In the ever-evolving world of cryptocurrency, market intelligence firm Santiment has identified four key trends currently affecting the landscape. These trends revolve around optimism surrounding Bitcoin (BTC) and altcoin XRP, as well as concerns stemming from developments on Reddit and the Fed. Here’s a closer look at what’s driving crypto markets in October…
Bitcoin and altcoin market is affected by XRP
cryptokoin.com As we reported, Bitcoin recently achieved a remarkable success by exceeding the $ 30,000 price limit twice in a week. According to Santiment, such milestones often lead to celebrations and an increase in feelings of FOMO (Fear of Missing Out). However, it is important to note that an overly excited crowd can sometimes indicate a potential market top and reflects the need for cautious optimism.
In a significant development, the US Securities and Exchange Commission (SEC) dropped charges against Ripple executives Brad Garlinghouse and Chris Larsen. This decision brought a new bullish atmosphere to the XRP market. While XRP initially jumped 10% on this news, it has yet to break away from the broader crypto market. This points to a “buy the rumor, sell the news” dynamic that investors should watch closely.
Reddit users and FED concern
Recent news that Reddit users have lost the ability to tip community members with MOON and DONUT tokens has raised concerns in the crypto community. Santiment suggests that the discussions surrounding this development could lead to FUD (Fear, Uncertainty and Doubt) affecting the entire crypto market. Time will tell whether this will have a positive impact on prices. As the official removal of MOON and DONUT approaches on November 8th, any increase in negative mood will be carefully monitored.
The Fed’s recent hawkish stance has caused waves of concern among crypto investors. However, Santiment points out that this concern will only turn into a significant market impact if the crypto sector once again follows the movements of the S&P 500 closely. Currently, cryptocurrencies are trading closer to the value of gold as a potential result of global economic uncertainty. Santiment also hints at the possibility of these sectors trading in sync once again, reminiscent of crypto price swings seen throughout 2022 and early 2023 in response to negative news from the Fed. This suggests that the future interconnectedness of these markets could have interesting implications for crypto investors.
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