The crypto market saw a volatile 24-hour period, with a 1.4% drop in market capitalization. The decline was sharper during US trading hours, plummeting from $2.83 trillion to $2.72 trillion before recovering to $2.79 trillion. This pattern mirrored equities, suggesting a rebound in risk appetite as the week concluded. Among individual coins, Basic Attention Token (+9.8%), Cosmos (+9.4%), and Immutable (+9.3%) led gains, while Algorand (−8.7%), Near Protocol (−7.8%), and Bitcoin Cash (−6.3%) underperformed.
Bitcoin dipped to $80.4K on Thursday, its lowest point in three weeks, but found support at its 50-day moving average. This level has historically indicated medium-term trends, acting as support since July. Ethereum, however, remains stuck in the $2.7K range and slipped below its 50-day moving average this week, raising concerns about its uptrend. Analysts caution against concluding a threat to Ethereum’s uptrend until Friday’s close below $2.55K.
Bitcoin’s decline was partly attributed to a report from OpenAI revealing a significant revenue shortfall. US spot Bitcoin ETFs saw their highest net outflows in nearly 3.5 months on October 7, totaling $487 million. Ethereum ETFs have also experienced seven consecutive days of outflows. Institutional investors remain in profit as long as Bitcoin stays above $77K, $79K, but a drop below this range could trigger selling pressure.
Despite the downturn, Bitwise Asset Management’s CEO Hunter Horsley believes the prolonged slump is ending and predicts Bitcoin will hit a new all-time high next year. Samsung plans to add USDC stablecoin support to Samsung Wallet for 82 million Galaxy devices in the US, partnering with Solana and Sui but not Ethereum. Analyst MartyParty suggests this could signal trouble for Ethereum, though Samsung has not confirmed abandoning it. Additionally, US authorities transferred $470 million in cryptocurrency from their wallets.