Bitcoin remains resilient, with Glassnode\u0027s Yann Allemann suggesting that a sharp downturn is improbable
Bitcoin , the flagship cryptocurrency, recently experienced significant price fluctuations. However, despite the tumultuous market conditions, Glassnode co-founder Yann Allemannof the newly launched Ethereum futures exchange-traded funds on Oct. 2 and growing apprehensions about an imminent economic downturn.
Despite these factors, the proprietary"Bitcoin Risk Signal" suggests optimism, having dropped sharply below the high-risk threshold. This indicator, as highlighted by Allemann, gauges the potential risk of a significant drop in Bitcoin's price, suggesting that a drastic decline is not on the horizon.Bitcoin is currently priced at $27,637, showcasing an upward trend over the past week with a 5.2% increase, according to, despite its futures ETF's initial stumble, is holding at $1,643.39, notching a 3.1% increase in the last seven days.
Notably, Solana has garnered attention with a 21.4% spike over the week, standing out among the top 10 cryptocurrencies. The U.S. dollar index, meanwhile, has reached its peak since last November, standing at 107.217, as the market waits with bated breath for pivotal U.S. labor statistics.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin S-Chain Advances Scalability and Efficiency in the Bitcoin CommunityHere’s how Bitcoin S-Chain leverages advantages of Bitcoin (BTC) and Ethereum (ETH)
Read more »
Tesla Production And Delivery Figures Fall In Q3, Prompting Share Price DropTesla produced 430,488 vehicles in the third quarter of the year and delivered 435,059
Read more »
Bitcoin traders demand ‘slow grind’ up after BTC price drops over 4%Bitcoin retraces its trip to six-week BTC price highs as sellers win out above $28,500.
Read more »
Bitcoin analysts still predict a BTC price crash to $20KBitcoin analysis is preserving $20,000 BTC price targets for Q4.
Read more »
Bitcoin's rise in September bodes well for October price action: Bitfinex analystsThe crypto market closed September in the green, which historically leads to a bullish October, according to a report.
Read more »