Crypto Daily Roundup,26 Oct: Is Crypto Market ready for Next Big Move?

Top 5 Trending Cryptos Coins In The Last 24 Hours:

TOP 5 Trending Coins

Crypto News Key Highlights:

As Bitcoin surges towards $40,000, optimism is spreading in the crypto community, driven by hopes of a US Bitcoin spot ETF approval. With strong support at $33,000, traders are positioning for a breakout past $35,000. Bitcoin currently stands at $34,500 with a 22.70% 7-day gain, potentially signaling a pre-halving rally. Investors have accumulated 103,000 BTC in anticipation of the impending bull market.

The delisting and relisting of BlackRock's iShares Bitcoin Trust ETF by DTCC led to Bitcoin's price swing. An insider claimed the delisting was "intentional" for further research, raising questions about motivations. DTCC didn't provide details but stated listing doesn't guarantee regulatory approval. Market participants closely watch the ETF's regulatory journey.

Polygon Labs has launched the POL upgrade on the Ethereum mainnet, marking a milestone in the Polygon 2.0 roadmap. This upgrade aims to enhance the scalability, security, and user-friendliness of the network by introducing a new consensus mechanism, proof-of-stake liquidity (POSL). Validators will stake native tokens and liquidity to boost decentralized exchange liquidity, offering a low-fee, highly scalable environment. POL is set to power a multichain ecosystem, settle fees, and enable governance participation.

Loopring, an Ethereum layer-2 DEX, expands its core pillars to four and embraces multi-network functionality. This includes Loopring Pro and Earn in the Dapp, with the Smart Wallet becoming multi-network for broader compatibility. Loopring's latest DEX version processed over 12 million transactions, generating $6 billion in volume and connecting 210,000 layer-2 wallets. The native token, LRC, recently surged alongside the overall market.

The Uniswap Foundation recently made headlines for moving around $43.3 million worth of UNI tokens within three days. Notable token transfers included 6.8 million UNI to a new wallet and 3 million UNI sold via Kraken, raising questions about the foundation's strategy and its impact on the UNI ecosystem.

A Reddit user has raised a query about the extent of BlackRock's impact on the recent upswing in Bitcoin prices and the impending approval of a Bitcoin exchange-traded fund (ETF). The user speculates that BlackRock's sway might be influencing the decision-making process at the SEC with regard to ETFs. Nevertheless, it remains uncertain how the SEC will navigate the pressures surrounding the potential approval of the inaugural Bitcoin ETF.

Earnings reports on October 25 led to a collective drop of over $280 billion in market value from tech giants Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia, and Tesla. Fears of a tech recession are emerging as these "magnificent seven" stocks suffer, contributing to a broader market decline. Meanwhile, the cryptocurrency market has trended upward amid optimism over potential Bitcoin ETF approvals in the US, with a 16.3% market cap increase in the past week.

UK FCA warns on crypto promotion issues. New marketing rules enable FCA to maintain oversight. Concerns include misleading safety claims, poor risk warnings, and insufficient risk information. Authorized firms must fulfill regulatory duties. FCA collaborates to remove illegal promotions and acts against non-compliance. Consumers advised to consult the Warning List. New regime mandates authorization, registration, or FCA-approved marketing for crypto asset promotions in the UK, aligning with other high-risk investments.

Solana has surged nearly 70% in the last month, reaching $32.54 with a market cap of $13.601 billion. It has surpassed its July 2023 high, potentially targeting $40 and $50. Analysts expect SOL to reach a price range of $69 to $123. Solflare now enables MetaMask users to manage Solana holdings, bridging Ethereum and Solana ecosystems. DSCVR, a Web3 platform with over 200,000 users, has launched on Solana, catering to the growing Solana community.

Also read - 24 Crypto Update, 25 Oct: Crypto market turn bullish after a breather