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

Cryptocurrency market climbs 1.40% to $1.32 trillion

The Bitcoin price surge has once again picked up momentum after a brief pause on Wednesday. Data from Santiment's blockchain analysis indicates that traders are displaying signs of exuberance, largely fueled by their optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) on the US market.

In the past 24 hours, the overall cryptocurrency market volume stood at $50.3 billion, marking a 32.60% decrease. DeFi contributed $4.62 billion to this total, accounting for 9.18% of the 24-hour cryptocurrency market volume. Stablecoins, with a volume of $45.27 billion, make up a substantial 90.01% of the total cryptocurrency market volume over this period. Bitcoin's dominance now sits at 53.42%, showing a 0.44% increase during the day.

Major Events To Watch:

Crypto Fear and Greed:

Over the last 24 hours, cryptocurrency markets have witnessed a minor decline and causing a one-point drop on the "Greed and Fear Index." Consequently, the index now rests at 71 on its 0 to 100 scale.

Latest Market Update: 

Bitcoin held steady around $34,000 on Thursday, while Ethereum bounced back above $1,800. Other popular altcoins like Dogecoin, Ripple, Solana, and Litecoin all saw gains. The meme coin Pepe experienced extreme volatility, going from the biggest gainer on Tuesday to the biggest loser on Wednesday, and now back to being the top gainer.

Major Worldwide News Update:

• Bitcoin's price rally has resumed after a brief pause, reaching highs over $35,000 in 2023. Euphoric traders anticipate an ETF approval and a potential pre-halving rally to $40,000. The forthcoming BTC halving and reduced supply could further drive the price to new all-time highs. Accumulation of Bitcoin by investors is evident, with optimism building for a BTC spot ETF. The resistance at $35,000 is the next crucial test for this ongoing rally, supported by a persistent uptrend in the Relative Strength Index (RSI).

• Bitfinex Securities introduces the tokenized bond ALT2611, issued by Mikro Kapital, with a 36-month tenure and 10% coupon in Tether. Targeted at microfinance institutions along the Silk Road, it offers new investment opportunities while adhering to tight regulations and excluding U.S. participants.

• Shiba Inu (SHIB) is slowly gaining momentum amid the meme coin frenzy, with a 4% rise in 24 hours and 12% in a week, reaching $0.000007667. Shibarium, an Ethereum Layer 2 protocol for Shiba Inu, is growing rapidly, with 1.25 million wallets and reduced transaction costs. The SHIB burn rate is down 72% in the last 24 hours. Shiba Inu is maintaining support above key levels, and a buy signal from the MACD suggests a bullish trend, potentially reaching $0.00001 by the week's end.

• Legal representatives for Sam Bankman-Fried, a crypto entrepreneur, are seeking FBI agents' court appearance, alleging discrepancies in testimonies by Gary Wang and Nishad Singh. Wang and Singh had earlier cooperated with the government in the case but provided conflicting statements in court, raising questions about their reliability as witnesses. The defense aims to introduce their initial FBI interviews as evidence.

• Despite its ongoing legal battle with the SEC, Ripple has demonstrated significant growth over the past three years, expanding its business almost tenfold during a bear market. Pro-Ripple lawyer John Deaton highlighted the company's resilience and success while facing legal challenges and expressed his belief that XRP is not a security. Ripple recently celebrated a key legal victory as charges against its executives were dropped.

• Scientists from the University of Science and Technology of China and Tencent's YouTu Lab have developed a novel solution called Woodpecker to address AI hallucination in Multimodal Large Language Models (MLLMs). This approach combines three AI models to identify and correct hallucinations, offering a more effective alternative to previous data-intensive methods.

• Binance CEO Changpeng Zhao emphasized the importance of trust and regulatory compliance in the cryptocurrency industry during a speech at the Fintech Forward 2023 conference. He noted that trust is built over time and can be quickly broken, with regulatory compliance being crucial for collaboration with traditional financial partners. This comes as Binance faces regulatory challenges in various jurisdictions, including the U.S. and the UK, while the cryptocurrency industry continues to grow.

• FTX and Alameda Research made significant on-chain token deposits to crypto exchanges, transferring 2,904 ETH, 1,341 MKR, 11,975 AAVE, and $198,807 LINK to Binance and Coinbase. This activity occurred amid a crypto market rally driven by optimism about a potential Bitcoin ETF approval.

COIN GABBAR Views: Is a $40K price target attainable for BTC in 2023? With a 25% surge, is Bitcoin set to assert more dominance? Could BTC achieve a new all-time high this year? Will the BTC ETF secure approval in the near future? 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.