Bitcoin has difficulty maintaining $26,500; Ethereum surpasses $1,550 while Altcoins show mixed performance in today’s crypto prices.
**Bitcoin and Crypto Tokens Stumble Despite Rally in Equity Market**
Bitcoin and other crypto tokens were struggling on Thursday as the buyers remained on the sidelines despite a strong rally in the equity market and a fall in a bond-yields.
*US Economy and Crypto Donations to Hamas*
The US PPI for September was a bit stronger than expectations, while US Fed’s minutes showed most expect another round of rate hikes to complete the current tightening cycle. Meanwhile, a shocking report revealed that the Hamas terrorist organization and its affiliates have received millions, about $93 million, in crypto donations between August 2021 to June 2023, according to the Wall Street Journal based on data from Elliptic, a forensics firm, and BitOK, a Tel Aviv software company. This highlights the use of crypto as a subterfuge financing method for militant groups.
*Struggle of Cryptocurrency Market*
Bitcoin was seen in a falling trajectory as the largest crypto token dropped about a per cent but managed to hold $26,500-levels. Its largest peer, Ethereum, was also seen in red, falling marginally but it was holding above $1,560-mark. Action in the altcoins was on the mixed side. Bitcoin’s price dipped below $27,000 as market participants awaited the US inflation data for September. This is perceived as an active effort by bears to gain control of the market according to Edul Patel, Co-Founder & CEO at Mudrex.
*Market Performance and Digital Tokens*
All top crypto tokens were trading mixed on Thursday. Among the losers, Litecoin dropped about 3 per cent, while Solana was down about 2 per cent. Dogecoin and Polkadot shed about a per cent each. Among the gainers, Chainlink rallied more than 2 per cent, while Toncoin was up about a per cent. The global cryptocurrency market cap was trading lower, dropping to $1.05 trillion-mark, as it declined less than half-a-per cent in the last 24 hours. However, the total trading volumes rose over 2 per cent to $25.81 billion.
*Experts Prediction on Crypto Market*
BTC gained a significant downward momentum as it has continued to slide for three days in a row post touching the all-important $28,500-mark. According to Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, if BTC declines further, it may lead to a further sell-off that is likely to take Bitcoin down to $24,000 or beyond. Additionally, one of the world’s largest banks- JPMorgan’s in-house blockchain Onyx has launched its tokenized collateral network.
*Request Network and Its Token*
The REQ utility token, introduced in 2017, plays a crucial role in upholding the reliability and robustness of the Request Network, a decentralized payment system built on the Ethereum platform that empowers individuals to request payments and securely receive funds. On the weekly time-frame, the price for REQ/USDT surged by nearly 50% in the last week. The trend is traversing within a descending channel pattern and has recently bounced off from the bottom trendline and is on the verge of a pattern breakout with a considerable buildup of volume.
In conclusion, the cryptocurrency market is facing a tumultuous time despite the rally in the equity market, and it remains to be seen how the market will bear the impact of recent economic and geopolitical developments.
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