67,000, with a market cap of $1.325 trillion and a dominance of 54.5% over altcoins.
You need to login in order to Like
