Over the past week, the cryptocurrency market has experienced significant fluctuations. However, buyers managed to hold their ground, preventing prices from dropping significantly. As of now, the total market capitalization is around $2.17 trillion, roughly unchanged from last week.
Focusing on Bitcoin, its price is currently just above $62,000, similar to last week’s trading value, with a slight increase of 0.5%. This doesn’t capture the entire story, though. Mid-week, BTC bulls tried to push the price past $64,000, but sellers resisted. Subsequently, on Thursday, Bitcoin’s price dropped below $59,000, causing significant liquidations in the derivatives market, with over $250 million in leveraged positions wiped out, mostly from long positions. Fortunately, the bulls quickly regained strength, pushing the price back above $60,000 and eventually over $62,000.
The rest of the market mirrors this trend, with altcoins posting modest gains between 0.5% and 2%. BNB emerged as the best performer among the top 10 cryptocurrencies, gaining 3%.
The market’s recent turbulence might be linked to the latest CPI numbers. Released by the Bureau of Labor Statistics in the US, these figures are crucial for assessing inflation. This time, they exceeded expert predictions, leading traders to see a reduced likelihood of another interest rate cut in November, which is unfavorable for risk-on assets like Bitcoin.
Interestingly, Mt. Gox’s decision to extend the repayment deadline to 2025 is viewed as a positive sign, as it delays potential selling pressure on the market.
It remains to be seen whether October’s anticipated positivity will manifest or if the fourth quarter will start poorly.
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**Twitter Update:** The crypto market faced volatility this week, but buyers held firm, keeping the total market cap steady at $2.17 trillion. Bitcoin’s price hovered around $62,000 with slight gains, while altcoins followed suit. CPI data and Mt. Gox’s repayment news stirred the market. #Bitcoin
