Analysis Crypto by Thebittimes.Com

After a short-term bullish moment at the start of October, the crypto market has turned red again. The Israel-Palestine war might be one of the reasons for the bearish sentiment . According to the data provided by Santiment, the “bullish” trend plunged by 93% over the past 24 hours.  BTC price and bullish social volume – Oct. 10 | Source: Santiment The downward momentum comes as investors turn from altcoins to Bitcoin (BTC). According to CoinMarketCap (CMC) data, BTC’s market dominance has reached a three-month high of 50.2%. You might also like: Prosecutors push to silence SBF on FTX’s Anthropic investment While the flagship crypto ’s dominance hiked, its price dropped by 0.65% over the past day. Bitcoin is trading at $27,665 with a $539.8 billion market capitalization at the time of writing. The asset’s 24-hour trading volume rose by 60%, reaching $12.1 billion. This investor behavior indicates a sudden shift from altcoins to BTC as the conflict grows...

Several macroeconomic indicators suggest that bearish headwinds could strengthen during the remainder of 2023 and possibly negatively impact the crypto market. 2023 has been a whipsaw year for investor sentiment and even though equities market s have defied expectations, a recent report from ARK Invest highlights reasons why the remainder of 2023 could present several economic challenges.  ARK manages $13.9 billion in assets, and its CEO, Cathie Wood, is a strong advocate for cryptocurrencies. In partnership with the European asset manager 21Shares, ARK Investment first applied for a Bitcoin exchange-traded fund (ETF) in June 2021. Their most recent request for a spot BTC ETF, which is currently pending review by the U.S. Securities and Exchange Commission (SEC), was initially filed in May 2023. Long-term bullish, short term bearish? Despite ARK’s bullish view on Bitcoin which is supported by their research on how the fusion of Bitcoin and Artificial Intelligence could transform corpo...