at $59,000 and above $62,000, what’s next? This week’s recap

The cryptocurrency market has gone through considerable turbulence over the past seven days. But ultimately, buyers were able to maintain their presence and fended off attempts to drive prices to much lower levels. As of this writing, the total market capitalization stands at around $2.17 trillion, which is more or less what it was at this time last week.

Starting with Bitcoin, its price is currently hovering at just over $62,000 – that’s about where it was trading last week. In fact, the cryptocurrency sees a marginal increase of 0.5%.

But this is far from giving the complete picture. Around the middle of the week, BTC bulls attempted to break above $64,000, but sellers failed to do so. Less than two days later, on Thursday, BTC fell below $59,000, triggering a massive number of liquidations in the derivatives market. In fact, over $250 million in leveraged positions were wiped out, the majority of which were long.

Hopefully, the bulls were able to recover and quickly pushed the price above $60,000 and ultimately above $62,000 where it currently sits.

The situation is more or less similar in the rest of the market, and altcoins are also seeing slight gains of between 0.5% and 2%. In fact, BNB is the best performer this week (among the top 10), up 3%.

The market turmoil may have been caused by the recently released CPI numbers. The U.S. Bureau of Labor Statistics releases Consumer Price Index figures once a month, and they are typically used to gauge inflation in the country. This time, they exceeded the experts’ expectations. Traders interpreted the news as a reduced likelihood of another interest rate cut in November, which is seen as bad for risky assets such as Bitcoin.

In what appears to be seen as a bullish announcement, Mt. Gox has pushed back the redemption deadline to 2025, meaning the potential for selling pressure in the market is delayed.

Either way, it’s interesting to see if the expected positivity in October will materialize or if the fourth quarter will get off to a poor start.

Market data

Market capitalization: $2.17 T | 24H Flight: $93 billion | BTC dominance: 54%

BTC: $62,337 (+0.5%) | ETH: $2,447 (+1.3%) | BNB: $572 (+3.6%)

This week’s crypto headlines not to be missed

Peter Todd denies being Satoshi following claims in HBO film. The highly anticipated HBO documentary that promised to uncover the identity of Satoshi Nakamoto presented Peter Todd as the most likely person. The community responded with criticism while Todd was quick to dismiss the claims.

Imminent Bitcoin crash? Peter Brandt is sounding the alarm about a potential BTC price drop of 75%. Veteran trader Peter Brandt recently sounded the alarm about a potential drop in the price of BTC by as much as 75%. However, he expressed confidence in Bitcoin’s long-term trajectory.

Bitcoin price reacts to higher-than-expected US CPI numbers for September. Consumer price index figures for September were higher than expected, signaling that inflation in the United States is rising. This has led to a drop in the price of Bitcoin as traders fear that the Fed will not cut rates in November.

Is China about to dump $1.3 billion worth of ETH following PlusToken seizure? The Chinese government may be about to unload a large batch of seized Ethereum, according to several on-chain sleuths. The tokens are the proceeds of the seizure during the investigation into the PlusToken fiasco.

South Korea to tighten regulations on stablecoins with new Forex rules. South Korea’s Ministry of Strategy and Finance announced on October 8 that it was reviewing measures to more strictly regulate stablecoins.

Coinbase allows Bitcoin transactions to taproot addresses. Coinbase announced a major update for its users, allowing them to send Bitcoin to Taproot addresses on October 8.

Graphics

This week we have chart analysis of Ethereum, Ripple, Binance Coin, Toncoin and Shiba Inu – click here for the full price analysis.