On Thursday (October 10), Bitcoin continued its downward momentum yesterday and is currently trading around $60,500. Although the latest Federal Reserve minutes released dovish signals, it failed to boost Bitcoin. At the same time, Musk bluntly stated that if Trump loses the election, he will be finished, Bitcoin will be finished, and Dogecoin will be finished.

Bitcoin had a tough day yesterday, opening above $62,000 but quickly falling to an intraday low of $60,541. Market volatility did not stop there, with more than $40 million in long Bitcoin positions liquidated in the past 24 hours. Across the entire cryptocurrency market, the total liquidation of long and short positions reached $169.45 million.

As of 7:35 p.m. ET on Wednesday, the overall cryptocurrency market was valued at $2.13 trillion, down slightly 1% on the day. Bitcoin was down nearly 2%, while Ethereum (ETH) was down about 1%.

Market analyst Maartunn shared data from Cryptoquant.com, noting that the previous day “the Coinbase premium had fallen to -$41, indicating strong selling pressure from U.S. institutional investors.”

As of Wednesday, data from Cryptoquant shows that the Coinbase premium gap has widened further to -$48.4. Coinbase Premium - This indicator tracks the difference in Bitcoin price between Coinbase Pro (USD trading pairs) and Binance (USDT trading pairs).

A higher premium indicates active buying on Coinbase, while a lower premium can indicate selling or low trading activity. Cryptoquant’s data also shows that South Korea’s premium turned negative again this past week.

This is not the first time that a discount has occurred. There were two discounts in September, with a discount of 1.15% on September 25. There was another drop on October 5, but this time it only fell by 0.11%. Currently, the premium is 0.8%, staying below 1%.

These changing premiums and market trends indicate a delicate balance between institutional investors and the broader digital asset environment. Global sentiment and ongoing uncertainty continue to impact the cryptocurrency market as prices continue to fluctuate.

From a fundamental perspective, the minutes of the Federal Open Market Committee (FOMC) meeting showed that the "vast majority" of participants supported a 50 basis point cut in US interest rates this year, bringing it to a range of 4.75% to 5%.

A minority preferred a smaller 25 basis point rate cut, fearing that a larger cut might be seen as premature. But those who supported a larger cut argued that it was more consistent with recent inflation and labor market indicators. In addition, they stressed that the adjustment would help maintain the strength of the economy and labor market while continuing to move toward the 2% inflation target.

Price action for other major market cap altcoins has mirrored Bitcoin’s weakness, with Ethereum (ETH) down 1% over the past day, followed by Solana (SOL) down 2.5% and Binance Coin (BNB) down 2.3%.

Andrew Kang, co-founder of venture capital fund Mechanism Capital, said the disconnect between the performance of cryptocurrencies and stocks is a natural phenomenon regarding the impact of falling interest rates.

Kang pointed out that stocks are more closely tied to U.S. interest rate policy, as falling rates affect cash flow and the value of mature corporate debt markets used to finance growth. Therefore, stocks rebounded after the release of the minutes, while cryptocurrencies still lagged.

Traders remain in limbo, with more definitive action most likely to come after the release of U.S. economic data on Oct. 10.

In other aspects, on October 7 local time, American host Carlson released a video interviewing Musk. Musk said that if Trump loses the election, he will be finished, Bitcoin will be finished, and Dogecoin will be finished.

Musk said that if Trump loses the 2024 US election, he will be finished. When the host asked, "What will happen if Trump loses the election?" Musk smiled and replied while drinking water, "Then I will be finished." Then, Musk continued to smile and said, "How long do you think my sentence will be? I don't know if I can still see my children.