hold or not - Bitcoin spikes to $66k amid ‘Uptober’ sentiment

Bitcoin price broke to above $66,000 for the first time in nearly three weeks. Cypto analysts at QCP say ‘Uptober’ and the US election sentiment could help bulls higher.

Bitcoin (BTC) price rose more than 6% to break above $66,000 on Monday, October 14, 2024 as most cryptocurrencies recorded 24-hour gains. According to data from CoinGecko, BTC price had reached highs of $66,173 across major crypto exchanges. On Coinbase it hit $66,296. The gains came as the flagship cryptocurrency bounced from the uncertainties witnessed the previous week, with Bitcoin bulls seeing a 4% flip in weekly price performance. Bitcoin traded around $65,959 on Coinbase at the time of writing, suggesting a potential continuation amid gains across the S&P 500. The issue of China’s stimulus package was also told in trader sentiment. In the crypto market, the overall “Uptober” mood looked to have swung in as altcoins also rose.

Bitcoin surges ahead of US election A forecast for BTC by the Singapore-based trading firm QCP Capital suggests BTC is showing price trajectories that mirror previous US election cycles. If this trend continues, Bitcoin bulls may target further gains ahead of the Nov. election. “Although there could be many factors that could explain today’s move, it is quite an interesting time if we look at historical price action. We are in the middle of October and just three weeks away from the US elections,” QCP said in an update on Telegram. The trend in 2016 saw Bitcoin rise from around $600 three weeks to the election to above $1,200 in early January. It again happened in 2020, when BTC rallied from $11k around mid-October to hit $42k in January 2021. “After months of trading in the range, will history repeat itself? Today’s rally has definitely given the market a glimmer of hope just as Uptober optimism was fading,” QCP added in the note. Bitcoin reached an all-time high of $73k in March, with the rally coming amid halving sentiment and the launch of spot Bitcoin exchange-traded funds.

Share this article

Tags

BTC Cryptocurrency News

CrossFi launched an EVM-compatible mainnet for scalable web3 payments. The network supports 10,000 TPS and bridges Ethereum assets seamlessly. Governance uses MPX tokens, with fees averaging $0.02 per transaction.

Cross Finance, commonly known as CrossFi, has announced the launch of its EVM-compatible mainnet, marking a significant step in the evolution of decentralized finance (DeFi) and web3 payment solutions. The CrossFi blockchain aims to provide a scalable, decentralized ecosystem designed to support high-volume payments and everyday transactions, bridging traditional finance with the world of crypto. The CrossFi mainnet’s launch comes on the heels of a successful testnet, conducted in collaboration with CoinList, which attracted over one million active wallets. The CrossFi blockchain The network’s infrastructure is built using the Cosmos SDK and Tendermint, enabling a modular design that supports up to 10,000 transactions per second (TPS). This scalability makes CrossFi suitable for hosting payment applications that require high throughput, similar to Visa-level processing capabilities. As an EVM-compatible network, CrossFi allows seamless integration with Ethereum-native assets, which can be bridged to its platform and utilized within its payment ecosystem. Its security is reinforced by PCI DSS certification, a data protection standard recognized by major payment card companies, ensuring that the platform maintains industry-leading data transmission and storage practices. The governance of the decentralized network is powered by the Mint Power (MPX) token, which is also used to facilitate transaction fees that average $0.02 per transaction. In addition, the Cross Finance ecosystem features a variety of financial tools, including CrossFi App, which enables services like staking, lending, crypto-fiat exchange, and P2P payments. Users can also leverage CrossFi xAPP for token swaps, cross-chain asset bridging, and liquidity mining. Further enhancing its ecosystem, CrossFi supports synthetic asset minting, over-collateralized stablecoins, and offers decentralized platforms for trading real-world assets. By integrating multiple functionalities across its components, Cross Finance is set to democratize access to decentralized finance and facilitate the adoption of blockchain technology in global payments. The network’s launch partners, including Alchemy and other validators, will play a key role in optimizing performance and maintaining decentralization. With this mainnet launch, CrossFi is positioned to become a pivotal player in the evolving web3 financial landscape, empowering businesses and users to explore new possibilities in the digital payments space.

Share this article

Bitcoin spikes to $66k amid ‘Uptober’ sentiment - CoinJournal