<\/p>\n
Bitcoin surged toward $114,000 as broader markets rallied after a Federal Reserve governor proposed a new type of “payment account\u201d with the central bank.\n<\/p>\n
Crypto markets are seeing a sharp uptick today, Oct. 21, with most of the top 10 assets up between 2-4% in the past 24 hours. Bitcoin (BTC<\/a>) surged from near $108,560 to almost $114,000 over the past two hours, a 5.5% gain. <\/p>\n Markets rallied sharply after Federal Reserve governor Christopher Waller spoke<\/a> favorably about the crypto and \u201cdefi industry\u201d in his opening remarks at the Fed\u2019s first Payments Innovation Conference, which is taking place today. The conference was created to focus on the integration of blockchain and crypto into mainstream finance, Waller noted. <\/p>\n \u201cI wanted to send a message that this is a new era for the Federal Reserve in payments\u2014the defi industry is not viewed with suspicion or scorn,\u201d the Fed governor said. <\/p>\n Waller also revealed that he has proposed a new kind of account with the central bank, which he referred to as a \u201cpayment account.” The new type of account, which Waller said he’s asked the Fed to consider, would make it easier for companies to have access to the central bank’s payments rails, without having a full master account. <\/p>\n Meanwhile, as BTC rallied, other large-caps followed, with Ethereum (ETH<\/a>) up 3% on the day, surging to $4,101. Dogecoin (DOGE<\/a>), Solana (SOL<\/a>), TRON (TRX<\/a>), BNB<\/a>, and XRP<\/a> are all also up between 1% and 4%, reversing the market downturn from earlier today.<\/p>\n Analysts at Glassnode suggested in an X post<\/a> yesterday that sentiment around Bitcoin investors \u201cremains cautious and positioning is still defensive\u201d amid ongoing market volatility.<\/a> \u201cCapital inflows remain strong, but fundamentals are fading and profitability is under pressure. This divergence reflects a market caught between conviction and caution following last week’s flush,\u201d the analysts added in a follow-up post.<\/p>\n In commentary to The Defiant, Emir Ibrahim, analyst at digital asset trading firm Zerocap, suggested that despite the volatility, \u201cstructure remains intact, and BTC sits less than 15% off all-time highs.\u201d Ibrahim added: \u201cBulls defended the US$100k zone effectively, and with positioning flushed, there\u2019s scope for another push higher once macro tailwinds re-emerge.”<\/p>\n Within the top-100 crypto assets by market cap, ChainOpera AI (COAI) and Zcash (ZEC<\/a>) posted the biggest daily gains. COAI jumped over 66%, while ZEC is up 15%, trading around $295.<\/p>\n Meanwhile, today\u2019s biggest losers among the top-100 are Pax Gold (PAXG) and Tether Gold (XAUT) which are both down 5.3% as gold prices hit as low as $4,151 per ounce, marking more than a 5% decline on the day, gold\u2019s biggest intraday drop since 2021.<\/p>\n In the past 24 hours, over $528 million in leveraged positions were liquidated, with $288 million in shorts, per data from Coinglass<\/a>. BTC led the wipeout with more than $224 million liquidated, followed by ETH at $138 million and other altcoins with more than $35 million liquidated.<\/p>\n On the crypto exchange-traded fund (ETF) side, outflows continue. On Monday, Oct. 20, spot Ethereum ETFs saw $145.6 million in net outflows, bringing the total amount controlled by Wall Street firms to $26.8 billion, according to SoSoValue<\/a>. Spot Bitcoin ETFs recorded over $40 million in net outflows over the same timeframe, with total net assets now standing below the $150 billion mark.<\/p>\n On the macro front, markets expect the U.S. central bank to lower its benchmark interest rate by a quarter of a percentage point to the 3.75%-4% range at its Oct. 28-29 policy meeting, Reuters reported<\/a>.<\/p>\n Treasury yields moved lower on Tuesday, as investors monitored the ongoing government shutdown and grew more optimistic about a potential resolution, CNBC<\/a> reported. <\/p>\n The release of official employment data remains on hold due to the shutdown, but White House economic advisor Kevin Hassett said on Monday that the standoff is \u201clikely to end sometime this week,\u201d warning that if it continues, the Trump administration may resort to \u201cstronger measures\u201d to force Democratic cooperate, Hassett said<\/a> on CNBC\u2019s \u201cSquawk Box.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Bitcoin surged toward $114,000 as broader markets rallied after a Federal Reserve governor proposed a new type of “payment account\u201d with the central bank. Crypto markets are seeing a sharp uptick today, Oct. 21, with most of the top 10 assets up between 2-4% in the past 24 hours. Bitcoin (BTC) surged from near $108,560 […]<\/p>\n","protected":false},"author":2,"featured_media":408791,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-408789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/408789","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=408789"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/408789\/revisions"}],"predecessor-version":[{"id":408792,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/408789\/revisions\/408792"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/408791"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=408789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=408789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=408789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Sentiment Remains Cautious amid Volatility <\/h2>\n
Top Gainers and Losers<\/h2>\n
ETFs, Liquidations and Macro Conditions<\/h2>\n