Bitcoin Price Prediction as BTC Market Cap Climbs Above $500 Billion – Where is BTC Headed Now?
Despite positive developments like the launch of futures-based Ether ETFs and a UAE Dirham-based stablecoin driving digital asset adoption, Bitcoin (BTC), the world's most valuable cryptocurrency, failed to stop its losing streak and is currently trading below the $28,000 mark.
The cryptocurrency market is currently worth $1.08 trillion. However, it experienced a 0.90% loss within the last 24 hours. Bitcoin recently faced rejection at $28,600 and has been under pressure.
The current bearish trend can be attributed to two key factors: the increasing US bond yields and overbought signals.
On October 3, the yield of the US. 10-year Treasury note surged to 4.75%, marking a sixteen-year high. This resulted from statements from Federal Reserve officials, indicating that interest rates would not be reduced in 2023 and 2024.
Last week, Solana stood out by attracting $5 million in investments. Bitcoin continued to lead the way with a substantial inflow of $20.4 million. On the other hand, Ether had a tough week, facing outflows of $1.5 million for the seventh consecutive week.
According to analysts at CoinShares, these trends can be attributed to factors such as strong price momentum and concerns about US government debt. They believe these factors are driving investments in digital assets.
Senate leaders passed a stopgap measure to secure U.S. government funding until November 17th, but the future beyond this date remains uncertain.
Germany, Canada, and Switzerland saw significant inflows of $17.7 million, $17.2 million, and $7.4 million, respectively, while the United States saw a notable outflow of $18.5 million.
Bitcoin's momentum may have contributed to positive investor sentiment, resulting in increased interest in digital
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