“Nvidia closed in on a $4 trillion market cap amid CEO Jensen Huang’s keynote speech at a tech conference, seemingly sucking capital out of crypto on Tuesday afternoon.”, — write: www.coindesk.com
Sellers stepped in during the US afternoon hours, dragging BTC back below $113,000, nearly identical to Monday’s reversal. The largest crypto changed hands at $112,700, down just shy of 2% over the past 24 hours.
Ether ETH$3,999.97 fell 4%, dropping back below the $4,000 level. The broader crypto market saw mostly red, with little reaction to three new spot ETF listings in the US Solana SOL$194.96 and LTC$97.03 each fell nearly 4%, while Hedera (HBAR) gave back half of its initial ETF-related gains.
The crypto action is all the more lackluster as US stocks climbed higher, with the S&P hitting 6,900 for the first time ever and the Nasdaq also clinching a new record high. Leading was tech giant Nvidia, gaining 5% to a new record and just shy of a $4 trillion market cap as its CEO Jensen Huang addressed the GPU Technology Conference.
Mostly in the green early in the session, crypto-related stocks also faded sharply into the red by the day’s end. Miners turned AI infrastructure bets Bitfarms (BITF), CleanSpark (CLSK), HIVE$0.1366 and IREN closed the session 4%-5% lower, while Galaxy (GLXY) fell 8% amid a $1.15 billion capital raise. Strategy (MSTR), the world’s largest corporate BTC owner, sank 3.7%.
Bitcoin at risk of deeper pullbackBitcoin managed to rebound from the trough of the October 10-11 crash, but the correction may not be over, Bitfinex analysts warned in a recent report.
For that, BTC needs to hold above the short-term holder cost basis at $113,600, which is “now pivotal for confirming a constructive shift,” they said.
“Trading above this level has historically marked the transition from corrective to accumulation phases,” the report said.
Meanwhile, failing to sustain above that level poses the risk of a deeper retracement to near $97,500, the likely lower bound of the current consolidation range, the analysts added.
UPDATE (Oct. 28, 20:38 UTC): Adds analyst comment from Bitfinex report.
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The market is confident that the Fed will cut rates. But crypto traders are still waiting for confirmation.
- Bitcoin traded around $112,100 in early Asia hours, slipping 1.8% over 24 hours but still up 3.4% for the week, as traders await the Federal Reserve’s rate decision.
- Gold fell to a three-week low near $3,950, with easing US-China tensions and profit-taking offset by expectations of a Fed rate cut.
- Japan’s Nikkei 225 rose over 1% to a record above 51,000, leading mixed Asian trading as investors anticipated a dovish tone from the Fed.
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