On the evening of October 10, the price of the first cryptocurrency dropped below $59,000 before returning above $60,000. Selling pressure was caused by disappointing macro data from the US and the SEC lawsuit against market maker Cumberland.
The regulator accused the firm of operating as an “unregistered dealer” in cryptocurrency transactions. According to the agency’s statement, the company profited from sales of digital assets, treating them as “sales of exchange-traded goods.”
Consumer inflation data effectively ruled out a 50 basis point Fed rate cut in November, according to Bloomberg. The negative news was offset by a jump in jobless claims from 225,000 to a 14-month high of 258,000.
Weakening risk appetite in global financial markets has led to an increase in daily outflows from the BTC-ETF from $40.6 million to $120.8 million. The negative dynamics continued for the third day in a row.
The rate of financing perpetual contracts fell to 0.0015% from 0.006–0.01% before the publication of macroeconomic statistics.
Data: Coinglass.
CryptoQuant analysts recorded the transfer of 63,500 BTC ($3.86 billion) to exchanges from October 7 to 9, which may explain the negative dynamics in the following days.
Tech analyst Ali Martinez estimated that Bitcoin whales sold 30,000 BTC ($1.83 billion) between October 8 and 10.
However, Santiment noted that most traders took a decrease in the digital gold course to a minimum in three weeks as the possibility of buying on a fall.
As a reminder, Glassnode warned about the cryptocurrency market's susceptibility to increased volatility.