As a seasoned trader with decades of experience under my belt, I must say that the cryptocurrency market is as unpredictable as ever. The past week has been a rollercoaster ride for UNI, WIF, and FET.
On October 21 late into the night and continuing through October 22, Bitcoin (BTC) and various other cryptocurrencies experienced a significant decline. Specifically, BTC saw a decrease of more than 2% over the preceding 24 hours. Ethereum (ETH), on the other hand, dropped even more and is currently down by approximately 3.54% in the last day, having lost its $2,700 price point.
Besides Bitcoin (BTC), other significant cryptocurrencies such as Solana (SOL), Dogecoin (DOGE), Toncoin (TON), and Polkadot (DOT) experienced noticeable decreases in value. This downward trend caused the overall crypto market capitalization to decrease by approximately 2%, dropping it to around $2.34 trillion. On a positive note, despite these declines, the total market volume saw an increase of 29% to reach roughly $85.17 billion.
ChangeNOW CMO Pauline Shangett stated about the performance of BTC and ETH,
Recent decreases in Bitcoin and Ethereum prices emphasize the ongoing volatility within the cryptocurrency market. A 2% dip in Bitcoin is considerable, but Ethereum’s steeper 3.54% drop below $2,700 adds to worries about market stability.
CME Bitcoin Futures Open Interest Sets New ATH
As a crypto investor, I’ve noticed an impressive rise in the open interest for Bitcoin futures, reaching an unprecedented all-time high of $12.26 billion over the past fortnight, marking a 36% increase from the previous two weeks. This new peak is even closer to its previous record set during summer and represents the highest level since April 1, when the CME Open Interest (OI) stood at $11.84 billion. The escalating open interest in these futures suggests a growing institutional interest, with institutions aggressively increasing their positions, likely in anticipation of further volatility or a potential surge in Bitcoin’s price.
Open interest refers to the number of outstanding futures contracts that have yet to be settled. A record-high OI indicates greater participation and active trading or holding of positions in Bitcoin futures.
The rate at which Bitcoins (BTC) are being mined, or “hashrate,” has persistently increased during the past few months. This figure is significant in assessing the asset’s adoption and security levels. With the ongoing monitoring of the market, there’s curiosity about what factors might maintain this BTC hashrate at a steady pace. Following the halving event, the complexity of Bitcoin mining has noticeably risen. Nevertheless, several experts predict that the Bitcoin hashrate will surpass its previous record high for three main reasons:
The prospect of BTC’s profitability
Natural selection among BTC miners
Bitcoin hashrate and service diversification.
Argentina Drafts New Crypto Regulations
Argentina is working on creating fresh crypto guidelines aimed at improving user and stakeholder protection. This announcement comes from the Argentine securities regulatory body, who also recently invited public feedback on a draft for regulating Virtual Asset Service Providers (VASPs) within their jurisdiction. These new regulations will introduce stricter compliance measures for these institutions.
If passed, these fresh regulations will mandate crypto firms to openly share all contracts with clients and external parties. Their intention is to combat money laundering and terrorism financing by enforcing stringent policies and cybersecurity standards. This new system is an extension of the VASP registry, which was introduced earlier this year. As stated by CNV President Robert Silva, the goal is to regulate in a manner consistent with legal principles, yet not stifle innovation.
Nonetheless, there’s a degree of caution and doubt within the crypto sector regarding the proposed legislation. Industry players argue that while regulations are essential, they must foster an environment conducive to business expansion. As expressed by Carlos Peralta, the head of public affairs at Bitso Argentina, “Regulations should be designed in such a way as to facilitate company growth.
At Bitso, we place great importance on thoroughly examining our registration requirements within the Virtual Asset Service Provider (VASP) registry. This process involves open dialogue with the public, which helps foster financial inclusivity and build a swifter, more streamlined financial system.
Juan Pablo Fridenberg, director at Lemon, one of Argentina’s most popular exchanges, stated,
Experts understand that regulatory measures should be thoughtful and incremental. As global bodies have cautioned, any system that skews, stifles, or excessively burdens the operations of Virtual Asset Service Providers (VASPs) may drive users towards unregulated or cross-border markets instead.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) dipped approximately 2% following a brief surge over $69,000 on Monday, settling around $67,650 at present. The global leader in cryptocurrencies reached a low of $66,700 before rebounding. This unexpected decline followed Bitcoin reaching a three-month peak and many anticipating it to reach $70,000 due to its recent positive momentum. Factors contributing to this downturn include growing uncertainties surrounding the US elections, with some believing that a Trump win would be beneficial for the crypto market given his pro-crypto stance. Vice President Kamala Harris has also expressed support for cryptocurrency regulation.
As a researcher, I find myself observing a significant shift in market dynamics. With the uncertainty surrounding the ongoing race, cautious investors are increasingly moving away from riskier assets like Bitcoin and opting for safer havens such as gold and the U.S. dollar instead.
Analyzing the Bitcoin (BTC) price trends, we notice that BTC began this week with a decline, contrary to its positive close in the previous week. On Monday, BTC spiked beyond $65,000 and touched both the 20-day and 200-day Simple Moving Averages, ending the day at $65,992 just short of $66,000. Despite experiencing high volatility on Tuesday, BTC managed to grow by 1.53% and reached $67,000. On Wednesday, buyers aimed to push BTC above $68,000, reaching a daily high of $68,379 before losing steam and dropping back to $67,519, marking a 0.77% increase. A slight decrease on Thursday brought BTC down to $67,302.
Initially, Bitcoin saw a rise on Friday, surging past $68,000 to reach $68,398. However, this upward momentum faded over the weekend due to active sellers, causing a minor dip on Saturday and a slight increase of 0.72% on Sunday, pushing the price up to $68,773. The new week began with buyers propelling Bitcoin to a high of $69,401, but they lost steam upon encountering strong resistance, allowing sellers to regain control. Consequently, Bitcoin fell by 2.13% and settled at $67,307. Throughout the current session, sellers tried to pull Bitcoin below $67,000, but a recovery followed after the price dropped to $66,523, with Bitcoin currently trading at $67,640.
If users maintain command over the current market trends, Bitcoin (BTC) might aim to regain the level of $68,000. Conversely, if sellers take over, they could push Bitcoin below $67,000, potentially leading it to settle around $65,000.
Ethereum (ETH) Price Analysis
For the second consecutive day, Ethereum (ETH) experienced a decline, dropping below $2,700 on Monday and now aiming to dip below $2,600. The current week has seen a bearish trend for ETH, with sellers seeking to push it lower. Last week, ETH’s price movement was varied, with momentum slowing after a 6.54% rise on Monday that propelled the altcoin over its 20-day and 50-day moving averages, as well as the $2,600 mark. However, it declined by 0.85% on Tuesday due to high volatility, and this was followed by fluctuation in price on Wednesday and Thursday, with only minor increases and decreases registered. Despite this, ETH managed to stay above $2,600, suggesting that sellers might be running out of steam at this level.
Friday saw buying activity pick up as ETH registered an increase of 1.41% and settled at $2,641, and a marginal rise on Saturday took ETH to $2,647. Bullish sentiment picked up once again on Sunday as ETH went past the crucial $2,700 level and settled at $2,746. However, buyers lost momentum on Monday after a move to $2,800 failed to materialize. As a result, sellers took over and pushed ETH down by almost 3%, as it fell back below $2,700 and settled at $2,666. The current session sees ETH remain in the red as sellers look to drive the price below $2,600. As we can see in the price chart, ETH has recovered from a low of $2,615 during the ongoing session but remains down by 0.53% and trading at $2,653.
sellers aim to pull down Ethereum (ETH) prices below $2,600, suggesting they’re taking charge. But, if this happens, investors will counteract by trying to lift ETH back up over the $2,700 mark, demonstrating their regained control.
Solana (SOL) Price Analysis
Solana (SOL) is aiming for a move beyond $170, having previously been unable to reach this level on Monday due to heavy selling activity. Earlier in the week, SOL experienced a substantial increase of approximately 6.63%, propelling it above its 200-day Simple Moving Average (SMA) and reaching $157. However, this upward trend was halted on Tuesday as sellers attempted to drive the price below the 200-day SMA. By Thursday, they had managed to push the price down to a low of $147, but it recovered slightly and closed at $150, just under its 20-day SMA.
On Friday, SOL bounced back strongly, gaining nearly 3%, moving above its 200-day Simple Moving Average (SMA) and ending the day at approximately $154. A bullish outlook continued over the weekend, with SOL rising by 3.11% on Saturday and 4.82% on Sunday, pushing past $160 to reach $167. On Monday, SOL saw significant fluctuations as sellers aimed to pull the price below $160 while buyers aimed for a break above $170. Although SOL dipped to $166 after reaching a high of $171 on Monday, losing 0.71%, it still remained above $160. In the current trading session, buyers have regained control and are working to gain momentum with another attempt to push past $170.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has experienced considerable fluctuations over the weekend, finding it challenging to surge towards $0.150. The buying force seems to be waning in the face of strong resistance. On Thursday, DOGE reached its lowest point for the day at $0.120 as sellers aimed to pull the price below its support threshold. However, DOGE managed to recover from this level, eventually recording a 3.34% rise and stabilizing at $0.130. On Friday, DOGE surpassed its 200-day Simple Moving Average (SMA), rising by nearly 6% and ending the day at $0.137. Buyers made an effort to push past $0.140 but retreated after reaching a peak of $0.141.
Over the weekend, DOGE’s performance was a bit of a rollercoaster ride for me. It surged nearly 5% on Saturday, breaking through the $0.140 barrier and settling at $0.144. However, it took a downturn on Sunday, dipping to as low as $0.137 before rebounding above $0.140 and ending the day at $0.142 following a 1.46% drop.
Uniswap (UNI) Price Analysis
As a researcher studying Uniswap’s (UNI) price movements, I’ve noticed that UNI has displayed considerable volatility, similar to Dogecoin. During this current session, its price soared past $8.50 before experiencing a drop-off. Kicking off the previous week with a robust performance that propelled it above the 200-day Simple Moving Average (SMA) on Monday, UNI plunged into the red territory on Tuesday, dipping back beneath the 200-day SMA and settling at $7.85. By Thursday, UNI had sunk below the 20-day SMA after a slide to $7.34. However, it staged a recovery on Friday, gaining 1.51% to reclaim the 20-day SMA and settle at $7.45.
On Saturday, buyers made an effort to climb higher but managed only to peak at $7.59 before dropping 1.75%, falling below the 20-day Simple Moving Average (SMA) and closing at $7.32. Positive feelings about UNI grew on Sunday as it increased nearly 6%, surpassing the 20-day SMA and $7.50, ending the day at $7.74. However, Monday saw significant volatility for UNI, with buyers trying to lift it above the 200-day SMA while sellers aimed to pull it below the 20-day SMA. The cryptocurrency eventually ended the day at $7.78 following a slight recovery. During this session, UNI moved past $8.50 and the 200-day SMA, reaching a high of $8.80 for the day. However, its upward momentum waned, causing it to drop below $8.50 and now trading at $8.11, showing an increase of over 4%.
Dogwifhat (WIF) Price Analysis
To start off this week, the digital asset known as WIF finds itself in the negative territory, following a substantial decline on Monday. Throughout the day, its price has been struggling to maintain above its support level. Last week, WIF displayed bearish tendencies and plummeted to a low of $2.44 on Thursday, dipping below the 20-day Simple Moving Average (SMA) before managing to bounce back and reclaim the moving average, ending the week at $2.54. On Friday, WIF experienced a rise of 4.50%, reaching $2.65. However, it began the weekend exhibiting considerable volatility on Saturday, ultimately registering a slight decrease and settling at $2.64.
On Sunday, sellers tried to pull down the price of WIF but failed as buyers stepped in, causing WIF to climb by 2.28% and end the day at $2.71. However, a more bearish outlook emerged on Monday as WIF fell almost 8%, dropping below its 20-day moving average and finishing at $2.50. Today’s trading session has seen WIF continue to decline slightly, with sellers aiming to push it beneath its support level. Currently, WIF is being traded at $2.48, marking a decrease of 0.65%.
Artificial Superintelligence Alliance (FET) Price Alliance
This week, the Artificial Superintelligence Alliance (FET) experienced a significant dip, going below both its 20-day and 50-day moving averages and falling to $1.40. Over the weekend, FET had managed to move above these moving averages, indicating a potential reversal of its previous downward trend. However, on Thursday, it dropped back below the 50-day SMA. On Friday, there was a strong recovery, with FET rising by 5.39% and reclaiming the 50-day SMA, closing at $1.43. Despite this, it failed to surpass the 20-day SMA and ended up losing nearly 2% on Saturday, settling again at $1.40.
On Sunday, FET dipped to a low of $1.36 but bounced back, surpassing both its 20-day and 50-day moving averages to close at $1.46, marking an increase of 4.07%. Yet, on Monday, a push above $1.50 didn’t happen as negative market sentiment resurfaced, causing FET to decrease by 5.29%, falling below its 20-day and 50-day moving averages again to $1.38. Currently, in this session, FET is holding steady in the red with a decline of 1.50% and trading at $1.36. If selling pressure persists, there’s a possibility that FET could drop down to $1.30.
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2024-10-22 14:03