Bitcoin Price Expected To Rise Throughout The First Year of Bitcoin ETF Launch
According to Galaxy Digital, the total market value of Bitcoin ETFs in the first year is estimated to be $14.4 trillion, and the price of Bitcoin is expected to increase by 6.2% in the first month. In the first year, the price of Bitcoin is projected to increase by 74%, which is a record high since the launch of the Gold ETF fund in its first year.
Chainalysis has revealed that the United States has the largest cryptocurrency market in the world, accounting for 24.4% of total crypto activity. The value of on-chain transactions in the United States is $1.2 trillion. Additionally, institutional investor activity makes up 76.9% of transaction volume in North America.
Nansen’s Ethereum usage statistics reveal that the majority of activity occurs in DeFi, followed by Layer2 chains. Meanwhile, activity in GameFi and NFTs has significantly decreased. This indicates that user behavior remains favorable towards DeFi, even though the overall market is not yet as vibrant.
Chainlink has partnered with Vodafone Digital Asset Broker to serve as a validator node for blockchain transactions between Japanese trading and investment company Sumitomo. This collaboration aims to facilitate the exchange of trade documents between platforms.
Mastercard is currently exploring ways to collaborate with wallet service providers like MetaMask and Ledger. They believe that offering payment services will increase the number of wallet users and encourage continuous usage.
Taiwan’s FamilyMart, the second-largest convenience store chain in Taiwan, has partnered with Circle, the creator of the USDC stablecoin, and BitoGroup, a Taiwanese trading platform, to launch a “points-to-crypto” service. This service allows customers to convert FamilyMart loyalty points into stablecoins like USDC.
Nansen has revealed that Solana’s market value has risen from 10th place to 7th place in the last quarter. Meanwhile, the Total Value Locked (TVL) in DeFi has increased by 32% from the previous quarter, reaching $368 million. Additionally, transaction fees remain at the lowest and most stable levels compared to other blockchains.
Polygon Labs has introduced the POL token on the Ethereum blockchain, intending to eventually replace the MATIC token within the ecosystem. Investors, validators, developers, and users do not need to switch their existing tokens.
Weekly Technical Analysis: 31 October – 6 November 2023
BTC has started to stagnate after a strong price surge. However, there’s still a chance it may temporarily consolidate while waiting for positive news. Nevertheless, the support remains at the $31,500 level, which is seen as a buying opportunity to target the initial resistance at $36,000. The mid-term target for this recovery phase could potentially reach $42,000.
Ethereum (ETH) has started to move in line with BTC, trailing behind by about 50% in terms of returns this year. It still presents an opportunity for gradual accumulation. Short-term support is at $1,700, with the main resistance at $1,900. The medium-term target for this recovery phase is at the $2,200 level.
Smooth Love Potion (SLP)
has surged by 63.9% in the past week. The recovery has been relatively strong, but the overall trend is still bearish, so caution is advised in trading at higher levels. In the short term, watch for potential support around 0.085 Thai Baht, and if maintained, there may be an opportunity for an upward move towards 0.105 Thai Baht. It’s advisable to wait for a larger-scale trend reversal before increasing investment positions.
GALA has made a 38.9% upward adjustment in the past week. The overall trend is starting to show signs of a potential uptrend. Consider entering the market if it holds above the support level of 0.6800 Thai Baht. If it falls below this level, it’s advisable to wait and observe. Short-term resistance is at 0.800 Thai Baht, and if the price continues to adjust upwards, it would confirm a clearer uptrend
Trading and Investment Considerations For The Week
The price of Bitcoin has stabilized after a strong rally the previous week. Investors may be anticipating fresh news related to the approval of Bitcoin ETFs. Additionally, given the significant recent price adjustments, it might take time for the market to gather momentum for further upward movement.
Certain altcoin groups, such as Metaverse and GameFi, have shown signs of profitability after recent sharp declines. We anticipate that certain altcoins may outperform in the short term as the crypto market recovers. Investors should keep an eye on coins that have the potential to reverse their recent downtrends before considering investment.
Highlights for the week: On Wednesday, November 1st, the Federal Reserve’s Monetary Policy Committee meeting will announce its policy decisions. The financial markets will closely monitor whether interest rates will be maintained at the current level of 90%. It will be essential to pay attention to the statements made by the Fed Chairman. On Friday, November 3rd, the Non-Farm Payroll report will be released, with the market expecting around 182,000 new positions, a decrease from the previous month. The unemployment rate is also anticipated at 3.8%, similar to the previous month.
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