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Today’s edition of OKEx Insights’ Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The first United States presidential election debate ended early this morning. Consequently, financial markets reacted sharply — U.S. bond rates moved down, the dollar rallied and U.S. stock futures declined.
The price of BTC, on the other hand, wasn’t impacted and is still hovering at around $10,700. Major altcoins were split — Bitcoin SV ( BSV) surged 4.21%, but Polkadot ( DOT) and Chainlink ( LINK) fell 3.81% and 5.90%, respectively.
The decentralized finance sector was trading down from yesterday, with two leading projects underperforming. Yearn.finance ( YFI) lost 13% of its value after the hack of a new project, Eminence, which is a new project by yearn.finance’s founder, Andre Cronje. Uniswap ( UNI) is down 1.81% overnight and is still struggling near $4.10 levels.
BTC volatility continues to stagnate at low levels. According to research by 21Shares, BTC’s rolling volatility has been significantly lower than that of Tesla stock in September, though still higher than the S&P 500. Clearly, new market topics like decentralized finance are attracting more attention.
Throughout September, despite having one last trading day to go, the price of BTC retraced about 7.64%, while Ether ( ETH) plunged 18%. Traditional financial markets also faltered, with the S&P 500 Index down around 5.45% and the price of gold back below $1,900 per ounce after dropping 4%. Bitcoin’s correlation with traditional assets remains high.
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BTC Volatility Remains Low Following First US Presidential Debate was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.