<\/p>\n
Bitcoin was trading above US$26,300 Thursday morning in Asia after briefly breaching US$26,800 Wednesday evening. Ether also made up some ground, rising above the US$1,600 resistance level before falling back to just below it. Other top 10 non-stablecoin cryptocurrencies traded mixed, with the Open Network\u2019s (TON) Toncoin leading the winners. U.S. stock futures were up after Wall Street closed mixed on Wednesday. Investors are digesting a 16-year high in U.S. 10-year treasury yields as well as a potential debt-driven government shutdown in October.<\/p>\n
Bitcoin gained 0.56% to US$26,354.64 in the 24 hours to 07:40 a.m. in Hong Kong but still held a weekly loss of 2.87%, according to CoinMarketCap<\/a> data. The world\u2019s largest cryptocurrency on Wednesday night briefly rose above US$26,800 for the first time in the past seven days, but soon retreated to around US$26,300.<\/p>\n The U.S. dollar index (DXY), which measures the greenback against a basket of other major fiat currencies, reached a ten-month high of 106.84<\/a> on Thursday.<\/p>\n A high DXY has been a bearish signal for cryptos and the S&P 500 alike, blockchain intelligence firm Santiment said<\/a> Thursday on X (previously Twitter). However, Bitcoin has \u201cheld up well\u201d despite the rise in the U.S. dollar. That \u201cmay indicate a breakout could come once the DXY settles down,\u201d Santiment added.<\/p>\n Along with Bitcoin, Ether edged up 0.31% to US$1,597.56 over the past 24 hours but is trading 1.55% lower for the week. The token also hit a seven-day high of US$1,631.91 on Wednesday evening.<\/p>\n The price moves in the crypto market yesterday were driven by macro markets, said Justin d\u2019Anethan, head of Asia-Pacific business development at Belgium-based crypto market maker Keyrock.<\/p>\n \u201cOvernight Asia time, American investors started the day full of optimism, attempting to reverse this week\u2019s pullback\u2026 only to turn risk-off again in the second half of the day and close in the red,\u201d d\u2019Anethan said.<\/p>\n \u201cWhile traditional markets suffered, crypto actually outperformed, rising and then pulling back but only to return to a neutral position. BTC and ETH are essentially flat or timidly up on the session,\u201d d\u2019Anethan added.<\/p>\n Other top 10 non-stablecoin cryptocurrencies traded mixed for the past 24 hours. Toncoin, the native token of TON, led the winners with a 2.21% increase to US$2.17, but was still down 9.96% for the week. Polkadot\u2019s DOT token led the losers, edging 0.56% lower to US$3.99 for a 3.63% weekly loss.<\/p>\n On the regulatory front, the U.S. Securities and Exchange Commission (SEC) on Tuesday delayed<\/a> a decision on the spot Bitcoin exchange-traded fund (ETF) application made by Cathie Woods\u2019 Ark Investment Management and Swiss digital asset brokerage 21Shares.<\/p>\n The SEC was scheduled to make a decision by November 11 but it has now pushed that date back to January 10. The agency has delayed<\/a> its decision multiple times on ETF applications from not only Ark and 21Shares, but also BlackRock, WisdomTree and Invesco Galaxy.<\/p>\n The delay was made after four Congress members urged<\/a> the SEC to approve pending spot Bitcoin ETF applications. At a Wednesday Congress hearing<\/a>, SEC Chair Gary Gensler was questioned by multiple Congress members about his agency\u2019s aggressive stance<\/a> on crypto assets. But he stuck to the claim that most cryptos other than Bitcoin should be classified as securities and regulated by the SEC.<\/p>\n Despite the pressure from Congress, Markus Thielen, head of research and strategy at digital asset service platform Matrixport, wrote in an emailed comment that \u201cGensler refused to release any details where the SEC stands in the (spot Bitcoin ETF) application process and rather criticised industry practices. This caused Bitcoin prices to retrace their rally attempt (yesterday).\u201d\u00a0<\/p>\n On the subject of Gensler\u2019s speech, Keyrock\u2019s d\u2019Anethan said \u201cit feels like American regulators are pushed more and more to take some action and I choose to see that as bullish: it\u2019s a question of when they\u2019ll give in, not if.\u201d<\/p>\n The total crypto market capitalization edged up 0.35% in the past 24 hours to US$1.05 trillion, while trading volume rose 20.25% to US$27.26 billion.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Bitcoin was trading above US$26,300 Thursday morning in Asia after briefly breaching US$26,800 Wednesday evening. Ether also made up some ground, rising above the US$1,600 resistance level before falling back to just below it. Other top 10 non-stablecoin cryptocurrencies traded mixed, with the Open Network\u2019s (TON) Toncoin leading the winners. U.S. stock futures were up […]<\/p>\n","protected":false},"author":2,"featured_media":164233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-164232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/164232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=164232"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/164232\/revisions"}],"predecessor-version":[{"id":164235,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/164232\/revisions\/164235"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/164233"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=164232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=164232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=164232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}