24 Crypto Update, 29 Oct: Bitcoin above $34K, top coins gain

The cryptocurrency market increased 1.10% to $1.31 trillion

Over the past weeks, Bitcoin has exhibited a consolidation pattern, with its price fluctuating between $34,000 and $35,000. All attention is now directed towards Jerome Powell's forthcoming speech during the scheduled FOMC meeting, set to occur between October 31 and November 1, 2023. This speech is anticipated to exert a minor influence on cryptocurrency values, with particular emphasis on Powell's evaluation of the economic outlook in the United States.

In the past 24 hours, the total cryptocurrency trading volume reached $147 billion, with Bitcoin dominating at 51.2% and Ethereum at 16.4%. Notably, the cryptocurrency sector is currently witnessing substantial gains in the Metaverse and Play-To-Earn categories.

Major Events To Watch:

Crypto Fear and Greed:

Over the past 24 hours, the cryptocurrency markets saw a slight increase in profit-taking, causing a 4-point dip in the "Greed and Fear Index." As a result, the index now stands at 68 on its 0 to 100 scale.

Latest Market Update: 

Bitcoin held steady at $34,000 during the weekend. Altcoins like Ethereum, Dogecoin, Ripple, Solana, and Litecoin posted slight gains. Gala led the gainers, surging over 16% in 24 hours, while Maker was the biggest loser, dropping over 2% in the same period.

Major Worldwide News Update:

• The upcoming U.S. Federal Reserve FOMC meeting on October 31 and November 1, 2023, may have a minor impact on stock and Bitcoin prices. The focus is on Fed Chair Jerome Powell's speech, which could offer insights into the potential for rate hikes in December and their impact on the market, including Bitcoin. Investors are cautious about a possible Bitcoin price reaction.

• VanEck, a prominent asset management firm, has updated its Bitcoin spot ETF filing with the SEC, demonstrating a commitment to offering a regulated Bitcoin investment option. They, along with other competitors, are addressing SEC concerns about market manipulation, reflecting the evolving sentiment towards Bitcoin ETFs. The approval of a Bitcoin ETF could significantly impact the crypto market, attracting billions of dollars in assets.

• Uniswap (UNI), an Ethereum-based decentralized exchange, may be on the brink of a trend reversal, according to crypto analyst Ali Martinez. Strong support has formed around $4, with 87.56% of UNI holders "Out of the Money." Despite resistance levels at $4.23 and $4.45, a close above $4.38 could trigger a 15% upswing to $5.04, emphasizing the cryptocurrency market's inherent volatility.

• In a surprise move, Bitcoin surged beyond $35,000 on October 24th and 25th, sparking potential bullish sentiments. Trading volumes reached their highest since March, injecting vitality into the entire cryptocurrency market. Market capitalization soared from $1.184 trillion to $1.312 trillion, and Bitcoin's dominance grew from 49.58% to 51.47%. Daily exchange volumes hit an eight-month apex, showcasing renewed interest and participation, while substantial BTC transactions hinted at heightened whale activity.

• Former Coinbase CTO, Balaji Srinivasan, believes that Elon Musk's plan to transform his platform, X, into a comprehensive financial service could include issuing self-custodied crypto wallets to users. This move, seen as a safeguard against potential global financial crises, could provide financial stability and free speech rights to millions.

• The Shiba Inu project is initiating a surprise self-custodial identity initiative for SHIB holders, set to be revealed in a 72-hour countdown starting on November 1, 2024. This move follows the launch of Shibarium, a layer-2 scaling solution for SHIB, and the integration of Self Sovereign Identity (SSI) into Shiba Inu projects, promising to bring a seismic shift to the blockchain world. The anticipation of this announcement has already caused a notable uptick in SHIB's price.

• Ripple CEO Brad Garlinghouse criticized former SEC Chairman Jay Clayton for his comments on the agency's regulatory stance. Clayton's remarks from June 2023, in which he suggested the SEC should only file lawsuits with strong legal backing, were called out by Garlinghouse, who pointed out the lawsuit against Ripple, which was later dismissed.

• In the past week, wallet addresses connected to FTX exchange and Alameda Research have moved nearly $80 million in crypto assets, as revealed by blockchain analytics firm Nansen. The transfers include significant amounts of various tokens to different addresses on platforms like Binance and Coinbase, raising questions about their purpose and potential connection to FTX's bankruptcy proceedings.

COIN GABBAR Views: Will the bullish trend in Upctober continue into November? How might the FOMC Meeting and Crypto market projections impact the rally? Are we likely to see a sustained rally or anticipate a healthy correction in the weeks ahead? 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.