{"id":169160,"date":"2023-10-06T04:55:14","date_gmt":"2023-10-05T23:25:14","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=169160"},"modified":"2023-10-06T04:55:14","modified_gmt":"2023-10-05T23:25:14","slug":"major-bitcoin-price-drop-improbable-glassnode-co-founder-says-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/major-bitcoin-price-drop-improbable-glassnode-co-founder-says-crypto-news\/","title":{"rendered":"Major Bitcoin Price Drop “Improbable,” Glassnode Co-Founder Says – Crypto News"},"content":{"rendered":"

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Alex Dovbnya<\/a><\/p>\n

Bitcoin remains resilient, with Glassnode’s Yann Allemann suggesting that a sharp downturn is improbable<\/p>\n<\/div>\n<\/div>\n

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Bitcoin (BTC), the flagship cryptocurrency, recently experienced significant price fluctuations. However, despite the tumultuous market conditions, Glassnode co-founder Yann Allemann believes<\/a> that a steep decline in Bitcoin’s value is unlikely.<\/p>\n

Optimism amid market jitters<\/h2>\n

After witnessing a promising 6% surge on Sunday, Bitcoin<\/a> faced a hiccup, struggling at the $28,500 mark which led to a 4.5% decline the subsequent day.\u00a0<\/p>\n

This drawback is partly attributed to the less-than-stellar performance<\/a> of the newly launched Ethereum (ETH) futures exchange-traded funds (ETFs) on Oct. 2 and growing apprehensions about an imminent economic downturn.\u00a0<\/p>\n

Despite these factors, the proprietary “Bitcoin Risk Signal” suggests optimism, having dropped sharply below the high-risk threshold.\u00a0<\/p>\n

This indicator, as highlighted by Allemann, gauges the potential risk of a significant drop in Bitcoin’s price, suggesting that a drastic decline is not on the horizon.<\/p>\n

The state of the crypto market\u00a0<\/h2>\n

Bitcoin is currently priced at $27,637, showcasing an upward trend over the past week with a 5.2% increase, according to CoinGecko data<\/a>.\u00a0<\/p>\n

Ethereum (ETH)<\/a>, despite its futures ETF’s initial stumble, is holding at $1,643.39, notching a 3.1% increase in the last seven days.\u00a0<\/p>\n

Notably, Solana (SOL) has garnered attention with a 21.4% spike over the week, standing out among the top 10 cryptocurrencies.\u00a0<\/p>\n

The U.S. dollar index, meanwhile, has reached its peak since last November, standing at 107.217, as the market waits with bated breath for pivotal U.S. labor statistics.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Alex Dovbnya Bitcoin remains resilient, with Glassnode’s Yann Allemann suggesting that a sharp downturn is improbable Bitcoin (BTC), the flagship cryptocurrency, recently experienced significant price fluctuations. However, despite the tumultuous market conditions, Glassnode co-founder Yann Allemann believes that a steep decline in Bitcoin’s value is unlikely. Optimism amid market jitters After witnessing a promising 6% […]<\/p>\n","protected":false},"author":2,"featured_media":169161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-169160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/169160","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=169160"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/169160\/revisions"}],"predecessor-version":[{"id":169163,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/169160\/revisions\/169163"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/169161"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=169160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=169160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=169160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}