Bitcoin climbs to $81,700 as US GDP beat lifts crypto majors

Bitcoin pushed up to $81,728, a 1.59% gain over 24 hours, after US GDP data beat expectations. Cointelegraph reports that the move took BTC back to a key weekly resistance level, even as US stocks digested Alphabet's Q3 earnings miss.

That extends the small gain seen after the Fed held rates overnight. The macro backdrop from that decision is covered in our sister site's look at how the loonie held gains after the Bank of Canada hike while the Fed stood pat.

Bitcoin

According to CoinGecko data, Bitcoin traded between $79,636 and $81,779 over the past 24 hours, so it sits near the top of that range. On a seven-day basis it is still slightly lower, down 0.15%. Spot volume was $30.5 billion and market cap stood at $1,642.8 billion. Chart: BTC/USD on TradingView.

Ether and the majors

Ether rose 1.48% to $2,365.33, after a range of $2,292.94 to $2,384.72. It remains down 1.85% on the week. Most large coins gained on the day, but only BNB and Dogecoin are higher over seven days. Cardano is the weakest on the week. Chart: ETH/USD on TradingView.

Breadth and sentiment

CoinGecko puts total crypto market cap at $2.753 trillion. It shows that figure down 1.34% over 24 hours, which sits oddly against gains in most majors, so we treat the breadth reading with caution. Bitcoin dominance is 59.5% and Ether dominance is 10.5%.

The Crypto Fear & Greed Index reads 51, Neutral, unchanged from yesterday. It has stayed in a narrow 48 to 54 band for a week, after dropping from 68 (Greed) on October 22.

What drove the market

• Hyperliquid and ICE. Decrypt reports that HYPE jumped 13% after NYSE owner Intercontinental Exchange signed a deal with Trade[XYZ] to launch regulated perpetual futures built on Hyperliquid in the US.
• Tokenized stock pushback. CoinDesk reports that Walmart, Eli Lilly and three other companies objected to trading of their shares on the planned OKX-ICE venue, bringing the total to 38.
• ETF flows. According to Decrypt, US spot Bitcoin ETFs have flipped positive for the month after more than $400 million in inflows this week.
• Swiss ETF access. CoinDesk reports that SIX Swiss Exchange confirmed international access to Switzerland's first spot Bitcoin ETF, and that FINMA addressed whether ether and solana ETFs could follow.
• Sanctions. Decrypt reports that the US Treasury sanctioned 11 people and entities over a North Korean IT worker scheme, with two Russian nationals said to have converted more than $5 million in crypto.

What to watch next

1. Options expiry. CoinDesk notes that about $10 billion in Bitcoin options are nearing expiry.
2. Brazil deadline. Cointelegraph reports that Brazil's crypto exchanges face a licence application deadline on Friday.
3. Canton tokenized stocks. A venue called TSV LLC plans to start trading Canton Strategic Holdings shares as early as Monday, according to CoinDesk, possibly ahead of OKX-ICE.
4. France tax data. Cointelegraph reports that the French Senate adopted a bill on automatic crypto tax data sharing, pending completion of the legislative process.