The crypto market has been fluctuating at high levels in recent days, with Bitcoin fluctuating around $68,000 and Ethereum fluctuating around $2,630.
If there is no new negative news, Bitcoin will most likely fluctuate between $64,000 and $69,000.
Altcoins as a whole are watching Bitcoin’s face and dare not act rashly.
Only a few MEME coins, such as POPCAT and DOGE, rose against the trend.
After the U.S. stock market opened last night, the three major stock indexes opened higher, but Coinbase fell 2%, BlackRock's stock price also fell slightly, and the price of Bitcoin also fluctuated slightly.
Judging from the K-line chart, Bitcoin's recent trend is very close to BlackRock's stock price.
This is mainly because BlackRock's good financial performance has stimulated investors' interest in Bitcoin. Many investors have bought a large number of spot ETFs for Bitcoin and Ethereum.
If it is really a positive stimulus from the financial report, then MSTR and COIN will also release financial reports on October 29 and October 30.
If these financial reports are better than expected, they will provide good support for subsequent market trends.
After the earnings season ends, the U.S. election will also enter its climax, and we can look forward to Bitcoin’s performance at the end of the year.
Judging from the on-chain data, addresses that hold Bitcoin for a long time have not sold it.
At present, short-term investors are mainly selling. Especially when prices fluctuate at high levels, investors who have made short-term profits will stop profit.
As the price of Bitcoin rises, especially approaching the integer mark of 70,000 US dollars, many people will develop a fear of heights, and short-term holders are worried that the price of Bitcoin will find it difficult to break through 70,000 US dollars.
Next, let’s take a look at the news and data that are worth paying attention to:
1. BlackRock bought more than 10,000 Bitcoins in the past two days
According to Lookonchain’s monitoring, BlackRock bought another 5,802 BTC yesterday, worth approximately $390.2 million.
In the past two days, BlackRock has bought a total of 10,126 BTC worth $681 million. Now the total amount of BTC they hold has reached 380,972, worth approximately $25.62 billion.
The market value of BlackRock's Ethereum ETF holdings also exceeded US$11 billion.
Generally speaking, when BlackRock’s investors buy a large amount of BTC, they will also show interest in ETH.
ETH also has good purchasing power in the past few days, with a net increase of 4,544 ETH. At the same time, Fidelity also had a net increase of 3,245 ETH.
BlackRock's influence is directly reflected in purchasing power, especially ETF investors are more inclined to hold for the long term, which is of great help to the stability of BTC and ETH prices.
Although the purchasing power of other institutions is not very large, it is obvious that investors' FOMO sentiment is increasing.
2. The European Central Bank cut interest rates by another 25 basis points
Yesterday the European Central Bank announced that it would reduce its deposit rate from 3.5% to 3.25%.
Currently, the United States, China, Canada, the United Kingdom, Denmark and the European Union are all cutting interest rates.
The global interest rate cut trend has begun, and monetary easing is currently the biggest trend, which is almost irreversible.
Although interest rate cuts will not directly lead to quantitative easing (QE), they are likely to increase market liquidity and make investors more aggressive.
Every time there is a global interest rate cut, the cryptocurrency market usually ushers in a big bull market, and this time will be no exception.
3. Polymarket's probability of Trump being elected president rises to 61.7%
As of October 17, betting volume on the 2024 U.S. presidential election has exceeded $2 billion.
Trump has been bet on more than $608 million on Polymarket, with odds of winning at 61.7 percent.
Harris has a betting volume of $405 million and a chance of winning of 38.2%.
The market is voting for Trump with real money, so it seems that Trump should be stable.
Overall, the market is brewing a big wave of momentum, and there will be a lot of positive news at the end of the year that will push the price of Bitcoin to a new high.
For example, Trump's election, global central banks' continued interest rate cuts, the U.S. stock earnings season, and U.S. investors' continued purchases of ETFs will all support the price of Bitcoin. We can expect whether Bitcoin can break through $90,000 to $100,000.
