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24 Crypto Update,08 Oct: Crypto market trading within a sideways range

Key Takeaways
  • With the U.S. market observing Columbus Day, we anticipate reduced volatility
  • Bitcoin is still trading under $28,000, while Ethereum maintains its position above $1,600
  • The cryptocurrency market cap has stabilized at around $1.13 trillion, with a marginal decrease of 0.30%
09-Oct-2023 By: Lokesh Gupta
24 Crypto Update,08

BTC faces strong resistance at the 100 and 200-day Moving Averages.

Cryptocurrency markets remain range-bound, Bitcoin facing resistance around $28,500 due to geopolitical uncertainty, while the 100 and 200-day Moving Averages are close by. Anticipate continued price fluctuations in the range of $27,000 to $28,500, driven by this week's CPI data volatility.

In the last 24 hours, the crypto market saw a total volume of $18.15 billion, surging by 17.53%. DeFi made up $2.05 billion (11.30% of the total), while stablecoins dominated with $16.14 billion (88.90%). Bitcoin's dominance rose slightly to 49.93%, up by 0.02% for the day.

Major Events To Watch:

Crypto Fear and Greed:

The cryptocurrency market has remained relatively stable over the past day, reflecting the weekend lull. The "Greed and Fear Index" currently sits at 50, representing the midpoint on its scale of 0 to 100.

Latest Market Update: 

Bitcoin, the world's most established and valuable cryptocurrency, couldn't surpass the $28,000 threshold during the weekend. Meanwhile, prominent altcoins such as Ethereum, Dogecoin, Ripple, and Litecoin all experienced declines. The hindrance to price advancement can be attributed mainly to the ongoing Israel-Hamas conflict.

Major Worldwide News Update:

  • In the first week of October 2023, Bitcoin remained around $28,000 with minor gains, while altcoins faced selling pressure. Rising 10-year Treasury yields impacted the crypto market. Uncertainty looms as investors await US CPI, PPI data, and Fed comments, influencing the trajectory amid geopolitical tensions. Bitcoin saw significant outflows from exchanges, emphasizing utility, while the altcoin market corrected by 3-5%.

  • American attorney Jeremy Hogan suggests that settlement is a favorable option for the SEC in the Ripple vs. SEC case. With an interlocutory appeal denied, the SEC's options include proceeding with the trial, settling with Ripple's executives, or settling with both Ripple and the individuals involved. Hogan views settlement as the SEC's best choice, potentially leading to a significant financial outcome for the regulator.

  • Emin Gun Sirer, founder of Avalanche blockchain, defended Stars Arena, a social protocol on Avalanche, after a $3 million exploit. Sirer highlighted the project's revenue and user engagement, suggesting it could recover. He cited the ability of successful projects to secure funding after setbacks and mentioned that Stars Arena had already secured funding. Efforts to identify the hacker are underway, with optimism that the protocol can bounce back.

  • OKX UK, a subsidiary of global crypto exchange OKX, is adjusting its supported tokens to comply with new FCA regulations in the UK. It will offer only 40 tokens to align with guidelines, accompanied by prominent risk warnings emphasizing the volatile nature of crypto investments. Unlike some exchanges exiting the UK, OKX is committed to its users and plans to enhance its services. Binance has also taken steps to comply with UK regulations.

  • Caroline Ellison, the former Chief Executive Officer of Alameda Research, is anticipated to give testimony as a key witness in the upcoming fraud trial involving Sam Bankman-Fried. Bankman-Fried stands accused of alleged misuse of FTX customer funds and involvement in high-risk trading activities. Prior testimonies have shed light on his directives to employ FTX funds for the advantage of Alameda, resulting in market instability. Ellison's forthcoming testimony holds the potential to offer pivotal insights into this ongoing legal matter.

  • Sam Altman, CEO of OpenAI, criticizes the U.S. government's stance on cryptocurrency, expressing disappointment and concern. He opposes central bank digital currencies (CBDCs) for potential surveillance and control. Altman sees promise in Bitcoin as a global currency. The government faces accusations of imposing strict regulations on the crypto industry, impacting Bitcoin's momentum. Altman's involvement in Worldcoin, a controversial project involving biometric data, has drawn criticism despite his advisory role.

  • Billionaire Charlie Munger, Vice President of Berkshire Hathaway, downplays the AI hype, suggesting it receives excessive attention compared to its current worth. He acknowledges AI's potential but deems its breakthroughs exaggerated. Munger remains critical of Bitcoin, calling it one of the worst investments. He joins other respected investors in expressing skepticism towards Bitcoin, cryptocurrencies, and AI.

  • Crypto advocate John Deaton criticizes sympathizers of former FTX CEO Sam Bankman-Fried amid his ongoing trials for alleged fraud. Deaton argues those portraying SBF as a good guy who made mistakes shouldn't handle people's money or appear in media interviews. SBF faces charges related to the misappropriation of up to $8 billion. Deaton also holds SBF's parents, Joseph Bankman and Barbara Fried, responsible. Stanford University has agreed to refund a $5.5 million donation from SBF meant for COVID-19 research amid the controversy.

  • The hacker who breached HTX Global (formerly Huobi) has returned all stolen assets, totaling 4,999 Ether (ETH) worth $8.2 million, according to blockchain analytics firm Lookonchain. The breach occurred recently, prompting TRON founder Justin Sun, an HTX advisor, to assure the public that the losses were covered. Sun also offered a 5% Whitehat reward and a security advisory role if the hacker returned the funds promptly. The incident followed rumors of HTX's insolvency, but the full refund may ease concerns among users.

COIN GABBAR Views: Will BTC surpass the critical $28,500 threshold and head to higher levels? Is it more likely to hit $25K or $30K first in the coming days? Are pre-halving dips proving profitable for Bitcoin? Is Bitcoin on the brink of a significant price swing, and if so, which direction should we anticipate? Can we anticipate a rally toward $30,000 in October? Stay tuned for the latest news at

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: Crypto Daily Roundup, 07 Oct: Crypto market thrives on positive data

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