Bitcoin Price Swings as ECB & Börse Stuttgart Accelerate Blockchain Adoption Amid Turmoil

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Arslan Butt

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Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

October 1, 2024

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Recently, the price of bitcoin has fluctuated noticeably due to traditional financial institutions adopting blockchain technology and rising international tensions.

The European Central Bank (ECB) and Börse Stuttgart’s successful pilot test of blockchain-based settlements marks a significant leap in financial innovation.

This development, along with macroeconomic factors, is driving increased volatility in the cryptocurrency market, leaving investors on edge.

ECB and Börse Stuttgart Reduce Blockchain Settlement Times in Pilot Test

The European Central Bank (ECB) and the second-biggest exchange in Germany, Boerse Stuttgart Group, have successfully tested blockchain-based transactions. Thanks to the test, settlement periods for securities such as bonds and shares were cut from two days to a few minutes.

Deutsche Bank was one of the six main banks involved in this, and it was accomplished with the help of tokenized securities.

The study investigated the potential synergies between blockchain technology and conventional central bank currency to enhance transaction speed, security, and efficiency while lowering trading party risk.

This test is a component of the ECB’s larger investigation into the effects of blockchain technology on financial markets.

This test’s success indicates that blockchain technology is becoming more widely accepted in traditional finance. This might have a positive impact on Bitcoin and other cryptocurrencies by fostering more acceptance and confidence within the industry.

Retail Bitcoin Inflows Steady as Whales Increase Positions in Bullish October

Retail traders, or everyday investors, are engaging in routine activity while large investors, or “whales,” are increasing their purchases of Bitcoin starting in early October 2024.

According to data from exchanges like OKX and Binance, there are fewer retail traders than in prior bull markets. With average gains of 22%, October has proven to be a great month for Bitcoin.

Larger players buy Bitcoin from older whales, while regular investors remain hesitant.

Buying by retail traders usually indicates the end of a rally and occurs while prices are rising.

Bitcoin prices may increase if whales keep purchasing and regular investors hold off. But if more retail traders join, the price may rise, and the market may peak.

Bitcoin Drops to Nearly $60,000 As Markets Are Shaken By Middle Eastern Fears

The recent surge in Middle East tensions kept a check on Bitcoin gains, sending the price plummeting almost to $60,000. Coinbase reports that Bitcoin fell 9% in 48 hours, to its lowest level since the middle of September.

Oil prices spiked, but stocks plummeted as well, with the S&P 500 down about 1%. The concern in the world markets caused by Iran’s missile launches against Israel led to the late-night decline in Bitcoin.

While some analysts pinpoint geopolitical fears as the cause of the decline, others blame overheated Bitcoin and end-of-month profit-taking.

Bitcoin’s price briefly dropping highlights the cryptocurrency’s susceptibility to worldwide occurrences, especially tensions in geopolitics.

But analysts contend that these kinds of “war news” usually only affect Bitcoin temporarily, and they are still upbeat about its recovery.

BlackRock CEO Warns of “Crazy” Fed Moves Amid Looming China “Tsunami” Impacting Bitcoin and Cryptocurrencies

Due to international forces like China, BlackRock, Donald Trump, and the Federal Reserve, Bitcoin has been quite volatile recently. Bitcoin fell due to market reactions to worries about China’s economic circumstances, just after reaching its highest-ever value of $70,000.

Larry Fink, CEO of BlackRock, issued a warning that the market is expecting too many interest rate reductions from the Federal Reserve.

Experts anticipate “fireworks” in the market as China is ready to use significant stimulus measures to stimulate growth, which might result in a “tsunami of liquidity.” This is expected to drive up the price of Bitcoin in the near future.

Although there have been brief declines in the price of Bitcoin, analysts believe that future liquidity from China and possible reductions in Federal Reserve rates will drive a sharp increase in the market’s value.

Bitcoin (BTC/USD) Daily Outlook – October 2, 2024

Bitcoin is trading at $61,310, down 0.03% during the early session, struggling to regain momentum after a sharp sell-off.

The cryptocurrency is hovering near its 23.6% Fibonacci retracement level at $61,110, suggesting indecision among market participants.

Immediate resistance is seen at $61,690, aligned with the 38.2% Fibonacci retracement, while stronger resistance can be observed at $62,160.

A break above this level may push BTC towards $62,610, which coincides with the 50-day EMA at $62,460.

On the downside, immediate support is $60,190, with further support at $59,530. A break below these levels could trigger additional selling pressure. The RSI is currently at 42, indicating neutral conditions but showing potential for downside risk.

Key Insights:

• Immediate Resistance at $61,690: Break above this level could spark bullish momentum.
• Support at $60,190: A breach could lead to a deeper correction.
• RSI Neutral at 42: Indicates balanced momentum, but downside risk remains.

Conclusion: Bitcoin needs to clear $61,690 for bullish sentiment to regain traction; otherwise, risks remain skewed to the downside.

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