Crypto Market Forecast 07 October 2024
Oct 07, 09:54 PM
The crypto market is seeing a mix of bullish and bearish trends. Bitcoin and XRP are showing slightly bullish conditions for the next 24 hours, while Ether, Litecoin, and Cardano face bearish pressure. Binance Coin is also expected to experience a bearish trend. Over the coming week, a slightly positive outlook is anticipated for Bitcoin, XRP, Ether, and Solana.
Market momentum is currently boosted by strong US job creation data, which has fueled interest in risk assets, pushing Bitcoin’s price up by 2.7% to $63,527. BlackRock recently highlighted Bitcoin as a global monetary alternative, suggesting it could serve as a hedge against global instability and declining trust in traditional financial systems.
Binance reported rejecting most Israeli requests to freeze Palestinian crypto wallets, while the UAE announced the elimination of VAT on crypto transfers to solidify its position as a regional crypto hub. Meanwhile, Coinbase plans to delist USDT in the EEA by year-end to comply with MiCA regulations, which could reshape the stablecoin landscape.
Market momentum is currently boosted by strong US job creation data, which has fueled interest in risk assets, pushing Bitcoin’s price up by 2.7% to $63,527. BlackRock recently highlighted Bitcoin as a global monetary alternative, suggesting it could serve as a hedge against global instability and declining trust in traditional financial systems.
Binance reported rejecting most Israeli requests to freeze Palestinian crypto wallets, while the UAE announced the elimination of VAT on crypto transfers to solidify its position as a regional crypto hub. Meanwhile, Coinbase plans to delist USDT in the EEA by year-end to comply with MiCA regulations, which could reshape the stablecoin landscape.