Bitcoin has lost more than 5% of its value in the last 24 hours!
Things are not going smooth for Bitcoin. For the past 24 hours the popular coin has lost more than 5% of its value.
U.S. stock markets historically rose for the second day of a broad-based rally ahead of the midterm elections, a potential supporter of stock prices. Speculation about the election outcome and its potential impact on financial markets has temporarily distracted investors from the Federal Reserve's determined campaign to reduce inflation. The dollar fell with Treasury yields.
Bitcoin has lost more than 5% of its value in the last 24 hours!
However, the crypto market seems to be moving in the opposite direction. Bitcoin is changing hands below the key psychological threshold of $20,000 after losing more than 5% of its market cap in the past 24 hours. Meanwhile, in-chain supply, which has been active for the past six months, has reached historic lows last seen in May 2022. Ethereum is currently trading below $1,500 after falling 6.6% in the last 24 hours. Mid-to-large altcoins have largely turned red, as FTT and SOL led the downside correction in double-digit percentage losses in a similar time frame. In fact, FTX and many other Alameda-related tokens have caught the crossfire of Binance-FTX tensions, including FIDA (-11.2%), SRM (-10.03%), and RAY (-13.9%).
Bitcoin mining company Riot Blockchain's third-quarter revenue fell short of analysts' expectations, with its net loss rising to $36.6 million from $15.3 million earlier this year. The firm's revenue fell 28% to $46.3 million amid the ongoing battle against stagnant spot prices and rising energy costs, missing the $54.2 million estimate by analysts. The mining industry is facing challenges as key miners in the industry, including Argo and Iris Energy, are struggling to pay off their debt.
