The cryptocurrency market has been experiencing fluctuations in the last 24 hours. The CoinDesk 20 Index, a measure of the performance of top digital assets, has risen by 2.4% to reach $1,817.62. This indicates a slight recovery in the broader market.
Bitcoin (BTC)
Bitcoin’s price has also seen an increase of 3.54% over the past day, reaching $57,160. However, it is still around 3% lower than its value in September and more than 20% below its all-time high of $73,000 in March.
Ether (ETH)
Ether’s price has risen by 1.54%, reaching $2,349.98. Despite this increase, the cryptocurrency has dropped over 12% in one month, with most losses occurring during U.S. trading hours.
S&P 500 and Gold
The S&P 500 index has also seen a slight increase of 1.16%, reaching 5,471.05. However, gold prices have dropped by 0.07% to $2,504.83.
Nikkei 225
The Nikkei 225, a Japanese stock market index, has decreased by 0.16% to 36,159.16.
MicroStrategy Bags Another 1,070 BTC
MicroStrategy, a business intelligence firm, has acquired another 1,070 Bitcoins for its treasury. This purchase brings the total number of Bitcoins held by the company to over 100,000.
Bitcoin’s Price Movement
Bitcoin’s price has fluctuated around $57,000 during European morning hours, with a gain of about 3% in the last 24 hours. Despite this increase, the cryptocurrency remains around 3% lower in September and more than 20% below its all-time high.
Broad Market Trends
The broader digital asset market has risen by about 2.35%, as measured by the CoinDesk 20 Index. Bitcoin ETFs have registered net inflows for the first time in over a week, gaining $28.7 million on Monday.
NYDIG’s Analysis
NYDIG, a financial services firm, has noted that bitcoin’s ‘near-term catalysts … are sparse.’ The company wrote that September is a notoriously weak month for bitcoin prices but that October is generally one of the strongest months for the cryptocurrency.
Deribit Data
Derivatives exchange Deribit shows a bias for bearish puts over bullish calls, suggesting traders remain concerned about crypto price weakness in the short term. The market remains cautious about downside risk, as evidenced by QCP’s market insights team stating that ‘risk reversals until October are still skewed towards puts in both BTC and ETH.’
Nansen Acquires StakeWithUs
Blockchain data provider Nansen has acquired staking platform StakeWithUs for a seven-figure sum. This acquisition marks an expansion of Nansen’s offerings beyond data provision, as it now provides investment services for institutions and retail traders.
Chart of the Day (Velo Data)
The chart shows ether’s session-wise price performance over the past four weeks. Ether has dropped over 12% in one month, with most losses occurring during U.S. trading hours. The Asia-Pacific hours have been a source of bullish pressures for the cryptocurrency.
Crypto Retail Market Is Poised for a Rebound: Gemini
Gemini’s CEO, Tyler Winklevoss, has stated that the crypto retail market is poised for a rebound due to increasing institutional investment and improved regulatory clarity.
Nigeria SEC to Commence Enforcement Action on Unlicensed Crypto Firms: Reports
The Nigerian Securities and Exchange Commission (SEC) plans to commence enforcement action against unlicensed cryptocurrency firms operating in the country. This move aims to protect investors from potential scams and promote a safe and regulated environment for crypto trading.
Coinbase Layer-2 Success Shows Power of Marketing Over Cutting-Edge Tech
Coinbase’s successful implementation of layer-2 scaling technology has been attributed to its effective marketing strategy rather than the technical complexity of the solution itself. This highlights the importance of marketing in driving adoption and success in the crypto space.
