Crypto Market Forecast 02 October 2024
Oct 02, 08:20 AM
Cryptocurrencies are recovering from a sharp downturn, following significant overnight losses. Bitcoin is expected to see bullish conditions in the next 24 hours 02 October 2024, with altcoins benefiting from slightly positive trends. However, Ether might experience some bearish tendencies over the coming week, while Binance Coin is predicted to perform well.
The recent slump, driven by escalating tensions in the Middle East, caused over $530 million in liquidations. Bitcoin dropped by 6% before regaining some ground, now sitting at $61,000. Ether fell to $2,486. A large amount of open interest in Bitcoin remains, raising speculation of further corrections.
Despite the current turbulence, crypto research firms are optimistic about the remainder of October. Analysts highlight that Bitcoin has been trading within a specific range for months, and “Uptober” might bring a breakout, particularly with upcoming US elections. ETF inflows and bullish options activity reinforce this positive outlook.
Binance secured its 20th regulatory license in Argentina, adding to its global regulatory footprint. Ripple also obtained a financial services license in Dubai. However, Binance Coin and Ripple’s XRP have seen declines in price over the past 24 hours.
Other developments include Trump’s crypto project, which garnered thousands of sign-ups within its first day, and EigenLayer tokens falling by 64% on their first trading day. Additionally, Gemini has left the Canadian market, following stricter regulations, and a US Congressman anticipates the passage of three crypto-related bills by year-end.
The recent slump, driven by escalating tensions in the Middle East, caused over $530 million in liquidations. Bitcoin dropped by 6% before regaining some ground, now sitting at $61,000. Ether fell to $2,486. A large amount of open interest in Bitcoin remains, raising speculation of further corrections.
Despite the current turbulence, crypto research firms are optimistic about the remainder of October. Analysts highlight that Bitcoin has been trading within a specific range for months, and “Uptober” might bring a breakout, particularly with upcoming US elections. ETF inflows and bullish options activity reinforce this positive outlook.
Binance secured its 20th regulatory license in Argentina, adding to its global regulatory footprint. Ripple also obtained a financial services license in Dubai. However, Binance Coin and Ripple’s XRP have seen declines in price over the past 24 hours.
Other developments include Trump’s crypto project, which garnered thousands of sign-ups within its first day, and EigenLayer tokens falling by 64% on their first trading day. Additionally, Gemini has left the Canadian market, following stricter regulations, and a US Congressman anticipates the passage of three crypto-related bills by year-end.