Market situation
The virtual currency market is making adjustments at a moderate pace. It has fallen another 1.3% over the past day to $2.31 trillion, down about 3% from its recent peak. At the same time, feelings of greed remain. The corresponding index on the 8th day is in the range of 70-73.
Ethereum continues to lose market share to Bitcoin and other altcoins. As a result, BTC’s share of the market capitalization of all cryptocurrencies rose to 57.3%, the highest since April 2021.
But that doesn’t necessarily mean an upward trend for the top cryptocurrency, which has fallen below $67,000, down 1% the day before and nearly 4% from its October 21st peak. .
The price is currently approaching the local support level at $66.8,000. Breaking this support would pave the way for further consolidation to $65.5 million, close to the previous rally and the 61.8% retracement level from the late September high.
news background
After the US election, options traders have increased their bets that Bitcoin will rise above $80,000. Donald Trump, who is seen as more crypto-friendly, has an estimated 63.5% chance of winning.
QCP Capital believes that with the US elections just two weeks away, Ethereum is likely to break through the $2,800 resistance level and reach $3,000.
According to media reports, Indian authorities are considering significantly restricting or outright banning private cryptocurrencies that, unlike CBDCs, do not meet financial inclusion and security requirements.
German publicly traded mining company Northern Data is considering selling its Bitcoin mining unit Peak Mining to focus on AI.
According to Arkham Intelligence, the Bitcoin miner mined its first coin on January 13, 2009 and sold a total of $9.6 million worth of BTC. That old whale still has 1,077 BTC worth $72.4 million.
