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 The cryptocurrency market has been volatile in recent days, with Dogecoin and Cardano (ADA) leading the losses, with major tokens falling as much as 5% at the beginning of the week. This continues the market’s worst October since 2015. Market dynamicsBitcoin (BTC) was hovering near $106,000 in early trading on Monday, after briefly recovering to $110,000. In addition to Dogecoin and Cardano, Solana (SOL), BNB and Ethereum (ETH) also saw losses of 4%. TRON (TRX) remained stable over the 24 hours. There appears to be no clear catalyst for the decline, with analysts noting it could be due to profit-taking following last week's price gains. Alex Kupzkiewicz, chief market analyst at FxPro, said: “Bitcoin’s failure to hold above $113,000 shows diminishing momentum, with the market continuing to track lower highs. ” Behavior of long-term holdersData from Glassnode shows that long-term holders increase sales when the market is strong, having tripled their Bitcoin sales since June. This trend has led to increased market volatility, but spot trading volume in October still exceeded $300 billion, demonstrating strong two-way liquidity. Gold market pullbackMeanwhile, gold prices are holding steady near $4,000 an ounce. China recently announced it would end tax rebates for some gold retailers, a policy shift that could weaken demand in one of the world's largest gold markets. Despite the correction, gold prices are still up more than 50% from the beginning of the year, showing that safe-haven demand remains strong. The correlation between Bitcoin and gold has strengthened in recent months, reflecting their shared response to monetary policy and geopolitical pressures. future outlookAnalysts have mixed opinions on the future direction of the cryptocurrency and gold markets. Some analysts believe that rising gold prices will help drive Bitcoin's future performance, predicting that Bitcoin could reach $200,000 by the end of 2025. Whatever the future holds, changes in market sentiment will continue to influence the movements of both assets. Investors need to pay careful attention to market dynamics and make wise decisions. |
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