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Zenger
Mehab Qureshi

Mixed Trading Pattern For Major Cryptocurrencies As Investors Hedge Amid Uncertainty

Over the weekend, major cryptocurrencies experienced a mixed trading pattern. JAKUB PORZYCKI/GETTY IMAGES 

Over the weekend, major cryptocurrencies experienced a mixed trading pattern. This can be attributed to various factors, including the ongoing Israel-Hamas conflict and concerns surrounding persistent inflation. In light of the prevailing political and economic uncertainty, certain investors opted to sell off their riskier assets as a hedging strategy.

 

Over the weekend, major cryptocurrencies experienced a mixed trading pattern. JAKUB PORZYCKI/GETTY IMAGES  

 

Cryptocurrency

Gains +/-

Price (Recorded 9:30 p.m. EDT)

Bitcoin (CRYPTO: BTC)

+1.19%

$27,214

Ethereum (CRYPTO: ETH)

+0.49%

$1,553

Dogecoin (CRYPTO: DOGE)

-0.29%

$0.059

 

 

What Happened: The cryptocurrency market is currently facing significant pressure due to various factors, including the ongoing trial of Sam-Bankman Fried, and the looming possibility of another interest rate hike.

Coinbase director Conor Grogan pointed to an important observation regarding the circulation of Tether (CRYPTO: USDT). He said that almost half of the existing USDT was created by Alameda Research, a trading firm that was believed to be a “sister company” to FTX. However, in reality, Alameda Research was directly controlled by Bankman-Fried.

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Zenger News’s exclusive event – Future of Digital Assets. Tickets are flying-  get yours!

Top Gainer (24 Hour)

 

Over the weekend, major cryptocurrencies experienced a mixed trading pattern. JAKUB PORZYCKI/GETTY IMAGES  

 

Cryptocurrency

Gains +/-

Price (Recorded 9:30 p.m. EDT)

Loom

+46.59%

$0.40

Trust Wallet Token

+16.58%

$1.12

Rocket pool

+14.52%

$20.11

 

 

The global crypto market cap currently stands at $1.06 trillion, reflecting an increase of 0.74% in the past 24 hours.

Stock futures have shown a slight upward movement in overnight trading on Sunday, signaling a potentially positive start to the week amidst a flurry of corporate earnings reports.

Futures linked to the renowned Dow Jones Industrial Average have experienced a modest increase of 0.1%, while futures associated with the S&P 500 and the Nasdaq-100 have shown gains of 0.12% and 0.16% respectively.

In terms of economic indicators, the financial industry is eagerly anticipating the release of the Empire State Index for October on Monday.

See More: Best Cryptocurrency Scanners

Analyst Notes

Michaël van de Poppe, the founder and CEO of MN Trading, has suggested that the price of BTC could potentially reach $27,800.

“Weekends are ultra boring for trading, especially for Bitcoin,” he told X subscribers on the day. “Unchanged perspective. Did a double-bottom test at $26,500 and held there. Currently fighting resistance, through which another test of $27,000 should end up with a breakout to $27,800.”
 

Weekends are ultra boring for trading, especially for #Bitcoin.

Unchanged perspective. Did a double-bottom test at $26,500 and held there.

Currently fighting resistance, through which another test of $27,000 should end up with a breakout to $27,800. pic.twitter.com/aao99QWdSF

— Michaël van de Poppe (@CryptoMichNL) October 15, 2023

 

According to crypto analyst Benjamin Cowen, there is a continued decline in the dominance of ETH. As ETH dominance decreases, it is expected that the dominance of BTC will increase.

 

#ETH dominance continues its descent.

As ETH dominance goes down, #BTC dominance will go up. pic.twitter.com/SN3IaBohtp

— Benjamin Cowen (@intocryptoverse) October 15, 2023

 

Santiment, an on-chain analytics platform said Bitcoin’s recent surge back to $27,000 may have been supported by a significant movement of long-held, inactive coins. This upsurge in our Age Consumed metric, which measures the transfer of dormant BTC between wallets, is indicative of potential reversals in price direction, it said. Since July, this is the largest amount of dormant BTC changing wallets, suggesting a noteworthy influence on Bitcoin’s return to this level.
 

📈 #Bitcoin‘s return to $27K was likely aided by large amounts of older, stagnant coins that were finally moved. The largest amount of dormant $BTC changing wallets since July, these spikes in our Age Consumed metric indicate price direction reversals. https://t.co/0kztm781NO pic.twitter.com/EVDH9hHbBa

— Santiment (@santimentfeed) October 15, 2023

Join Zenger News’s Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!

Produced in association with Benzinga

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