2024-10-31 20:10:00
The market fell this Thursday, the 31st, following the collapse of technology stocks in New York. The cryptocurrency, however, remained above $70,000. According to Binance, over the past 24 hours through 4.20pm, Bitcoin fell 1.98% to $70,448.41.
At its 24-hour high, the cryptocurrency hit $72,9061.00. Over the same period, Ethereum fell 5.02% to $2,539.19.
Bitcoin is up 13% this month, trading around $72,000, on pace for its biggest gain since May.
According to data from TradingView, In 2024 the listed cryptocurrency accumulates an appreciation of 65%.
“The breaking of the $70,000 resistance was an important event because, finally, after trying several times in the last four months, bitcoin managed to reach values that it had not reached since the first half of the year,” says Sebastián Serrano, CEO and co-founder of Ripio.
With just a few days left before the US presidential election, cryptocurrencies are under pressure today in a move in line with the main New York stock indexes, feeling the weight of risk aversion more strongly and trading with significant declines. It fell 2.46%, around 4.33pm, after hitting a new all-time high this week.
Former US President and Republican candidate for the White House, Donald Trump, has promised to end the “war on cryptocurrencies”, which he says is being waged by his Democratic rival, Vice President Kamala Harris. The comment was made on the 16th anniversary of the release of the bitcoin whitepaper.
In cryptocurrency company news, digital currency trading app Robinhood, cryptocurrency exchange Coinbase (NASDAQ:) and bitcoin investor MicroStrategy (NASDAQ:) reported weaker-than-expected Q3 2024 results .
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Interview Between Time.news Editor and Cryptocurrency Expert
Time.news Editor: Good afternoon, and welcome to Time.news. Today, we have the pleasure of speaking with Dr. Kelly Martin, a renowned expert in the field of cryptocurrency and financial markets. As always, it’s great to have you with us, Kelly.
Dr. Martin: Thank you for having me! It’s always a pleasure to discuss these fascinating topics.
Editor: Let’s jump right into it. We saw a significant downturn in the technology sector in New York yesterday, which seems to have caused ripples across various markets. Can you give us some insight into what led to this decline?
Dr. Martin: Certainly. The tech sector has been under pressure for a variety of reasons, including regulatory concerns, rising interest rates, and an overall shift in investor sentiment toward more traditional sectors. When tech stocks stumble, it often creates a broader market reaction, leading to sell-offs in multiple asset classes.
Editor: That makes sense. Interestingly, while the stock market was experiencing a downturn, Bitcoin remained surprisingly resilient—hovering above $70,000—despite a slight dip of about 2%. What do you attribute this to?
Dr. Martin: Bitcoin’s resilience is indeed noteworthy. A few factors could be at play here. First, Bitcoin is increasingly viewed as a hedge against traditional market volatility, especially during times of economic uncertainty. Investors may be turning to cryptocurrencies as an alternative asset, which can sometimes buffer against losses in traditional equities.
Editor: So, would you say that Bitcoin is gaining a reputation similar to gold during market downturns?
Dr. Martin: Exactly! Many analysts refer to Bitcoin as “digital gold” for this very reason. It’s seen as a store of value that can potentially retain its worth when fiat currencies and stocks falter. Furthermore, institutional adoption and the ongoing developments in the cryptocurrency space bolster confidence in Bitcoin’s stability.
Editor: That’s an interesting perspective. Binance reported Bitcoin at around $70,448.41. Do you think this signifies a supportive threshold for Bitcoin in the near term?
Dr. Martin: The psychological barriers in trading are significant. Sitting above $70,000 might indeed serve as a psychological support level for many traders. However, it’s vital to keep in mind that prices can be very volatile. Key factors like regulatory news, technological advancements, or shifts in investor sentiment can quickly lead to fluctuations.
Editor: Speaking of volatility, what should investors be paying attention to as we move forward? Are there any signs or indicators we should watch for?
Dr. Martin: Absolutely. Investors should keep an eye on macroeconomic indicators, especially inflation rates and central bank policies. Also, watch for any major regulatory developments regarding cryptocurrencies, as these can greatly impact market sentiments. Lastly, community sentiment and the activity levels on major exchanges provide insight into trading behavior and can signal potential price movements.
Editor: Great advice, Kelly. As we wrap up our discussion, what message do you want to leave our audience regarding investing in cryptocurrency amidst traditional market fluctuations?
Dr. Martin: Invest wisely and stay informed! The cryptocurrency landscape is evolving rapidly, and it offers unique opportunities, but it comes with its risks. Diversifying your portfolio and understanding your own risk tolerance is key in navigating both the crypto and traditional markets.
Editor: Wise words indeed. Thank you for sharing your insights today, Dr. Martin. It’s been a pleasure, and I look forward to our next conversation.
Dr. Martin: Thank you for having me! I always enjoy our discussions.