Wall Street on edge due to concerns about the government shutdown
Bitcoin and Ether up After briefly crossing the US$26,800 mark on Wednesday evening, bitcoin was trading above US$26,300 on Thursday morning in Asia. Ether gained some ground as well, rising above the $1,600 US barrier level before reversing course and settling slightly below it. Other top 10 non-stablecoins traded in a varied manner, with Toncoin (TONNE) of the Open Network (ON) leading the winners. Following Wednesday's mixed Wall Street closing, U.S. stock futures were up. Investors are considering the 16-year high in 10-year US Treasury yields as well as the possibility of an October government shutdown brought on by debt. Another Bitcoin ETF decision postponed by SEC According to data from CoinMarketCap, Bitcoin increased 0.56% to US$26,354.64 in the 24 hours leading up to 7:40 a.m. in Hong Kong, but it still had a weekly loss of 2.87%. The largest cryptocurrency in the world momentarily surpassed US$26,800 on Wednesday night for the first time in the previous seven days before falling back to approximately US$26,300. On Thursday, the U.S. dollar index (DXY), which compares the dollar to a basket of other significant fiat currencies, hit a ten-month high of 106.84. According to blockchain intelligence firm Santiment, a high DXY has been a bearish sign for both cryptocurrencies and the S&P 500. This was said on X (formerly Twitter) on Thursday. However, despite the strengthening of the US dollar, Bitcoin has "held up well." The fact that "may indicate a breakout could come once the DXY settles down," Santiment continued. In the last day, Ether rose 0.31% to US$1,597.56 with Bitcoin, although it is currently trading 1.55% lower for the week. On Wednesday evening, the token also reached a seven-day high of US$1,631.91. According to Justin d'Anethan, head of Asia-Pacific business development at crypto market maker Keyrock in Belgium, the price movements in the cryptocurrency market yesterday were influenced by macro markets. American investors began the day with great optimism after the Asian trading session, hoping to reverse this week's retreat, only to turn risk-off once more in the afternoon and end the day in the red. Cryptocurrency did better than traditional markets, surging briefly before reversing course and returning to a neutral position. On the session, BTC and ETH are largely flat or modestly up. For the past day, the top 10 non-stablecoins have fluctuated in value. With a gain of 2.21% to US$2.17, Toncoin, the native token of TONNE, led the winners but fell 9.96% for the week. The worst performer was Polkadot's DOT token, which fell 0.56% to US$3.99 for a weekly loss of 3.63%. The U.S. Securities and Exchange Commission (SEC) on Tuesday postponed making a decision about the application for a spot Bitcoin exchange-traded fund (ETF) submitted by Cathie Woods' Ark Investment Management and Swiss digital asset brokerage 21Shares. The SEC has now postponed its decision-making deadline from November 11 until January 10. The organisation has repeatedly postponed making a judgement on ETF applications submitted by BlackRock, WisdomTree, Invesco Galaxy, Ark, and 21Shares. Four Congressmen encouraged the SEC to approve pending spot Bitcoin ETF applications, which led to the postponement. SEC Chair Gary Gensler was questioned about his organization's tough position on crypto assets during a hearing before Congress on Wednesday. But he remained adamant that the majority of cryptocurrencies—aside from Bitcoin—should be categorised as securities and subject to SEC regulation. Despite pressure from Congress, Gensler refused to provide any information regarding where the SEC stands in the (spot Bitcoin ETF) application process and instead criticised industry practises, according to Markus Thielen, head of research and strategy at digital asset service platform Matrixport. This led to a retracement of yesterday's upward effort in Bitcoin prices. In response to Gensler's speech, Keyrock's d'Anethan said, "I choose to see that as bullish: It's a question of when they'll give in, not if. It feels like American regulators are pushed more and more to take some action." In the last day, the overall market capitalization of cryptocurrencies increased by 0.35% to US$1.05 trillion, while the trading volume increased by 20.25% to US$27.26 billion.
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