BTC halts decline ahead of US presidential debate on the 11th
Altcoins, BTC rebound, 'rain in the drought' rise
Experts: "BTC Must Meet Requirements for Rebound"
Recently, Bitcoin has been continuously failing to rebound due to the exhaustion of favorable factors and has been falling repeatedly.
But investor expectations are rising as former President Trump, who has consistently expressed support for cryptocurrencies, faces Vice President Harris in a presidential debate.
Former President Trump has been consistently delivering messages, including his early pledge to “make America a cryptocurrency hub,” and there are expectations that former President Trump will make a statement in support of cryptocurrency during the televised debate that everyone is watching.
Altcoins also rebounded slightly following Bitcoin's rebound. In particular, some of the 'light altcoins' with low market caps showed gains of around 10%, bringing relief to the bear market that had been continuing for a while.
◇Bitcoin = As of 5 PM on the 10th, the Bitcoin price on Upbit was 77.51 million won. Bitcoin’s market share (dominance) stood at 57.29%.
As Bitcoin rebounded after a long downtrend, experts' views on the cryptocurrency were mixed.
Glassnode co-founders Jan Hapel and Jan Alemán expressed an optimistic outlook, saying, “If Bitcoin were to decline further at this point, it would likely be followed by a solid bottom and a strong rally.”
"Historically, this pattern has been observed many times," they explained. "This weekend, the Bitcoin Risk Index touched 100, and when the index has touched around 100 in the past, a bottom was confirmed and a clear recovery was observed."
Meanwhile, it has also been revealed that the recent string of negative news must stop for Bitcoin to rebound.
“For Bitcoin to experience an uptrend next week, it is essential that U.S. stock markets find some stability or positive momentum,” Bitfinex researchers said. “Potentially, a decline in cryptocurrency exchange-traded fund (ETF) outflows and some easing in stock markets could provide a favorable environment for Bitcoin to recover.”
◇Rising Coin = As of 5 PM on the 10th on Upbit, the cryptocurrency with the largest increase compared to the previous trading day was UXLINK, rising by approximately 10%.
UXLink builds a user-participatory Web 3.0 social platform, guaranteeing users complete ownership and privacy of their data, identity, and social connections. It aims to overcome the limitations of existing social platforms by serving as a bridge between Web 2.0 and Web 3.0.
For users, it provides various dApps and services that can be operated on a group basis, and for developers, it provides various APIs (Application Programming Interfaces) and SDKs (Software Development Kits) that can utilize users' social data. Users can easily create UXLink accounts and invite friends using existing social media accounts such as Telegram. UXLink's native token, UXLink, is used as a means of payment and governance within the platform.
◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the 'Fear' stage at 33 points. The fear stage (25-49) is a stage where price volatility and trading volume increase and the price falls. There is a high possibility of forming a short-term low, so you should be careful when buying.
Reporter Kwon Seung-won ksw@
