Crypto market on the trail of recovery, Bitcoin crosses $27,000 mark

Crypto market overview: The crypto market has seen a positive price action in the last 24 hours. As per the market data, the global crypto market cap is up 1.9 per cent and is currently over $1.1 trillion. 

The crypto fear and greed index is back in the neutral zone with a score of 48/100. The slight crypto rebound aligns with a rebound of larger markets, as the 10-year Treasury yield pulled back from its 16-year high, and oil retreated from a 2023 high.

Crypto Fear & Greed Index | Image credit: Alternative.me

Talking about the drivers of positivity in the crypto market movement, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Republic, “The top 20 cryptos by market cap seem to be trading in the green. BTC is trading just below $27,000, after crossing the $27,000 resistance level last night. Trading above $1,600 ETH has outperformed BTC in the last 24 hours. This performance could be attributed to the investment manager Valkyrie Funds LLC receiving a green light from the SEC to add ETH Futures to its existing BTC Futures ETF.” 

“The renamed ETF will be launched by Valkyrie on Monday. Also, Ethereum developers attempted to launch the Holesky test network after its failure on Sep 15. The process seems to be going smoothly as the launch awaits participation before being finalised,” added Chaturvedi. 

Talking to Republic, CoinDCX Research Team said, “In the past day, Bitcoin increased by 2.5 per cent and is now valued at $26,900. Ether also went up by 2.8 per cent in the same timeframe, reaching $1,650. Bitcoin surpassed the $27,000 mark due to several factors, including a rise in stock markets and upcoming options expiring on Friday, coupled with reduced overall economic pressures.”

“It's worth noting that the SEC has postponed its decision on Bitcoin ETFs from Blackrock, Bitwise, Invesco, and Valkyrie. These delays happened two weeks ahead of the expected deadline of October 16–19.” CoinDCX Research added. 

Bitcoin stabilises above $26,900

Rajagopal Menon, VP, WazirX said, “US leaders continue to push for regulatory measures amidst the markets showing signs of recovery, driven by the recent surges in the prices of Bitcoin and Ethereum. Acknowledgement of Bitcoin's status in Shanghai has also played a pivotal role in bolstering the token's value.” 

Edul Patel, CEO Co-Founder, Mudrex said, “Bitcoin’s trading price surpassed the $27,200 threshold before stabilising above the $26,900 mark. This notable price movement could be attributed to Valkyrie Funds LLC, an investment management firm, gaining regulatory approval from the Securities and Exchange Commission (SEC) to introduce Ethereum futures into its existing Bitcoin futures exchange-traded fund.” 

Crypto derivatives traders will also be bracing up for the quarterly and monthly options expiry today. In other news, with assistance from the central banks of France, Singapore, and Switzerland, the Bank for International Settlements effectively conducted a trial of cross-border trading involving wholesale CBDCs. This was done using DeFi elements, including smart contracts, automated market makers, and more.

Prices listed were last checked at 10:30 am today according to Coinmarketcap.com

Crypto market in last 24 hours

The crypto market has recorded a strong rebound after two days of restricted movement with all 20 leading cryptocurrencies as per market capitalisation trading in green. Bitcoin is currently trading at $26,974, gaining more than 2 per cent in the last 24 hours while Ethereum has gained more than 2.89 per cent and trades at $1,655. 

XRP, Cardano, Dogecoin, Solana, Polygon, and Litecoin also recorded substantial gains with Solana leading the pack with 4.91 per cent gains in the last 24 hours. Apart from that, Lido DAO’s native token also surged by 10.46 per cent while the memecoin PEPE gained close to 10 per cent yesterday.