From the statement that BTC is still a long way from the $ 100,000 mark to the Australian exchange’s launch of the first crypto ETF. Here are some highlights from the crypto market.
The bulls are back in control after the short-lived Bitcoin price drop. BTC is trading above the $ 57,000 region with 2.5% and 11.1% returns on the daily and weekly charts.
The general sentiment in the markets is bullish as traders expect Bitcoin to complete its historic performance as the market usually tends to go higher in the final months of the year.
Bitcoin trades under $ 10,000 versus the ATH at $ 64,870. According to Fidelity Macro Manager, Jurrien Timmer, BTC may be Breaking new ground when short-term owners FOMO invest in BTC. These investors are people who have only invested in BTC in the past 3 months.
HODL wave diagram | Source: Loyalty
As can be seen in the graph, only 15% of the total BTC supply is currently held by “market-oriented investors”. In order for Bitcoin to reach new highs, the number of these investors must be over 20%.
With this in mind, Timmer believes that the current upward trend in Bitcoin lacks “exaggeration”, which suggests stability and sustainability for the current price action. In contrast to previous rallies, this time Bitcoin seems to be evading the influence of the “speculators”.
However, Timmer predicts that BTC is still far from the key psychological mark of $ 100,000.
While studying the Bitcoin / Gold ratio to analyze BTC’s supply and demand pattern, he said the pattern will intersect in the $ 100,000 range in 2023 or 2024.
Bitcoin supply / demand chart | Source: Jurrien Timmer
Bitcoin balances on the exchanges stayed the same through October.
The Exchange Net Reserve Status Change Index has been in “capital outflow” mode since March 2020.
May through July is the time for capital inflows, but this has now been completely reversed.
The exchanges are currently seeing capital outflows of around 20,000 BTC per month.
Bitcoin cash flow diagram on the exchanges | Source: Glassnode
According to Glassnode, bitcoin balances on the exchanges stayed the same through October.
The total balance on the exchanges is around 2.45 million BTC, which corresponds to the status of August 2018.
From an ATH of 3.11 million BTC in March 2020, a total of 657,000 BTC flowed out of the exchange, which corresponds to 21% of the ATH threshold.
BTC balance on the exchanges | Source: Glassnode
Billionaire Mark Cuban told CNBC that Ethereum, the second largest cryptocurrency, is the most profitable investment.
– Lark Davis (@TheCryptoLark) October 14, 2021
Cuban has been a strong supporter of Ethereum for some time due to the strong presence of the blockchain in the DeFi and NFT space.
In his most recent interview, Cubans also advised people to buy Dogecoin because it was “pretty interesting”.
Whales move ETH.
According to the blockchain tracker Whale Alert, almost 20 large Ethereum transactions have been made recently.
These moves range in value from 10,000 ETH (valued at approximately $ 34,641,671) to 30,000 ETH and 58,000 (approximately $ 201,696,543 USD).
A total of 16 transactions were made between wallets and anonymous addresses as well as between crypto exchanges, mainly Binance, FTX.
Whales move large amounts of ETH | Source: Whale Alert
Tesla CEO Elon Musk took to Twitter to endorse Dogecoin co-founder Billy Markus and urged the community to download the Dogecoin 1.14.4 upgrade to lower transaction fees.
In his tweet, Markus received confirmation from Musk explaining that nodes are important because they are responsible for validating transactions and updating the blockchain.
I wanted to write something more nuanced about Dogecoin nodes, so be patient.
Knots are important. They keep the network moving, validate transactions, and keep the blockchain up to date. It’s good to upgrade to 1.14.4 which allows for lower transaction fees.
– Shibetoshi Nakamoto (@ BillyM2k) October 13, 2021
News matrix swap
Matrixswap (MATRIX) became begin DEX aggregator, The Nebuchadnezzar, on polygon (MATIC).
Users can now initiate trading on the Polygon Network with the Matrixswap DEX Aggregator.
Nebuchadnezzar is associated with high volume AMMs on Polygon like SushiSwap, QuickSwap, Dfyn, Ape Swap, Polycat and many more.
Coinbase opened the waiting list via a blog post announcing their upcoming NFT platform, which is slated to launch later this year. The platform, called Coinbase NFT, will initially support the Ethereum-based token standards ERC-721 and ERC-1155, with plans to expand support to other blockchains in the future.
Thank you for your patience everyone – in the past few hours we’ve been ramping things up and scaling things up so you can sign up for the NFT marketplace.
– Sanchan S Saxena (@sanchans) October 13, 2021
There are currently more than 1.1 million people waiting for early access to the NFT platform. Coinbase vice president of product Sanchan Saxena said the “excessive” traffic for the waiting list temporarily disrupted the site’s network.
If Coinbase’s user base continues to grow in the second quarter of 2021, as before with around 68 million verified users and 8.8 million monthly active users, Coinbase’s NFT platform could compete directly with giants like OpenSea.
Shark Tank star Kevin O’Leary said foreign exchange is a potential multibillion dollar market for DeFi, the form of blockchain technology that proponents say could revolutionize financial services by eliminating the need for intermediaries.
During this year’s SALT conference in New York City, O’Leary mention on the way investors rely on foreign exchange brokers to invest in overseas markets. He says the extra steps involved in such transactions are often unnecessary and tedious.
The famous investor believes that DeFi has the potential to remove costly intermediaries from the forex market system.
Stellar Lumens (XLM) was one of the top performing assets in the top 30, up 10% on the daily and 36.3% on the 2-week chart. XLM has Bitcoin, Ethereum, and other big money in the top 10 exceeded.
XLM price table | Source: Tradingview
XLM’s technical indicators quickly turned into buy territory, with the simple moving average (SMA) and exponential moving average (EMA) topping the $ 0.32 mark.
The Relative Strength Index (RSI) remains neutral at 61.5, but the Moving Average Convergence Divergence indicator, a metric used to measure the price momentum of an asset class, is showing buy signals.
XLM’s upward trend coincides with an exponential growth in its ecosystem. According to the Stellar Development Fund (SDF), the network made significant strides in the third quarter of 2021.
In addition, it also attracts important partnerships, such as with MoneyGram. This allows users to connect their wallets to the company’s global retail platform.
Global financial services company Visa is partnering with NFT artist Micah Johnson to set up a program that will enable creators to better understand the NFT industry and leverage public blockchain networks to develop and sell their digital works.
Visa relayed this message. known Press release on October 13th. The company announced that it will provide connectivity between the creators and its payment partner network, which will benefit the company as it expands the reach of its users and drives business growth.
Australian exchange launches first cryptocurrency ETF.
As the community waits for the Bitcoin ETF to be approved in the US, the Australian Stock Exchange (ASX) is ready to launch its first cryptocurrency ETF.
Specifically, the Australian ETF provider BetaShares is about to introduce a “BetaShares Crypto Innovations ETF” with the ticker “CRYP”.
🗞Daily trend stories
ETF manager BetaShares expects its Crypto Innovators fund to start trading on the Australian Stock Exchange (ASX) soon, pending regulatory approval, as the ETF will offer exposure to crypto-focused companies in Australia. #CryptoNews #MEXC pic.twitter.com/aMHJmk8a9M
– MEXC-Global (@MEXC_Global) October 14, 2021
However, the fund is not directly backed by a cryptocurrency but instead focuses on global companies active in the digital asset space.
The purpose of the fund is to allow institutional investors who want to bring their capital into the crypto space with minimal risk factor, indirect exposure to the crypto space.
It’s too early to start using cryptocurrencies to process oil transactions.
Russian President Vladimir Putin believes it is too early to start using cryptocurrencies to process transactions in energy resources such as oil.
The Russian President discussed the potential use cases of cryptocurrencies in an interview with CNBC on Thursday following a session of the Russian Energy Week forum.
According to the text interview Fully published on the official Kremlin website, Putin said that private cryptocurrencies “can act as a unit of account” but they are “very unstable”.
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