Crypto News: Bitcoin Tracks Index Sentiment

Bitcoin climbed to nearly $19,700 as markets reacted positively to reports from the Wall Street Journal of a rate cut at the Fed’s December meeting. A little later, Mary Daly of the Federal Reserve of San Francisco pointed out that bankers would consider lower increases, ie 25 and 50 basis points in the next meetings (after the one in November).

  • Bitcoin costs $19,350, Ethereum is around $1,340. In the wake of the bigger cryptocurrencies, smaller altcoins like Chainlink, Polkadot and the recently hotly traded Cardano have also gained ground. However, a new hike is not yet on the horizon and the Fed’s next move on November 2 could increase volatility.
  • The big topic in the crypto world has become the Digital Commodities Consumer Protection Act (DCCPA), a US bill that defines how the Commodity Futures Trading Commission (CFTC) will regulate the entire cryptocurrency industry. The bill was confirmed by Senators Debbie Stanebow (Democrat) and John Boozman (Republican) in August. It has gained support from, among others, Coinbase and cryptocurrency exchange FTX, which is owned by Sam Bankman-Fried. Some in the market criticized the bill for supporting the centralization of the cryptocurrency world. However, Bankman-Fried noted that the law will provide protection for centralized exchange customers without “threatening the existence of DeFi protocols, blockchains, validators.”
  • One of the biggest opponents of DeFi Freedom, SEC chief Gary Gensler drew criticism from Republicans after it emerged that only 7% of Securities and Exchange Commission employees report to the board. work, in a building financed by hundreds of millions of dollars from the state budget.
  • The Fidelity fund, which manages almost $4 trillion in assets, said in an interview with Bloomberg that it will increase the number of full-time positions in its Digital Assets division by 25%, adding 100 new employees. The fund’s cryptocurrency division will target 500 employees by the first quarter of 2023, with offices in the US, UK and Ireland. At the same time, crypto companies like Coinbase, Geminic, and BlockFi have laid off employees, reducing positions by 20-10%. Therefore, it is likely that excess “talent” will migrate to traditional funds such as Fidelity.
  • The fund aims to provide end-to-end digital asset services due to growing investor interest. A Fidelity spokesperson indicated, among other things, that the fund’s intended offering will include Ethereum in addition to Bitcoin. Institutional investment and custody services will launch on October 28 this year, and the company also has nearly 34 million retail clients to whom it can provide exposure to cryptocurrencies. To date, the fund has already initiated 401(k) retirement savings account holders to invest in Bitcoin.

Cryptocurrencies are still struggling with internal issues. Freeway, a platform that enables crowdfunding (earning revenue by providing liquidity on the blockchain by buying cryptocurrencies) for more than 4,300 customers, Freeway announced the suspension of withdrawals citing high volatility. The platform promised customers returns of 43%, the price of Freeway’s cryptocurrency fell by 80%.

Breakdown of cryptocurrency ATMs by continent and country. The United States still leads with nearly 87.4% of the market. Source: Cointelegraph, CoinATMRadar

The growth of ATMs installed in Spain accelerated in 2020. The country overtook El Salvador in this regard and became the third largest ATM center in the world (215-bit ATMs installed). This gives it about 14.65% of the European market. Poland also ranks high with 142 bitumen. The target number of ATMs in Spain is expected to reach 300 by the end of this year. Source: Cointelegraph, CoinATMRadar

Bitcoin, D1 range. The major cryptocurrency is trying to break out at the top of a descending triangle formation, which could herald a pullback. The main support is still the SMA50 moving average, which marks resistance at $19,500. The opening of indices on Wall Street could be important for the “king of cryptocurrencies”. A potentially better open could herald an attack around $20,000, while a return of weakness in the indices could weigh on Bitcoin and lead the bulls to capitulate. RSI is at neutral levels. Source: xStation5

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