Has ‘Uptober’ arrived?
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📈 Majors up - Bitcoin closes in on $120,000; Ethereum is up 6% overnight, and Litecoin surged 12%.
🏛️ The US government shutdown - could delay jobs numbers and SEC ETF decisions.
📊 Fear and Greed Index jumped 10 points into Neutral.
Crypto markets are up in a big way this morning with Bitcoin knocking on $120,000, currently trading around $118,600 after posting a high of $119,400 yesterday. Ethereum is up more than 6% overnight, with Litecoin posting a 12% overnight green candle. The Fear and Greed Index has jumped 10 points overnight, now sitting firmly in Neutral.
Why, though? It’s not entirely clear why markets are rallying, with some analysts suggesting investors may see Bitcoin as a hedge against the current uncertainty in the US. Non-essential services has shut down following an impasse between Democrats and Republicans on the budget, which, by the way, is also likely to postpone the SEC’s decision on a slew of crypto ETF applications. Market commentators say the longer the shutdown, the first in six years, the more long-term uncertainty could spill over into markets. For now, though, the markets seem anything but fazed as October commences, which has historically been a strong month for Bitcoin and others.
The weeks ahead will be important to see whether the current rally is sustainable, and if Bitcoin can build on its best showing since August when it posted a new all-time high of more than $123,000. Will momentum build as we head into what markets are expecting to be another Fed rate cut at the end of the month?
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $4.17 trillion, up 4.2% from this time yesterday.
🟠 Bitcoin (BTC) ↗️
Price: $118,605 up 3.2% in the last 24 h.
Daily high: $119,400
Daily low: $114,481
📈 S&P 500 ↗️
SPY is currently up 0.34% since yesterday’s close.
📈 Nasdaq 100 ↗️
The Nasdaq 100 is up about 0.49% overnight.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 51/100, in Neutral.
*Data is correct as at 02 October 07:36 GMT.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
