Thursday witnessed an upswing in major cryptocurrencies and stock values, seemingly unaffected by anxieties surrounding potential government shutdowns.
Short Positions Experience Losses
Bitcoin continued its upward trajectory this October, exceeding $121,000, a level unseen since mid-August. This places the leading cryptocurrency a mere 3.43% below its all-time peak. Analysts at JPMorgan have revised their end-of-year prediction for Bitcoin, now anticipating a rise to $165,000.
Late in the afternoon, Ethereum also surpassed the $4,500 mark before retracting slightly to trade around $4,700 at the time of this report.
In the past 24 hours, cryptocurrency liquidations amounted to $393 million, with over $274 million attributed to the elimination of bearish “short” positions. Should Bitcoin increase to $123,000, short positions totaling roughly $435 million would be at risk of liquidation.
Bitcoin’s open interest has further increased by 3.02% in the last day, signaling new capital entering the derivative market.
According to the Crypto Fear & Greed Index, the prevailing sentiment in the cryptocurrency space is one of “Greed.”
Top Performers (Last 24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Change | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| 4 (4) | +240.90% | $0.1455 |
| DeAgentAI (AIA) | +231.94% | $1.54 |
| Aura (AURA) | +32.79% | $0.1124 |
The total value of the cryptocurrency market globally has risen to $4.13 trillion, representing a 1.55% increase over the previous 24 hours.
Stock Market Overlooks Potential Government Shutdown
Thursday saw stock markets reaching new all-time highs. The Dow Jones Industrial Average increased by 78.62 points, a 0.17% gain, closing at 46,519.72. The S&P 500 gained 0.06%, finishing at 6,715.35, while the technology-focused Nasdaq Composite advanced by 0.39%, ending the day at 22,844.05.
This positive movement occurs despite the potential federal government shutdown, which Treasury Secretary Scott Bessent has called a direct threat to economic advancement and the well-being of Americans.
Bessent also confirmed that conversations were still being held with China, expecting a “big breakthrough.” The two nations’ trade agreement is set to end on November 10.
Is Bitcoin Targeting $130,000 Soon?
CryptoQuant, a firm focused on blockchain data analytics, suggests that Bitcoin’s current trading patterns align with the STH-MVRV pricing range, a tool for measuring the average profitability of more recent purchasers.
The high end of this range is located around $130,000, representing a price at which investors looking to realize quick gains might be triggered.
“Bitcoin is currently exhibiting a stable performance within its established volatility parameters,” CryptoQuant noted. “If these conditions persist, reaching $130,000 appears to be a reasonable expectation.”
Rekt Capital, a well-known cryptocurrency analyst, pointed out that Bitcoin’s daily close above $120,000 is a promising sign, echoing a similar development in mid-August that led to a surge to $123,400.
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