Recovery effort
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 11th October 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.
What’s up
BTC's Hectic Start To Weekend
It's not like Bitcoin is just sitting around doing nothing. After spending a portion of Thursday sliding below $59,000, the largest crypto trudged back to $61,000, gradually getting there amidst tepid buying over the past 15 hours or so. As of 8:40 a.m. (EST), BTC was roughly $61,370, a touch green over 24 hours (if +1% counts for anything).
The recovery was gradual as $60K came back into view before bedtime. Momentum traces arrived by way of an overnight intravenous drip.
Yesterday's mid-afternoon trek to a three-week low of $58.9K was a more jarring affair. Trading volume spiked during the 120-minute sell-off (BitcoinNews).
What's down
On Verge Of Being Sonic, Fantom Slips
Fantom's native FTM rallied earlier this week as its transformation into a new version of itself, Sonic, draws nearer. Sonic, in a testnet phase currently, on Tuesday announced a collaboration with LayerZero. LayerZero is an "interoperability-solutions" platform tapped by Sonic Labs for cross-chain-bridge duty. (Sonic Labs was formerly known as the Fantom Foundation).
Anyway, FTM got to seventy cents in the wake of the announcement and has since had a nickel shaved off its spot price. Among the legion of Top 100 coins, FTM, No. 53, ranks as the worst performer (-5%) over the past 24 hours, according to CoinGecko.
What's next
Crypto ETFs Anyone? Sure, Millennials Say
Macro uncertainty is enough to keep a giant digital asset trapped sideways which is better than a slide.
When Bitcoin dipped (slightly) below $59K yesterday (briefly), a key BTC derivative metric, the futures premium, shifted below neutral, reflecting negative sentiment.
Turns out, the last time this metric flipped bearish was in early August — when BTC lost about one-fourth of its value in three days (Cointelegraph).
BTC ETF action could hold some sway in the matter but right now it seems like a moot point. Two days of inflows on Monday and Tuesday were followed by two days of outflows.
Give these instruments more time, Charles Schwab's researchers said.
A new survey conducted by the brokerage titan revealed that crypto was the leading asset class (besting stocks and bonds) among millennial ETF investors, a subset of the more than 2,000 investors Schwab surveys annually.
Additionally, close to half (45%) of all respondents across demographics (Boomers and Gen X alike) said that they plan to invest in crypto via ETFs over the next year; that's up from 38% a year ago.
