Crypto Market Overview for the Past Week
The first week of October did not start smoothly for the cryptocurrency market, as Bitcoin (BTC) — the leading cryptocurrency — experienced a significant drop. From a high of $65,500, BTC plummeted below $60,000, sparking concern among investors.
The primary reason for this correction is believed to be the escalating political tensions between Iran and Israel. However, as the situation calmed down, Bitcoin quickly recovered, climbing back to $63,800, demonstrating its remarkable resilience to short-term shocks.
Bitcoin’s volatility did not only affect itself but also triggered a domino effect across the market. Many altcoins experienced significant declines, with some dropping by several dozen percent. However, the outlook isn’t entirely bleak:
- Several altcoins demonstrated impressive resilience, maintaining their value amidst a turbulent market.
- Notably, coins from sectors such as memecoins, AI, and Layer-1 quickly bounced back, proving their enduring appeal to investors.
Top 10 Gainers of the Week
Top 10 Losers of the Week
Notable News
- Layer-1 Blockchain Sui Reaches $1 Billion TVL Milestone
- Binance Announces Listing of EigenLayer (EIGEN)
- Binance Restricts Access for Russian Users
- Asset Manager Bitwise Seeks to Register XRP ETF
- Binance Moonbix Declines Token Launch but Confirms Airdrop Plans
- SEC Files Appeal Against Ripple (XRP)
- Tron Network Hits Record Revenue in Q3
- Grayscale Launches Aave (AAVE) Investment Trust
- HBO Reveals Identity of Satoshi Nakamoto
Token Unlocks This Week
October 7:
- $NEON (Neon): Unlock of tokens worth $18.6 million, equivalent to 93.42% of the circulating supply.
- $MODE (Mode): Unlock of tokens worth $5.63 million, accounting for 38.46% of the circulating supply.
- $HFT (Hashflow): Unlock of tokens worth $2 million, representing 2.99% of the circulating supply.
October 8:
- $EIGEN (Eigenlayer): Unlock of tokens worth $35.75 million, equivalent to 5.32% of the circulating supply.
October 9:
- $XAI (Xai): Unlock of tokens worth $7.2 million, equivalent to 6.2% of the circulating supply.
October 10:
- $STX (Stacks): Announcement of the Nakamoto Upgrade launch date.
- $OP (Optimism): Unlock of tokens worth $12.88 million, accounting for 0.64% of the circulating supply.
October 11:
- $APT (Aptos): Unlock of tokens worth $103 million, equivalent to 2.25% of the circulating supply.
- $IO (io net): Unlock of tokens worth $3.73 million, representing 2.22% of the circulating supply.
This week, attention will focus on two important dates:
Macro News This Week
At 12:30 PM (UTC) on Thursday, October 10, the Initial Jobless Claims data will be released. As usual, if the figure is higher than expected, it will have a negative impact on the USD, and vice versa if the figure is lower.
At the same time, the Consumer Price Index (CPI) will also be announced. The forecast is 2.3%, down from 2.5% last month. If the actual figure is higher than expected, it will be positive for the USD, and vice versa.
At 12:30 PM on Friday, October 11, the Producer Price Index (PPI) data will be released.
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