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The crypto market gained around 3% last week, bringing its capitalization to $1.06 trillion – the highest since late August. The market decline at the start of the previous week fueled buyers’ appetite.
But we are also seeing interest in crypto as opposed to the liquidation of tech giants.
We saw a similar situation in the spring, when capital fled regional banks in the United States. Isn’t this a sign that something is brewing again in the banking sector?
Trading at $26.5,000, Bitcoin has recovered 76.4% of the decline from the July high to the September low. Recent optimism shows that we could see a classic correction to 61.8%, near $27.5k. The 200-day moving average and late August peak area are concentrated near this level. Thus, the battle for the trend, which has now subsided slightly, will intensify.
News context
Bitfinex said investors withdrew $55 billion from the crypto market last month. August was the worst month for Bitcoin since November 2022.
The SEC has asked the court to unseal confidential documents in its case against Binance, Binance.US and CEO Changpeng Zhao. SEC lawyers say the confidential elements of the Binance case are significantly delaying the litigation and the regulator’s case.
Australian banking group ANZ has completed a test transaction with the Australian dollar-backed stablecoin A$DC using the Chainlink interconnection protocol.
Billionaire Mark Cuban was attacked by hackers who accessed his hot wallet and withdrew $870,000 in crypto assets. He said the attackers infected his computer with a virus and waited patiently for him to log into his MetaMask wallet before starting to withdraw cryptocurrency.
