Lorenzo Stroe
Independent Analyst
Here is what you need to know on Thursday 15, October
BTC/USD is trading at $11,355 after a mild rejection from the top at $11,720 losing some of its bullish momentum.
ETH/USD had a similar fate and it’s at a higher risk of seeing a longer pullback than Bitcoin.
XRP/USD is the clear loser after breaking below the 50-SMA and the 100-SMA on the daily chart, currently trading at $0.2482 after yet another rejection.
Chart of the day: XRP/USD daily chart
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Market
A new World Economic Forum (WEF) study has recently revealed all the issues about the blockchain industry and the lack of regulatory clarity. The report discusses known ICOs and projects like CryptoKitties, which have become widely popular in the entire world.
In some ways, blockchain upends traditional models of standard-setting, given the decentralized governance and ability to embed standards within the build of the protocol. Other areas have mimicked structures used to create coherence in distributed systems such as the internet.
The report gives several key recommendations like ecosystem participants having to identify where standards may accelerate and ‘address the gaps within the development of solutions for those use cases’. It also suggests that regulators should educate themselves a lot before trying to establish any standards.
Industry
Gate.io, a global cryptocurrency exchange announced the launch of a new type of hardware wallet. The biggest difference between other hardware wallets is the implementation of a fingerprint recognition system. The device can support over 10,000 cryptos and will only cost $50.
PlotX, a DeFi solution for prediction markets made its debut recently after partnering with ChainLink. The project successfully completed its fundraising selling 2.7 million coins and getting Listed on Uniswap on October 13. Ish Goel, is the CEO of PlotX, the ex-CTO of Nexus Mutual.
Bityard will use Paxful to create fiat on-ramps in Singapore. Bityard is a cryptocurrency exchange offering derivatives options. The exchange is planning to use the peer-to-peer trading platform Paxful to enable Singapore citizens access to more than 300 different payment methods.
Quote of the day
There are 3 eras of currency: Commodity based, politically based, and now, math-based.
– Chris Dixon
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Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
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