Turnaround Tuesday

Bitcoin had quite a Monday, visiting levels not seen since the tariff war began back in Q1 of this year. After trading below $90k earlier this morning, bitcoin appears to be bid again, trading above $93k at this time of writing. Aside from this past Saturday, bitcoin has had nonstop daily red candles as more and more bad news hit the wire. Since October 10th, the market has felt rather unstable. With the goal of decentralization, the “errors” at Binance in how they were quoting prices in markets had such powerful rippling effects, one questions how decentralized the system really is. No bodies have come to the surface yet, but rumors continue to swirl on Crypto Twitter that funds and market makers were wiped out on this day, and have been forced sellers of BTC. This remains to be seen, but when there is smoke in this industry, the fire isn’t far behind.

Ethereum is having a strong day so far, up 4% at this time of writing. With Cloudflare (NASAQ: NET | NET Price Prediction) going down this morning, much of the internet came to a standstill. Perhaps the negativity around ETH going away from social sentiment has been helpful. Ethereum has mixed funding rates across exchanges, with Hyperliquid at 11% annualized and Kucoin at over 20%. Open interest is growing again, as traders believe a local bottom was formed. The crypto fear and greed index is still at extreme fear, but this will start to change if the next few days prove to be positive trends. ETF flows will be worth keeping an eye on, as the multiple days of outflows could finally come to a stop. Today might be a turnaround Tuesday, after a week of destruction in the markets.