Market picture
Crypto market capitalisation rose 1.4% over the last 24 hours to $1.138 trillion. After quiet trading on Monday, most gains came on Tuesday morning. The timing of the move is due to news on the US debt ceiling, where there is no deal yet, but Biden notes progress in negotiations. Ether is up 2.3% at $1856, with the top altcoins gaining between 0.3% (Solana) and 3% (Polygon).
Bitcoin is up 1.6% over the past day to $27.3K and earlier today climbed close to $27.5K, the upper end of the range since the 15th. Despite the positive momentum, the daily timeframes remain bearish, with Bitcoin trading below $27.5K.
According to CoinShares, investments in cryptocurrency funds fell for the fifth consecutive week to $32 million last week, with bitcoin investments down $33 million and Ethereum investments down $1 million. Investment in funds that allow shorts on Bitcoin fell by $1.3 million.
According to Santiment, the number of BTC and ETH on exchanges has fallen to its lowest level in several years, which is seen as a sign of an attitude towards long-term holding.
News background
Mott Capital Management founder Michael Kramer warned that Bitcoin could fall to $20K. According to him, BTC is a leading indicator for all risky assets, so its decline would be negative for the stock market.
Anthony Scaramucci, founder of hedge fund SkyBridge Capital, believes that the actual value of Bitcoin should now be $40K. According to him, we are now witnessing a global proliferation of BTCs, similar to what happened in the late 1990s with the rise of the internet.
Cryptocurrency platform Bakkt is considering expanding its business in Europe in light of the Crypto Asset Market Regulation Act (MiCA) passed in April. Bakkt currently only offers services in the US.
US lawmakers have drafted a bipartisan bill prohibiting the Fed from issuing the digital dollar (CBDC). Lawmakers cited Americans' right to financial privacy.
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
Recommended Content
Editors’ Picks
Three Arrows Capital demands $1.5B increase in the FTX lawsuit
Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.