Title: Crypto Market News: Bitcoin and Altcoins Struggle, Hamas Receives Large Crypto Donations
H2: Crypto Market Struggle
On Thursday, the cryptocurrency market saw Bitcoin and other crypto tokens struggling as buyers remained on the sidelines, despite a strong rally in the equity market and a fall in bond yields. The US Producer Price Index (PPI) for September was slightly stronger than expected, while the US Federal Reserve’s minutes showed most expect another round of rate hikes to complete the current tightening cycle.
H3: Hamas Receives Massive Crypto Donations
In other reports, the Wall Street Journal revealed that the Hamas terrorist organization and its affiliates received about $93 million in crypto donations between August 2021 to June 2023. This data was based on information from Elliptic, a forensics firm, and BitOK, a Tel Aviv software company. This revelation has raised concerns about the use of crypto as a financing method for militant groups.
H3: Bitcoin and Altcoins Performance
Bitcoin was observed on a downward trajectory as the largest crypto token dropped by about a percent, but managed to hold at $26,500-levels. Ethereum, its largest peer, also saw a decline, holding just above the $1,560-mark. Altcoins were showing mixed performance, with some gaining and others losing.
H2: Market Activity
Market participants were eagerly awaiting the US inflation data for September as Bitcoin’s price dipped below $27,000. This signaled an active effort by bears to gain control of the market, according to Edul Patel, Co-Founder & CEO at Mudrex.
H3: Mixed Performance and Market Cap
All top crypto tokens were trading mixed, with Litecoin dropping about 3%, Solana down by 2%, and other tokens recording marginal gains and losses. The global cryptocurrency market cap was also trading lower at $1.05 trillion, declining by less than half-a-percent in the last 24 hours, while total trading volumes rose by over 2% to $25.81 billion.
H2: Expert Views and Banking Development
Shubham Hudda, a Senior Manager at CoinSwitch Markets Desk, warned that Bitcoin’s downward momentum could lead to a further sell-off, bringing the price down to $24,000 or beyond. Meanwhile, JPMorgan’s in-house blockchain Onyx has launched its tokenized collateral network, marking a significant development in the traditional banking sector.
H3: Tech View by WazirX Trade Desk
The REQ utility token has played a crucial role in upholding the reliability and robustness of the Request Network, a decentralized payment system. On the weekly time-frame, the price for REQ/USDT surged by nearly 50% in the last week, showing a considerable buildup of volume and is on the verge of a pattern breakout.
In conclusion, the cryptocurrency market continues to show both volatility and resilience, attracting attention from investors across financial markets. Please consult your financial adviser before taking any position in the asset/s mentioned.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin