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Asia Market Open: Bitcoin Slips Below $108K As Investors Temper Hopes For Deeper Rate Cuts

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Bitcoin fell below $108,000 at the beginning of Asian commerce on Monday, snapping the “Uptober” narrative and increasing the danger reset that gathered tempo late final week.

Traders pointed to fading confidence in a sooner easing cycle, and to a firmer greenback, as instant catalysts. The tone stayed cautious after latest remarks from US Federal Reserve officers signaled a slower path to coverage reduction.

Market snapshot

  • Bitcoin: $107,734, down 2.1%
  • Ether: $3,737, down 3.8%
  • XRP: $2.43, down 3.1%
  • Total crypto market cap: $3.69 trillion, down 3.1%

Thin Holiday Trading and Leveraged Unwinds Add Pressure to Crypto Markets

Asian equities opened blended to greater, aided by tech earnings that emphasised ongoing funding in synthetic intelligence. Yet, crypto stayed below strain, reflecting a extra selective urge for food for danger.

Liquidity was thinner than normal with Tokyo shut for a vacation, which, in response to desks, amplified intraday swings throughout early Asia hours.

Funding and positioning additionally performed a job. Elevated leverage by way of October left lengthy positions weak, and as costs slipped, pressured unwinds pushed spot ranges decrease, merchants stated.

Crypto Sentiment Shifts After Fed Chair Cautions Against Assuming December Cut

October’s shut ended the market’s “Uptober” streak, and neighborhood chatter reframed the month as a “Red October,” a sentiment pivot that arrange a weaker handoff into November.

Policy expectations remained the important thing macro thread. Following final week’s assembly, Fed Chair Jerome Powell stated an interest rate cut at the next meeting in December was “not a foregone conclusion,” a line that saved merchants from leaning too aggressively into dovish bets.

Odds for near-term cuts shifted round Powell’s press convention, then stabilized, leaving crypto correlated to day-by-day information relatively than a one-way coverage story.

Traders Eye US Data Deluge as Crypto Awaits Fresh Direction

Attention now turns to a heavy US information slate. JOLTS job openings arrive Tuesday, ADP personal payrolls land Wednesday, weekly jobless claims come Thursday, and the University of Michigan’s inflation expectations print is due Friday. Strong labor indicators would argue for endurance on cuts, whereas softer readings would revive easing hopes.

Cross-asset indicators stayed nuanced. Equities within the area tried to construct on final week’s strikes, but crypto’s failure to comply with upbeat headlines hinted at an overhang from leverage and a wait-and-see stance on coverage timing.

“Overall, markets are experiencing a wholesome deleveraging section. While long-term holders have begun gentle profit-taking, Bitcoin’s realized cap above $1.1 trillion and secure on-chain exercise point out enduring structural power forward of a traditionally bullish November,” stated Riya Sehgal, analysis analyst, Delta Exchange.

US-China headlines remained broadly inside expectations, merchants stated, and didn’t ship a clear catalyst for digital belongings. The market as a substitute centered on charges, the greenback and positioning.

Still, structural bulls highlighted on-chain resilience and the seasonally supportive backdrop that always accompanies November.

The publish Asia Market Open: Bitcoin Slips Below $108K As Investors Temper Hopes For Deeper Rate Cuts appeared first on Cryptonews.

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