InvestMacro

The leading cryptocurrency is creeping down again. On Monday, main fluctuations are near 20,487 USD. To preserve the uptrend in force, the BTC needs to brace itself and secure above 21,500 USD. Until this happens, all movements will be inside a flat.

The most important event of this week and month is coming, and this is the meeting of the US Federal Reserve System. With a probability of 81.4%, the market expects the regulator to lift the interest rate by 75 base points. 18.7% of investors count on an increase by 50 base points.

However, the main movements will be provoked not by the Fed’s decision but by its comments. Everyone is too interested in what is next to come? There is one more meeting left till the end of the year, and previously, the regulator planned to lift the rate at each meeting.

Seasonal cycles suggest that the BTC might keep growing this week, at least.

Money Fellows attracted 31 million USD

An Egyptian startup Money Fellows that works in the crypto market managed to gather 31 million USD at another round of financing. The company will allocate the money for designing new products and services, as well as for hiring new employees.

DOGE: best result of week

The copper coin DOGE demonstrated the best result of the week. Over 7 days, its price almost doubled. This let the coin rise to the 8th line of the rating of most popular cryptocurrencies. DOGE capitalisation grew to 15.54 billion USD.

BTC: 14 years since “White Paper” publication

On 31 October, it is 14 years since the BTC published its “White Paper” – a tech document that described the work principle of the peer-to-peer payment system. It is still unknown who is hiding behind the Satoshi Nakamoto penname.

Finally, the day has come when we have something to say about the BTC. Over the last 24 hours, the leading crypto has grown quite a bit. On Wednesday, it is mainly fluctuating near 20,326 USD.

The BTC even rose to 20,415 USD. This was due to an increase in the US stock indices: the impulse of growth persists on the platform, investors are working it out fully, though it becomes every time harder to buy.

On the one hand, stock market optimism can be explained by market players expecting the Fed to cool down its tightening policy. The Fed has never given such signals apart from certain remarks of the members. It should be reminded that the market has already got trapped by such wild guesses and seems to learn nothing.

On the other hand, nothing nothing has stopped the BTC from growing to 20,000 USD. Yet it failed to secure above 20,500 USD. This means growth to the important resistance level of 21,500 USD is in question.

The crypto market capitalisation is estimated as 979 billion USD. The BTC takes up 39.8%, ETH — 17.7%.

Ripple opened applications for third wave of Creator NFT

Ripple continues working with the Creator NFT and opens the third wave of applications for Creator Fund grants sized 250 million USD. This segment of the programme will be focused on creators and both physical tokens and NFTs.

Bitcoin ETF is losing

The Bitcoin ETF, ProShares (BITO) is suffering serious losses this year. A bit more than a year before placement, the ETF lost 70% of its high of November 2021, following the BTC.

BTC did not rise following the stock market and even declined. The flagship cryptocurrency is holding around 19,157 USD on Wednesday. BTC’s correlation with the S&P 500 and Nasdaq indices has momentarily weakened. This is due to a lack of liquidity on the floor, as well as the formation of bearish signals on time frames below the daily. Cryptocurrency exchanges still have no “ideas” of their own.

Technically, the area of 18,000-19,000 USD is still being held back by the sellers. However, it is no longer certain that the next bearish attack will hold. The faster the market advances to 20,500 USD and starts storming the resistance at 21,500 USD, the better the chances are for the continuation of the rally.

Energy consumption on the BTC network has increased over the year

The BTC Mining Council (BMC) presented statistics for Q3 2022, which show a 41% increase in BTC network energy consumption over the past 12 months. Data from more than 50 cryptocurrency miners was used to compile the report. Interestingly, mining all existing crypto-assets consumes approximately 0.16% of the world’s electricity production.

APTOS token “soars into the sky”

The APTOS token appreciated after Binance opened trading with the coin. The starting price was 1 USDT, rising to 100 USDT in the first minutes of trading.

The BTC is rising on Friday – the asset is mostly trading at $19,605.

Yesterday, the market was very nervous and is still trying to reach stability. At the same time, the BTC dropped to $18,183 amid exchange sales but managed to recover pretty fast.

As we can see, the support area between $18,000-$19,000 was able to survive another bearish attack.

The negative vibe in the market was caused by the September CPI data from the US, which showed 8.2% y/y after being 8.3% y/y in August. However, on MoM, the indicator increased to 0.4%. No matter what, inflation remains high, and it allows the US FOMC to continue tightening its monetary policy. Capital markets declined and the crypto market followed. And when investors reversed their positions, the local trend in digital assets also reversed.

So far, there is nothing new for the BTC as it continues following the US stock market.

China may develop a single Asian cryptocurrencies

An idea of a single Asian digital token is well falling into the China’s strategy to strengthen its economic impact in the region. In addition, China would be very interested in becoming the global leader in developing digital currencies. A digital token may be pegged to the basket of 13 currencies, including Yuan, Yen, Won, etc.

ENS skyrocketed

ENS leaped up over 16% in the last 24 hours. The coin’s capitalisation is $398.11 million; it’s now ranked 85th in the global cryptocurrency rating.

BlockTower launches a new fund

A crypto company focused on asst management, BlockTower, launches a new $150 million fund along with a venture capital arm. The fund is going to be focused on DeFi and the companies targeted at cryptocurrency infrastructure.

The BTC is declining smoothly. On Monday, it is balancing near 19,427 USD.

On Monday, the leading crypto is very restrained. It is a day off in the US today, so a part of investors will be away from the market. This can cause a decline in the volatility.

There are still very few chances for the BTC to grow. To rise higher, it needs to step over the key resistance level of 21,500 USD. For now, the crypto is most likely to stay inside a sideways channel between 19,000 and 20,000 USD.

Capitalisation of the crypto market has dropped to 904.12 billion USD. The BTC takes up 41.2% of it, the ETH — 17.91%, and the USDT — 7.55%. Curiously enough, the part taken by the XRP has grown noticeably over a week, now reaching 2.92%.

Over last week, the one token that has grown the most is the CSPR (+25.26%). Number two is the ENS (+24.06%). Both coins has entered the Top 100 list of the crypto market.

BTC hashrate has grown noticeably

The BTC hashrate has reached 10.8%, which is the new all-time high. This is good for both the safety and efficacy of the network. The complexity of the hashrate is though to be based on the computing power of the network. When the hashrate grows, it must be some powerful equipment joining the network that lets miners get coins and reward with fewer expenses.

Salvador criticizes those who doubt

President of Salvador confirmed that his decision to include the BTC in the country’s financial system was correct. Simultaneously, he criticized those who was against crypto as payment units. The leader of Salvador thinks that if the experiment succeeds, other countries may join in.

DeFi startup attracts financing

The Arch decentralised startup attracted 5 million USD during the first round of financing. The idea of the startup includes buying a smart contract that users can store on their own.

BTC is falling again. On Friday, the asset is mostly trading at $19,921.

The current market situation is quite usual. Global market players are trying to avoid risks in stock markets, so they are currently not interested in crypto assets. The correlation between S&P 500/NASDAQ and the BTC remains quite strong.

American investors are once again bringing the US FOMC’s future moves in questions. At the same time, there were neither signals indicating a change in sentiment, nor the frustrating statistics. Most likely, investors hoped for a longer rebound. However, but when it became clear the rebound wouldn’t last long, market players were overwhelmed with disappointment.

Technically, the area between $18,000 and $19,000 remains a strong support zone. Until now, it managed to prevent “bears” from attacking.

The BTC miners’ reserves hit the lows

The number of coins held by the BTC miners dropped to the 10-year low, 1.92 million BTCs. Experts compare this with the tendency to sell cryptocurrency.

Holders are waiting in the wings

At the same time, holders – long-term investors – accumulated a record-breaking amount of cryptocurrencies. According to Ask Invest, they control at least 13.7 million coins, which is about 71.5% of the entire BTC volume offered in the market.

Norway will cancel the benefits for miners

Norwegian Ministry of Finance is thinking of cancelling the benefits for miners. This might add about $14 million to the country’s budget. At the moment, data centres that are involved in mining are paying for electricity at a reduced rate.

The BTC recovered pretty much, but doesn’t want to follow the American stock market. On Wednesday, the asset is mostly fluctuating at $20,238.

So, the major crypto was supported from two sides: a rebound of the American exchanges and a correction in the DXY.

All technical aspects for the BTC remain pretty much the same, without any significant changes. In order for the rebound to transform into a proper growth, the asset must break the resistance at $21,000 and secure above $22,000. A major support area is still at $18,000-$19,000.

What’s next? We should keep a close eye on what will happen to global trends. Stock markets are highly unlikely to continue rising systematically, because the fundamental background hasn’t changed. The rates are rising, so is inflation, and the future prospects for companies and enterprises are still rather vague. However, the data released yesterday showed a slight slowdown in the US labour market, which may prevent the Fed from being aggressive in tightening its monetary policy. Any optimistic vibe is now looking very fragile, that’s why investors are very careful about buying.

Binance is launching a product for XRP

Crypto exchange Binance added the XRP to the list of products for bi-currency investments. It’s a double investment product, which helps to receive more profit during the subscription period regardless of the price movements.

DOGE is in demand again

DOGE has made Top 3 of the most profitable cryptos in the last 24 hours – it has gained over 8%. The market capitalisation has risen to $8.64 billion, while the daily transaction volume was $960 million.

On Monday, the BTC is balancing near 19,093 USD, slightly growing.

The market situation is not changing. The area between 18,000-19,000 USD remains the range of important support levels, and all the bearish attacks until now failed to break through the lower border of the channel. To go confidently and consistently, the BTC must rise above 22,000 USD.

There is definitely some issue with the correlation between the S&P 500, Nasdaq, and the BTC. The US market is sliding down without a pause or hope. Then why the BTC is not falling, if the connection between these two is still tight? The thing is, last week the US dollar index got weak, and it somehow smoothed out the negative influence of the S&P 500 decline.

Keep an eye on the DXY, anyway.

Totally, over Q3 the BTC lost 2.61% of its weight. Over September, the leading crypto dropped by 3.13%.

This week, the US stock market, namely, its reaction to statistics, will attract a lot of attention. A bunch of employment market reports for September are due. These reports are important for the Federal Reserve System, hence, reactions might be emotional.

Capitalisation of the crypto market today is 885.65 billion USD.

NFT: is the bubble ready to burst?

In September, the NFT trading volume amounted to 466 million USD, while in January this year, it was about 17 billion USD. In August already, the trading volume dropped abruptly to 9.34 million – against 2.7 billion in May. Investors seem to be discouraged by digital assets.

Ethereum network will be updated

The Ethereum network is getting prepared for 4 updates – Surge, Verge, Purge, and Splurge. They are to improve the scalability of the network and its safety. As soon as all updates are complete, Ethereum will be able to process up to 100 thousand transactions a second – against 20 transactions a second now.

Yesterday, the BTC did try to grow and even reached $20,381, but couldn’t keep the momentum and dropped to $18,759.

The key market driver for cryptos is the correlation with the American stock market, which has nothing to show right now – the stock market is overwhelmed by bears. Due to the rate hikes, conditions for companies and enterprises are slowly worsening, having huge influence on the stocks. Stock markets are falling and everything else is following.

We’d like to remind you there will be two more meeting to be held by the US Fed. Each of them might end with a rate hike. By the end of 2022, the rate is expected to reach 4.00%.

Technically, the range between $18,000 and $19,000 is once again on the radar as the area of strong supports. Until now, this range managed to weaken the bearish pressure, so we’ll see what happens now. The main scenario remains the same – to start a proper growth, the BTC must fix above $22,000.

The capitalisation of the crypto market dropped to $880,06 billion, and the share of the BTC is 40.87%, while the ETH takes up no more than 17.89%. The third place is occupied by the USDT (7.71%).

US Fed: no decisions for the digital USD

The Fed Chair Jerome Powell told the media yesterday that the regulator didn’t make any decisions to promote CBDC in the country. At the moment, the Fed is focused of politics and technologies.

Greece promotes crypto ATMs

Greece is ranked sixth in Europe in the number of crypto ATMs – 64 units, mostly in Athens and Thessaloniki. However, the country’s population is not very aware of cryptocurrencies – only 1.87% of Greeks use digital assets.