[LIVE] Crypto News Updates, Why Crypto Market is Up Today? Oct-7th

The $BTC.D (Bitcoin Dominance) chart is behaving as expected. If dominance continues to decline and breaks support near ~50%, the most intense phase of alt season could kick off. While we may still be in the early innings, the outlook suggests that altcoins are gearing up for significant moves once Bitcoin dominance eases further.

Bitcoin reached a new high above $126K today. However, according to Peter Schiff, when measured in gold, Bitcoin is still about 15% below its record high. He cautions that Bitcoiners should not get too excited, as until Bitcoin surpasses its gold-denominated high, the current surge is just a bear market rally.

The iShares Bitcoin ETF (IBIT) is on the verge of surpassing $100 billion in assets under management (AUM) a milestone that took the Vanguard S&P 500 ETF over 2,000 days to reach. IBIT is achieving it in less than 450 days, making it the fastest ETF to reach $100B ever. Considering ETFs have been around since 1993, this marks a historic milestone in just 30+ years of ETF history.

Over $59 billion in combined XRP and Solana futures volume has been recorded, yet approval for spot ETFs for both tokens continues to be delayed by the SEC, citing the latest lockdown as a reason. Investors remain hopeful that the approvals could come this month, potentially opening new avenues for institutional participation in these popular cryptocurrencies.

XRP is attempting to reclaim the crucial $3 level. Once it breaks upward, the next resistance lies at $3.17, followed by a potential move to $3.48 and a breakout test at $3.17. Analysts are tracking volume closely, noting that altcoins need momentum to push further. The short-term target is a double top around $3.67, with further moves to be measured as the fifth wave unfolds.

XRP Price is experiencing its highest level of retail FUD since the announcement of Trump’s tariffs six months ago. For 2 of the past 3 days, bearish sentiment has outweighed bullish, which analysts view as a contrarian buy signal. Historically, markets often move opposite to small trader expectations, making this period a potentially promising entry point for XRP investors.

Bitcoin is consolidating strongly near its all-time high, showing signs of building momentum for the next breakout toward $150K. Analysts suggest that in case of a dip, levels below $121K could serve as an optimal entry point for buyers looking to capitalize on the potential rally.

South Korea’s leading crypto exchange Upbit is set to list Doodles (DOOD) with KRW and USDT trading pairs. Trading will begin at 4:30 p.m. local time. The token is linked to the popular Ethereum-based NFT project Doodles, expanding its ecosystem from digital collectibles to token trading.

Citadel founder Ken Griffin told Bloomberg that investors are increasingly turning to gold, silver, and Bitcoin in what he called a “debasement trade,” viewing them as safer than the U.S. dollar. Griffin expressed concern over the trend, warning of “substantial asset inflation away from the dollar” as global investors move to de-dollarize and cut exposure to U.S. sovereign risk.