Preview for October 9th
After U.S. President Donald Trump stated that he would not strike Iran before the mid-term elections in the United States, Bitcoin remained stable around $82,600. Previously, Bitcoin had fallen to a low of around $80,400 on Thursday; this statement helped the largest cryptocurrency to emerge from its low levels and also shifted the pressure of liquidations towards bearish traders.
Ethereum fell 2% in the past 24 hours to around $2,500 and is still recovering from the sharp decline on Thursday. Calculated as a proportion of market capitalization, the scale of margin calls related to Ethereum that day was six times that of Bitcoin.
Among the major tokens, SOL performed the worst, falling by nearly 4% to around $110 during the same period; XRP and HYPE remained relatively stable. The broader CoinDesk 20 index also fell by about 2%.
The decline on Thursday tested a medium-term trend level that traders were watching.
FxPro Chief Market Analyst Alex Kuptsikevich stated in an email sent to CoinDesk: "During the deepest decline on Thursday, Bitcoin fell to $80,400, hitting its lowest level in the past three weeks and also its 50-day moving average, at which point market forces shifted back in favor of buyers."
He added, "This moving average is generally considered a medium-term trend indicator. Since July, when prices have been consolidating above it, it has been performing well in that role. Subsequently, the 50-day moving average served as support in August. Yesterday's decline further confirmed that there is interest from buyers during the market correction."
Meanwhile, the broader market shows signs of recovering from the decline seen earlier this week.
S&P 500 index futures rose by less than 0.5%, while Nasdaq 100 index futures rose by nearly 1%. Previously, there were reports that OpenAI expects its annualized revenue to reach $70 billion by the end of the year.
Affected by Trump's statements regarding Iran, Brent crude oil prices fell below $103 per barrel. The day before that, oil prices had just reached a two-week high. The decline in oil prices has alleviated inflation concerns to some extent; these concerns had previously led to the Fed meeting minutes leaning towards another interest rate hike. Please remain vigilant.
For more reading
For analysis of today's activities in the counterfeit coin and derivatives markets, please refer to Crypto Markets Today; for a complete list of events this week, please see Crypto Week Ahead in CoinDesk.
Bitcoin mined at extremely low costs in 2010 has been transferred after 16 years and is now worth $8.5 million ( CoinDesk ): These 100 BTC coins directly come from two mining rewards generated during the "Satoshi Nakamoto era" of Bitcoin.
New technologies for promoting Bitcoin lending are about to be launched, with a commitment of $500 million already secured ( CoinDesk ): Layer A new blockchain Sui will be introduced Hashi, which is a new institutional network that allows holders to use Bitcoin as collateral for lending without removing it from the Bitcoin ledger.• Trump softens his diplomatic tone on Iran before midterms, and U.S. Treasury yields remain stable ( CNBC ): Investors digest the latest results of U.S. Treasury auctions and Trump's commitment not to attack Iran before the U.S. midterms, and bond yields remained stable overall on Friday morning.
Today's Signal
The chart shows the weekly fluctuations in Bitcoin prices. Yesterday, this largest cryptocurrency fell to around $80,300, then rebounded to $82,600, and is currently testing the upper resistance level.
The current key support level is Bitcoin's 50-week exponential moving average ( EMA ), which is around $78,000.
