THE SUPREME TEAM: Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market

Unlike the crypto market, US stocks are having a rough October. It has actually been the most volatile month for stocks and historically seen them suffer their two worst crashes.

This week started with the S&P 500 sliding 1.3% and the Dow Jones Industrial Average dropping 0.9%. Tech-heavy Nasdaq also plunged 2.1%. Additionally, Apple tumbled 2.5%, and Microsoft moved down 2.1% while tech giants PayPal, Square, and Nvidia sold off sharply.

On Monday, Facebook also went down, and so did all social networks the company owns, including Messenger, Instagram, and Whatsapp. Facebook’s virtual reality platform Oculus and its business communication tool, Workplace, were down as well.

As we reported, October is seeing a good start for the crypto market, unlike the stock market. Bitcoin has hit $50k, going as far as $50,400 on Tuesday. Ether is currently above $3,400, having risen to $3,475, and the total crypto market cap is standing at $2.28 trillion.

As we reported, Bitcoins’ hash rate is also recovering strongly, up 134% since June low to reach 160 Th/s. This week, mining difficulty also increased by 4.71% for the sixth consecutive time since July 31 to climb to 19.89 trillion.

A similar recovery can be seen in the inflows recorded by cryptocurrency investment products and funds. For the seventh straight week, institutional investors put money into the crypto sector, as per CoinShares data.

Inflows to the sector were $90.2 million last week, bringing the total inflows over the past seven weeks to $411 million and $6.1 billion YTD.

Bitcoin accounted for most of these inflows at $69 million for the week ending Oct. 1, recording its third straight week of inflows.

“We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors and more accommodative statements from the U.S. Securities Exchange Commission and the Federal Reserve,” wrote James Butterfill, investment strategist, at CoinShares.

Ethereum products posted another week of inflows totaling $20 million, despite conceding market share to bitcoin in recent weeks, with its inflows so far this year amounting to $1 billion.

As for other altcoins, it was a mixed week as Polkadot, Tezos, and Binance saw outflows of $800k each. Meanwhile, Cardano and Solana saw minor inflows totaling $1.1 million and $700k respectively.

DOT -2.48%


Polkadot / USD
DOTUSD


$ 30.57

-$0.76
-2.48%



Volume 1.24 b


Change -$0.76


Open $30.57


Circulating 987.58 m


Market Cap 30.19 b

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17 h
Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market


1 w
Bitcoin’s Monthly Inflow Crosses $100 Million, Solana and Polkadot See “Outsized Inflows”


1 w
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XTZ -8.65%


Tezos / USD
XTZUSD


$ 7.57

-$0.65
-8.65%



Volume 807.55 m


Change -$0.65


Open $7.57


Circulating 862.2 m


Market Cap 6.53 b

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17 h
Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market


1 d
Shift to Risk-on: Bitcoin Is Up 12% Already in Uptober Amidst Stock Market Weakness


1 w
South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation

BNB 0.82%


Binance Coin / USD
BNBUSD


$ 431.93

$3.54
0.82%



Volume 1.55 b


Change $3.54


Open $431.93


Circulating 168.14 m


Market Cap 72.62 b

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17 h
Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market


1 w
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1 w
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ADA -0.60%


Cardano / USD
ADAUSD


$ 2.20

-$0.01
-0.60%



Volume 2.11 b


Change -$0.01


Open $2.20


Circulating 32.04 b


Market Cap 70.45 b

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17 h
Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market


3 d
Grayscale Makes Solana (SOL) the 4th Biggest Holding in its Digital Large Cap Fund, Adds Uniswap (UNI) too


1 w
Cardano’s Investment Arm, EMURGO, Commits $100 Million to Ramp Up DeFi Integration

SOL -5.53%


Solana / USD
SOLUSD


$ 157.20

-$8.69
-5.53%



Volume 2.59 b


Change -$8.69


Open $157.20


Circulating 297.99 m


Market Cap 46.84 b

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13 h
Citadel Founder Says Regulating Crypto Will Make It “A Smaller Market” And “That’ll Be Good”


17 h
Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market


3 d
Grayscale Makes Solana (SOL) the 4th Biggest Holding in its Digital Large Cap Fund, Adds Uniswap (UNI) too

Despite growing and regular inflows, volumes were low at $2.4 billion last week versus $8.4 billion in May 2021.

Interestingly, trading volume at leading crypto exchange Binance soared between July and September despite the crackdown by regulators across the globe.

Spot trading volume at Binance surged to $789 billion in September compared to $454 billion in July, according to CryptoCompare. Derivatives volumes also jumped nearly 25% to $1.7 trillion, the data showed.

The post Bitcoin Breaks Above ,000 Showing Strength Against Weakness in the Stock Market first appeared on BitcoinExchangeGuide.


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