Bitcoin hit a record high of $73,787 in March this year, but the currency has been fluctuating and declining for months, reaching a low of around $48,000 at one point. However, with the Fed's rate cuts, the US election approaching (November 5), and investors' optimistic sentiment about the general market rise in October...
Bit coin broke through the $72,500 mark early this morning, and reached a high of $73,650 at 3 o'clock, just $150 away from the all-time high! However, selling pressure then emerged, and as of the time of writing, it is reported at $72,274, with a 24-hour gain narrowed to 3.6%.
Is it a trend reversal or a healthy correction?
As for whether Bit coin is currently experiencing a trend reversal or a healthy correction, it is still unclear. However, it is worth noting that according to Coinglass data, the total open interest of Bit coin contracts on the network has reached a new high of $43.32 billion, which may indicate greater market volatility.
Over the past 24 hours, the total liquidation amount across the cryptocurrency market was about $255 million, with over 59,000 people being liquidated, which is not a particularly large amount, but volatility is expected to increase further.
Cryptocurrency concept stocks rise
In the US stock market, the four major indices had mixed performances on the 29th, with the Nasdaq Composite Index setting a new closing high. Alphabet, the parent company of Google, which reported earnings after the close, showed third-quarter revenue exceeding analyst expectations, driving tech stocks higher.
- The Dow Jones Industrial Average closed down 154.52 points, or 0.36%, at 42,233.05
- The S&P 500 index rose 9.45 points, or 0.16%, to 5,832.97
- The Nasdaq Composite Index rose 145.56 points, or 0.78%, to 18,712.75
- The Philadelphia Semiconductor Index jumped 2.31% to 5,332.17
At the same time, with Bit coin just a step away from its all-time high, cryptocurrency concept stocks have also performed well recently:
- Bit coin holding giant MicroStrategy's stock price has at times surpassed $266, setting a new high for the year;
- The US-listed exchange Coinbase's stock price has risen 6.73% in the past 5 days, closing at $219;
- Bit coin mining companies such as Riot Platforms, CleanSpark, and Marathon Digital have also seen good gains recently.
Gold hits a new all-time high
Additionally, due to factors such as the US election, the Fed's rate cuts, Japan's end of the negative interest rate era, and geopolitical conflicts in the Middle East, the global capital market's risk aversion sentiment has continued to rise, and gold, a traditional safe-haven asset, has also seen consecutive price increases this year, reaching $2,778 per ounce at the time of writing, setting a new all-time high.
