Day: November 1, 2024

Here’s why Bitcoin and altcoins could rise after weak NFP data

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Cryptocurrencies and stocks remained on edge after the U.S. released weak nonfarm payroll data, pointing to a potentially dovish Federal Reserve. Bitcoin (BTC) pulled back from around $72,500 to the $70,000 level while Ethereum (ETH) is now down more than 3% over the past 24 hours to $2,500. The total market cap of all coins dropped to $2.45 trillion, while the crypto fear and greed index moved from the greed zone of 65 to 57. American stock index futures responded positively, with the Dow Jones, S&P 500, and Nasdaq 100…

Why was Bitcoin price down overnight?

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Bitcoin price has pulled back over the past three days as the recent rally paused ahead of next week’s election. Bitcoin (BTC) retreated to $68,762, down 6.60% from its highest level this year. This decline has also triggered further sell-offs among altcoins, with the Mask Network (MASK), Immutable X (IMX), Doland Tremp, and Moo Deng being some of the worst performers.  Bitcoin and these altcoins have declined partly due to the reduced odds of Donald Trump winning the general election next week. According to Polymarket, his odds have dropped to…

From Sidechain to ZK: Merlin Chain Pioneers Transformation in the Bitcoin Ecosystem

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PRESS RELEASE. Since its inception, Merlin Chain has adeptly leveraged its technical strengths and flexible strategies to foster innovation within the Bitcoin ecosystem. With a robust community foundation spanning areas such as BRC-20, BRC-420, Blue Box, and Bitmap Game, Merlin is evolving from a Bitcoin sidechain to a ZK Layer 2 solution, unlocking significant potential […] Original

Bitcoin Open Interest Reduced By $2.1 Billion In 24 Hours – Time For Spot To Push The Price?

Este artículo también está disponible en español. Bitcoin is currently trading above $69,000, following a 6% pullback from its recent peak at $73,600. The recent surge in open interest has been a key factor in driving BTC’s price action, with open interest reaching $23.9 billion on October 30, a significant uptick that indicated high market engagement.  However, in the past 24 hours, data from CryptoQuant reveals a $2.1 billion decline in open interest, signaling a shift as BTC’s price retraces to lower levels. Related Reading This cooling off has led…

Bitcoin Pares Losses Following Thursday’s Slump

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Bitcoin pared some of its losses, returning to $70,000 during the European morning after falling as low as $68,800. Still, BTC remained about 3% lower in the last 24 hours. Altcoins suffered greater losses, with the CoinDesk 20 Index’s measurement of the broader crypto market down over 3.5%. Explanations for the slide range from profit-taking following the rally earlier in the week to a dip in Donald Trump’s election victory odds on Polymarket. Traders have also been looking at tech earnings, tensions between Iran and Israel and a sharp rise…

Bridge, Which Is Being Bought by Stripe for $1.1B, Acquires Web3 Infrastructure Platform Triangle

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