Ethereum fell 1.7% in the last 24 hours to around $1,650, after jumping as much as 4.6% previously.
Volatility occurs while traders await the judgment of Sam Bankman-Friedfounder of the bankrupt crypto exchange FTXwhose start is scheduled for this Tuesday.
“There appears to have been significant buying flows, possibly driven by the start of a new accounting quarter, and the resulting moves were exacerbated by tight liquidity over the weekend,” he said. Caroline Mauronco-founder of digital asset derivatives liquidity provider OrBit Markets in Singapore.
What can happen with Bitcoin?
It is expected that Bitcoin continue to advance in October, with $30,000 as the next resistance level, according to Mauron. Generally, Octobers tend to be positive for the leading cryptocurrency, the last time it fell in that month of the year was during the 2018 bear market.
He bitcoin It rose 5.4%, to US$28,576, its highest level since August 17. Meanwhile, the token rose 4.1% in September, but fell 11% in the last quarter.
Inflows to exchanges stablecoins in the Ethereum blockchain have turned positive since September 28, an indicator that traders are lining up funds to purchase digital tokens, according to data provider Nansen.
“We have seen an increase in BTC purchases, especially in Coinbasesince September 28, which suggests that institutional demand is increasing,” he said Dessislava Ianeva, senior researcher at Kaiko. “This has spread to altcoins” like Solarium and Polygon.
The initial rally appears to have been helped by speculation that the US Securities and Exchange Commission will finally approve the Bitcoin exchange-traded fund proposed by BlackRock Inc.despite the regulator deferring the decision last week, said Hayden Hughes co-founder of social commerce platform Alpha Impact.
The launches come almost exactly two years after the Bitcoin Futures ETF will debut in the US with much fanfare and rapid asset buildup for the first product of its kind, the ProShares Bitcoin Strategy ETF (ticker BITO). However, that launch occurred in full rise of cryptocurrencieswhen Bitcoin It was listed above US$60,000.
Source: Ambito
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