Compass Investments

– What’s Worth Knowing: Leading crypto-assets, including Bitcoin and Dogicoin, experienced notable declines, which turned into the market’s darkest October since 2015. Bitcoin’s NEED to consolidate above the $113,000 mark has not materialized, indicating a loss of upward momentum, although high transaction volumes suggest liquidity remains.

Gold is showing some stabilization after a rate change in the Middle Kingdom; both gold and Bitcoin are showing increasing correlation in response to global economic fluctuations.

the major digital coins lost 5% each and started the week in the negative, continuing the sad trend of recent weeks that led to the weakest October statistics since 2015.

drawdowns reached 4% , while Trona’s TRX showed zero change over the past 24 hours.

Don’t miss out on the latest news.

the decline occurred without obvious immediate reasons, which may indicate profit taking by traders over the weekend after the recent growth of quotes. Some analysts note that the absence of significant fundamental news additionally weakened the market mood.

Without new support from Powell, the crypto market is once again dependent on technical levels, Alex Kupcykiewicz, lead analyst at FxPro, said in his newsletter. Bitcoin’s repeated failure to overcome the $113,000 level indicates the exhaustion of momentum. The market continues to decline following lower peaks, but the $3.5 trillion area of total capitalization has repeatedly attracted buyers at drawdowns.

Perhaps the start of the new calendar month will bring buyers new stimulus. However, the atmosphere of the traditionally positive month, known as Aptober, lasted only for the first few days, followed by a sharp decline, Kuptsikevich added.

Meanwhile, long-term holders are ramping up sales in response to the current strength, according to Glassnode. Bitcoin sales by long-term investors have tripled since June, as those who entered the market around $93,000 are locking in profits. Meanwhile, spot trading volumes exceeded $300 billion in October, the highest in a year, indicating strong two-way liquidity.

In other segments of the market, gold retreated to $4,000 per troy ounce on Monday after a drop earlier in the day triggered by China’s decision to cancel tax preferences for a number of gold sellers, a move that could reduce demand in one of the world’s largest bullion markets.

The decision, made public over the weekend, eliminates VAT rebates for retailers selling precious metals purchased through the Shanghai Gold and Futures Exchange.