Bitcoin’s Rollercoaster at $69,000 and the Prospects of a New ATH: This Week’s Crypto Recap
The post Bitcoin’s Rollercoaster at $69,000 and the Prospects of a New ATH: This Week’s Crypto Recap appeared on BitcoinEthereumNews.com.
This week saw Bitcoin ping pong between two very important levels. This choppy price action resulted in hundreds of millions worth of liquidated leveraged positions. The total cryptocurrency market capitalization has remained relatively unchanged since last week, hovering around $2.45 trillion. As mentioned, Bitcoin’s price has been ranging between two very important levels – the $69K and $65K. The week started off well and the cryptocurrency was even eager to break above $70K. However, the bears took control on Monday and pushed the price down toward $67,000 before initiating another leg down later in the week and going even lower – toward $65,000. That’s where the important 200-day moving average is located. The bulls, however, staged an impressive recovery and were able to push BTC back toward $69K – more or less where it is found right now, at the time of this writing. It’s also important to note that Bitcoin’s network soared to a new all-time high in terms of mining difficulty, highlighting the competition among miners to produce new blocks. Elsewhere, following eight long months, Nigerian authorities finally dropped the money-laundering charges against Tigran Gambaryan – an executive at Binance. Gambaryan has reportedly left the country. In more exchange-related news, Kraken, one of the leading trading venues in the US, announced that it intends to launch its very own blockchain in 2025. This follows the move of Coinbase, which launched Base – currently the most popular Ethereum layer-two scaling solution. The US Presidential elections are also right around the corner. Brace for volatility because their outcome will surely have an impact on the crypto market. Market Data Market Cap: $2.45T | 24H Vol: $105B | BTC Dominance: 55.5% BTC: $68,269 (-0.2%) | ETH: $2,543 (-3.8%) | BNB: $592 (-0.1%) Source: Quantify Crypto This Week’s Crypto Headlines You Can’t-Miss…
Filed under: News - @ October 25, 2024 4:29 pm