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24 Crypto Update, 10 Oct: Cryptocurrency market trades deep in the red

Key Takeaways
  • The cryptocurrency market is in the red, influenced by the Israel-Hamas conflict and the release of FOMC Minutes today
  • Bitcoin is trading under $27,500, and Ethereum is still below the $1,600 mark
  • The cryptocurrency market's total cap has dipped to approximately $1.11 trillion, marking a 1.40% decrease
11-Oct-2023 By: Lokesh Gupta
24 Crypto Update, 10

The total worth of the Crypto market dropped 1.40% to $1.11 trillion

During the Asian session, leading cryptocurrencies experienced persistent downward pressure, driven by a sell-off amid rising geopolitical tensions in the Middle East and anticipation of the forthcoming release of the FOMC Minutes. A bearish sentiment prevails as the 100-Day moving average falls below the 200-Day moving average.

In the past 24 hours, the crypto market volume dropped by 17.69% to $23.49B. DeFi contributes $1.99B, making up 8.48% of the total volume. Stable coins dominate with $22.65B, representing 96.40% of the 24-hour volume. Bitcoin's dominance dipped to 50.20%, down 0.11% for the day.

Major Events To Watch:

Crypto Fear and Greed:

In the past 24 hours, cryptocurrency markets experienced downward pressure, leading to a 3-point decline in the "Greed and Fear Index," which now sits at 47 on its 0 to 100 scale.

Latest Market Update: 

Bitcoin failed to break the $28,000 mark on Wednesday, and popular altcoins like Ethereum, Dogecoin, Ripple, and Litecoin all saw losses. The ongoing Israel-Hamas conflict has left investors cautious. Tezos, the previous day's top gainer, suffered a significant 7% drop in the last 24 hours. In contrast, Render emerged as the top gainer, surging over 3% in the same time frame.

Major Worldwide News Update:

  • Traders anticipate the Middle East conflict's potential to impact crypto markets, leading to a short-term decline in riskier assets like Bitcoin (BTC). Global concerns about the war's spread to oil-producing countries led to a 2% crypto market drop. However, early market resilience suggests confidence among investors. Geopolitical turmoil has historically influenced crypto assets, with investors often turning to gold during such periods. Observers suggest monitoring oil and energy market developments for insights into Bitcoin's direction.

  •  Ethereum faces selling pressure, with ETH at $1,555, down 2.00%. Whales accumulate 40 million ETH, while market value hovers around $1,570. ETH's market share drops to 17.8% as BTC surges past 50%. Ethereum Foundation's $2.7 million USDC sale adds selling pressure. Potential support at $1,309, but bullish news could reverse the trend and target $2,030. New ETFs see a lukewarm response, gathering under $10 million in their debut week.

  • iFinex, the owner of Bitfinex exchange, plans a $150 million share buyback to regain control and protect 2016 hack victims. The offer, valued at $1.7 billion, is for shareholders from a 2016 swap arrangement. It aims to ease regulatory pressures, with directors also participating. Despite past regulatory challenges, Bitfinex remains resilient, securing a crypto exchange license in El Salvador.

  • A Brazilian congressional committee recommends indicting Binance officials, including CEO Changpeng Zhao, for alleged financial misconduct, unauthorized operations, and possible crimes against Brazil's financial system. Binance denies the claims, emphasizing cooperation with global authorities and compliance efforts amid regulatory challenges.

  • Bitstamp cryptocurrency exchange is discontinuing its services in Canada by January 8, 2024, following a trend of major exchanges like Binance and Bybit exiting the Canadian market. Bitstamp's CEO expressed gratitude to Canadian customers and hinted at a potential return. Customers must withdraw their funds by the January deadline. The move comes in response to regulatory changes and the Canadian Securities Administrators' registration requirements.

  • Bitcoin faces a challenging week with a 2.00% price drop to $27,150. Ongoing Middle East conflict and macro-economic factors contribute to the volatility. Concerns arise due to a significant sell-off by Bitcoin miners, selling over 20,000 BTC within a week, adding selling pressure to the market. Despite miner activity affecting short-term prices, optimism remains for a resurgence in bullish sentiment post-halving.

  • The U.S. SEC is investigating a Twitter data and privacy security breach predating Elon Musk's takeover of the platform. They are scrutinizing former Twitter executives, including Ned Segal and Parag Agrawal, to determine if shareholders were properly informed of privacy issues and if adequate controls were in place during the 2018 attack. The probe also extends to Elon Musk's acquisition of Twitter, examining potential violations of federal securities laws.

  • During the second week of the trial of FTX Derivatives Founder and CEO Sam Bankman-Fried (SBF), his former romantic partner and Alameda Research CEO, Caroline Ellison, revealed that she committed fraud under SBF's direction. She claimed SBF set up systems that allowed for the siphoning of around $14 billion from FTX. Ellison also acknowledged her role in bringing down the FTX exchange, pleading guilty to charges. The trial appears to be going against SBF, but his lawyers may have the opportunity to cross-examine witnesses.

  • Circle, the stablecoin issuer, has introduced the minting of USD Coin (USDC) directly on the Ethereum layer-2 scaling protocol, Polygon. This move streamlines the process for users and developers, enabling near-instant, low-fee transactions on the Polygon network for various applications, including payments, trading, and DeFi. Circle also plans to introduce cross-chain transfer capabilities on Polygon.

COIN GABBAR Views: Will BTC's price reach $25,000 before the Israel and Hamas conflict? Will BTC break out of the rising wedge pattern? Does the 100-day moving average falling below the 200-day moving average signal an impending market downturn? Is it a fallacy that October is typically a bullish month for cryptocurrency? 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, 10 Oct: Crypto slide amid Israel-Hamas conflict

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