24 Crypto Update, 22 Oct: Crypto market stays in the green rally

BTC breaks $30k, fueled by rising Bitcoin ETF optimism

Bitcoin (BTC), the world's oldest and most valuable cryptocurrency, broke the $30,000 threshold and remained stable, driven by renewed investor confidence in the potential approval of Bitcoin Spot ETFs by the US Securities and Exchange Commission (SEC). The SEC's non-opposition to the Grayscale ETF application has provided a positive boost to prices. The duration of this latest rally's sustainability remains uncertain.

The 24-hour crypto market volume stands at $40.52 billion, reflecting a 5.63% rise. DeFi contributes $3.2 billion, making up 7.90% of the total volume. Stablecoins account for $37.72 billion, constituting 93.08% of the 24-hour market volume. Bitcoin's dominance is 51.11%, down 0.30% in the day.

Major Events To Watch:

Crypto Fear and Greed:

In the past 24 hours, the cryptocurrency markets have shown stability, resulting in a neutral reading on the "Greed and Fear Index." As a result, the index currently registers at 53 on its 0 to 100 scale, placing it above the halfway point.

Latest Market Update: 

Bitcoin surged past $30,000, driven by optimism about Bitcoin ETF prospects. Ethereum also broke $1,600 and eyes $1,700. Popular altcoins like Dogecoin, Ripple, Solana, and Litecoin saw gains. Chainlink was the top performer, rising over 17% in 24 hours, while Bitcoin SV suffered the most significant loss, dropping over 6%.

Major Worldwide News Update:

• Coinbase's Chief Legal Officer, Paul Grewal, is optimistic about the SEC approving a spot Bitcoin ETF, highlighting that it's legally warranted. This aligns with Bloomberg analysts' increased 90% approval odds. Recent SEC actions, like not appealing Grayscale's ETF-related ruling, suggest a potential Bitcoin ETF breakthrough. Leading financial firms, including BlackRock and Fidelity, are also vying for approval, with their strong reputations potentially playing a role in the decision.

• Prominent crypto advocate John Deaton has criticized the Lightning Network, favoring the 'Spend The Bits' protocol on the XRP Ledger (XRPL). Deaton, who is now Chief Legal Officer for 'Spend the Bits,' cited its superiority to the Lightning Network, coinciding with concerns about security issues in the Lightning Network. Its capacity and usage have notably declined, raising doubts about its sustainability.

• Bitcoin has surged to $30,000, entering a high-profit period, as per analyst Alex Alder Jr. The realized profit/loss metric indicates substantial gains on-chain, with a potential price correction delayed due to the excitement surrounding spot ETF applications and approvals. Increased market activity and rising active addresses may further boost Bitcoin's price.

• The FBI has arrested five Indian nationals for running an unlicensed cryptocurrency-to-cash conversion business, acting on behalf of a co-conspirator who conducted transactions on darknet markets and peer-to-peer exchanges. The arrests were made after an individual involved in mailing cash packages cooperated with the FBI. The operation, which violated state and federal laws, facilitated unregulated fund transfers, bypassing financial system oversight.

• Chainlink has surged over 22% in the last 24 hours, surpassing $9 and reaching a multi-month high. Its weekly performance shows a nearly 30% increase, although it faces resistance at $9.5. Analysts suggest it might build on this momentum, with one projecting a 30% rise to $12.54 if LINK closes above $8.2 weekly. Increased network activity has likely contributed to this surge, with growth in whale transactions, active addresses, and trading volume.

• LBRY Inc., a cryptocurrency platform, is shutting down after losing a legal battle against the SEC over unregistered securities offering. The SEC initially sought a $22 million penalty, which was later reduced to $111,614. The financial impact forced the company's closure, highlighting concerns of regulatory overreach disproportionately affecting smaller startups.

• Runtime Verification, a security audit firm, has introduced PI Squared, a universal ZK Rollup for the MultiversX blockchain. Developed with NASA technology, this scaling solution aims to enhance MultiversX's efficiency and attract developers by simplifying computational claims verification to mathematical proofs, allowing them to work in any programming language while maintaining security and scalability. The announcement was made at xDay 2023, an event organized by MultiversX.

• The FBI has arrested five of six suspects involved in an illicit cryptocurrency-to-cash exchange operation, totaling over $15 million in cash. The group served customers seeking anonymity for their transactions. The charges include operating an unlicensed money-transmitting business, and the FBI initiated its investigation in April 2021 after identifying a suspect operating on the dark web.

COIN GABBAR Views: Is Bitcoin prepared to recapture the $32k level? Can Bitcoin breach $30k without concerns? Is the next bullish BTC rally on the horizon? Will October finally bring a bullish trend to the crypto 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.

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