Bitcoin Price Climbs amid Broader Move Higher in Crypto Market

28 Oct 2021 · 3rd Party Analysis

Vector representing Uptrend Arrow in front of a Bitcoin Logo Climbing up, over a candlechart background. Bitcoin Price Climbs amid Broader Move Higher in Crypto Market

WRITTEN BY ThorFX

In Summary:

  • The price of bitcoin advances modestly on Thursday, jumps above $59,000
  • Crypto markets are looking to recover after a quick pullback on Wednesday

What’s Trading in the Markets?

Bitcoin and the cryptocurrency market declined Wednesday as traders pulled back a week after Bitcoin ETFs debuted on Wall Street. While the reason for the quick drop was not entirely clear, analysts say it was a correction move after the excitement over the first Bitcoin ETF launch on the stock market.

Still, the price of bitcoin is climbing on Thursday, as is the broader crypto space. In more detail, the original cryptocurrency advanced to levels above $59,000 after sliding to a session low of $58,000 earlier.

Other tokens are also marching higher today. Ether, for example, gained 4% in the first few hours of the session. As a result, the Ethereum network’s native coin regained the $4,000 milestone after a brief dip below $3,900.

In general, the collective move higher has brought the market valuation of cryptos back above $2.5 trillion. In other words, about $200 billion away from the record high set last Wednesday. Back then, the price of bitcoin rallied to a fresh all-time high of $67,000.

Dive Deeper in the World of Trading

In other sectors of the world of trading and investing, stocks and pairs today are calm ahead of big news. Stock futures rose slightly in pre-market hours ahead of the opening bell in New York.

More precisely, futures contracts tied to the Dow Jones edged higher by a modest 20-point gain. In addition, S&P500 futures were higher by less than 10 points. And finally, Nasdaq futures jumped over 40 points or 0.3%.

What to Expect in the Markets?

The tech-heavy Nasdaq Composite today is bound for increased volatility. Two technology giants are slated to report earnings figures for the third quarter. In other words, Apple and Amazon will reveal how their businesses weathered the quarter ended September. The set of financial reports is scheduled to arrive right after the stock market closes.

Meanwhile, forex traders will get a few chances to play with increased volatility on Thursday. Namely, the US dollar and the euro are expected to see elevated trading volumes when the US GDP data comes out.

Additionally, the ECB holds a press conference where ECB President Christine Lagarde will address the central bank’s position toward the European economy. With this in mind, the EUR/USD pair will most likely be affected by the economic data scheduled to arrive today.

Economic News Today (EST time)

On the economic news front, The European Central Bank publishes its interest rate decision at 07:45 am. The report will be followed by a press conference at 08:30 am. Also, at the same time, the US will release its GDP data for the third quarter. Along with it, the Labor Department will announce the initial jobless claims.

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