Crypto Today: Bitcoin, Ethereum rally, XRP recovers even as institutional demand for BTC, ETH ETFs slows
Source Fxstreet
- Bitcoin rises towards $65,000 on Monday, gaining nearly 4% on the day.
- Ethereum adds over 3% to trade above $2,500.
- XRP edges up above $0.53 but trades within its recent range.
Bitcoin, Ethereum and XRP updates
- Bitcoin (BTC) Spot Exchange Traded Funds (ETFs) recorded merely two days of positive flows out of five last week. Bitcoin ranges close to $65,000 at the time of writing, even as institutional demand slows.
- Ethereum (ETH) climbs above $2,500 on Monday, even as Spot Ether ETFs struggle to gain relevance among institutional investors. Spot ETH ETFs recorded three days of flows last week, after days of inactivity, according to data from Farside Investors.
- XRP holds recent gains, trading above $0.5300 on Monday as traders await updates in the Securities & Exchange Commission (SEC) lawsuit.
Chart of the day: Ethena (ENA)
Ethena (ENA) broke out of its downward trend during the weekend. The token ranks among the assets that yielded high gains for traders in the last 24 hours on the Binance spot market, with 21.72% gains in that timeframe. ENA added nearly 14% to its value on Monday.
The Moving Average Convergence Divergence (MACD) indicator shifted to green histogram bars above the neutral line in the daily chart. This implies that there is positive underlying momentum in ENA’s price trend.
ENA could break past resistance at $0.4800 and rally towards the June 29 high at $0.5290. This marks over 30% gains from the current level, around $0.4000. The Relative Strength Index (RSI) reads 66.78, still below the overbought level of 70.
ENA/USDT daily chart
A daily candlestick close below the 50-day Exponential Moving Average (EMA) at $0.3799 could invalidate the bullish thesis. In that case, ENA could sweep liquidity at the support of the 10-day EMA at $0.3053, as seen on the daily chart.
Market updates
- A September 2024 stablecoin report from CCData states that the total market capitalization of stable assets rose 1.50% in September, at $172 billion. This marked the twelfth consecutive increase in the end-of-month market capitalization for stablecoins.
- Donald Trump-backed DeFi project World Liberty Financial confirms token sale on Tuesday, October 15.
.@WorldLibertyFi Token Sale goes live on Tuesday morning, October 15th! This is YOUR chance to help shape the future of finance. Be there on Monday, October 14th at 8 AM EST for an Exclusive Spaces to learn more. Join the whitelist today and be ready for Tuesday:…
— Donald J. Trump (@realDonaldTrump) October 12, 2024
- On-chain data shows a PEPE coin holder lost $1.39 million worth of the meme coin in a phishing attack on Sunday. The user was a victim of Signature phishing, where attackers obtain an off-chain signature from the individual and use it later to access their assets on-chain.
PEPE holder loses holdings to phishing scam
Industry updates
- A local Korean news outlet reported that the Korean Virtual Asset Committee, a 15-member policy and institutional advisory body chaired by the vice chairman of the Financial Services Commission (FSC), will hold a meeting to discuss the approval of virtual asset spot ETFs and corporate virtual asset investments, as early as October.
- Lookonchain data shows that a wallet associated with Longling Capital (the crypto fund of China’s Meitu company founder) purchased 5,000 Ether on Sunday.
A wallet related to #LonglingCapital bought another 5,000 $ETH($12.34M) 20 mins ago.
— Lookonchain (@lookonchain) October 13, 2024
This wallet holds 68,064 $ETH($168M) and borrowed 44M $USDT from #Aave.#LonglingCapital was liquidated for 93,793 $ETH($114M) when the market crashed in 2022!https://t.co/40efdPkl2A pic.twitter.com/V2sHArcjt1
- Bitcoin staking platform Solv Protocol raised $11 million at a $200 million valuation from Nomura subsidiary Laser Digital, Blockchain Capital, and OKX Ventures. The product has over 20,000 BTC staked as of Monday, removing the tokens from circulation.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changedRate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Four jobs reports in five days: what JOLTS, ADP, claims and the September payrolls mean for the October Fed decisionThe US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.
The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.
Nvidia's $150 billion buyback landed — and the AI sector fell anyway. That's the signal worth tradingNvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.
Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.
【Daily Brief】30-year Treasury tops 5.59%, S&P 500 slips to 7,670 and gold holds $4,180 — PCE lands tonightThe 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.
The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.
Gold falls to near $4,150 as higher Treasury yields, oil prices outweigh softer PCE inflationGold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.
Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.
