October 03, 2023

Your Bitcoin Headlines:

4th quarter rally sees Bitcoin stocks higher

Bitcoin surged to its highest level in nearly two months, triggering a rally as the final quarter of the year began. In New York, the price of bitcoin stood at $28,451.20, marking a remarkable 4% gain. Over the past five days, the cryptocurrency has experienced a noteworthy 7.49% climb.

Concurrently, crypto-related stocks such as Coinbase and Riot Platforms witnessed substantial gains of 5.5% and 15%, respectively. This upward movement in Bitcoin's price was partially attributed to significant short liquidations on Sunday, as reported by Coindesk. Approximately $94 million worth of futures contracts, which had bet against the cryptocurrency's price, were forcefully closed out.

Ether, the second-largest cryptocurrency by market capitalization, also made impressive gains by breaching the $1,700 mark for the first time in five weeks.

Furthermore, the collective market capitalization of all cryptocurrencies surged by 3.3% within the last 24 hours, reaching an impressive $1.16 trillion, as reported by Decrypt.

Beyond market dynamics, this week marks the commencement of the high-profile trial of Sam Bankman-Fried, the cryptocurrency prodigy who founded the now-defunct exchange, FTX. Bankman-Fried faces criminal charges, including fraud and bribery.


Editor

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