Bitcoin (BTC) Rejected at $87K Again, Cardano (ADA) Soars 11%: Market Watch
Somewhat surprisingly, following the weekend developments on the Middle East front, BTC’s price soared to $87,000 once again but met the same rejection fate.
Most altcoins, though, including ADA, NEAR, DOGE, and HYPE, have posted notable gains over the past 24 hours. Some of the few exceptions are RAIN and QNT.
BTC Stopped at $87K Again
The primary cryptocurrency has been highly sensitive to macro news lately, including last week’s PCE data, which came out on Wednesday. As the reading showed slowing inflation, BTC skyrocketed from $83,000 to $85,600 within minutes before it was rejected and returned to its starting point.
After a quiet Thursday, bitcoin went on the offensive once again on Friday. The weak US jobs report helped the cryptocurrency gain additional traction and pushed it to over $87,000 for the first time in ten days. However, the bears were quick to reemerge. Within the next few hours, BTC crashed below $84,000, leaving nearly $600 million in liquidations.
It found some support over the weekend and climbed past $84,000. It continued its gradual ascent on Sunday to $85,000 before surging to $87,000 on Monday morning, despite warnings of escalating tensions in the Middle East.
The rejection scenario repeated, and BTC dumped to under $85,500 before it bounced off slightly and now sits close to $86,000. Its market cap is up to $1.720 trillion on CMC, while its dominance over the alts stands still at 59%.
ADA Flies
Ethereum has jumped to just over the key $2,700 resistance after a minor increase. XRP is above $1.50 as well, following a 1.2% daily rise. More impressive gains are evident from the likes of HYPE (3.5%) and DOGE (3.75%). NEAR has reclaimed the $5 level after a 5% daily increase. Cardano’s ADA has soared the most from this cohort of alts, jumping by almost 11% to $0.27.
Other notable gainers include SUI, CC, SHIB, ONDO, and especially ENA, which is up by 7.5%. Meanwhile, FET has rocketed by over 15%, while VIRTUAL is up by 12%.
The cumulative market capitalization of all crypto assets has gained 1% and is up to $2.930 trillion on CMC.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Updated Version 3 - According to the Financial Times, McKesson and CD&R are close to reaching a deal worth more than $5 billion to acquire Option Care.
In the fifth paragraph, a quote from analyst Sahil Pandey was added. Reuters, October 5 - According to the Financial Times, citing informed sources, pharmaceutical distributor McKesson (MCK.N) and private equity firm Clayton Dubilier & Rice are about to reach an acquisition agreement to purchase infusion service provider Option Care Health, with the deal valued (including debt) at over 5 billions USD. After the report was published, Option Care's share price rose by 21% in after-hours trading. The report stated that the deal could be announced as early as Tuesday, but negotiations could still fall through. This potential acquisition would be McKesson’s latest move in expanding its healthcare services portfolio. In August this year, the company agreed to acquire Precision Medicine Group for about 2.25 billions USD (link), as part of its effort over the years to strengthen high-growth business sectors. Leerink Partners analyst Michael Cherny said the “strategic logic” of the deal makes sense, as it would expand McKesson’s business from physician offices to care settings in the home and alternative sites. Option Care provides infusion services that allow patients to receive intravenous treatments at home or other outpatient settings, eliminating the need to go to the hospital. McKesson has previously been restructuring its business portfolio by divesting non-core assets and investing in fields such as oncology and specialty care (link). Driven by the growth of its specialty distribution business and contributions from acquisitions, revenue for its oncology and multi-specialty business segment grew by 33% in the latest fiscal quarter. McKesson declined to comment, while CD&R and Option Care did not immediately respond to Reuters’ requests for comment regarding the report. (For non-English speakers' convenience, Reuters offers automated machine translations of its reports in several languages. As there may be mistakes in the automated translations or some context may not be included, Reuters does not guarantee the accuracy of the automated translation text, which is provided solely for readers’ convenience. Reuters bears no responsibility for any damages or losses caused by the use of automated translation functions.)
Centalion acquires Hainesville natural gas assets from Silver Hill
Reuters, October 5 - Centalion Group announced on Monday that it has acquired upstream and midstream natural gas assets in the Haynesville region of Texas and Louisiana from Texas-based private shale company Silver Hill Energy Partners. The commodities trader, formerly known as Gunvor, rebranded as Centalion Group last week (link), and stated plans to relocate its corporate headquarters from Cyprus to Singapore. A spokesperson for Centalion Group said the Haynesville platform, composed of Post Oak and Silver Hill assets, has an enterprise value of approximately $2 billion. In August, Reuters cited sources stating that Centalion Group (link) was negotiating the acquisition of Silver Hill's assets, with a deal valued between $1.2 billion and $1.5 billion. The assets currently produce about 300 million cubic feet per day of natural gas (MMcfd), and the portfolio includes approximately 72,000 net acres in the Haynesville and Bossier development areas. "Our consideration was to establish operations in this basin, a hub for both domestic and export markets, in order to seize this option and create value from it," the spokesperson added. (To assist non-English speakers, Reuters offers automated translation of its reports into several other languages. Due to possible errors in automated translations or missing required context, Reuters does not guarantee the accuracy of automated translation texts, and provides them solely for readers' convenience. Reuters is not liable for any damages or losses resulting from the use of the automated translation feature.)
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