As a seasoned trader with years of experience under my belt, I have seen market fluctuations like these countless times. The volatile ride that UNI, Tron (TRX), and Apecoin (APE) are on right now is not uncommon in the crypto world.
Bitcoin‘s value remained above $67,000, showing resilience after a minor decrease in the last 24 hours, now hovering around $67,150. Most significant cryptocurrencies, such as Ethereum, Solana, Ripple, Dogecoin, Chainlink, and Polkadot, have experienced notable drops. The cumulative value of the crypto market has decreased by 0.82% and is now at approximately $2.31 trillion.
Despite a recent decline in Bitcoin’s price, investments into Bitcoin ETFs have persisted, even growing. On Monday alone, these funds saw an inflow of approximately $294 million. Notably, BlackRock’s IBIT was the top performer during this period.
Speaking about the market’s performance, ChangeNOW CEO Pauline Shangett stated,
Though Bitcoin has managed to stay above the $67,000 level with minimal drops, suggesting its robustness, the larger crypto market has faced considerable stress. Key players such as Ethereum, Solana, and Ripple have all undergone substantial setbacks, leading to a 0.82% decrease in the total market capitalization that currently stands at $2.31 trillion. This disparity indicates Bitcoin’s unique role as a potential haven during wider market instability. The recent influx of $294 million into spot Bitcoin ETFs, with BlackRock’s IBIT accounting for this amount on Monday, demonstrates institutional trust in Bitcoin, despite other altcoins encountering difficulties finding backing.
SEC’s Approach To Crypto Comes Under Criticism
Commissioner Mark T. Uyeda of the United States Securities and Exchange Commission (SEC) has expressed apprehensions about the way cryptocurrencies and digital assets are being regulated. During his speech at the 55th Annual Securities Regulation Seminar hosted by the Los Angeles County Bar Association in Washington DC, Uyeda criticized the SEC’s approach of relying more on enforcement actions rather than setting clear rules for this emerging market. He further emphasized his viewpoint by suggesting a need for more definitive rule-making.
“There has been a lack of regulatory guidance in the crypto space. Instead, regulatory policy has been promulgated through settled enforcement actions and positions taken in litigation. In my view, it would have been preferable for the Commission to have considered proposing rules or issuing interpretive guidance before resorting to enforcement.”
In addition to his points, Uyeda highlighted potential outcomes from the SEC’s method, explaining that applying enforcement actions on a case-by-case basis hinders the development of a uniform regulatory structure.
Instead of establishing clear definitions and guidelines for cryptocurrencies and digital assets ahead of time, which would help shape the legal framework, the SEC is choosing to handle each situation individually through enforcement actions. This method means that it could take years before a solid legal precedent is set, as cases must move through the court system before reaching an appeals court. Such delays are not beneficial for either investors or innovators in this field.
Spot Bitcoin ETFs See Inflows Continue
On Monday, Bitcoin ETFs experienced a notable increase in investments totaling $294 million, even as the price of Bitcoin fell. Notably, BlackRock’s IBIT ETF was at the forefront, accumulating an impressive $329 million. This trend is consistent with investor interest in gaining exposure to Bitcoin, as suggested by data from SoSo Value. Remarkably, the inflows into IBIT have surpassed those of Vanguard’s Total Stock Market ETF this year. Eric Balchinas, an analyst at Bloomberg ETF, commented on this trend on X.
last week was incredibly productive for the investment company, IBIT, with an inflow of approximately $1.1 billion, marking its best week since March. This surge in funds has propelled it to the third spot among all exchange-traded funds (ETFs) in terms of year-to-date flows. Remarkably, this impressive feat is achieved by a relatively new launch, even towards the end of the year. The other top 5 players in this category have been around for over two decades and boast assets under management (AUM) exceeding $300 billion each. Currently, IBIT’s AUM stands at $26 billion, placing it among the top 2% of all ETFs.
Other Bitcoin ETFs, such as Fidelity’s FBTC Fund, experienced considerable investments totaling $5.9 million on October 22. However, some other ETFs like Bitwise’s BITB, ARK‘s ARKB, VanEck’s HODL, and Grayscale’s GBTC saw significant withdrawals. Over the past week, the overall digital asset investment market attracted $2.2 billion in investments as optimism towards the market increases. This surge in positivity can be linked to the anticipation of a Republican victory in the upcoming US elections, given Donald Trump’s favorable views on cryptocurrency.
Retail Demand For BTC Registers Significant Jump
Based on blockchain data, there’s been a noteworthy increase of nearly 13% in Bitcoin (BTC) demand from retail investors. This surge mirrors patterns observed back in March 2024, when BTC was near its historical peak. An examination by CryptoQuant reveals that this rise in retail investment, specifically between $0 and $100,000, indicates a substantial change in market trends. The analysis highlights an uptick in the 30-day moving average for retail demand, which has increased by 13%.
After a four-month absence, on-chain retail activity has resurfaced. Over the past thirty days, there’s been a roughly 13% increase in retail demand, a trend reminiscent of March, when we were nearly touching our previous all-time high.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has been rather quiet following its significant dip on Monday, as sellers aim to drive the price under $67,000. Even though this week’s price action has been relatively calm, BTC’s climb from $58,500 to $67,000 translates to a roughly 14% increase. This surge occurs as investors continue to embrace an optimistic outlook known as ‘Uptober,’ trying to bring an end to Bitcoin’s seven-month period of consolidation. One analyst suggests that BTC’s price is shaping up like the “cup and handle” pattern, much like the S&P 500 index and Gold before they reached their recent peaks. Various analysts in the crypto sector foresee a substantial price increase for BTC over the coming years, with some estimating that it may reach six-digit figures.
Cathie Wood, a well-known Bitcoin advocate, anticipates that the price of Bitcoin could potentially reach as high as $600,000 or even surpass $1,500,000 by the year 2030. On the other hand, Markus Thielen envisions Bitcoin hitting $125,000 before the end of 2024, while BitQuant predicts that the price could settle anywhere between $80,000 and $250,000.
Over the past week, Bitcoin (BTC) started off with a robust rise, surpassing $67,000 on Wednesday and ending at $67,519. However, bullish energy dwindled slightly on Thursday as BTC dipped to $67,302. But it bounced back on Friday with a 1.63% increase, pushing past $68,000 to close at $68,398. The price movement over the weekend was somewhat erratic; BTC experienced a minor dip on Saturday before rebounding by 0.72%, closing the weekend at $68,773 and concluding on an optimistic note.
Initially, Bitcoin started the week showing bearish signs and dipping into the red. On Monday, buyers tried to push it above $70,000, but reached only a day high of $69,397 before sellers took over. By the end of the day, BTC had dropped 2.13% to $67,033. Tuesday brought significant volatility as sellers aimed to drive Bitcoin below $67,000, causing it to reach a low of $66,523 before slightly recovering to $67,386. As of now, Bitcoin is down 0.66% and sellers are trying to push it below the $66,500 level. Currently, it’s trading around the $66,800 mark.
At present, Bitcoin (BTC) is close to crucial points where both sellers aiming to push the price down towards $65,000 and buyers striving to surpass $70,000 reside. Currently, sellers have the upper hand, potentially causing BTC to fall to around $66,000 or even lower before a potential rebound occurs. On the contrary, if BTC manages to break through $70,000, it could signal the initiation of a substantial rally for Bitcoin.
Ethereum (ETH) Price Analysis
For the third consecutive day, Ethereum (ETH) has seen a decrease in value, struggling to maintain its position above $2,600. The entire week has been marked by losses for ETH, with no respite. Despite starting last week with a 6.54% rise on Monday, ETH quickly slipped back into the red territory on Tuesday following significant market fluctuations. Sellers pushed the price down to $2,604 on Thursday, but bullish sentiments resurfaced on Friday, causing ETH to rise by 1.41% to $2,641 and prevent a drop below $2,600. A minor increase on Saturday brought ETH up to $2,647.
After experiencing a rise on Sunday, markets saw Ethereum (ETH) increase nearly 4%, surpassing the significant $2,700 mark and reaching $2,746. On Monday, ETH made an attempt to break through $2,800, but heavy selling pressure between $2,700 and $2,800 caused it to lose momentum. Consequently, sellers took control, causing ETH to drop almost 3% to $2,666. The bearish trend continued on Tuesday as ETH fell by 1.73%, settling at $2,620. In the current session, ETH is down by 0.37% with sellers aiming to push the price below $2,600.
If sellers manage to lower Ethereum’s price below $2,600, there’s a possibility it could slide down to $2,500. A fall beneath this point might lead to further drops, potentially taking the price to $2,400 or even $2,300. Conversely, if buyers maintain Ethereum above $2,600, we might observe another attempt to push the price up towards $2,700.
Solana (SOL) Price Analysis
Currently, Solana (SOL) is trading below $170, with bears attempting to push it even lower towards $160. The currency has been in the red during this trading session. After dropping to a low of $147 on Thursday, SOL made a strong rebound and closed at $150. On Friday, as buyers came back into the market, SOL saw an increase of 2.92%, surpassing the 200-day Simple Moving Average (SMA) and closing at $154. Over the weekend, a bullish sentiment prevailed, causing SOL to rise by over 3% and reach $159, just shy of the significant $160 price point.
On Sunday, sellers tried to dominate the session, pushing SOL down to a low of $157. But as positive sentiment grew, SOL experienced a robust rebound, increasing by nearly 5% and surpassing $160, landing at $167. Facing resistance at $170, SOL saw intense volatility on Monday as buyers sought to propel it above $170 while sellers aimed to pull it below $160. Despite the sellers’ efforts, they could only manage a 0.71% drop, reducing SOL’s value to $166. Volatility continued on Tuesday, although less so, as sellers prevented another push above $170 while buyers blocked a descent below $160. In the end, SOL recorded a 0.79% increase and finished at $167.
At present, the session finds Solana (SOL) decreasing by 1.22%, with sellers aiming to drive it below the $160 mark. If SOL falls at this point, there’s potential for a further decline to around $150. Conversely, buyers will strive to maintain the price above $160 and make another attempt to surpass $170.
Popcat (POPCAT) Price Analysis
Since early September, the price of Popcat (POPCAT) has consistently stayed above both its 20-day and 50-day Simple Moving Averages (SMAs). The goal now is for it to break through the $1.50 mark, with a positively inclined 20-day SMA offering a dynamic level of support. However, on October 12, an attempt to surpass $1.50 was unsuccessful as momentum dwindled after reaching a peak of $1.55 and ending the day at $1.48. By last Wednesday, POPCAT had dropped to $1.22, just above its daily low of $1.22. The price then bounced back from the 20-day SMA, experiencing a surge of over 100% on Thursday and closing at $1.35. On Friday, volatility picked up, but POPCAT still managed to increase by 1.64%, ending the day at $1.37.
On Saturday, a bearish outlook emerged as POPCAT dipped 8.47% to reach $1.26. But it bounced back on Sunday with an increase of over 8%, ending at $1.36. Yet, the following Monday saw another drop for POPCAT, falling by 5.23% to close at $1.29. It then experienced a significant surge and rose nearly 11% on Tuesday, finishing at $1.43. However, during the current trading session, POPCAT has slipped again, currently down almost 5%.
Uniswap (UNI) Price Analysis
During the current trading period, Uniswap (UNI) is experiencing a drop in price after experiencing a substantial increase on Tuesday that peaked at $8.80 but subsequently fell. UNI had been quite bearish during the previous week and dipped below the 20-day Simple Moving Average (SMA) on Thursday, settling at $7.34. However, it rebounded on Friday, moving back above the 20-day SMA to $7.45, only to fall below the moving average on Saturday following a nearly 2% decrease. Despite recent bearish price trends, UNI saw a surge in value on Sunday, rising approximately 6% and going back above the 20-day SMA to $7.74.
On Monday, UNI’s price fluctuated significantly as buyers aimed to surpass the 200-day Simple Moving Average (SMA) while sellers sought to pull it back under the 20-day SMA. Despite this struggle, UNI managed a slight rise of 0.61% and closed at $7.78. On Tuesday, UNI made a substantial leap over the 200-day SMA and critical resistance levels, peaking at $8.80. However, it retreated below $8 after the buying pressure subsided, ending the day at $7.99 with an almost 3% increase. Today, UNI is showing a decline as sellers aim to push the price down towards $7.50. Currently, UNI is down by more than 3%, trading around $7.75 and falling below the 200-day SMA.
Tron (TRX) Price Analysis
Over the course of this week, I’ve observed a notable resurgence in Tron (TRX). Last week, it seemed as though TRX was stuck in a downward spiral, spending nearly all of its time in the red zone. By Saturday last week, TRX had failed to break through the $0.165 barrier and instead turned bearish, plummeting significantly since Sunday. On Friday, TRX had dipped to $0.158, but managed to hold above the 20-day Simple Moving Average (SMA). However, pessimism surrounding TRX intensified over the weekend following an unsuccessful attempt to surpass $0.160. As buying momentum waned, selling pressure took over and pushed TRX below the 20-day SMA to $0.156 on Saturday. The negative trend continued through Sunday, culminating in a bearish end to the weekend.
Initially, TRX hit a daily low of $0.155 on Monday, but then bounced back, increasing by 1.51% and moving above its 20-day Simple Moving Average (SMA), settling at $0.159. The bulls remained in control on Tuesday as well, causing TRX to rise further by 0.86%, reaching $0.160. However, during the current session, sellers are attempting to regain control and push the price below $0.160 again.
Apecoin (APE) Price Analysis
Over the weekend, Apecoin (APE) displayed extraordinary price movements, reaching new heights. However, in the recent trading sessions, it has slipped into negative territory. On Friday, APE experienced a 3.8% rise to reach $0.73. The positive momentum escalated over the weekend, with APE soaring by more than 18% on Saturday, crossing both the 20-day and 50-day moving averages, and closing at $0.87. While a 18% surge is remarkable in itself, Sunday saw an unparalleled increase of 70.99%, propelling APE beyond its 200-day moving average and surpassing the $1 mark to reach $1.48. On this day, bulls peaked at $1.72 before correcting and settling at $1.48.
On Monday, there was an uptick in market turbulence as sellers aimed to regain dominance and buyers strove to surpass $1.50. APE peaked at $1.76 for the day before closing at $1.56 following a 5.35% surge. Nevertheless, the buying force weakened on Tuesday, causing APE to plummet nearly 14%, falling back below $1.50 to end the session at $1.35. At present, the price is dipping by almost 7% as sellers persistently drive down APE towards $1. The hopeful buyers aim to keep APE above the $1 mark. If APE can recover from this point, it might push back above $1.50. Conversely, if APE drops below $1, we may witness a further decline to around $0.80 or even $0.70.
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2024-10-23 14:07