FX168 Financial News Agency (Asia Pacific) reported that on Thursday (October 10), Bitcoin continued its downward momentum yesterday and is currently trading around $60,500. Although the latest Federal Reserve minutes released dovish signals, it failed to boost Bitcoin. At the same time, Musk bluntly said that if Trump loses the election, he will be finished, Bitcoin will be finished, and Dogecoin will be finished.
Yesterday, Bitcoin experienced a difficult day, opening at more than $62,000, but quickly fell to an intraday low of $60,541. Market volatility did not stop there. In the past 24 hours, more than $40 million of Bitcoin long positions were liquidated. In the entire cryptocurrency market, the total liquidation of long and short positions reached $169.45 million.
As of 7:35 p.m. ET on Wednesday, the overall cryptocurrency market was valued at $2.13 trillion, down slightly 1% on the day. Bitcoin was down nearly 2%, while Ethereum (ETH) was down about 1%.
Market analyst Maartunn shared data from Cryptoquant.com, noting that the previous day "the Coinbase premium had fallen to -$41, indicating strong selling pressure from US institutional investors."
As of Wednesday, Cryptoquant's data showed that the Coinbase premium gap had widened further to -$48.4. Coinbase Premium - This indicator tracks the difference in Bitcoin prices between Coinbase Pro (USD trading pair) and Binance (USDT trading pair).
A higher premium indicates active buying on Coinbase, while a lower premium may indicate selling or low trading activity. Cryptoquant's data also showed that South Korea's premium turned negative again in the past week.
This is not the first time a discount has occurred. Two discounts occurred in September, with a discount of 1.15% on September 25. And on October 5, there was another drop, but this time it only fell by 0.11%. Currently, the premium is 0.8%, staying below 1%.
These changing premiums and market trends show a delicate balance between institutional investors and the broader digital asset environment. As prices continue to fluctuate, global sentiment and ongoing uncertainty continue to affect the cryptocurrency market.
From a fundamental perspective, the minutes of the Federal Open Market Committee (FOMC) showed that the "vast majority" of participants supported a 50 basis point cut in US interest rates this year, bringing it to a range of 4.75% to 5%.
A minority preferred a smaller 25 basis point rate cut, fearing that a larger cut might be considered premature. But those who support a larger cut believe that it is more consistent with recent inflation and labor market indicators. In addition, they emphasized that this adjustment will help maintain the strength of the economy and the labor market while continuing to move toward the 2% inflation target.
Other major altcoin price movements also mirrored Bitcoin's weakness, with Ethereum (ETH) down 1% over the past day, followed by Solana (SOL) down 2.5% and BNB coin (BNB) down 2.3%.
Andrew Kang, co-founder of venture capital fund Mechanism Capital, said the disconnect between cryptocurrency and stock performance regarding the impact of falling interest rates is a natural phenomenon.
Kang noted that stocks are more closely tied to U.S. interest rate policy because falling interest rates affect cash flow and the value of mature corporate debt markets used to finance growth. Therefore, stocks rebounded after the release of the minutes, while cryptocurrencies still lagged.
Traders remain in uncertainty and will most likely take clearer action after the release of U.S. economic data on October 10.
Elsewhere, on October 7, local time, American show host Carlson released a video interviewing Musk. Musk said that if Trump loses the election, he will be finished, Bitcoin will be finished, and Dogecoin will be finished.
Musk said that if Trump loses the 2024 U.S. election, he will be finished. When the host asked, "What happens if Trump loses the election?" Musk smiled and replied while drinking water, "Then I'm done." Then, Musk continued to smile and said, "How long do you think my sentence will be? I don't know if I can still see my children."
Ljubljana, the capital of Slovenia, has overtaken heavyweight contenders like Hong Kong and Zurich to be named the world’s most crypto-friendly city in 2025.
XingChiChangpeng "CZ" Zhao, co-founder and former CEO of Binance, just revealed that Satoshi Nakamoto, the elusive creator of Bitcoin could be an AI that has travelled back from the future.
XingChiEl Salvador has stopped using public funds to buy Bitcoin as part of an agreement with the IMF. However, the country continues to grow its Bitcoin holdings through private sources.
AnaisThe small Italian town of Fornelli is unveiling Italy’s first Satoshi Nakamoto monument on 1 May 2025, funded by the local government. The village, known for its high Bitcoin adoption, is positioning itself as a crypto-friendly destination.
WeatherlySam Altman, CEO of OpenAI, has praised Bitcoin as a global currency beyond government control. He called it a smart and important step towards changing how the world handles money.
AnaisGoMining's Miner Wars gamifies Bitcoin mining by letting players use digital miner NFTs to earn Bitcoin rewards through its extensive mining infrastructure. The game has attracted over 245,000 active users and introduced features like clan leagues and welcome packs to boost engagement.
AnaisBitcoin jumped to $92,000 as U.S. trade tensions eased and stocks rebounded, showing renewed investor optimism. However, futures and options markets remain cautious, signaling traders are not fully convinced it will break past $95,000 yet.
Jason RiggsHackers stole 500,000 ETH (about $1.4 billion) from Bybit using malware and laundered most of it through mixers, bridges, and decentralised platforms. Nearly 70% of the funds are still traceable, but a third has disappeared, with few signs of recovery so far.
AnaisFamily offices are investing more in Ethereum than Bitcoin through crypto ETPs, showing stronger interest in Ethereum among smaller investors. Larger institutions still dominate Bitcoin ETPs, but Ethereum is attracting a broader and more diverse range of players.
WeatherlyGary Gensler criticised Trump’s tariffs as harmful to the U.S. economy and warned that trade tensions with China could worsen. He also said most cryptocurrencies, except Bitcoin, are risky and based on hype, not real value.
AnaisTens of thousands of Indian nationals are falling victim to fake job offers in Southeast Asia, leading to cyber slavery and substantial financial losses of INR 500 crore ($60 million) between October 2023 and March 2024. Many are trapped in Cambodia, where approximately 5,000 Indians are forced into cyber scams, with the Indian Embassy rescuing over 1,000 citizens since January 2022, including 67 recently saved from Poipet on 22 September 2024.
WeatherlyLamborghini and Animoca Brands have teamed up to launch Fast ForWorld, a digital platform where fans can own, trade, and drive virtual Lamborghini supercars across games. Starting in November, users can unlock exclusive features and rewards with the digital Lamborghini Revuelto.
CatherineEdward Snowden criticised the Solana blockchain for being centralised, which he believes makes it vulnerable to manipulation by powerful entities. Despite this, Solana's native token, SOL, continues to perform well in the market, with significant growth and fast transaction speeds.
WeatherlyIn 2024, cash remains the top choice for illegal activities, far exceeding cryptocurrency use. Crypto ISAC points out that blockchain makes crypto easier to trace, while cash is untraceable. Does this shift toward fiat signal progress or new challenges?
KikyoLeah, a woman from Antelope, California, lost her entire life savings of $100,000 to a scammer on LinkedIn who posed as a legitimate investor. After gaining her trust through months of communication, he convinced her to invest in cryptocurrency, only to quickly drain her account and cut off all contact.
AnaisBank of America recently faced a nationwide outage, leaving users unable to access their accounts and discovering a $0 balance. Customers were alarmed by the absence of their funds while their outstanding debts remained visible. Fears among users regarding the potential loss of their assets runs rampant.
CatherineSocial media platforms, especially Snapchat, are significantly influencing young consumers' purchasing decisions through creator-driven marketing, with 82% of Gen Z buying products because of influencers. As Facebook declines in effectiveness, brands must adapt to these shifts by fostering genuine connections and embracing creativity in their marketing strategies.
AnaisChatGPT leads the AI market with 25 million searches monthly, while Google’s Gemini lags far behind with only 1.5 million searches, highlighting a significant gap in interest. As the AI landscape evolves, users prefer established names, making it challenging for newer models to gain traction.
WeatherlyOpenSea is grappling with executive departures, including former COO Shiva Rajaraman, amidst a declining NFT market and rising competition. The SEC's Wells notice, classifying its NFTs as securities, adds to its challenges, resulting in potential legal action from users.
AnaisRussian authorities arrested nearly 100 individuals linked to cybercriminal operations using UAPS and Cryptex for money laundering. The suspects, who owned luxury items, face charges for running illegal cryptocurrency exchanges, processing billions in illicit transactions.
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