The crypto market gained 1% to $2.77T, with Bitcoin near $83K amid a weaker dollar and rallying equities. JPMorgan included BTC in its long-term return forecasts for the first time.
Market Overview
The crypto market has gained over 1% in the past day to reach $2.77T, moving away from the lower boundary of its short-term trading range and approaching the 50-day moving average. This level may now act as resistance if the recovery in equity markets that drove Bitcoin higher on Tuesday ends. Among the most liquid coins over the past 24 hours, the top gainers were Theta (+9.7%), Near (+7.7%) and Aptos (+7.5%). Only three are down: Basic Attention Token (−5.4%), which has given up some ground following a 150% surge since the start of the month, plus Tron (−0.3%) and Cosmos (−0.1%), whose declines are fairly modest.
Fig. 1. The crypto market has pulled back from its local low.
The crypto market sentiment index rose to 63, rebounding from the middle of the range. It has thus managed to remain at the upper end of the spectrum, demonstrating a clear shift in market sentiment compared with the 10 months leading up to August.
Fig. 2. Crypto Sentiment stays on the upper half of the spectrum.
Bitcoin is trading near $83K, finding support from both technical factors and the reversal to an uptrend in equities. The 1% weakening of the dollar following its peak a week earlier is providing a tailwind for cryptocurrencies, starting with BTC. The market is also gradually taking note that US long-term bonds have been rising for two weeks now, helping prevent investors from succumbing to prolonged pessimism.
Fig. 3. Bitcoin has resumed its upward trend as risk appetite recovers.
News Background
JPMorgan has included BTC in its long-term asset return forecasts for the first time, expecting an average annual return of 10% over the next 10–15 years. That said, the bank maintains a cautious stance on Bitcoin, viewing it primarily as a speculative asset and a high-risk instrument that tracks the growth of global money supply.
Ethereum developers have scheduled the activation of the Glamsterdam update on the Hoodi testnet for 26 October. The upgrade is designed to increase the network's throughput and the efficiency of transaction processing.
SkyAI (formerly Sharps Technology) has announced the complete sale of its Solana reserves and the launch of a share buyback programme. As recently as September, the company held over 2 million SOL and was among the top five public holders of the cryptocurrency. SkyAI intends to continue developing its Solana-based financial AI platform.
The payment system Visa and the cryptocurrency platform Mesh have announced a partnership that will enable customers to pay for purchases using cryptocurrencies and stablecoins at more than 175 million retail outlets worldwide.
Nobuaki Kobayashi, the rehabilitation trustee of Mt. Gox, has once again extended the deadline for payments to creditors by one year, to 31 October 2027. According to Kobayashi, a significant proportion of those affected are still awaiting compensation due to unfinished paperwork and issues with processing payments.
The FxPro Analyst Team