up to $59,000 and back above $62,000, what happens? This week’s collection

The cryptocurrency market has gone through considerable turbulence over the past seven days. Ultimately, however, buyers were able to maintain their presence and pushed back attempts to drag prices to much lower levels. At the time of writing, the total market capitalization sits at around $2.17 trillion, which is roughly where it was this time last week.

Starting with Bitcoin, its price is currently at just over $62,000; this is pretty much where it was trading last week. In fact, the cryptocurrency registers a marginal increase of 0.5%.

But this is far from showing the full picture. Towards the middle of the week, BTC bulls tried to break above $64,000, but the sellers weren’t having it. Less than two days later, on Thursday, BTC fell below $59,000, triggering a considerable number of liquidations in the derivatives market. In fact, more than $250 million of leveraged positions, most of which were long, were eliminated.

Hopefully, the bulls were able to recover and quickly moved the price back above $60,000 and eventually above $62,000 where it currently stands.

The situation is more or less similar to the rest of the market, with altcoins also registering small gains in the range between 0.5% and 2%. In fact, BNB is the best performer this week (out of the top 10), rising 3%.

The market turbulence was perhaps caused by the recently released CPI numbers. The US Bureau of Labor Statistics releases consumer price index numbers once a month, and they are typically used to measure inflation in the country. This time, they came in higher than experts expected. Traders interpreted the information as a reduced likelihood of another interest rate cut in November, which is seen as bad for risk assets like Bitcoin.

In what appears to be perceived as a bullish announcement, Mt. Gox has pushed the repayment deadline to 2025, which means the potential for selling pressure on the market is delayed.

In any case, it will be interesting to see if the positivity expected in October will arrive, or if the fourth quarter will start badly.

Market data

Market capitalization: $ 2.17 thousand | 24 Hour Flight: $93 Million | BTC Domain: 54%

BTC: $62,337 (+0.5%) | ETH: $2,447 (+1.3%) | BNB: $572 (+3.6%)

This week’s crypto headlines you can’t miss

Peter Todd denies being Satoshi after HBO movie claims. The long-awaited HBO documentary that promised to uncover the identity of Satoshi Nakamoto featured Peter Todd as the most likely person. The community reacted with criticism as Todd quickly dismissed the claims.

Is Bitcoin Crash Coming? Peter Brandt sounds the alarm about a possible 75% BTC price crash. Veteran trader Peter Brandt recently sounded the alarm about a possible 75% BTC price drop. However, he expressed confidence in Bitcoin’s long-term trajectory.

Bitcoin price reacts to higher-than-expected US CPI figures for September. September’s consumer price index numbers were higher than expected, indicating that inflation in the US is on the rise. This sent the price of Bitcoin lower as traders are concerned that the Fed will not cut rates in November.

Is China About to Dump $1.3 Million in ETH From PlusToken Seizure? The Chinese government may be about to unload a large batch of seized Ethereum, according to several blockchain detectives. The tokens are proceeds from the seizure during the PlusToken fiasco investigation.

South Korea to Strengthen Stablecoin Regulation with New Currency Rules South Korea’s Ministry of Strategy and Finance announced on October 8 that it is reviewing measures to regulate stablecoins more strictly.

Coinbase allows Bitcoin transactions to go to root addresses. Coinbase has announced a significant update for its users, which will allow them to send Bitcoin to Taproot addresses on October 8.

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This week, we have a chart analysis of Ethereum, Ripple, Binance Coin, Toncoin and Shiba Inu – click here for the full price analysis.

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