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 (NASDAQ: AAPL ) tumbled 2.5%, and Microsoft (NASDAQ: MSFT ) moved down 2.1% while tech giants PayPal (NASDAQ: PYPL ), Square (NYSE: SQ ), and Nvidia sold off sharply.
On Monday, Facebook (NASDAQ: FB ) 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.
Bitcoin's current strength against weakness in traditionals is one of the most promising developments of 2021. https://t.co/jPZksF5Rb8
— Charles Edwards (@caprioleio) October 5, 2021
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.
Polkadot / USD DOTUSD
$ 31.70 $0.67 2.10%
Volume 1.3 b Change $0.67 Open $31.70 Circulating 987.58 m Market Cap 31.31 b
26 min 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 South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation
Tezos / USD XTZUSD
$ 8.12 -$0.59 -7.26%
Volume 1.06 b Change -$0.59 Open $8.12 Circulating 862.08 m Market Cap 7 b
26 min 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
Binance Coin / USD BNBUSD
$ 439.20 $19.06 4.34%
Volume 1.61 b Change $19.06 Open $439.20 Circulating 168.14 m Market Cap 73.85 b
26 min Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market 1 w DeFi Rallies on China Ban as Chinese Turn to Decentralized Projects, Crypto Prices Recover to Pre-ban Levels 1 w China’s Largest Cryptocurrency Exchanges Suspend All New User Registrations
Cardano / USD ADAUSD
$ 2.22 $0.04 1.85%
Volume 2.14 b Change $0.04 Open $2.22 Circulating 32.03 b Market Cap 71.1 b
26 min Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market 2 d Grayscale Makes Solana (SOL) the 4th Biggest Holding in its Digital Large Cap Fund, Adds Uniswap (UNI) too 6 d Cardano's Investment Arm, EMURGO, Commits $100 Million to Ramp Up DeFi Integration
Solana / USD SOLUSD
$ 168.41 $1.28 0.76%
Volume 2.89 b Change $1.28 Open $168.41 Circulating 297.98 m Market Cap 50.18 b
26 min Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market 2 d Grayscale Makes Solana (SOL) the 4th Biggest Holding in its Digital Large Cap Fund, Adds Uniswap (UNI) too 1 w Bitcoin’s Monthly Inflow Crosses $100 Million, Solana and Polkadot See “Outsized Inflows”
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.
See Details The post Bitcoin Breaks Above ,000 Showing Strength Against Weakness in the Stock Market first appeared on BitcoinExchangeGuide.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.