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By Alex Kuptsikevich
Market Picture
While stock indices are hitting multi-month or all-time highs, the cryptocurrency market is treading water at a one-month high, having lost 0.45% in the last 24 hours. Given the positive dynamics of global equity markets and the nature of recent gains, the latest pullback looks like a consolidation of forces before a possible further spurt. Additionally, the strengthening dollar has also put pressure on cryptocurrencies.
Bitcoin has so far failed to consolidate above the 200-day moving average. In the morning, the price pulled back on stop orders in low liquidity to $62.7K but then added $1K at the time of writing. This has become a typical deviation from the extremes in recent days. For the past week, Bitcoin has been forming a sideways channel just under $2K wide with a slight upward bias that now runs through $62.7K-$64.5K. A move beyond it could launch a medium-term trend after the current lull.
News Background
Bitfinex believes Bitcoinâs September rally was mainly driven by activity in derivatives trading amid weak demand in the spot market. BTC needs to consolidate above the August high of $65,200 to continue its rally.
Bitcoin is mistakenly regarded as a risky asset because of its frequent correlation with the stock market, said Robert Mitchnik, head of BlackRockâs crypto division. In his view, BTC is a âscarce, global, decentralised asset that is not tied to any particular country and lacks traditional counterparty risk.â
The US SEC has delayed a decision on Nasdaqâs proposal to list options on spot Ethereum-ETFs from BlackRock and Bitwise until 10 November.
The SEC entered into a settlement agreement with TrueCoin and TrustToken. The companies will pay a $500,000 fine for illegally offering investment contracts in the form of TrueUSD (TUSD) stablecoin.
The court sentenced former Alameda Research head Caroline Ellison to two years in prison and forfeiture of $11bn on fraud and money laundering charges.
BNY Mellon, the worldâs largest custodian bank, plans to enter the custodial market for bitcoin and Ethereum-based spot ETFs. Bloomberg noted that such a move would threaten Coinbaseâs dominant position.
The team of trading Telegram bot Banana Gun confirmed its intention to reimburse 11 affected users for the $3 million stolen in the hack on 19 September.
About the author
Alex Kuptsikevich is a financial market professional with 16-yearsâ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.