As a seasoned crypto trader with years of experience under my belt, I must say that the market’s volatility never ceases to amaze me. On one hand, Solana (SOL) has been riding the bull wave, showing impressive growth and potential. However, the bears seem to have taken control today, pushing SOL down from its promising high of $180.
Bitcoin (BTC) has managed to stay above the $67,000 mark, even after briefly dipping to around $65,000 in the last day. At present, it’s trading near the $67,000 level. On the other hand, significant cryptocurrencies like Ethereum, Solana, and Ripple have seen drops over the past 24 hours.
Bitcoin experienced a turbulent week, oscillating between significant points at $65,000 and $69,000. Unfortunately, Bitcoin (BTC) couldn’t surpass the $70,000 mark on Monday, causing other major cryptocurrencies to also decline.
Regardless of temporary drops in Bitcoin’s price dipping under $65,000 and subsequently rebounding, it seems that the cryptocurrency is finding its footing again. Pauline Shangett, Chief Marketing Officer at ChangeNOW, noted her observations on this development.
After a turbulent week, it seems that Bitcoin might be moving into a more stable stage. The general feeling among investors is becoming more positive, and signs point towards a time when traders are collecting or ‘accumulating’ Bitcoin.
Ripple (XRP) CEO Predicts Crypto “Reset” After US Election
As an analyst, I’ve been pondering over the potential implications of the upcoming US election on the cryptocurrency market. Notably, both presidential contenders have expressed opinions about digital currencies, albeit with contrasting perspectives. According to Ripple CEO Brad Garlinghouse, it seems that the crypto industry might experience a shift in direction, irrespective of who wins the election.
Garlinghouse stated to CNBC’s Tanaya Macheel that he believes there will be a reboot or change, regardless of the events that unfold.
Adding;
“We’re going to see forward progress and I am certainly looking forward to that.”
As an analyst, I can share that a former U.S. President has pledged to halt what he considers an illegal and antithetical clampdown on the American cryptocurrency sector. Furthermore, this individual expresses support for a digital currency initiative named World Liberty Financial. On Wednesday, Garlinghouse declared:
It’s clear that President Trump was an early supporter of cryptocurrency and has been quite active in his support for it. Therefore, some people refer to him as the ‘Crypto President’.
Harris stated that her administration aims to foster advancements in cutting-edge tech areas like AI and cryptocurrencies, all while ensuring consumer safety. In a similar vein, the Vice President expressed her admiration for how emerging technologies can extend opportunities in banking and finance.
Ripple’s CEO also highlighted Vice President Kamala Harris’ technology connections, commenting:
Kamala Harris hails from Silicon Valley, a technology hub, and throughout her career, she’s been supportive of technological advancements. However, when it comes to discussing this subject, she tends to keep a lower profile.
Spot Bitcoin ETFs Registers Continued Inflows
This week saw a large amount of investment in Bitcoin ETFs, with the BlackRock IBIT ETF receiving $329 million on its own, making it a popular choice for investors seeking exposure to Bitcoin. Monday saw inflows totaling $294 million into these ETFs, despite a drop in Bitcoin’s price. The surge in inflows for the IBIT ETF has outpaced that of Vanguard’s Total Stock Market ETF in terms of year-to-date inflows, as noted by Bloomberg ETF analyst Eric Balchinas. On October 22 alone, Fidelity’s FBTO Fund saw substantial inflows worth $5.9 million. However, while BlackRock, Vanguard, and Fidelity are experiencing large inflows, other ETFs such as Bitwise’s BITB, ARK‘s ARKB, and Grayscale’s GBTC have experienced significant outflows.
Based on Sosovalue’s information, Bitcoin spot ETFs experienced growth and moved into a positive position on October 24th. In total, these ETFs attracted approximately $188.11 million in investments across 12 different funds. BlackRock was once again the top contributor with around $165 million, while Bitwise’s BITB received about $29.63 million. Meanwhile, Grayscale’s GBTC witnessed outflows of over $7 million.
Retail Demand for BTC is Up 13%
According to on-chain analysis from CryptoQuant, there’s been a substantial increase of approximately 13% in retail demand for Bitcoin. This spike is noticeable among investors who typically invest between zero and $100,000, suggesting a notable change in the market’s dynamics.
After a gap of four months, we’ve seen an increase in on-chain retail activity again. Over the past thirty days, there’s been a roughly 13% rise in retail demand, a situation reminiscent of March, just before we approached our previous all-time high.
Binance Connect Relaunches with Seamless Fiat-to-Crypto Integration for Web3
Binance unveiled an updated version of Binance Connect, a specialized platform for converting traditional money (fiat) into cryptocurrency specifically aimed at Web3 projects. With an emphasis on making it user-friendly and ensuring compliance with regulations, Binance Connect has been customized to meet the changing requirements of Web3. Binance elaborated that their solution seamlessly integrates with its current services, allowing users to smoothly switch between traditional money and digital currencies using their existing Binance accounts.
Originally, the Binance Connect service was shut down in August 2023 because of complications with card payment services support. In a blog post, Binance announced that the updated service now accommodates over 100 fiat currencies, 300 cryptocurrencies, and an impressive variety of 300 payment options. Users can now buy and sell digital currencies using their existing Binance accounts and DeFi wallets directly.
In a discussion about linking conventional banking with blockchain technology, Binance highlighted that Binance Connect is designed to tackle these integration difficulties.
Binance Connect has been designed to align with relevant laws and regulations, providing partners with peace of mind regarding their operations. This design also reduces the technical resources required for compliance.
US Government Crypto Wallet Hacked for $20 Million
On October 24, an unauthorized individual successfully siphoned off approximately $20 million from a digital wallet managed by the U.S. government. This wallet contained funds that had been confiscated following the 2016 Bitfinex hack.
According to on-chain analysis firm Arkham Intelligence, an attacker moved funds, including USDC, UST, aUSDC, and ETH, to a wallet that begins with “0x348”. Arkham noted that the attacker appears to have been converting stablecoins into ETH and laundering the funds by using addresses suspected to be linked with a money-laundering service.
Bitcoin (BTC) Price Analysis
On Wednesday, Bitcoin and other digital currencies experienced a significant setback, causing the price of Bitcoin to dip below $65,000. Initially, the world’s most prominent cryptocurrency plummeted by more than 2.5%, but it later regained some ground and surpassed $67,000 once again.
On Wednesday, the fall in the cryptocurrency market resembles the fall in the stock market. The repeated decrease in Bitcoin’s value underscores the unpredictability of the crypto market and its link with conventional markets. It appears that the downturn in the crypto market is tied to the decline in tech stocks. Shares of Tesla, in particular, experienced a setback as the company gets ready to reveal its latest earnings. Analysts anticipate a decrease in their share price.
Following a very optimistic run up to last week, Bitcoin (BTC) has been moving downwards since Monday. The impressive growth seen on Monday and Tuesday had BTC’s value surpassing $68,000 by Friday. However, the upward momentum seemed to falter on Friday, with BTC closing at $68,398. On Saturday, there was a slight dip in price, ending the day at $68,278. Interestingly, BTC rebounded slightly on Sunday, experiencing a 0.72% increase and reaching a value of $67,773.
At the start of this week, Bitcoin showed strength with buyers pushing it up to a daily peak of $69,401. However, the momentum waned when buyers met stiff resistance, providing an opportunity for sellers to intervene. As a result, Bitcoin experienced a 2.13% drop on Monday and ended the day at $67,307.
A volatile session on Tuesday saw BTC drop to a day low of $66,523 before covering and settling at $67,386. Intense selling pressure on Wednesday allowed sellers to drag BTC to a day low of $65,225. BTC, however, recovered from this level when buyers entered the market. The price eventually settled at $66,658, a marginal drop of 1.09%. Thursday’s session saw Bitcoin reach a high of $68,831 and a low of $66,510. Ultimately, BTC rallied to gain 2.29% and settled the session at $68,191.
In this trading moment, I find myself witnessing a shift in power towards the sellers, as Bitcoin plunged to an intraday low of $65,664. However, it has managed to bounce back slightly and is now hovering around the $68,600 mark, offering a glimmer of hope for potential recovery.
Ethereum (ETH) Price Analysis
Ethereum experienced intense selling pressure throughout most of the week, causing its price to dip into the red for much of that period. However, ETH showed signs of resilience during this time, with a notable rise of approximately 6.54% on Monday that took it to $2,630. The pressure persisted until Friday when ETH saw a small increase of 1.41%, reaching $2,641. Following this, ETH made an attempt to break the $2,700 barrier, but remained relatively stable on Saturday. However, it managed a slight uptick before a sudden surge of around 4% on Sunday enabled it to break through the $2,700 mark and settle at $2,746.
As an analyst, I started off this week by noticing a significant dip of nearly 3%, causing the price to fall below $2,700 and settle at $2,666 initially. The downward trend continued on Tuesday as ETH dropped another 1.73% to land at $2,620. On Wednesday, the bearish sentiment intensified, with sellers pushing ETH below its crucial support levels, including the 20 and 50-day Simple Moving Averages (SMAs), taking it down to a daily low of $2,451. However, buyers made an effort to recover the situation, pushing the price back above $2,500 and closing the session at $2,522. Throughout Thursday, ETH managed to maintain its price above $2,500, gaining 0.39% to settle at $2,535. Unfortunately, as I write this, buyers are struggling to keep ETH above the $2,500 level, and sellers are in control. This could potentially lead to a further drop below $2,300 if they maintain their dominance.
Solana (SOL) Price Analysis
Over the past few days, Solana has been experiencing a sustained uptrend following its dip to $147 on Thursday. On Friday, SOL saw a growth of almost 3%, crossing over the 200-day Simple Moving Average (SMA) and finishing at $154. The bullish trend persisted on Saturday, with SOL gaining more than 3% and ending at $159. A significant 5% increase on Sunday propelled SOL above $160, concluding the week at $167.
This week, Solana (SOL) has been experiencing intense price fluctuations as investors scrutinized the $170 resistance level. On Monday, buyers made an effort to push SOL above $170, while sellers aimed to dip the price under $160. The day saw a series of upward and downward movements, with SOL falling to a low of $161 and reaching a high of $171 before closing at $166. The volatility continued on Tuesday, as both buyers and sellers battled for control. Eventually, buyers took the lead and increased SOL by 0.80% to $167. On Wednesday, SOL successfully breached the $170 level following a surge of 1.96%, reaching $170.77. The bullish trend continued on Thursday, with buyers propelling SOL up by 3.65% to close at $177.16. However, in the current trading session, sellers are pushing back after preventing the price from rising above $180. SOL dipped to a low of $160.13 before recovering.
Polkadot (DOT) Price Analysis
Polkadot (DOT) registered a significant decline in recent days and lost all gains of the previous week. Bearish sentiment overwhelmed the market, resulting in a substantial drop in the altcoin’s price. The previous week saw buyers push DOT above the crucial $4.50 level to settle at $4.57. Polkadot (DOT) started the week with a substantial increase of 5.05% on Monday, which saw DOT climb above the 20 and 50-day SMAs to settle at $4.37. A battle between buyers and sellers resulted in a volatile session on Tuesday, with DOT dipping to a day low of $4.30 and reaching a high of $4.53 before eventually settling at $4.41. After taking control on Tuesday, buyers lost steam on Wednesday, resulting in a substantial drop to $4.32. Bearish sentiment continued Thursday, pushing DOT down by 3% and below its SMAs to close the session at $4.19. DOT made a strong recovery on Friday, rising back above the 20 and 50-day SMA after an increase of 2.63%. Bullish sentiment continued over the weekend as DOT rose 2.84% on Saturday to close the session at $4.44. Buyers maintained the upward on Sunday, breaking through the crucial $4.50 level. DOT reached a high of $4.59 during the session before dropping back to $4.57, registering a 3.30% increase.
To start off this week, DOT found itself in a negative position. A significant drop of approximately 4.38% on Monday caused DOT to fall beneath the critical $4.50 mark, ending the day at $4.37.
On Tuesday, a struggle between buyers and sellers led to a turbulent trading day, culminating in sellers taking control and causing a 1.14% decrease in $DOT’s price to $4.32. On Wednesday, the selling pressure intensified, driving the price down to a minimum of $4.10. Remarkably, $DOT rebounded and finished the session at $4.21. Thursday saw another volatile day for $DOT, with its lowest point being $4.16. The cryptocurrency showed signs of recovery but ended up closing the session with a minimal dip of 0.17%, settling at $4.20.
Today’s trading is showing a pattern similar to the last two days for DOT. As I write this, it appears that sellers are in command, as DOT is being traded at approximately $4.18.
Ripple (XRP) Price Analysis
After experiencing a significant drop throughout the week, causing XRP to dip below its moving averages due to heavy selling, Monday saw XRP struggling to break past its 50-day Simple Moving Average (SMA), eventually closing at $0.54. The relentless selling pressure on Tuesday led to a 2.24% decrease in XRP, pushing it below both its 20 and 200-day SMAs. The bears continued their dominance on Wednesday, pulling down XRP to a daily low of $0.51. XRP managed a slight rebound by the end of the day, closing at $0.52, resulting in a 1.39% decline.
On Thursday, buyers took control, causing XRP to increase by 1.18%. However, this bullish trend was short-lived, and XRP is now back in negative territory for the current session. Sellers have dominated the session, pushing XRP down to a low of $0.49, but it has since rebounded slightly to $0.50.
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2024-10-26 12:32