10/21 Price Analysis: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, MATIC

The S&P 500 and Bitcoin have bounced off their nearby support levels indicating that the bulls have not given up and may be buying the drops. Price analysis

The yield on 10-year U.S. Treasury bonds hit its highest level since 2008. While this type of rally is generally negative for risky assets, U.S. equity markets rallied after the The Wall Street Journal reported that some officials at the Federal Reserve expressed concern about the pace of rate hikes and the risks of excessive tightening.

Although it is widely believed that the United States will enter a recession, there is a debate about how long it will last. On this subject, Tesla CEO Elon Musk recently tweeted that the recession could last "probably until spring 24", and added that it would be nice to have "a year without a horrible global event".

Daily performance of the cryptocurrency market. Source: Coin360

The price of bitcoin (BTC) has seen a massive drop from its all-time high, but its hash rate remains high. This boosted Bitcoin's discount from its October hash rate to its highest level since the first quarter of 2020, according to Bloomberg Intelligence senior commodity strategist Mike McGlone. The previous instance of the huge discount was followed by a massive rally that lasted into 2021. McGlone thinks the same could...