Zoom past US$50k
A red hot week for cryptos! Most major coins posing double digit percentage gains and a shout out to Shiba Inu for flying 400%! Cryptos have woken up since September ends… Bitcoin shot up more than US$10k this week pumping as much as 25% while ethereum went up by US$600 translating to about 20% gains. October? More like Pumptober. The International Monetary Fund recommends CBDC and global crypto standards for financial stability. International standards could mean that crypto is here to stay and mass adoption is on the way. Moving to community adoption, bitcoin has went up more than tenfold despite a coordinated global campaign by governments to undermine public understanding of, and support for, cryptocurrency, said a former National Security Agency (NSA) personnel. It is not easy to stop information flow anymore.
The crypto scene is heating up again, so is institutional interest. Despite the swings and emotional rollercoaster, demand from institutional investors remains strong. Reports suggesting that the big players have recently continued to buy the downside. Buying the dip never gets old. With the recent rally, bitcoin marketcap just breached US$1t… again. Historically October is a bullish month for digital assets, with September being a bearish period for cryptocurrency. Bulls for the win.
Texas is the 9th largest economy in the world, larger than Brazil, Canada, and even Russia. They have embraced bitcoin. Invest wisely, avoid leverage and stay safe.
Crypto fears tax IMF after Powell backing
The International Monetary Fund recommends CBDC and global crypto standards for financial stability as it showed concerns about market irregularities including tax evasion through the use of cryptocurrencies.
Bitcoin rose on Friday to its highest level since around mid-September, bolstered in part by seasonal factors as well as supportive comments overall from US Federal Reserve chairman Jerome Powell on Thursday.
Government Crackdowns Have Made Bitcoin Stronger
On Sunday, former National Security Agency tweeted that Bitcoin was up nearly tenfold “despite a coordinated global campaign by governments to undermine public understanding of — and support for — cryptocurrency.”
He was reflecting on the marked increase in Bitcoin’s value more than a year after March 2020's Black Thursday, when Bitcoin’s value plunged 50% as a result of the coronavirus pandemic. “Sometimes I think back to this and wonder how many people bought #Bitcoin then,” he said.
The long game: Institutional interest in crypto has only just begun
The old adage “The crypto market is not for the faint of heart” was brought to light recently when the industry’s total market capitalization fell to a relatively low level of $ 1.75 trillion on September 20, only to make a comeback. Despite all of these swings, however, demand from institutional investors remains strong, with reports suggesting that the big players have recently continued to ‘buy the downside’, particularly in the wake of China’s latest blanket ban which saw the bears. take control of the market, albeit briefly.
Bitcoin hints at $1T market cap retest after price hitting 4-month highs
Bitcoin (BTC) took a visit under US$54k throughout Oct. 7 as merchants waited to see how far a retracement of Wednesday’s US$5k beneficial properties might go.
The pair had hit native highs of US$55.8k — its finest since earlier than the May miner rout — however it didn’t take lengthy for overoptimistic markets to point out indicators of fatigue.
With volatility nonetheless in proof, analysts have been taking the chance to zoom out from spot price motion as soon as extra.
📈MARKET PULSE
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