BTC Drops 0.84% as Dollar Strength Dampens Crypto Appeal
Recent market movements show a decline in BTC and the wider crypto market, influenced by a strong dollar despite Fed minutes indicating potential rate cuts. The BTC price decreased by 0.84%, and the CoinDesk 20 Index dropped over 1% to 4,163 points.
- The U.S. government shutdown continues, causing market uncertainty as traders await Fed Chair Powell's speech for policy direction.
- Solana's treasury company Helius plans to acquire 5% of Solana's supply, while Coinbase launched DEX trading for U.S. users, excluding New York.
- Gold remains above $4,000, but S&P 500 futures are flat. Concerns over a potential stock market drop were raised by JP Morgan's Jamie Dimon.
- Binance introduces Meme Rush to capitalize on the memecoin trend, leveraging BNB Chain's community launch hubs.
- In derivatives, OI in BTC and ETH has dropped by 1% and 3% respectively, with AVAX, ASTER, PUMP, and XPL leading declines in futures open interest.
Upcoming Events
- Oct. 9: Casper team hosting an Execution Engine update; Cronos team hosting an AMA.
- Oct. 9: Brazil and Mexico announce inflation rates; U.S. jobless claims report delayed due to the shutdown.
- Fed Chair Powell will speak at the Community Bank Conference in Washington, D.C.
- Decentraland DAO voting to replace its committee concludes on Oct. 10.
Market Data
- DXY unchanged at 98.90; Gold futures down 0.37% at $4,055.60.
- Nikkei 225 closed up 1.77%; Hang Seng down 0.29%; S&P 500 up 0.58%.
- BTC dominance at 59.38%; ETH to BTC ratio at 0.03568.
Technical Analysis
- ETH fell to $4,350 from $4,750, invalidating a bullish breakout, indicating a possible deeper pullback.
Crypto Equities
- Coinbase (COIN) closed at $387.27 (+3.06%), now at $381.07 (-1.6%).
- Circle Internet (CRCL) closed at $150.46 (+1.17%), now at $148.77 (-1.12%).
ETF Flows
- Spot BTC ETFs daily net flow: $440.7 million; cumulative: $62.53 billion.
- Spot ETH ETFs daily net flow: $69.1 million; cumulative: $15.11 billion.