Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Crypto Market Under Pressure Across the Board as Bitcoin Falls Below $83,000, Ethereum Drops Below $2,500

Source Tradingkey

TradingKey - Crypto market under pressure and declining; Bitcoin dips below $83,000, while Ethereum simultaneously breaks below the key $2,500 mark.

On October 10, the crypto market lacked rebound momentum and came under pressure across the board. Bitcoin (BTC) fell below $83,000 again, while Ethereum (ETH) also dropped below the key $2,500 level, with other major coins following lower in volatile trading.

Crypto-marketcap-top10-0f60664eca7345ce969d7bb4acf598c0 Top 10 cryptocurrency price changes, Source: CoinMarketCap

Yesterday, these two major cryptocurrencies rallied noticeably during early U.S. stock trading, but have now retreated. This is primarily the result of major macroeconomic headwinds combining with a simultaneous pullback in tech stocks. Specifically, the 10-year U.S. Treasury yield remained high (approaching 5.3%), which, combined with a strengthening U.S. Dollar Index, directly suppressed the liquidity premium of global high-beta risk assets and non-yielding assets.

Additionally, OpenAI revenue doubts and high-level consolidation in tech stocks such as Nvidia (NVDA) and Micron Technology (MU) spurred risk-off sentiment in U.S. equities, revealing once again the high correlation between the crypto market and U.S. stocks and dragging down the rebound in ETH and major altcoins. However, Bitcoin's technical pullback this time has not damaged its bullish structure, and it is expected to strengthen further after a brief consolidation.

Source

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Gold holds steady below $4,150 amid elevated US yields Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.

Author FXStreet

Oct 06, Tue

Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.

【Daily Brief】Gold rebounds 1% off a two-month low, Nasdaq drops 1.25% and yields ease — the storm premium keeps WTI near $91 Gold trades at $4,174 after rebounding from Wednesday's $4,090 two-month low, the Nasdaq fell 1.25% while the Dow edged higher, and the 10-year Treasury eased to 5.23% from the week's highs. Hurricane Isaias keeps about 25% of Gulf output shut in with WTI near $91, and bitcoin holds below $82,000. The next scheduled tests are the EIA report on 15 October and the FOMC on 27-28 October.

Author Irene Q.

Yesterday 06: 28

Gold trades at $4,174 after rebounding from Wednesday's $4,090 two-month low, the Nasdaq fell 1.25% while the Dow edged higher, and the 10-year Treasury eased to 5.23% from the week's highs. Hurricane Isaias keeps about 25% of Gulf output shut in with WTI near $91, and bitcoin holds below $82,000. The next scheduled tests are the EIA report on 15 October and the FOMC on 27-28 October.

Hurricane Isaias has shut in a quarter of Gulf oil output — can WTI clear $92 before Thursday's EIA report?WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.

Author Irene Q.

Yesterday 06: 38

WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.

US September CPI preview: inflation set to hit 3.7% — will the Fed hike in December?US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.

Author Irene Q.

11 hours ago

US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.

Gold posts first weekly gain in three weeks — can $4,200 hold through CPI?Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.

Author Irene Q.

9 hours ago

Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.

Popular Symbols