The robust ascent of the U.S. Dollar Index casts a looming shadow, exerting pressure upon Bitcoin and a curated selection of alternative cryptocurrencies within the immediate time frame. Bitcoin's vulnerability, laid bare on the 24th of September, underscores the prevailing dominion of the bears. Their concerted efforts aim to orchestrate a descent beneath the $26,000 threshold, yet the bulls, resolute and unyielding, are poised to valiantly defend this bastion.
These intrepid buyers aspire to etch a resplendent mark in the annals of Bitcoin history by engineering a positive closure for the month of September, an accomplishment unseen since the year 2016. Should they indeed succeed in this endeavor, it would be nothing short of a monumental triumph, instilling a renewed and invigorated sentiment, for the month of October has traditionally favored the interests of the buyers.
BTC hasn't seen these lofty levels since May 2022, when the cryptocurrency industry was just starting to get pummeled by scandals. It was exciting enough for crypto observers when bitcoin (BTC) topped $31,000 on Monday. And then its price went straight up. Late in the day, bitcoin took out $32,000, then $33,000, then $34,000 and finally $35,000 in just a few minutes.
Perpetual contracts listed on Binance's exchange almost topped $36,000. The original cryptocurrency was back at levels last seen in May 2022, before the Terra-Luna, Three Arrows Capital, Genesis and FTX debacles turned the mood so sour that BTC approached $15,000 and the very survival of the industry was, to some, called into question. But the mood has improved markedly, fueled largely by prospects that bitcoin ETFs – which promoters say will make it dramatically easier to buy BTC, potentially hugely broadening the pool of potential investors. According to CoinGlass, over 81,000 crypto traders have been liquidated in the past day.
The single largest liquidation took place on Binance for a BTC / USDT trade of $9.98 million. On Monday, the Court of Appeals formally ordered the SEC to review Grayscale’s spot Bitcoin ETF application, which many suspect the agency now has little choice but to accept. Furthermore, BlackRock’s proposed ETF – the iShares Bitcoin Trust – was listed with the Depository Trust & Clearing Corporation, which clears NASDAQ-based trades, under the ticker iBTC.
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