Real-time news about BTC on October 11, 2023
Bitcoin hovers above $27,000 as U.S. stocks advance. Bitcoin is trading at around $27,545, down slightly from yesterday. This comes as U.S. stocks are advancing, with the S&P 500 up about 0.5%.
Billionaire Paul Tudor Jones backs Bitcoin and gold as geopolitical risks rise. Jones, who is the founder of Tudor Investment Corporation, said that he believes Bitcoin and gold are good investments in the current environment, given the rising geopolitical risks.
Bitcoin dominance continues to climb. Bitcoin's dominance, which is its share of the total cryptocurrency market cap, is now at over 40%. This is the highest level it has been since May 2022.
Analysis:
Bitcoin's price has been relatively stable in recent days, after a volatile week last week. The recent price action suggests that investors are still cautious about the cryptocurrency market, but they are also starting to see Bitcoin as a safe haven asset in the current economic environment.
The fact that Bitcoin's dominance is climbing is also a positive sign for the cryptocurrency. This suggests that investors are increasingly seeing Bitcoin as the leading cryptocurrency and the one with the most long-term potential.
Overall, the outlook for Bitcoin is positive in the medium to long term. However, investors should still be prepared for volatility in the short term.
Additional news:
Bitcoin Cash sees biggest liquidity jump in Q3 despite 23% price slide: Kaiko. Bitcoin Cash, the fourth-largest cryptocurrency by market cap, saw its liquidity jump by 18% in the third quarter, despite a 23% decline in its price. This suggests that there is still strong demand for Bitcoin Cash, even though its price has fallen sharply in recent months.
Protocol Village: Spark Protocol expands beyond Ethereum to Gnosis. Spark Protocol, a decentralized lending protocol, is expanding beyond Ethereum to Gnosis. This will allow users to borrow and lend assets on Gnosis, which is a more scalable and efficient platform than Ethereum.
Crypto Update | Israel War Prompts Crypto Aid Funds, Bitcoin Doesn't Budge to Latest Macro Factors. The ongoing conflict between Israel and Hamas has prompted the launch of several crypto aid funds. These funds are raising money to help people affected by the conflict. Bitcoin has not been significantly affected by the latest macro factors, such as the rising tensions between the US and China.
Conclusion:
The Bitcoin market is still relatively quiet, but there are some positive signs, such as the increasing dominance of Bitcoin and the growing liquidity of Bitcoin Cash. Investors should still be prepared for volatility in the short term, but the outlook for Bitcoin is positive in the medium to long term.