Cryptocurrency News: Bitcoin Recovers To US$ 20,650, Ether Up By 2.52%

In the global markets, cryptocurrencies turn green this week. On October 28, Bitcoin gained to around US$ 20,650.20, up by 1.75%. However, in the past 1 month, it has gained by 6.47%, and dropped by 48.04% in the last 6 months. Yesterday, Bitcoin closed at US$ 20,294.20. Following the same trend, Ethereum was quoted at US$ 1,552.60, up by 2.52%. Yesterday, Ethereum closed at US$ 1,514.45. Litecoin was quoted at US$ 55.18, up by 0.64%, Dogecoin was quoted at US$ 0.0855 up by 10.71%, and Cardano was quoted at US$ 0.4016 up 3.38% today, till last traded.

The US 2-year Treasury bond yield was quoted at around 4.41%, and the US 10-year Treasury yield was quoted at around 4.014%. Additionally, the US Dollar index quoted at 110.87, up by 0.26% today. Meanwhile, in the US, S&P 500 was up by 2.13%, stood at 3,888.34 points, and Nasdaq Composite was up by 2.42%, stood at 11,054.38, till last traded.

Today Dogecoin gained significantly as Elon Musk's US$44 billion deal to buy Twitter nears completion. Musk Tweeted recently that Twitter cannot become a "free-for-all hellscape", however, stated that he wants Twitter to become more supportive of a wider set of viewpoints.

Additionally, a Morgan Stanley research report recently mentioned that bitcoin is facing a bear market, most investors who invested in the cryptocurrency in 2021 are now facing heavy losses and look to be waiting for rallies to close their positions. This stability "suggests some traders are buying dips below $18,500 to prevent BTC falling materially below its 2017 prior cycle high," the report mentioned. A CoinDesk report said, "A record 78% of bitcoin has not been used in transactions in the last six months, and the level is increasing, according to the report. That implies investors who bought or received bitcoin longer than six months ago are holding on to their positions, with some likely waiting for a recovery in price, analyst Sheena Shah wrote."