PANews reported on October 27 that QCP Capital, a Singapore-based crypto investment institution, said that the cryptocurrency market was relatively volatile this week. BTC retested its local high of 69,500 since July but failed to break through. It eventually gave up its gains and found support at the 65,000 mark, and now appears to be forming a consolidation pattern. This week, BTC ETF net inflows reached $997.7 million, a third consecutive week of positive inflows, indicating strong institutional demand.
Bitcoin dominance continues to rise, reaching a high of 59.75% this week. Conversely, ETHBTC fell below its key support level of 0.03850, falling 5.85% to a new low of 0.03625. With Bitcoin close to its all-time high, the upward trend in Bitcoin dominance is likely to continue in the short term. Reports that the US government is allegedly investigating Tether caused the USDT stablecoin price to fall sharply. USDT fell to a low of 0.9965 before recovering above 0.9980 this week. Tether CEO Paolo Ardoino has so far denied the claims, and it remains to be seen whether the allegations are true, as this is not the first time Tether has come under such intense scrutiny.
In the Middle East, tensions continue to rise as Israel retaliates for missile attacks earlier this month. Israel's retaliatory strikes and the fiasco of USDT brought some selling pressure to the market on Friday, with the Dow Jones Industrial Average and S&P 500 falling 0.61% and 0.03% respectively. Cryptocurrencies subsequently fell, with BTC briefly falling to 65.5k.
As the week draws to a close, the focus is now on the upcoming non-farm payrolls data next Friday, which will provide further insights into the Fed’s next move. Currently, the probability of a 25 basis point rate cut in November is 95.1%, and the market does not expect much surprise.
