U.S. weekly jobless claims came in above estimates, just a day after the Fed said the labor market was stabilizing. Bitcoin remained largely unchanged following the release of this data, with the flagship crypto down on the day. U.S. Jobless Claims Come In At 209,000, Bitcoin Down Department of Labor data show that jobless claims
The post Breaking: U.S. Jobless Claims Come In Above Expectations; Bitcoin Unchanged appeared first on CoinGape.
]]>Bitcoin, Ethereum, XRP, Dogecoin Steady As Fed Keeps Rates Unchanged Benzinga
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The crypto market shows signs of stability as the Bank of Japan (BOJ) holds its benchmark interest rate unchanged on Friday. Bitcoin advances towards $90K and gold rises amid mixed sentiment as the US PCE inflation remains elevated and Japan’s inflation slowed for the first time in four months. Bank of Japan Holds Rate Unchanged
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]]>BitMine Chairman, Tom Lee, believes the latest crash in crypto is not driven by fading adoption or long-term weakness. Instead, he argues it may be the result of a major hole in the balance sheet of one or more market makers. Meanwhile, Treasury Secretary Scott Bessent expects the U.S.–China rare earths deal to be completed
The post Tom Lee Warns BTC Drop Is From Market Maker Hole, Says ETH Trend Unchanged appeared first on CoinGape.
]]>India’s Ministry of Finance has confirmed that cryptocurrency tax rules will remain unchanged, dashing hopes for a more favorable crypto regulation. The government has also ruled out approving Bitcoin or crypto ETFs in the near future. India’s 30% Crypto Tax Rate Remains According to the latest reports, India’s Ministry of Finance maintains strict crypto regulations,
The post India’s Crypto Tax Rules Remain Unchanged, No Bitcoin ETF Approval Expected appeared first on CoinGape.
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Key takeaways
- BTC continues to trade above the $104k level despite the ongoing Middle East crisis.
- The U.S. Federal Reserve left interest rates unchanged but expects inflation to decline in the coming months.
Federal Reserve leaves interest rates unchanged
The major financial news of the week took place on Wednesday, with the FOMC confirming what many analysts already predicted. The U.S. Federal Reserve kept its key borrowing rate targeted in a range between 4.25%-4.5%, where it has been since December.
Despite that, the apex bank stated that it expects inflation to remain elevated and sees lower economic growth ahead. Furthermore, the Fed expects to make two rate reductions later this year, as previously stated.
Bitcoin, the leading cryptocurrency by market cap, didn’t react to this news as the market had already priced it in. However, Bitcoin could rally higher in the near term as traders anticipate two rate cuts before the end of the year. At press time, the price of Bitcoin continues to trade around $104,700.
BTC could rally towards $106k amid improved technicals
The market fundamentals continue to be poor, with the United States now increasingly involved in the ongoing conflict between Iran and Israel. However, technical indicators favour a short-term rally for the world’s leading cryptocurrency.
BTC surged above the 20-day exponential moving average ($105,851) on Monday. However, the bulls failed to sustain the higher level, and it dropped to the 50-day SMA on Tuesday.
The relative strength index (RSI) is approaching the midpoint, signalling a possible rally in the near term. If Bitcoin breaks above the 20-day EMA in the short term, it could rally higher towards a new all-time high at $112k.
However, if the bears remain in control and push the price below the 50-day SMA, the BTC/USDT pair could plunge to $100,000. Bulls will likely defend the $100k psychological level, as any drop below that could see Bitcoin test the $93k support level.
Bitcoin, Ethereum, XRP, Dogecoin Continue Trading Sideways As Fed Keeps Interest Rates Unchanged Benzinga
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WallStreetBets Founder Says Shiba Inu Supply Remains Unchanged Despite SHIB Burns The Crypto Basic
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Bitcoin, Ethereum, Dogecoin Rise, Defy Stocks Decline As Fed Leaves Rates Unchanged: Top Trader Sees Possible 40% Downside For This Large-Cap Crypto Benzinga
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Tesla has confirmed that its Bitcoin holdings remain intact, despite recent wallet movements that sparked speculation within the cryptocurrency community. According to Arkham Intelligence, the company still holds 11,509 BTC, valued at $765.22 million as of October 23, 2024, after moving its assets to new wallets.
Tesla Bitcoin Reserve Unchanged In Q3 2024
According to Tesla’s Q3 earnings report on Wednesday, the company has not sold any of its Bitcoin holdings, confirming that the recent wallet activity was not indicative of a sale. This clarification comes after Tesla transferred 11,509 BTC—worth approximately $776 million at the time—to new wallets last week.
The move initially raised questions about whether the company was planning to offload its cryptocurrency.
Arkham Intelligence, a blockchain analytics firm, has since confirmed that the wallet transfers were simply “wallet rotations,” meaning the assets were relocated to newer wallets for security purposes. Despite the movement, Tesla remains in control of the Bitcoin, which is now spread across seven different wallets, each holding between 1,100 and 2,200 BTC.
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Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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