24 Crypto Update, 07 Nov: BTC Surpasses $35K with Top Coins in Green

Investors await Fed Chair Powell's insights for market direction

Bitcoin's price surged to $35,500 on Tuesday, driven by positive performance in other cryptocurrencies and a risk-friendly atmosphere in traditional financial markets. This rise pushed the entire cryptocurrency market to its highest value in 16 months. Now, market watchers are eager to hear Federal Reserve Chair Powell's comments for potential market insights.

The total crypto market volume over the last 24 hours is $64.20B, which makes a 12.83% increase. The total volume in DeFi is currently $4.97B, 12.04% of the total crypto market 24-hour volume. The volume of all stable coins is now $36.61B, which is 88.60% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.47%, a decrease of 0.30% over the day.

Major Events To Watch:

Crypto Fear and Greed:

On the last day, the cryptocurrency market saw significant selling, causing a 2-point drop in the "Greed and Fear Index." Now, the index is at 66 on a scale from 0 to 100.

Latest Market Update: 

Bitcoin went up to over $35,000 on Wednesday after a recent drop, and other popular cryptocurrencies like Ethereum, Dogecoin, Ripple (XRP), and Litecoin also saw gains. Cronos performed the best, rising 11% in 24 hours, while THORChain was the worst, falling by more than 9% during the same time.

Major Worldwide News Update:

• Attorney John Deaton, representing XRP holders in the Ripple lawsuit, believes a spot Bitcoin ETF approval in late 2024 could align with events like Bitcoin Halving and the Federal Reserve's decisions, potentially driving BTC's price to $220,000 in about 18 months. He noted that significant crypto regulation changes in the US might not happen until 2025 due to political dynamics.

• Solana, an Ethereum competitor, remains a top-performing asset, with SOL price surging towards $50. FTX transfers funds, but SOL holds strong. It broke key resistance at $28.16, eyeing $50 if it conquers $42.50. The 50-day EMA supports a potential bullish reversal, but a breach of support could test $38.77, with further decline to $33.29. Solana is challenging Ethereum's dominance, with the SOL to ETH ratio rallying since September and returning to pre-FTX collapse levels.

• Robinhood is expanding into Europe and the UK after reporting lower Q3 revenue due to decreased crypto volumes. Despite missing revenue expectations, the company plans to broaden its crypto services, including support for memecoin Shiba Inu. Regulatory challenges and token delisting have posed hurdles for the platform.

• OpenSea, the largest NFT marketplace, faces a 90% valuation drop as Coatue Management cuts its investment. In Q2 2023, they reduced a $120 million stake to $13 million, placing OpenSea's current valuation below $1.4 billion. This reflects a trend of reevaluating crypto investments made during the market peak. OpenSea's valuation reached $13.3 billion in 2022 but has faced challenges amid the crypto bear market. The company recently reduced its workforce by 50% and launched OpenSea Studio to assist creators in managing NFT projects.

• Stablecoin issuer Circle is reportedly considering an IPO in early 2024, following discussions among company insiders. The exact timing is uncertain, but the market recovery and Bitcoin's price rally, leading up to the Bitcoin Halving, may make it an opportune moment. This development comes after Coinbase purchased a stake in Circle, creating a revenue-sharing model for USDC coin trades. In the U.S., lawmakers are debating the need for stablecoin regulation. Circle's USDC currently holds a market cap of $24.43 billion, while its rival, Tether USDt (USDT), has a market value of $86 billion.

• ORDI, a BRC20 token, experienced an 80% price surge following its listing on Binance, reaching $14.02 before stabilizing at $13.13. This move expanded its investor base and daily transaction volume. Binance plans to offer ORDI for margin trading, indicating increased interest in BRC-20 tokens.

• The Consumer Financial Protection Bureau (CFPB) plans to extend its oversight to major non-bank digital wallet and app providers, including companies like PayPal, Apple, and Google, handling over 5 million transactions annually. The CFPB aims to address consumer protection issues and regulate crypto assets in retail transactions, excluding fiat crypto activities.

• Dubai's Virtual Asset Regulatory Authority (VARA) has issued a final call for all crypto-related businesses to secure licenses by November 17, 2023, emphasizing the importance of regulatory compliance in the virtual asset space. The move underlines Dubai's commitment to a transparent and robust virtual asset ecosystem, with strict enforcement for non-compliance.

• Gemini UK will restrict cryptocurrency transfers to and from entities registered with the Travel Rule Universal Solution Technology (TRUST) starting November 17, in line with UK's Travel Rule regulations. The move aims to enhance transparency and prevent fraudulent activities, with partnerships with TRUST.

COIN GABBAR Views: Will Bitcoin break through $36,000 or dip below $33,500 while being stuck around $35,000? Why are declines in BTC still appealing? How will today's FED Powell speech impact the cryptocurrency market? To get latest news Stay tuned us at www.coingabbar.com

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: Crypto Daily Roundup, 07 Nov: Altcoins Attract Investors: Time to Buy?