The BTC price appears to remain unfazed hovering above the $26,000 mark, despite the recent approval by a bankruptcy court for FTX to sell off its cryptocurrency assets. Despite a slight uptick to $26,350 during U.S. afternoon trade, the news from FTX caused a minor recoil, settling the biggest crypto beast at $26,135 marking a 24-hour fall of 0.3%.
Among FTX’s premium assets, Solana’s SOL also rode a similar roller coaster. Fears of a potential dump due to FTX’s $1.16 billion holdings in SOL had a brief unsettling moment on the market. The slight 2% dip was followed by a swift recovery, taking SOL to a 1.2% net climb for the day. Aptos (APT), another significant FTX investments, also wavered 2% following the announcement. Yet, it managed to uphold the majority of the day’s gain, recording a 3% growth.
Major digital currencies traded in sync with BTC. Altcoins such as Ether, Cardano’s ADA, and Ripple’s XRP, exhibited minimal movement, with less than a 0.5% sliding trend for the day.
Elsewhere, the digital exchange Huobi rebranded itself to HTX. The announcement had a pleasant impact on HT, its native token, that observed about a 3% escalation before comforting some of its gains. Toncoin (TON) also witnessed an almost 10% rally post the news of Telegram pledging to integrate the TON network into its blockchain Web3 infrastructure.
Consumer Price Index (CPI) results revealed a rise in headline inflation to 3.7%, a 0.5% increase from July data. Stripping out the food and energy costs, the core CPI simmered down to 4.3% from 4.7%. This development is majorly attributed to spiking oil prices, which recently touched a 2023 high and appears to sustain throughout September.
Despite the occasional attempts to break out of the tight $26,000 range, Bitcoin generally retreats back to its comfort zone. The tug of war between bullish investors wishing for the US Federal Reserve to slash interest rates, and a steadily growing economy with inflation rates pumping above the central bank’s 2% target make up a captivating scenario.
BTC’s firm grip on its price levels has raised a few eyebrows regarding its deteriorating technical picture. Anticipations of a price spectrum between $20,000 and $30,000 until the next halving in April prevail. Upcoming triggers such as a potentially hawkish Federal Reserve meeting, FTX asset sales, and Mt. Gox fund settlement could drag the BTC price down to around $23,000, the so-called true bottom, sometime around mid to late October.
Source: Coindesk
