02/10/2023 Crypto Market Analysis & Trend: Neutral
Since the beginning of October, the cryptocurrency market has shown signs of recovery with positive movement across major currencies such as Bitcoin, Ethereum, and Binance Coin. We see Bitcoin surpassing the $28,000 mark, indicating a positive investor sentiment and suggesting a potential uptrend in the following hours. However, the Fear and Greed Indicators table reveals a sense of fear currently permeating the market. Despite Ethereum and Bitcoin showing price gains, the fear levels are still high, suggesting that investors may be cautiously optimistic. Mining activities continue consistently, indicating a sustained interest among miners. On the other hand, we see the SEC filing lawsuits against FTX and its Auditor, leading to a negative sentiment visible in the news. Additionally, significant crypto exploits and the decline of NFT sales contribute to a cautious outlook. Therefore, while there are encouraging signs for a bullish trend, several factors can potentially sway the market negatively.
What is important
The cryptocurrency market is exhibiting recovery signs, with major cryptocurrencies showing a positive trend. However, caution remains in the market due to regulatory action against crypto companies such as FTX and its Auditor, paired with major crypto exploits impacting the sentiment. These factors, along with the continued high fear levels despite price gains and market dynamics, might influence the market direction.
Latest Crypto News – Top 5
- SEC Files Lawsuit Against FTX´s Auditor– SEC files lawsuit against FTX, auditor details
- Bitcoin breaks 30 day high passing $28k as SEC considers future of spot Bitcoin ETFs– Bitcoin breaks 30-day high, passes 28k as SEC considers future of spot Bitcoin ETFs.
- SEC charges FTX auditor for helping clients violate securities laws– SEC charges FTX auditor for helping clients violate securities laws
- FTX Exploiter Bridges $8M in Ethereum (ETH) to Bitcoin (BTC)– FTX exploiter bridges 8m in Ethereum (ETH) to Bitcoin (BTC)
- Bitcoin Price Skyrockets Past $28,000, Here´s Why– Bitcoin price skyrockets past $28,000.
Factors Driving the Growth – Market Sentiment
From the ‘Positive Keywords’ and ‘Negative Keywords’ tables, activity around bitcoin is evident in both positive and negative lights, demonstrating its weighted influence in the market. Negative sentiment keywords such as ‘sec’ and ‘ftx’ suggest concerns about regulatory actions.
Positive Terms – Sentiment Analysis
| Occurrences | Keyword |
|---|---|
| 11 | bitcoin |
| 6 | cryptocurrency market |
| 4 | coinbase |
| 4 | price |
| 2 | $28,000 |
| 2 | btc |
| 2 | q4 |
| 2 | singapore |
| 2 | solana |
| 1 | $28500 mark |
Negative Terms – Sentiment Analysis
| Occurrences | Keyword |
|---|---|
| 8 | ftx |
| 8 | sec |
| 6 | auditor |
| 5 | cryptocurrency market |
| 4 | bitcoin |
| 4 | crypto |
| 3 | ethereum |
| 2 | cftc |
| 2 | crypto exploits |
| 2 | crypto miners |
Crypto Fear & Greed Index
Even with price increases in Bitcoin and Ethereum, the ‘Fear and Greed Indicators’ signal a sense of fear, indicating investor caution despite the potential uptrend.
| Date | Value | Variation | Source |
|---|---|---|---|
| 30/09/2023 01:00:00 | 47pt | -1pt | Alternative.me |
| 30/09/2023 00:00:00 | 48pt | 0pt | Alternative.me |
| 02/10/2023 01:00:00 | 50pt | 2pt | Alternative.me |
| 02/10/2023 00:00:00 | 48pt | 0pt | Alternative.me |
| 01/10/2023 01:00:00 | 48pt | 1pt | Alternative.me |
| 01/10/2023 00:00:00 | 47pt | 0pt | Alternative.me |
| 30/09/2023 07:00:00 | 47pt | -1pt | BitDegree.org |
| 30/09/2023 00:00:00 | 48pt | 0pt | BitDegree.org |
| 02/10/2023 10:00:00 | 50pt | 2pt | BitDegree.org |
| 02/10/2023 00:00:00 | 48pt | 0pt | BitDegree.org |
| 01/10/2023 06:00:00 | 48pt | 1pt | BitDegree.org |
| 01/10/2023 00:00:00 | 47pt | 0pt | BitDegree.org |
| 30/09/2023 08:00:00 | 66pt | 1pt | BtcTools.io |
| 30/09/2023 01:00:00 | 65pt | -2pt | BtcTools.io |
| 30/09/2023 00:00:00 | 67pt | 0pt | BtcTools.io |
| 29/09/2023 16:00:00 | 67pt | 0pt | BtcTools.io |
| 02/10/2023 08:00:00 | 71pt | 2pt | BtcTools.io |
| 02/10/2023 00:00:00 | 69pt | 0pt | BtcTools.io |
| 01/10/2023 16:00:00 | 69pt | 4pt | BtcTools.io |
| 01/10/2023 08:00:00 | 65pt | 1pt | BtcTools.io |
| 01/10/2023 00:00:00 | 64pt | -2pt | BtcTools.io |
| 30/09/2023 00:00:00 | 47pt | 0pt | Coinstats.app |
| 02/10/2023 00:00:00 | 50pt | 2pt | Coinstats.app |
| 01/10/2023 00:00:00 | 48pt | 1pt | Coinstats.app |
| 30/09/2023 00:00:00 | 47pt | 0pt | LookIntoBitcoin.com |
| 02/10/2023 00:00:00 | 50pt | 2pt | LookIntoBitcoin.com |
| 01/10/2023 00:00:00 | 48pt | 1pt | LookIntoBitcoin.com |
| 30/09/2023 01:00:00 | 47pt | -1pt | Milkroad.com |
| 30/09/2023 00:00:00 | 48pt | 0pt | Milkroad.com |
| 02/10/2023 01:00:00 | 50pt | 2pt | Milkroad.com |
| 02/10/2023 00:00:00 | 48pt | 0pt | Milkroad.com |
| 01/10/2023 01:00:00 | 48pt | 1pt | Milkroad.com |
| 01/10/2023 00:00:00 | 47pt | 0pt | Milkroad.com |
Bitcoin: Active Addresses
The ‘Bitcoin Address Indicators’ show a consistent number of active Bitcoin addresses, which further suggests sustained user activity and interest in the cryptocurrency market.
| Date | Value | Variation | Address | Source |
|---|---|---|---|---|
| 01/10/2023 00:00:00 | 1,036,440 | -1.72% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 30/09/2023 00:00:00 | 1,054,314 | -0.97% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 1,064,536 | 0.96% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 1,054,331 | -0.61% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 01/10/2023 00:00:00 | 12,364,929 | -0.06% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 30/09/2023 00:00:00 | 12,372,275 | -0.01% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 12,373,899 | -0.03% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 12,377,437 | -0.11% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 01/10/2023 00:00:00 | 4,490,861 | 0.00% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 30/09/2023 00:00:00 | 4,490,827 | -0.01% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 4,491,346 | 0.01% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 4,491,084 | -0.06% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 01/10/2023 00:00:00 | 1,021,459 | 0.01% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 30/09/2023 00:00:00 | 1,021,328 | 0.00% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 1,021,367 | -0.01% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 1,021,436 | -0.01% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 01/10/2023 00:00:00 | 157,353 | 0.01% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 30/09/2023 00:00:00 | 157,342 | 0.01% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 157,320 | 0.00% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 157,313 | 0.02% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 01/10/2023 00:00:00 | 15,827 | 0.04% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 30/09/2023 00:00:00 | 15,820 | 0.01% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 15,818 | 0.03% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 15,814 | 0.03% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 01/10/2023 00:00:00 | 2,004 | 0.00% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 30/09/2023 00:00:00 | 2,004 | 0.05% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 2,003 | -0.15% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 2,006 | 0.10% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
Economic events to move the cryptocurrency market
The ‘Economic Events’ table indicates a number of influential events. Specifically, the FOMC member speeches and ISM manufacturing data can sway investor sentiment and potentially affect the prices of cryptocurrencies.
| Date | Impact | Event |
|---|---|---|
| 03/10/2023 14:00:00 | Moderate | JOLTS Job Openings |
| 03/10/2023 00:00:00 | Moderate | Motor Vehicle Sales North American-Made Sales – Annual Rate |
| 03/10/2023 00:00:00 | Moderate | Motor Vehicle Sales Total Vehicle Sales – Annual Rate |
| 02/10/2023 23:30:00 | Moderate | FOMC Member Mester Speaks |
| 02/10/2023 21:00:00 | Moderate | NZIER Business Confidence (Q3) |
| 02/10/2023 17:30:00 | Moderate | FOMC Member Williams Speaks |
| 02/10/2023 15:00:00 | Moderate | FOMC Member Harker Speaks |
| 02/10/2023 15:00:00 | High | Fed Chair Powell Speaks |
| 02/10/2023 15:00:00 | Moderate | BoE MPC Member Mann |
| 02/10/2023 14:00:00 | High | ISM Manufacturing Index Index |
| 02/10/2023 14:00:00 | Moderate | Construction Spending Year over Year |
| 02/10/2023 14:00:00 | Moderate | Construction Spending Month over Month |
| 02/10/2023 14:00:00 | High | ISM Manufacturing Prices (Sep) |
| 02/10/2023 14:00:00 | High | ISM Manufacturing PMI (Sep) |
| 02/10/2023 14:00:00 | Moderate | ISM Manufacturing Employment (Sep) |
| 02/10/2023 13:45:00 | Moderate | PMI Manufacturing Final Index |
| 02/10/2023 13:45:00 | Moderate | S&P Global US Manufacturing PMI (Sep) |
| 02/10/2023 09:00:00 | Moderate | Unemployment Rate (Aug) |
| 02/10/2023 08:30:00 | Moderate | IPC-Fipe Inflation Index (MoM) (Sep) |
| 02/10/2023 08:30:00 | Moderate | S&P Global/CIPS UK Manufacturing PMI (Sep) |
| 02/10/2023 08:00:00 | Moderate | HCOB Eurozone Manufacturing PMI (Sep) |
| 02/10/2023 08:00:00 | Moderate | IPC-Fipe Inflation Index (MoM) (Sep) |
| 02/10/2023 07:55:00 | Moderate | HCOB Germany Manufacturing PMI (Sep) |
| 02/10/2023 07:50:00 | Moderate | HCOB France Manufacturing PMI (Sep) |
| 02/10/2023 07:45:00 | Moderate | HCOB Italy Manufacturing PMI (Sep) |
| 02/10/2023 07:30:00 | Moderate | procure.ch PMI (Sep) |
| 02/10/2023 07:15:00 | Moderate | HCOB Spain Manufacturing PMI (Sep) |
| 02/10/2023 07:00:00 | Moderate | ECB´s De Guindos Speaks |
| 02/10/2023 07:00:00 | Moderate | Spanish Unemployment Change |
| 02/10/2023 06:00:00 | Moderate | Nationwide HPI (MoM) |
| 02/10/2023 06:00:00 | Moderate | Nationwide HPI (YoY) |
| 01/10/2023 23:50:00 | Moderate | Tankan Large Non-Manufacturers Index (Q3) |
| 01/10/2023 23:50:00 | Moderate | Tankan Large Manufacturers Index (Q3) |
| 01/10/2023 23:50:00 | Moderate | Tankan Big Manufacturing Outlook Index (Q3) |
| 01/10/2023 23:50:00 | Moderate | Tankan All Big Industry CAPEX (Q3) |
Cryptocurrency Prices
The ‘Prices’ table corroborates the upward trend in Bitcoin and Ethereum prices, however, insights from fear and greed indicators suggest investor apprehension.
| Date | Cryptocurrency | Price | Price Variation | 24h Variation | 24h Variation Difference | 24h Volatility | 24h Volatility Difference |
|---|---|---|---|---|---|---|---|
| 02/10/2023 00:00:00 | Bitcoin | 27,992.57 | 3.68% | 3.71 | 3.61% | 4.03 | 3.25% |
| 01/10/2023 00:00:00 | Bitcoin | 26,962.56 | 0.21% | 0.10 | 0.69% | 0.78 | -1.40% |
| 30/09/2023 00:00:00 | Bitcoin | 26,906.96 | 0.00% | -0.59 | 0.00% | 2.17 | 0.00% |
| 02/10/2023 00:00:00 | Ethereum | 1,733.79 | 3.63% | 3.57 | 3.58% | 4.98 | 3.29% |
| 01/10/2023 00:00:00 | Ethereum | 1,670.89 | 0.21% | -0.01 | -0.84% | 1.69 | -0.72% |
| 30/09/2023 00:00:00 | Ethereum | 1,667.45 | 0.00% | 0.83 | 0.00% | 2.40 | 0.00% |
| 02/10/2023 00:00:00 | Binance Coin | 218.20 | 1.65% | 1.58 | 2.09% | 2.96 | 1.84% |
| 01/10/2023 00:00:00 | Binance Coin | 214.60 | -0.28% | -0.51 | -0.56% | 1.12 | -0.42% |
| 30/09/2023 00:00:00 | Binance Coin | 215.20 | 0.00% | 0.05 | 0.00% | 1.54 | 0.00% |
Cryptocurrency Capitalization and Volume
The ‘Market Capitalizations and Volumes’ table shows that capitalizations and volumes of major cryptocurrencies have increased, signifying positive market activity.
| Date | Cryptocurrency | Capitalization | Capitalization Variation | Volume | Volume Variation |
|---|---|---|---|---|---|
| 02/10/2023 00:00:00 | Binance Coin | 33,539,533,248 | 1.51% | 419,977,148 | 55.06% |
| 01/10/2023 00:00:00 | Binance Coin | 33,034,392,756 | -0.15% | 188,754,346 | -88.74% |
| 30/09/2023 00:00:00 | Binance Coin | 33,082,817,986 | -0.03% | 356,261,551 | -8.80% |
| 02/10/2023 00:00:00 | Bitcoin | 545,302,108,027 | 3.55% | 10,737,885,172 | 41.96% |
| 01/10/2023 00:00:00 | Bitcoin | 525,936,342,995 | 0.29% | 6,232,496,381 | -92.59% |
| 30/09/2023 00:00:00 | Bitcoin | 524,413,138,992 | -0.48% | 12,003,362,757 | -40.26% |
| 02/10/2023 00:00:00 | Ethereum | 208,616,290,408 | 3.71% | 8,849,858,942 | 39.07% |
| 01/10/2023 00:00:00 | Ethereum | 200,867,042,113 | 0.14% | 5,392,381,676 | -107.98% |
| 30/09/2023 00:00:00 | Ethereum | 200,591,326,138 | 0.94% | 11,214,827,247 | -18.25% |
| 02/10/2023 00:00:00 | Tether | 83,251,476,138 | -0.01% | 16,569,712,937 | 35.83% |
| 01/10/2023 00:00:00 | Tether | 83,258,001,885 | -0.01% | 10,632,113,690 | -27.95% |
| 30/09/2023 00:00:00 | Tether | 83,267,971,094 | 0.00% | 13,603,667,615 | -73.88% |
Cryptocurrency Exchanges Volume and Variation
The ‘Exchanges’ table displays a mixed view with some exchanges observing more volume and some noting a decrease, implying an overall neutral sentiment in trading volumes across various platforms.
| Date | Exchange | Volume | Variation |
|---|---|---|---|
| 02/10/2023 00:00:00 | Binance | 161,624 | 26.67% |
| 01/10/2023 00:00:00 | Binance | 118,523 | -53.14% |
| 30/09/2023 00:00:00 | Binance | 181,507 | -21.98% |
| 02/10/2023 00:00:00 | Binance US | 357 | 49.53% |
| 01/10/2023 00:00:00 | Binance US | 180 | -72.95% |
| 30/09/2023 00:00:00 | Binance US | 311 | -32.64% |
| 02/10/2023 00:00:00 | Bitfinex | 3,690 | 66.07% |
| 01/10/2023 00:00:00 | Bitfinex | 1,252 | -150.33% |
| 30/09/2023 00:00:00 | Bitfinex | 3,134 | 14.23% |
| 02/10/2023 00:00:00 | Bybit | 28,851 | 54.06% |
| 01/10/2023 00:00:00 | Bybit | 13,254 | -186.70% |
| 30/09/2023 00:00:00 | Bybit | 37,998 | -12.17% |
| 02/10/2023 00:00:00 | Coinbase | 24,842 | 37.91% |
| 01/10/2023 00:00:00 | Coinbase | 15,425 | -103.67% |
| 30/09/2023 00:00:00 | Coinbase | 31,417 | -38.58% |
| 02/10/2023 00:00:00 | Crypto.com | 9,909 | 35.68% |
| 01/10/2023 00:00:00 | Crypto.com | 6,374 | -104.94% |
| 30/09/2023 00:00:00 | Crypto.com | 13,062 | 1.26% |
| 02/10/2023 00:00:00 | Gate.io | 17,858 | 28.30% |
| 01/10/2023 00:00:00 | Gate.io | 12,804 | -46.11% |
| 30/09/2023 00:00:00 | Gate.io | 18,708 | -21.17% |
| 02/10/2023 00:00:00 | Kraken | 11,347 | 48.92% |
| 01/10/2023 00:00:00 | Kraken | 5,797 | -224.49% |
| 30/09/2023 00:00:00 | Kraken | 18,810 | -3.55% |
| 02/10/2023 00:00:00 | KuCoin | 11,754 | 42.68% |
| 01/10/2023 00:00:00 | KuCoin | 6,737 | -41.54% |
| 30/09/2023 00:00:00 | KuCoin | 9,536 | -6.57% |
| 02/10/2023 00:00:00 | OKX | 27,483 | 43.94% |
| 01/10/2023 00:00:00 | OKX | 15,407 | -91.36% |
| 30/09/2023 00:00:00 | OKX | 29,482 | -21.27% |
Mining – Blockchain Technology
In the ‘Mining’ table, the consistent mining difficulty and hash rate suggest continued interest from miners, a positive sign for computational security and stability of the Bitcoin network.
| Item | 02/10/2023 | 01/10/2023 | 30/09/2023 | 29/09/2023 | 28/09/2023 | 27/09/2023 | 26/09/2023 |
|---|---|---|---|---|---|---|---|
| Difficulty | 57.12T | 57.12T | 57.12T | 57.12T | 57.12T | 57.12T | 57.12T |
| Difficulty Variation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Blocks | 810.22K | 810.08K | 809.94K | 809.79K | 809.65K | 809.49K | 809.36K |
| Blocks Variation | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Reward BTC | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 |
| Reward BTC Variation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Hash Rate GB | 400.36B | 389.00B | 417.40B | 411.72B | 445.79B | 380.49B | 403.20B |
| Hash Rate GB Variation | 2.84% | -7.30% | 1.36% | -8.28% | 14.65% | -5.97% | -2.11% |
Conclusion
In analyzing the current state of the cryptocurrency market, we observe a landscape with both positive and negative influences. It’s noteworthy how Bitcoin’s price demonstrates an uptrend while fear levels remain high – suggesting wary optimism. Meanwhile, major news such as the SEC filing lawsuits against FTX and its Auditor, the decline in NFT sales, and sharp increases in trading volumes emphasize the volatility of the market. The constant hash rate and the consistent number of active Bitcoin addresses indicate a robust engagement level, signaling sustained operational strength in the Bitcoin network.
So What
Based on the evidence, the existing market suggests a cautiously optimistic investor sentiment. A positive price trend for Bitcoin and a sustained hash rate indicates underlying market strength. However, regulatory hurdles and high fear levels hint at an uncertain outlook, emphasizing the necessity for investors to stay alert and informed.
What next?
While the market data suggests potential growth prospects, the high level of fear and the ongoing SEC legal actions bring an element of caution. Investors need to stay tuned to market happenings and regulatory developments to navigate potential influences in the market.
Disclaimer – Informational Content, Not Investment Advice: Content provided herein is solely for informational purposes and should not be construed as a recommendation, endorsement, or suggestion to engage in any form of investment activity. The information presented in this post is not intended to serve as financial, legal, tax, or investment advice.
Author: CryptoTrends Team – With over five years of diving deep into cryptocurrencies and blockchain, we’ve cemented our position as experts in the digital currency realm. Our team has not only contributed to a multitude of pioneering blockchain projects but has also enlightened thousands with our incisive articles CryptoTrends. Always at the cutting edge of crypto trends, we proudly collaborate with CryptoBotStation, ensuring our readers stay one step ahead in this dynamic space.
