As October began, Bitcoin reached a six-week high, with other cryptocurrencies like Ethereum and Litecoin also experiencing gains.
The climb happens as Sam Bankman-Fried, founder of FTX, faces an upcoming trial. In contrast, Europe’s stock markets dipped.
Caroline Mauron, co-founder of OrBit Markets, discussed the weekend’s tight liquidity. She said it could amplify buying flows linked to the new financial quarter.
Mauron predicts a further climb for Bitcoin, eyeing $30,000 as the next resistance level.
Historically, Bitcoin does well in October. The crypto reached $28,489, its highest since August 17.
Though it increased 4.1% in September, it closed the last quarter 11% down.
Positive stablecoin inflows appeared on the Ethereum network on September 28. Dessislava Ianeva, a senior researcher, noted a Coinbase buying spike, hinting at institutional interest.
U.S. regulators may approve BlackRock’s proposed Bitcoin ETF, fueling the rally. Hayden Hughes, co-founder of Alpha Impact, mentioned this despite last week’s decision delay.
Bankman-Fried couldn’t secure a release from Brooklyn federal prison last week. He faces a trial for an alleged scam via FTX but pleads not guilty.
Background Bitcoin
The crypto market’s resilience shows growing investor confidence. It’s notable when compared to traditional markets, which currently falter.
Many consider this rise a hedge against uncertainty. Thus, Bitcoin’s status as a ‘digital gold’ gets reaffirmed.
However, the pending trial of FTX’s founder adds a layer of complexity. Legal outcomes could sway market sentiment quickly.
It’s a point to watch, particularly for its influence on regulation.
With attention on a possible Bitcoin ETF, regulatory approval could signal mainstream acceptance.
On the flip side, another delay or rejection could halt the current rally and deter investors.
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Live Market IntelligenceCrypto — Live Market Board
Rio Times · Live Market Intelligence
Crypto — Live Market Board
+0.67%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 80,543 | +0.67% | -29.41% | 80,007 | 80,550 | 79,380 | 21,816,416,256 |
| ETH | 2,348 | +1.18% | -43.00% | 2,320 | 2,349 | 2,295 | 8,316,267,520 |
| SOL | 100.98 | +0.22% | -49.19% | 100.75 | 101.04 | 99.17 | 2,110,777,984 |
| XRP | 1.32 | +1.04% | -49.89% | 1.31 | 1.32 | 1.29 | 1,574,615,552 |
| BNB | 750.98 | +1.29% | -34.10% | 741.42 | 751.10 | 733.56 | 1,470,316,160 |
| ADA | 0.21 | -0.30% | -69.21% | 0.21 | 0.21 | 0.20 | 190,120,672 |
| DOGE | 0.08 | +0.78% | -60.98% | 0.08 | 0.08 | 0.08 | 441,746,112 |
| AVAX | 8.84 | -1.36% | -56.54% | 8.96 | 8.96 | 8.67 | 289,961,824 |
| LINK | 11.47 | +0.80% | -37.04% | 11.38 | 11.47 | 11.23 | 248,509,440 |
| DOT | 0.99 | -2.05% | -68.52% | 1.01 | 1.01 | 0.98 | 109,918,912 |
| LTC | 56.59 | -0.13% | -43.06% | 56.66 | 56.87 | 55.70 | 169,852,160 |
| BCH | 290.36 | +3.57% | -47.81% | 280.36 | 292.52 | 277.47 | 195,939,216 |
| TRX | 0.33 | -0.51% | +9.69% | 0.33 | 0.33 | 0.33 | 371,519,040 |
| XLM | 0.17 | +0.21% | -47.60% | 0.17 | 0.17 | 0.17 | 107,134,680 |
| HBAR | 0.08 | -1.56% | -58.82% | 0.08 | 0.08 | 0.08 | 55,674,584 |
| NEAR | 4.62 | +2.60% | +97.50% | 4.50 | 4.64 | 4.39 | 630,712,192 |
| ATOM | 1.61 | -1.48% | -49.28% | 1.64 | 1.64 | 1.60 | 30,012,314 |
| AAVE | 132.37 | -2.36% | -43.78% | 135.57 | 135.87 | 129.56 | 246,790,448 |
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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