Bitcoin Faces Resistance: Is a Breakout Imminent Amid ETF Activity? News of October 8, 2024
Bitcoin is currently experiencing a pullback, meeting resistance near the 200-day moving average. Meanwhile, Bitcoin ETFs have attracted significant inflows, indicating continued interest in the cryptocurrency market.
Bitcoin Faces Resistance: Is a Breakout on the Horizon?
Bitcoin faced a sharp pullback yesterday, forming a bearish candlestick with a long upper wick and a small body. This pattern suggests that bullish momentum stalled, as the price met significant resistance near the 200-day moving average (MA).
The cryptocurrency remains trapped between two key moving averages, signaling continued sideways movement without a clear breakout in either direction.
Bitcoin ETFs Surge with $235M Inflows as Ethereum ETFs Stall
Bitcoin exchange-traded funds (ETFs) saw significant inflows on October 7, 2024, with a total of $235.19 million pouring into the market, according to data from SoSoValue. Notably, no funds reported losses. Fidelity's FBTC ETF led the surge, securing $103.68 million, closely followed by BlackRock's IBIT, which brought in $97.88 million.
While Bitcoin ETFs saw a strong influx of capital, Ethereum ETFs remained flat, with no inflows or outflows, reflecting a more cautious investor stance toward Ethereum-based products.
Nick Szabo overtakes Len Sassaman as HBO’s Satoshi reveal on Polymarket
American computer scientist Nick Szabo has emerged as the leading candidate on Polymarket to be named Satoshi Nakamoto in HBO’s upcoming documentary, which promises to unveil the creator of Bitcoin. Szabo, known for developing the precursor to Bitcoin, Bit Gold, has overtaken cryptographer Len Sassaman in the betting odds.
Polymarket bettors currently place a 27.9% chance on Szabo being identified as Bitcoin’s mysterious creator in HBO's Money Electric: The Bitcoin Mystery, followed by Sassaman at 14% and Blockstream CEO Adam Back at 4.3%. Sassaman initially dominated the betting market, reaching 68% odds shortly after it launched on October 4.
HBO’s documentary is set to air at 2:00 am UTC on Oct. 9.
Crypto adoption on track to hit 8% by 2025: Report
Global cryptocurrency adoption is approaching a significant milestone, with 7.51% of the world’s population now using digital currencies, according to a report by MatrixPort.
The report projects this figure to exceed 8% by 2025, signaling a potential shift of crypto from a niche market into mainstream financial systems.
The report highlights the growing influence of institutional involvement, which is a key factor driving the steady increase in adoption
CryptoCom receives Wells notice from SEC
Crypto.com has reportedly received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) concerning its DOT token, according to sources at DB. The notice signals potential enforcement action, as regulators continue to scrutinize cryptocurrency platforms and their offerings.
Generational Shift Among Bitcoin Whales: New Investors Pump $108 Billion into BTC
BTC-whales are experiencing a generational change.
New whales have invested $108 billion in BTC, and older whales have invested $113 billion since Bitcoin's creation. Now the ratio is 48:51.
Top gainers for today: APT, SEI, FTM, SUI, FTN, MKR
Have a good trading day!
