Bitcoin Hits Weekly High as Crypto Market Rebounds

In brief

• Bitcoin trades near $84,500, up 2.5% in 24 hours, as the crypto market cap rose 2.6% to $2.82 trillion; XRP gained 4.1% and Zcash 11.2%.
• Brent crude near $108 and a 5.09% 10-year Treasury yield drove October's selloff, and both eased slightly on Wednesday.
• Bitcoin technical indicators still suggest caution, but prediction markets lean optimistically bullish.

Bitcoin traders and hodlers are breathing this week after a pretty spooky start to the month with the historically best gains.

Bitcoin traded near $84,500 on Wednesday, up 2.5% over 24 hours, as the crypto market bounced back from a mid-October slide that pushed it below $80,000. The total crypto market capitalization, the combined value of every coin, rose 2.2% to $2.9 trillion.

Ethereum climbed 2.5% to $2,504, Solana gained 2.2% to $108.18 and BNB rose 2% to $749. XRP led the large caps with a 4.1% gain to $1.37, while Zcash jumped 11.2% to $1,332 and has now added 15.3% over seven days.

The Crypto Fear & Greed Index, a 0-to-100 gauge where 0 means extreme fear and 100 means extreme greed, reads 55, which counts as neutral but is 3 points ahead of yesterday’s readings. In other words, it seems like traders have stopped panicking, but they are not yet chasing prices.