Pressure Eases, Crypto Market Signals Rebound
The global crypto market rallied on Thursday after selling pressure from October to early November began to ease. Bitcoin traded above $91,000, up more than 1%, while several major altcoins also rebounded, supported by expectations that the Fed would cut interest rates and risk-on sentiment in the stock market. Volume remained lower than the previous period, but buying interest began to emerge at key support areas.
This increase comes after a correction that shaved 30% of the crypto market capitalization from record peaks, with Bitcoin and Ethereum falling more than 30% and 40% respectively before rebounding. On the regulatory front, the Financial Services Authority (OJK) continued its transition to crypto asset oversight in Indonesia, while the UK's FCA emphasized a cautious approach to cryptoassets and stablecoins.
Sentiment-wise, the market began to speculate about the start of a bullish phase towards the end of the year. Although altcoins recorded a surge, analysts believe the current rally is still a technical recovery, so risk management and asset selection remain crucial for traders and investors.
Source: Newsmaker.id
