by Coinstrooper Crypto Articles
Quick Take
  • The crypto market trades at $2.76 trillion, up 2.57% from yesterday’s low of $2.69 trillion.
  • High yields, an oil spike and fund selling drove an 8.2% slide from the October 5 high.
  • A Trump pledge on Iran then eased the pressure, and the $2.69 trillion floor held.
  • The 10-year Treasury yield closed at 5.31% on October 5 and stayed above 5.2% all week.

What Happened

High yields, an oil spike and fund selling drove an 8.2% slide from the October 5 high. A Trump pledge on Iran then eased the pressure, and the $2.69 trillion floor held.

1. Rates, Oil and ETF Outflows Drove the Slide

Rates and oil: 10-year yield above 5.2%, oil up on strike reports

Market Context

The crypto market trades at $2.76 trillion, up 2.57% from yesterday’s low of $2.69 trillion.

Spot Bitcoin ETFs lost $487.07 million on October 7, the most since late June, and another $244.13 million on October 8. Leverage did the rest. More than $1 billion was liquidated in 24 hours, mostly bets on higher prices.

The market is still making higher lows. Its $2.69 trillion floor sits well above the $2.54 trillion low of September 15, so the uptrend holds unless it breaks. The first target is $2.78 trillion. A move above $2.94 trillion, the ceiling since September 23, would confirm the recovery.

Note: With the new trading day only a few hours old and the US yet to wake up, the 12-hour chart shows the move at press time more clearly than the daily candle.

Buying volume has risen marginally since October 6, backing the move. Holding $1.45 opens $1.59. Above that, a new high past its $1.67 record (per CoinGecko) would put $1.79 in play.

The post Why Is The Crypto Market Up Today? appeared first on BeInCrypto.

Why It Matters

The 10-year Treasury yield closed at 5.31% on October 5 and stayed above 5.2% all week. Fed minutes released October 7 showed most officials still see another rate hike as likely by year-end. Then on October 8, reports that the White House was weighing new Iran strikes pushed oil higher. High yields and costly oil make risky assets like crypto less attractive.

Details

ETF outflows: $731 million across October 7 and 8

Liquidations: over $1 billion, mostly long bets

2. An Iran Pledge Eased the Pressure

The Iran story also brought the relief.

Later on October 8, President Trump said the US would not strike Iran before the November 3 midterms. That cooled the oil spike, with Brent dropping toward $103 a barrel. Bitcoin bottomed near $80,400 around then.

Trigger: no Iran strike before November 3

Oil: Brent toward $103 a barrel

Floor: $2.69 trillion held, above the $2.54 trillion September low

Coin Spotlight: Bitway (BTW)

Bitway (BTW) outpaced the rebound, up about 9% over 24 hours near $1.46, taking its 30-day gain to 231%. It has climbed inside a rising channel since September 20, per the 12-hour chart, bouncing off the lower line at $0.87 on October 4.

Move: up about 9% in a day, 231% in a month

Hurdles: hold $1.45, then clear $1.59

Breakout: above $1.79 opens $2.04

Analyst’s View: The bounce rests on easing oil fears, while ETFs were still selling on October 8. Holding $2.69 trillion into the September inflation data on October 14 keeps the uptrend intact.