Crypto Weekly: October 28, 2024 ๐Ÿช™โœจ

Crypto Weekly: October 28, 2024 ๐Ÿช™โœจ

Crypto Weekly: October 28, 2024 ๐Ÿช™โœจ

Welcome back to your go-to source for the latest in the cryptocurrency world! This week has been packed with thrilling developments and insights that every crypto enthusiast should not miss. Letโ€™s dive into the key highlights! ๐Ÿ“ˆ

Must-Read Highlights! ๐Ÿ”

  • Top Telegram Airdrop List: Discover the hottest airdrops in our latest Telegram Airdrop List.
  • Crypto Price Analysis: Check out our in-depth Weekly Crypto Price Analysis for trending prices and market movements.
  • Economic Insights: Stay informed with Key Economic Insights that will help you navigate the future of finance.
  • Crypto Weekly Roundup: Get a concise overview of the latest happenings in crypto with our Crypto Weekly update.
  • Earn Now with TimeFarm: Start earning instantly with the TimeFarm Crypto Game Airdrop! Join the action here.

Market Insights ๐Ÿ“ฐ

The total holdings of retail investors have surged by 18,000 BTC since the recent local bottom on July 3, now totaling 1.753 million Bitcoin. This reflects a growing confidence in the market!

This week, BTC ETF net inflows hit $997.7 million, marking three consecutive weeks of positive growth and indicating strong institutional demand. Notably, BTC options trading on Deribit shows a 9.58% chance of prices surpassing $100,000 by December 27.

On a different note, Microsoft is urging its shareholders to reject a proposal assessing Bitcoin as a diversification investment, while a criminal investigation is underway regarding Tetherโ€™s potential involvement in illicit activities.

Additionally, Denmarkโ€™s tax authority has proposed a โ€œmark-to-marketโ€ taxation model for crypto assets as part of its legislative efforts.

In exciting news for crypto users, Coinbase has unveiled a new tool called โ€œBased Agent,โ€ which enables users to set up their own AI agent linked to a crypto wallet in under three minutes!

Geopolitical Landscape ๐ŸŒ

This week was wild for the markets as geopolitical tensions rose significantly. Israel conducted strikes in Iran as a display of strength, responding to recent attacks, including a significant missile barrage on October 1. As a result, the VIX volatility index (a measure of market fear) has surged back above 20 but remains relatively contained amidst the turmoil.

BTCUSD experienced a notable drop on Wednesday, influenced by rising bond yields and rumors of impending military actions. However, it quickly rebounded, indicating robust buying interest during dips. Real money buyers are clearly positioned, and weโ€™re watching the $70K and $72K zones closely, which could be critical for momentum buyers aiming to push prices to new all-time highs.

The US Election’s Influence ๐Ÿ‡บ๐Ÿ‡ธ

The upcoming US election could be a significant catalyst for market movements. The stakes are high, with forecasts predicting a $3.5T debt increase under a potential Harris administration and a staggering $7.5T under Trump. This will likely alter bond yield dynamics, impacting investments in energy, banks, and Bitcoin.

Despite the uncertainty, stock markets are climbing, buoyed by shifting betting odds favoring a Trump victory.

Gold and Ether Trends โ›๏ธ

Gold is currently trading within a tight range, poised for its next move amid rising geopolitical risks, bond yield adjustments, and a general scarcity push. We anticipate upward momentum for gold, which may also enhance the relative value of Bitcoin, currently standing at about a 13x gap.

Meanwhile, Ethereum (ETH) has established a base but has struggled against Bitcoin, confirming bearish trends in the ETH/BTC pair.

Looking Ahead ๐Ÿ”ฎ

This week, keep an eye out for crucial economic data releases from the United States, including:

  • The preliminary value of the Q3 real GDP annualized quarterly rate.
  • The preliminary value of the Q3 core PCE price index annualized quarterly rate.
  • The highly anticipated October unemployment rate and seasonally adjusted nonfarm employment data.

Stay tuned for more updates as we continue to navigate this dynamic landscape. Until next week, happy trading! ๐Ÿš€โœจ

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