[08 Oct’] Bitcoin stables around $54K, expects positive returns in Q4
After rising by more than 8% on the 6th, Bitcoin has remained settled at around $ 54,000 on the afternoon of the 7th. At the time of writing, Bitcoin was trading at $54,131 with a 24-hour price range of -0.87%.
The latest blockchain data indicated that the price rally triggered amid a large buy order on the 6th. News media Coindesk reported that the Whales usually trade over-the-counter (OTC), but it’s unclear why they bought them on a spot (in-kind) exchange.
Talking about Bitcoin’s spot trading volume, it has risen in recent days, reflecting a recovery in buying movements. While the crypto-asset market was relatively quiet in recent months, the fall in September may have stimulated some buyers in the background.
Blockchain research firm Delphi Digital recently noted in a blog post that a rise in the spot market does not mean that there is no leverage since exchanges also lend stablecoins to their clients, who later use them to purchase spot assets.
With Bitcoin starting off to a good start in October, many analysts observed Bitcoin’s resilience towards the end of the year.
According to data compiled by crypto exchange Kraken, October is usually more volatile than September with Bitcoin ending the year with a 13% higher return than the average growth.
The post [08 Oct’] Bitcoin stables around $54K, expects positive returns in Q4 appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
