Bitcoin Gains on Fed Policy Shifts as Crypto Market Sees Mixed Movements
Bitcoin (BTC) reached $85,394.47 on October 5, up 0.1% over 24 hours. The rise follows revised expectations for US Federal Reserve policy after a weaker-than-expected employment report. Lacie Zhang, research lead at Bitget Wallet, noted that while lower rate expectations have boosted Bitcoin, they aren't enough to drive a sustained breakout. She cited strong institutional buying but also significant selling pressure from investors taking profits. Zhang identified $87,400 as a key breakout level, with upside targets at $90,000 and $93,000, and support levels at $84,000 and $82,000.
Ethereum (ETH) traded at $2,704.84, down 0.1%, while XRP (XRP) fell 0.9% to $1.50, and Solana (SOL) dropped 1.6% to $120.01. The broader crypto market saw mixed movements, with altcoins reflecting varying levels of volatility.
The US Treasury withdrew two proposed crypto rules, including one targeting crypto mixers and another on self-hosted wallets. FinCEN cited concerns over burdening financial institutions and the need to balance privacy with anti-money laundering efforts. Meanwhile, Strategy (NASDAQ:MSTR) reported a $20.91 billion Q3 gain on Bitcoin holdings, adding 334 BTC for $28.7 million in early October.
The SEC approved rule changes for 3x Bitcoin and Ether funds, though trading has not yet begun. The CFTC proposed new rules for leveraged crypto trading, seeking public feedback. Kraken's parent company, Payward, launched 24/7 dollar settlements for institutional clients in Asia and the Gulf region. OKX and ICE announced plans for a 24/7 tokenized stock trading platform.