Highlights
The broader cryptocurrency market has come under strong selling pressure amid the anticipation of a bullish October. Bitcoin and altcoins came crashing down further on Wednesday while testing key support levels. Ripple’s native crypto XRP faced the biggest drop at 11% as the U.S. Securities and Exchange Commission (SEC) filed a notice to appeal the court decision in the Ripple lawsuit.
The Bitcoin price has been under selling pressure in the last two days following the escalating tensions in the Israel-Iran conflict. Amid the news of Israel’s imminent response to Iran’s attack, the BTC price took a plunge earlier today to $60,300 before bouncing back above $61,000 as of press time. Speaking on the development, popular crypto analyst IncomeSharks noted:
“Too many knife catching the first dip as if it was going to be one red day then Uptober. You always wait longer than you think. A lot talking about $59k so it’s best to just get that out of the way. Overcrowded area to bid so $57k is my best guess”.
Some of the other market analysts have been predicting an even steeper correction of more than 15% from the current levels. As of now, BTC is trading around the median support levels of its descending trading channel i.e. $60.900. If the bulls fail to hold this support, it will open the gates for a further plunge to $52,000.
Another crypto market analyst Crypto Capo noted that if BTC tanks to $52,000, he expects the ETH price to plunder to $1,800 stating that he would be adding more altcoins to his bag at that time.
The latest reports also suggest that if Kamala Harris adopts a 25% unrealized capital gains tax structure, it might trigger a major sell-off across the crypto market. In this case, the altcoins could crash even further ahead.
As of press time, the Ethereum price is down 3.58% slipping under $2,400. Other altcoins like Solana (SOL), Dogecoin (DOGE), and Toncoin (TON), have corrected by a similar magnitude. Ripple’s XRP faces the biggest fall following the SEC appeal. However, reports also suggest that Ripple is planning for a cross-appeal in the XRP lawsuit.
On the other hand, SUI and Aptos have defied the broader market correction with each gaining more than 10% in the last 24 hours. As the SUI Network TVL crosses $1 billion, the SUI Price is gearing for a fresh all-time high in the latest surge.
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