BTC breakthrough
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. 15th 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.
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What’s up
Bitcoin Overcomes Key Hurdle
It was late July the last time Bitcoin crossed over $66,000. BTC got there Monday afternoon.
Gaining 5% in one day, BTC broke a pesky barrier (of $65K), bid adieu to a broadly descending chart pattern and set a fresh course for what seems like an inevitable duel with $70K.
"A bull victory," is how CoinDesk described yesterday's price move. As of 8:20 a.m. (EST), the largest crypto sat at $65,550 after some back sliding last night.
Adding to the growing sense of momentum were BTC ETFs which hauled in a half-billion dollars, the largest single-day inflow since June.
Meanwhile, memecoin Turbo (TURBO) charged close to the outer lip of the Top 100 on a 24-hour surge of 25%. Earlier today, TURBO, created by an artist using ChatGPT, reached a new all-time high of $0.012. It's market capitalization is nearly $800 million, making it the 104th-largest digital asset.
What's down
Shifting Dynamics, Easier Breathing
Concern about Mt. Gox sell pressure can't be ignored. But it has been reduced.
The bankrupt exchange's rehabilitation trustee has delayed, by a year, to Oct. 31, 2025, the creditor repayment deadline.
Restitution started in July and was supposed to wrap up this month. The delay eases concerns of a supply overhang from creditors dumping BTC returned to them after a decade estranged. Some $2.9 billion worth of Bitcoin (and Bitcoin Cash) still need to be distributed, per Arkham Intelligence.
At the same time, a potentially positive macro force, Chinese stimulus, isn't panning out, but that is also good news, conceivably. Some analysts think any boom in Chinese stocks (that might have ensued if the government stimulus package was beefier) could have cut into crypto liquidity.
What's next
It's Raining Bullish Sentiment
Vice President Kamala Harris' pledge to support a framework for crypto regulation may have put some extra wind at Bitcoin's back as it ascended to its loftiest mark in two weeks.
At the same time, derivatives metrics are flashing bright green. BTC open interest (in the futures and options markets) reached a new record high of $19.8 billion, according to CryptoQuant.
There's more liquidity and more attention being paid to the crypto space. Funding rates have hit their highest positive level since August. Moreover, most of this open interest is being driven by long positions. "That all points to a bullish market sentiment among traders," CryptoQuant said.
