"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."
"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) 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%."
Bitcoin dipped below $90k early Monday then recovered to trade above $93k, reaching levels unseen since Q1 tariff tensions. Bitcoin experienced consecutive daily red candles with heightened instability since October 10. Quoting errors at Binance caused powerful market ripple effects and raised questions about decentralization. Rumors on Crypto Twitter claim some funds and market makers were wiped out and became forced sellers of BTC. Ethereum rose about 4% as Cloudflare outages disrupted much of the internet. Mixed ETH funding rates range from 11% (Hyperliquid) to over 20% (Kucoin). Open interest is rising, the fear-and-greed index remains at extreme fear, and ETF outflows may be nearing an end, suggesting a possible market turnaround.
Read at 24/7 Wall St.
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