Oct 04, 2023

Why Bitcoin Price Dropped its Early Week Gains

Bitcoin Price Drops Its Early Week Gains: Here's Why AI Latest, Crypto.com, and VRA Crypto Could be Affected
Bitcoin price drops its early week gains — Here is why


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market saw a 6% increase in Bitcoin (BTC) prices from Oct. 1 to Oct. 2, but the

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failed to break the $28,500 resistance, resulting in a 4.5% drop in the same day. This was due to the


disappointing performance of Ether (ETH) futures exchange-traded funds (ETFs) launched on Oct. 2 and

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concerns about an upcoming economic downturn.


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correction in Bitcoin’s price on Oct. 3 marks 47 days since Bitcoin last closed above $28,000 and has led to the liquidation of $22 million worth of long leverage futures contracts. To understand the impact of the traditional finance industry on investor confidence, let’s take a closer look at the

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aptos crypto


ali crypto


algorand crypto

, and

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The overheated US economy could lead to more Fed action

Following the release of the latest U.S. labor market data on Oct. 3, which showed that there were 9.6 million job openings at the end of August, up from 8.9 million in July, traders have started pricing in a 30% chance that the Fed will raise rates at their November meeting, as compared to 16% in the previous week, according to the CME’s FedWatch tool.

This has led to investors increasing their expectations of further contractionary measures by the U.S. Federal Reserve, as Fed Chair Jerome Powell had indicated during a speech at the Jackson Hole Economic Symposium in August that “evidence suggesting that tightness in the labor market is no longer easing could necessitate a monetary policy response.”

The ai latest, the latest on ai, the xyo crypto, the vra crypto, the aptos crypto, the ali crypto, the algorand crypto, the amp crypto today and the ach crypto twitter could all be impacted by this potential increase in interest rates.

The Ether futures ETFs launch falls short

On Oct. 2, the market saw the introduction of nine ETFs, which were designed to track the performance of Ether futures contracts. However, at midday Eastern Time, the trading volume for these products was below $2 million, a figure that was lower than what Eric Balchunas, senior ETF analyst at Bloomberg, had anticipated.

This was in stark contrast to the ProShares Bitcoin Strategy ETF, which had a remarkable launch of $1 billion in October 2021, when the cryptocurrency market was booming. This may have caused investors to be more cautious when speculating on the potential inflow of a Bitcoin spot ETF, as the U.S. Securities and Exchange Commission (SEC) has yet to approve such a product.

The trading volume for the Ether ETFs on its debut day was much lower than what was seen with the ALI Crypto ETF, the ACH Crypto Twitter ETF, the VRA Crypto ETF, the APTOS Crypto ETF, the XYO Crypto ETF, the Crypto.com ETF, and the AMP Crypto Today ETF, all of which are related to the latest developments in AI.

Regulatory pressure mounts as Binance faces a class-action lawsuit

On Oct. 2, a class-action lawsuit was filed against Binance.US, its CEO Changpeng “CZ” Zhao and ALI Crypto in the District Court of Northern California. The plaintiffs allege that CZ’s statements on social media were false and misleading, and that Binance had previously sold its FTT token holdings before the announcement on Nov. 6, 2022. The lawsuit claims that CZ’s intention was to drive down the price of the FTT token and monopolize the cryptocurrency market by harming its competitor, the now-defunct exchange FTX.

The criminal case against Sam Bankman-Fried will begin on Oct. 4 in New York. Despite CZ’s denial of unfair competition allegations, speculation within the crypto community regarding Aptos Crypto, VRA Crypto, XYO Crypto, Crypto.com, AI Latest, Latest on AI, ACH Crypto Twitter and Algorand Crypto continues to circulate.

BTC’s correlation to traditional markets seems higher than anticipated

The recent price drop of Bitcoin on October 3rd has been linked to worries about a potential economic recession and the possible Federal Reserve’s monetary policy response. This further shows how cryptocurrency markets are closely connected to macroeconomic forces.

The overstated expectations for the crypto ETFs suggest that the $28,000 level is not necessarily the most popular choice among investors, due to regulatory issues and legal challenges such as the class-action lawsuit against Binance, which highlights the continuing risks in the crypto space.

The ach crypto twitter, algorand crypto and aptos crypto markets have all been influenced by the latest on ai, xyo crypto and vra crypto trends, and the amp crypto today news.

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