Crypto market cap excluding top 10 coins breaks a 6-month downtrend, currently sitting at $212.32 billion.

$200 billion support is crucial for sustaining bullish momentum, with immediate resistance at $236 billion.

RSI breaks resistance, nearing 60, signaling increasing bullish momentum in the broader altcoin market.

The crypto market cap excluding the top 10 assets has shown signs of reversing a prolonged bearish trend according to MikybullCrypto, an analyst on X. After a 6-month downtrend, the market has broken above a critical resistance level around $200 billion. 

This shift may suggest a potential recovery in the broader altcoin market, as bullish momentum gathers strength. The market cap currently sits at $212.32 billion, following a sharp 8.90% drop, but recent technical indicators point toward possible upward movement.

Breakout Above Key Downtrend Line

Since May 2024, the crypto market cap (excluding top 10 coins) has been trapped in a downtrend, making lower highs and lower lows. This downtrend was marked by resistance near $285 billion, with price action consistently falling below this level. Recently, however, the market broke above the downward trendline, notably surpassing the $200 billion level, which has held as support for several months.

Source: MikybullCrypto

Moving forward, maintaining support above $200 billion is key to sustaining bullish momentum. Should the market fail to hold this level, it may indicate renewed selling pressure.

RSI and Moving Average Indicate Bullish Momentum

Technical indicators also confirm the breakout, particularly the Relative Strength Index (RSI). The RSI has reflected the market’s downtrend but has recently broken above its resistance level, climbing from oversold conditions earlier in the year. The current RSI level is near 60, signaling growing bullish momentum.

In addition, the moving average shows a similar trend, with the market attempting to climb back after following a steady uptrend from mid-2023. The moving average adds further support for a potential recovery in the market.

Key Support and Resistance Levels to Watch

The $200 billion level remains a crucial support zone. Any move below this level could lead to a resumption of bearish activity. Notably, the next support lies around $145 billion, which had previously served as a key support in late 2023.

On the upside, immediate resistance is seen near $236 billion. If the market breaches this resistance, it may target $285 billion, where the market previously peaked before the downtrend.

In a detailed market update data for Ethereum ETFs, focusing on inflows, outflows, and key performance metrics as of October 1 records a Daily Total Net Inflow stands at - $48.52 million, indicating a negative daily movement in Ethereum ETFs. 

According to SoSoValue Cumulatively, these ETFs show a significant total net outflow of $572.31 million. The Total Value Traded on this day is $290.81 million, and the Total Net Assets are valued at $6.81 billion, representing 2.31% of Ethereum’s market cap.

Source: SoSoValue

The table presents data on specific ETFs listed across multiple exchanges. ETHE, listed on the NYSE and sponsored by Grayscale, experienced a 1-day net outflow of $26.64 million and showed $2.93 billion in cumulative outflows. Despite these outflows, it holds $4.11 billion in net assets and has an Ethereum share of 1.39%. However, its price dropped by 4.48%, and it traded a total value of $91.20 million.

ETH, also listed on the NYSE and managed by Grayscale, reported no daily inflows or outflows. Its cumulative net inflow reads at $294.52 million, with $972.91 million. The price of this ETF decreased by 4.89%, and the daily trading volume amounted to $36.39 million.

BlackRock's ETHA, trading on the NASDAQ, recorded no daily inflows or outflows, maintaining a net inflow of $1.15 billion. Its assets totaled $968.30 million, with a 0.33% Ethereum share. The market price of ETHA dropped by 4.51%, and it traded a volume of $46.13 million for the day.

Fidelity’s FETH on the CBOE showed a $24.97 million daily inflow and holds $453.67 million in cumulative inflows. Despite the positive inflow, its price dropped 4.58%, and it traded $7.25 million in value.

Meanwhile, Bitwise's ETHW saw a large daily outflow of $895.65K, reducing its net assets to $249.17 million. It also experienced a price drop of 4.65%, with $3.37 million traded for the day.

Other listed assets, such as VanEck's ETHV, Franklin's EZET, and Invesco's QETH, saw varied performances, with ETHV reporting a $2.74 million inflow and the rest showing smaller movements.

Bitcoin-related assets saw $242 million in outflows on October 1, though cumulative net inflows remain positive at $18.62 billion.

NASDAQ-listed IBIT managed a significant daily inflow of $40.84 million, while other major ETFs posted losses.

Grayscale's GBTC faced $5.90 million in outflows, contributing to its $20.10 billion cumulative outflow to date.

In a recent market update by SoSoValue, the Daily Total Net Inflow stands at - $242.53 million, indicating a negative inflow for the day. However, the Cumulative Total Net Inflow remains positive at $18.62 billion, reflecting a long-term net inflow across the tracked assets. 

According to the update dated October 1, the Total Value Traded on this date is $2.53 billion, while the Total Net Assets amount to $57.36 billion, which is 4.77% of Bitcoin’s total market cap.

Source: SoSoValue

The recent data details specific Bitcoin ETFs listed across different exchanges. IBIT, listed on NASDAQ and sponsored by BlackRock, saw a 1-day net inflow of $40.84 million and has cumulative inflows of $21.54 billion. The asset holds $22.71 billion in net assets with a 1.89% Bitcoin share. Its price dropped by 2.38%, and it traded $844.56 million in value.

GBTC on the NYSE, managed by Grayscale, saw an outflow of $5.90 million for the day and has experienced $20.10 billion in cumulative outflows. It has $13.65 billion in net assets and a 1.14% Bitcoin share, with a 2.32% price drop on the day.

The FBTC (CBOE, Fidelity) experienced a notable 1-day outflow of $144.67 million yet shows cumulative inflows of $9.85 billion. Its net assets total $11.01 billion, and the daily price change stands at -2.43%.

Ark Invest’s ARKB on the CBOE saw a daily outflow of $84.35 million and holds $3.04 billion in net assets, with a 0.25% Bitcoin share. Its price dropped 2.43%.

Bitwise's BITB saw a $32.70 million daily outflow, while Grayscale's BTC experienced no inflows and $422.31 million cumulative inflows. The remaining listed assets, such as HODL and BRRR, show varied performances, with HODL showing a $15.75 million outflow and BRRR experiencing a $532.92 million cumulative inflow.

Justin Sun sold 5.374 million EIGEN tokens for $21.66 million USDT, swiftly capitalizing on the recent EigenLayer listing.

Sun transferred the tokens from HTX to Binance and sold them at an average price of $4.03 per token, securing significant profits.

His immediate sale after the EigenLayer listing highlights potential volatility, influencing other large token holders to consider similar moves.

Justin Sun, known for his strategic moves in the crypto world, has sold 5.374 million EIGEN tokens, netting $21.66 million in USDT. This sale took place shortly after EigenLayer (EIGEN) was listed on major centralized exchanges (CEXs). The EIGEN tokens were transferred from six addresses to HTX and then immediately to Binance for liquidation, with Sun securing an average price of $4.03 per token.

https://twitter.com/WuBlockchain/status/1841439308307366046

Capitalizing on CEX Listing

The sale was triggered by EigenLayer’s listing on major CEXs, which created excitement within the market. Sun acted swiftly, transferring the EIGEN tokens to Binance for immediate sale. The listing of EIGEN on centralized exchanges at 1 PM on October 1, 2024, opened the doors for large Ethereum (ETH) holders, including Sun, to capitalize on the opportunity. Sun wasted no time in taking advantage of the listing announcement to maximize his gains.

Swift Action by Justin Sun

Sun received the 5.374 million EIGEN tokens through an airdrop the night before the listing. By noon, with the transfers now possible, he moved his entire batch of tokens to HTX and subsequently to Binance. His fast-paced strategy ensured that he could capitalize on the $4.03 price per token, the OTC market rate at the time, leading to the liquidation of his entire EIGEN airdrop. 

The immediate sale of his tokens resulted in a substantial withdrawal of $21.66 million USDT from Binance, demonstrating Sun’s quick action to secure his profits amid the listing excitement.

The significant sale came at a time when the listing of EigenLayer on multiple CEXs was attracting investor attention. Sun’s move to sell his tokens so quickly after the listing raises questions about the market’s short-term outlook. While the market was buzzing with the news of EIGEN’s availability, Sun’s actions could signal potential volatility for the token in the coming days.

Sun’s Strategy Highlights Volatility Risks

Sun’s actions could influence other major holders to follow his lead. As one of the largest individual holders of EIGEN, his decision to sell immediately following the listing could signal a more cautious approach from other investors. The timing of his sale suggests that he aimed to lock in profits before any possible fluctuations in EIGEN’s price.

FTX plans to auction 22.3 million locked Worldcoin tokens as part of creditor repayment efforts.

WLD price dropped by 2%, with a further fall likely due to the steep discount on the tokens.

The token auction offers buyers a potential discount of up to 75%, unlocking gradually until 2028.

The price of Worldcoin (WLD) dropped by over 2% as the FTX estate announced its plan to auction 22.3 million locked WLD tokens at a significant discount. The auction is part of the estate’s strategy to repay creditors, with bids expected by midnight UTC on Wednesday and notifications of accepted bids due on Thursday. 

The sale is projected to offer a discount ranging between 40% and 75% off the current WLD price, which hovers around $1.69. 

FTX’s auction of the 22.3 million Worldcoin tokens, valued at roughly $37.7 million, comes amid ongoing recovery efforts by the estate following its bankruptcy. The tokens will be gradually unlocked until 2028, with 20,539 tokens unlocking daily from December 2024 to July 2026. A second lot of 13,689 tokens will unlock from July 2026 to July 2028. 

This news has further pressured WLD, with the token recording a weekly drop of over 20%. According to Mike Cagney, co-founder and CEO of Figure Markets, the FTX estate is contemplating a steep discount of over 75% for the tokens, which could attract interest from funds like Figure Markets itself, similar to its earlier purchase of Solana tokens from the estate.

Earlier this year, the FTX estate sold off its holdings of Solana and Metaplex tokens as part of its efforts to recover funds for creditors. In May, it successfully completed a $7.5 billion sale of its Solana tokens to investors, including Pantera Capital.

The sale of Worldcoin tokens comes as the project continues to expand its verification system, recently extending its World ID services to Poland. Despite the recent price drop, there remains optimism about the future of WLD, with projections suggesting the token price may rise in 2025, potentially reaching $4.29.

Hedge fund manager Kyle Bass claims Bitcoin may have been created by Chinese intelligence to undermine the U.S. dollar's dominance.

Bass’s comments sparked strong reactions, with critics demanding substantial evidence for his extraordinary theory about Bitcoin’s origins.

Despite conspiracy theories, China has repeatedly banned cryptocurrency activities, including mining and trading, raising doubts about its involvement in Bitcoin.

Prominent hedge fund manager Kyle Bass recently stirred controversy by suggesting that Bitcoin’s mysterious creator, Satoshi Nakamoto, may be tied to Chinese intelligence. The founder of Hayman Capital Management, a Texas-based hedge fund, made these claims, arguing that Bitcoin could serve China’s geopolitical interests, particularly by undermining the U.S. dollar’s dominance.

https://twitter.com/Jkylebass/status/1841457431605313538

Bass’s comments have sparked widespread debate. He suggested that Bitcoin’s design benefits China, specifically pointing out that it supports the country’s closed capital account while simultaneously weakening the supremacy of the U.S. dollar. "It's genius," Bass said, emphasizing that he believes the cryptocurrency was not created by a Japanese individual, contrary to popular belief.

Criticism and Reaction

The claim, however, did not sit well with many members of the Bitcoin community. Tuur Demeester of Adamant Research responded on social media, saying, “Extraordinary claims require extraordinary evidence.” This sentiment reflects the broader skepticism surrounding Bass’s statements.

Despite the controversy, the true identity of Satoshi Nakamoto remains one of the biggest mysteries in the cryptocurrency world. Theories have long circulated about who could be behind Bitcoin, with some suggesting that the late computer scientist Hal Finney, the first recipient of a Bitcoin transaction, could have been Nakamoto. However, the evidence remains inconclusive.

Historical Speculation and Chinese Crypto Bans

Bass’s theory aligns with an ongoing conspiracy that Bitcoin was created by China to challenge U.S. financial supremacy. Some have also speculated that Bitcoin may have ties to intelligence operations, including the Central Intelligence Agency (CIA). However, concrete proof for these claims has yet to be established.

Interestingly, China has a complex history with cryptocurrency. In December 2013, the Chinese government began imposing restrictions on Bitcoin, which eventually led to a full ban on cryptocurrency mining and trading in 2021. This ban contrasts sharply with the theory that China created Bitcoin, fueling further debate.

Bitcoin has fallen 8% from its recent highs, marking four consecutive days of declines amid rising geopolitical tensions.

Large Bitcoin holders, or whales, have intensified the sell-off, contributing to Bitcoin’s price drop as investor sentiment weakens.

Historically, October is a strong month for Bitcoin, with an average return of 20.6%, offering potential optimism for a market recovery.

Bitcoin’s price experienced a notable four-day decline, dropping to $61,634. This marks its lowest level since September 18 and an 8% drop from last week’s high. The current sell-off comes amid rising geopolitical tensions, with investors turning risk-averse after Israel pledged retaliation following recent attacks. 

Rising Fear Index and Investor Sentiment Shift

Amid these market conditions, the crypto fear and greed index fell to 39, moving into the fear zone from last week’s high of 60. This decline in sentiment has significantly impacted Bitcoin's price as investors adopt a cautious approach. Historically, Bitcoin tends to drop when enthusiasm among social media users peaks. 

https://twitter.com/lookonchain/status/1841472962102477287

Additionally, large Bitcoin holders, commonly known as whales, have contributed to the downward pressure. One prominent seller, identified as Ceffu, withdrew 3,372 Bitcoins worth $211.3 million. This entity has been consistently selling major cryptocurrencies, including Ethereum, Solana, and Avalanche, adding to market uncertainty. Another investor sold 265 Bitcoins last week, profiting $11.5 million from the sale, further increasing selling pressure on the market.

Geopolitical Tensions and Broader Market Impact

Besides the crypto market, other risky assets, including the Dow Jones, S&P 500, and Nasdaq 100, have also been in decline. Rising bond yields and a stronger US dollar, which reached $101.50, its highest level since September 13, have added to the risk-off sentiment. Investors are reacting to geopolitical developments and concerns about the broader market outlook.

Technical Analysis and Potential for Rebound

Technically, Bitcoin’s price retreated after hitting key resistance at $66,000, a critical level that has defined the highest price swings since March. According to trader Peter Brandt, Bitcoin needs to break through this resistance to initiate a broader upward move toward its all-time highs. However, despite the recent decline, Bitcoin remains above both the 50-day and 200-day moving averages, indicating that a bounce back may still be possible.

Looking ahead, there is hope that Bitcoin could recover in the coming weeks. Historically, October is a strong month for Bitcoin, with an average return of 20.6%. Moreover, November often performs even better, averaging 46% returns. Potential catalysts for a rebound include more Federal Reserve rate cuts and the conclusion of the American election period, which could spur investor confidence in the market.

ShibaCon 2024 will take place in Bangkok from November 5-15, coinciding with the DevCon event.

The SHIB community reacted with enthusiasm to Kusama’s promotion, despite concerns over ticket payments.

SHIB saw a 12% drop this week due to market volatility, with a slight recovery over the past 24 hours.

ShibaCon 2024, a highly anticipated event in the blockchain space, is scheduled to take place from November 5 to November 15 in Bangkok, Thailand. This week-long conference will run alongside DevCon, another prominent blockchain event happening in the city during the same period. Shytoshi Kusama, the anonymous leader of the Shiba Inu project, recently took to social media to drum up excitement for the upcoming ShibaCon, catching the attention of the SHIB community.

https://twitter.com/ShytoshiKusama/status/1841199719462174940

ShibaCon 2024: A Key Event for the Blockchain Community

ShibaCon 2024 will gather some of the most influential voices in the blockchain industry, spanning areas like DeFi, NFTs, Web3, and gaming. Keynote speakers from these sectors are expected to lead discussions on critical trends and advancements in the blockchain ecosystem. The event also provides a valuable opportunity for networking among developers, influencers, and content creators. Attendees will have the chance to exchange ideas and insights, fostering collaboration and innovation across the space.

SHIB Community’s Excitement Grows

In response to Kusama's tweet promoting ShibaCon, the Shiba Inu community expressed excitement, eager for the event to begin. However, some users voiced disappointment over the inability to purchase tickets using SHIB-related tokens like SHIB, BONE, or LEASH. Despite this, the community remains enthusiastic about the opportunity to engage with leading figures in the blockchain industry and discuss the future of decentralized finance and digital assets.

This week has also been notable for significant price volatility in the cryptocurrency market. SHIB, the second-largest meme cryptocurrency, experienced a sharp decline of over 12%, falling from $0.00001840 to $0.00001612. This drop followed a broader market downturn triggered by geopolitical tensions in the Middle East, which also impacted Bitcoin and other digital assets. Despite this, SHIB has shown some recovery, rising by 4.7% over the past 24 hours and currently trading at $0.00001688.

SHIB Burn Rate Declines Significantly

Additionally, the SHIB burn rate has seen a substantial drop, with only 800,000 SHIB tokens burned in the last 24 hours, compared to 1.5 million the day before. The burn rate is a key metric for the SHIB community as it reflects efforts to reduce the circulating supply, which is expected to positively impact SHIB's long-term value.

Billy Markus revealed that he purchased the Solana meme coin Moo Deng but experienced a significant loss in value.

Markus disclosed that he sold his Dogecoin holdings, along with 50 Bitcoin and 440 Litecoin, in one transaction.

Despite leaving the Dogecoin community, Markus remains an influential figure in the crypto world with a strong social media presence.

Billy Markus, co-creator of the popular meme cryptocurrency Dogecoin (DOGE), recently spoke out about his experiences with cryptocurrency investments. Known by the nickname Shibetoshi Nakamoto, Markus acknowledged that his recent crypto ventures have not been successful. During an online discussion, Markus admitted to purchasing the Solana meme coin Moo Deng, only for its value to drop significantly. He humorously confessed to being "bad at buying tokens."

https://twitter.com/BillyM2k/status/1841266013725454414

Markus's Crypto Holdings Revealed

The discussion also revealed details about Markus's earlier crypto holdings. Markus shared that he had sold not only his Dogecoin but his entire cryptocurrency portfolio in a single transaction. This sale included 50 Bitcoin (BTC), 440 Litecoin (LTC), and 6 million DOGE. At the time, the amount was enough for Markus to purchase a Honda Civic. However, given today's market value, his crypto assets would be worth an estimated $3.76 million.

Why Markus Sold His Dogecoin Holdings

Besides his financial needs at the time, Markus had become disillusioned with the direction of the Dogecoin community by 2015. His discomfort with what the community was becoming contributed to his decision to part ways with his cryptocurrency holdings. Despite selling his DOGE stash long before its rise to popularity, Markus remains a prominent figure in the crypto world. He continues to engage with his 2 million followers on X (formerly Twitter), where his influence has only grown.

Markus’s Continued Role in the Crypto Space

Consequently, Markus's reputation as the co-creator of Dogecoin ensures his ongoing relevance in the cryptocurrency industry. Despite not holding any significant crypto assets, his voice is influential within the meme coin community. Markus’s frank and humorous take on his investment experiences continues to resonate with both long-time crypto enthusiasts and newcomers to the space.

Edward Snowden criticized Solana’s centralization, stating that the focus on efficiency undermines the blockchain's decentralization goals.

Snowden argued that Solana’s infrastructure caters primarily to meme coins and scams, raising concerns about its innovation potential.

Solana’s emphasis on speed and low cost continues to attract projects, but critics question its long-term sustainability and growth prospects.

During the recent Token2049 event, Edward Snowden, a former U.S. intelligence officer turned crypto advocate, voiced his concerns about the Solana blockchain. Speaking via video, Snowden claimed Solana's infrastructure is overly centralized, a move that could undermine its potential. His remarks sparked a wave of reactions within the crypto community, with some supporting his stance while others firmly disagreed.

https://twitter.com/StakeWithPride/status/1841147593671561685

Snowden's Concerns Over Solana’s Approach

Snowden stated that despite being widely regarded as one of the most promising crypto protocols, Solana is centralized. According to him, developers behind Solana adopted a model that sacrifices decentralization in favor of faster transaction speeds and lower costs. While acknowledging the technology’s effectiveness, he criticized this approach as a deviation from the core principles of blockchain.

Snowden explained that Solana’s centralization stems from its focus on efficiency. Developers, aiming for quick and cheap transactions, built a structure that consolidates control, which he argues could stifle innovation. In Snowden's view, the emphasis on creating a Minimum Viable Product (MVP) compromises the network’s ability to foster new developments, limiting its long-term growth potential.

The Meme Coin Phenomenon on Solana

Besides, Snowden highlighted that Solana has become a hotspot for meme coins, attracting projects with little innovation. He described it as a blockchain used primarily for launching meme coins and scams, diminishing its credibility. Despite these drawbacks, Solana’s ability to provide low-cost, fast transactions has made it attractive for specific projects. However, Snowden's comments suggest that this focus on speed and cost may come at the expense of broader innovation.

Community Reactions and Future Outlook

Consequently, Snowden's critique has triggered debates within the blockchain community. Some Solana proponents argue that the blockchain's performance and recent market milestones justify its approach. On the other hand, skeptics believe that Snowden’s assessment reveals deeper concerns about the protocol’s long-term viability. Additionally, comparisons between Solana and Ethereum have intensified, with some experts predicting Solana’s ability to capture a significant portion of Ethereum’s market share in the future. 

However, the centralization claims are contentious, and whether they will significantly impact Solana’s growth remains to be seen. 

CryptoBullet accurately predicted Bitcoin's dip to the $60K range, triggering market interest.  

Bitcoin faces mixed technical indicators, with a slight bearish divergence but overall recovery signs.  

Bullish factors like FED rate cuts and global liquidity suggest strong potential for Q4 rally.  

Bitcoin's price recently dipped to $61,000 as geopolitical tensions in the Middle East escalated. While many analysts had forecast a bullish fourth quarter for the cryptocurrency, CryptoBullet accurately predicted this correction. The digital asset’s price dipped from $66,000 to $60,763.88, reaching the expected range of $59,000-$60,000.

CryptoBullet, an analyst in the crypto community, noted that this price level presents an opportunity for traders to accumulate altcoins, pointing to a strong recovery potential for the broader crypto market.

https://twitter.com/CryptoBullet1/status/1841150176364544427

Current market conditions indicate that Bitcoin could soon resume its rally, despite brief fluctuations around the support zone. CryptoBullet’s insights have been consistently followed due to their accuracy, further driving interest among market participants.

Bitcoin's recent movements show signs of stabilization. After touching a low of $60,763.88, it has since bounced back to $61,815.12 as of October 2, 2024. This reflects a 1.55% increase over the last 24 hours.

Technically, the indicators present a mixed outlook. The Moving Average Convergence Divergence (MACD) is currently showing bearish divergence, with the MACD line below the signal line. 

Source: TradingView

This suggests possible downside pressure despite the recent upward momentum. However, the Relative Strength Index (RSI) remains neutral at 49.26, neither signaling overbought nor oversold conditions. This neutral stance leaves room for the market to pivot based on upcoming price actions.

Additionally, as noted by Miles Deutscher, broader market factors seem to support a potentially bullish Q4 for Bitcoin. These include expectations of U.S. Federal Reserve rate cuts, economic stimulus efforts in China, and a rise in global liquidity. 

https://twitter.com/milesdeutscher/status/1841222898918498815

Moreover, the U.S. presidential elections and FTX distributions are being closely watched, adding to the anticipation for the final quarter of the year.  

Bitwise files for a spot XRP ETF, positioning for potential regulatory shifts tied to the U.S. presidential election outcome.

Analysts suggest Bitwise’s XRP ETF filing is a strategic bet on election results, with Trump’s win possibly easing crypto regulations.

SEC scrutiny on crypto remains high, but optimism grows for XRP ETF approval as Ripple’s ongoing lawsuit progresses.

Bitwise Asset Management has recently taken steps to establish its presence in the growing XRP investment market, filing for a spot XRP exchange-traded fund (ETF) on September 30.

This move by Bitwise coincides with the U.S. election season, prompting speculation that the asset manager may be positioning itself for a potentially favorable regulatory environment in the near future.

https://twitter.com/_Crypto_Barbie/status/1841207186078183661

The filing was submitted to the Delaware Department of State’s Division of Corporations, with CSC Delaware Trust Company listed as the registered agent. Analysts suggest that this strategic filing could be a bet on the outcome of the upcoming presidential election, which may have an impact on the crypto industry's regulatory sector.

Election Outcome Likely to Shape XRP ETF Approval

Nate Geraci, an ETF investment advisor, commented on the timing of Bitwise’s filing. He referred to it as a “call option on November’s election,” emphasizing the company's strategic positioning for regulatory clarity. 

Notably, Geraci added that while short-term regulatory challenges remain, the eventual approval of an XRP ETF is highly probable. He also pointed out that Bitwise’s credibility as a crypto-native firm makes this filing more than just a speculative attempt, further suggesting that the company's long-term vision includes offering XRP in an ETF structure.

https://twitter.com/NateGeraci/status/1841278421365572018

The potential for approval largely depends on the election results. A win by former President Donald Trump, who has shown support for the crypto industry, could lead to a more favorable regulatory environment for XRP. 

Conversely, should Vice President Kamala Harris secure the presidency, analysts believe the regulatory outlook may become less favorable for the approval of such investment products.

Ripple Lawsuit and SEC's Role in Future Approval

The Securities and Exchange Commission (SEC) has a history of strict oversight of the crypto industry. Earlier in 2024, the regulator approved several spot Bitcoin ETFs following market capitalization growth. This was followed by the approval of Ether ETFs in July. Now, with filings for Solana and XRP ETFs, optimism is growing that the SEC could reconsider its position. 

Ripple’s payment network enables fintechs to streamline cross-border payments with real-time, transparent, and cost-effective solutions.

Traditional financial institutions risk losing market share as fintechs offer faster, more affordable international payment services.

Ripple’s API provides fintechs access to pre-negotiated rates in over 80 countries, allowing instant cross-border payouts 24/7.

Ripple’s new report reveals that cross-border payments could be the defining use case for blockchain technology. With international payments often described as slow, costly, and opaque, fintechs can seize this opportunity to fill market gaps by offering real-time, affordable solutions. 

https://twitter.com/Ripple/status/1841215262755893324

By addressing these challenges, fintech companies are well-positioned to capture market share from traditional financial institutions, many of which expect to lose a significant percentage of their market dominance within the next decade.

Market Gaps in International Payments

Traditional banking systems have long struggled with the complexities of cross-border payments, further worsened by the shrinking correspondent banking network. Establishing the necessary infrastructure for efficient cross-border transactions remains a costly and lengthy process for many institutions. 

This inefficiency has created an opportunity for fintechs to step in and offer faster, more transparent solutions. As supply chains grow more complex and businesses look to expand into global markets, the demand for seamless international payments intensifies.

Fintechs capable of providing a streamlined solution can respond to this growing need, ultimately gaining a competitive edge in the market. Many financial institutions acknowledge the challenges posed by fintech innovation and predict market shifts in the coming years. The ability to offer superior cross-border payment services will become a key differentiator for fintechs aiming to expand their customer base.

Ripple’s Role in Streamlining Cross-Border Payments

Ripple’s payment network provides fintechs with an efficient and reliable platform for managing international transactions. By reducing the number of intermediaries involved, the network lowers costs and minimizes potential points of failure. Ripple offers near real-time settlement and ensures transparency in fees and payment status, allowing businesses to better manage their cash flow.

Fintechs connect to Ripple’s global payment system through a single API, providing access to pre-negotiated rates in over 80 countries and 50 currencies. This efficient setup enables instant payouts in local currencies around the clock, further strengthening their competitive position.

Growth Opportunities for Fintechs

The adoption of Ripple’s payment network allows fintechs to diversify their payment systems, streamline operations, and meet growing market demands. With 24/7 access to affordable cross-border payments, fintechs can offer services that surpass traditional financial providers, positioning themselves for future growth and market expansion.

Ethereum's falling wedge patterns signal a potential bullish breakout, with key resistance at $2,800 and $3,500.

A recent RSI breakout aligns with price trends, suggesting upward momentum for Ethereum in the near future.

Ethereum’s MACD indicates consolidation, but a rally could follow if it breaks the $2,800 resistance level.

Ethereum could be poised for a price increase, according to crypto analyst JavonTM1 on X. The analyst highlighted that Ethereum might surge over 60% and reach the $4,000 mark in the coming months. 

He noted that Ethereum, as a major blockchain for altcoins, could fuel a broader altcoin recovery during this potential rally. Ethereum’s price patterns and indicators suggest a bullish breakout may be imminent, supported by multiple technical factors.

https://twitter.com/JavonTM1/status/1841144647260721442

Bullish Momentum Signals Potential Price Surge

Ethereum's price action has shown the formation of multiple falling wedge patterns. These patterns are commonly seen as bullish signals, as they often lead to upward price movements once completed. 

In past instances, Ethereum broke out of these formations, followed by strong price momentum. Currently, Ethereum has completed its latest falling wedge, and JavonTM1 has indicated that it could be "GO TIME" for a bullish breakout. 

Resistance levels near $3,500 and $2,800 will be key points to watch, while support remains at the $2,149 level, providing a potential base for upward movement.

RSI Breakout and Price Action

In addition to the bullish price patterns, Ethereum's Relative Strength Index (RSI) also supports the possibility of an upward trend. The RSI has formed a falling wedge and recently completed a bullish breakout. 

Historically, this type of RSI movement has often led to price increases. The RSI breakout is resembling Ethereum’s price trends, further reinforcing the likelihood of a bullish rally. This technical alignment between price action and RSI signals strong potential for Ethereum to continue gaining upward momentum.

MACD and Price Trend Indicate Consolidation

Ethereum’s MACD currently shows a slight bearish sentiment. The MACD line remains below the signal line, suggesting that Ethereum may face downward pressure in the short term. 

Source: TradingView

At press time, Ethereum was trading at $2,473.49, with support at $2,442 and resistance at $2,800. The price has been in a downtrend since May but has consolidated in recent weeks. A break above $2,800 could trigger a rally to higher levels.

Bitcoin's price is nearing the critical $63,000-$64,000 resistance, with potential for a pullback if this level holds.

Short-term bearish sentiment is reflected as Bitcoin trades below key EMAs, but RSI shows possible oversold conditions.

Bitcoin's price history suggests parabolic movements after previous highs, with another rally possible if key resistance breaks.

According to crypto analyst JavonTM1, Bitcoin’s price history shows that after breaking previous highs, it often delivers some of its most bullish movements. Notably, earlier this year, Bitcoin surpassed its previous high, raising expectations of another vertical price rally.

Bitcoin's historical price patterns follow a cycle of parabolic increases, followed by corrections that lead to re-accumulation before the next rally. These cycles are typically aligned with Bitcoin's halving events and involve sharp pullbacks after each bull run, retesting previous resistance zones. 

https://twitter.com/JavonTM1/status/1841217516732928376

Historical Resistance and Support Levels

Bitcoin's price has consistently retested key support zones after each bull run, providing a base for the next upward movement. For instance, after peaking at around $20,000 in 2017, it corrected to the $3,000 range. Following its $69,000 peak in 2021, it found support around $15,000-$16,000.

Currently, Bitcoin is approaching a resistance at $63,000-$64,000, which it has not yet broken through in its recent rally. If this level holds, Bitcoin may experience another upward trend. However, if the resistance remains firm, the price may pull back toward the $60,000 support zone, signaling further market correction.

Short-Term Price Analysis on a 4-Hour Timeframe

On a technical level, the chart of Bitcoin/USDT on the 4-hour timeframe highlights short-term bearish sentiment. Bitcoin is trading below both the 50-period and 200-period exponential moving averages (EMAs), indicating weakening momentum. 

Source: BingX

The current price of $61,422.39 falls beneath these EMAs, which now act as resistance levels. A sustained break above these averages could signal a reversal in Bitcoin’s short-term trend.

However, the relative strength index (RSI) suggests Bitcoin is nearing oversold territory, with a reading of 31.28. This could signal a potential price rebound, especially if buyers step in at the current levels.

Key Support and Resistance Zones

If Bitcoin fails to break above the 50-period EMA, the next support level to watch is $60,000, a critical psychological zone. A further decline below this level could lead to a deeper sell-off, while a rebound from the current oversold conditions might see Bitcoin retesting the $63,000-$64,000 range.

Bitcoin and Ethereum prices dropped, triggering significant liquidations of leveraged positions.

A total of $533M was liquidated, with $451M from long positions and $75.35M from shorts.

Binance saw the largest single liquidation, with $12.66M in a BTCUSDT position.

Bitcoin and Ethereum prices fell sharply in the past 24 hours, leading to significant liquidations across the cryptocurrency market. As the tension in the Middle East continued to affect global markets, Bitcoin fell below $61,000, while Ethereum dropped below $2,500. This led to widespread liquidation of leveraged positions, particularly affecting long orders.

https://twitter.com/WuBlockchain/status/1841277178388115746

Data reveals that 155,000 accounts were liquidated over the past 24 hours, for a total liquidation amount of $533 million. Of this, $451 million came from long positions, indicating that the sell-off disproportionately impacted long traders. Bitcoin alone saw $466.91K in liquidations, while Ethereum faced $381.80K in forced position closures.

Source: Coinglass

The largest single liquidation occurred on Binance, where a BTCUSDT position worth $12.6646 million was closed. This reflects the heavy impact the market downturn had on Bitcoin traders. Binance remained a key player in the unfolding liquidation events, with its highly leveraged traders suffering significant losses.

In a 24-hour period, the total liquidations reached $524.35 million, with $449.01 million coming from long positions and $75.35 million from shorts. The data highlights a bias against long positions, as traders who bet on price increases were hit the hardest.

Ethereum’s price dropped 5.27% over the past 24 hours, with its value declining to $2,488.10. Trading volume for Ethereum reached $25.29 billion during this period, emphasizing the extent of the market activity. Ethereum’s price started the day at $2,631, remaining relatively stable until a sharp drop occurred around 4:00 PM, plunging the price to $2,450 before a partial recovery.

Source: CoinMarketCap

Bitcoin also faced a significant drop, starting at $63.68K before falling sharply in the afternoon. The price reached a low of just below $61K before stabilizing at $61.82K by early October 2. 

Source: CoinMarketCap

Despite some recovery attempts, Bitcoin remains down 2.86% in the last 24 hours, with a market cap of $1.22 trillion and trading volume of $50.35 billion.

China's stock market surged over 8.4%, marking its best day in 16 years, driven by a $114 billion stimulus package.

U.S. investors are increasingly bullish on Chinese equities following stimulus efforts, boosting related U.S. ETFs and stocks.

China is ramping up cryptocurrency research to stay competitive, emphasizing global developments and digital asset opportunities.

China's stock market surged by over 8.4%, marking its best day in 16 years, fueled by a $114 billion stimulus package aimed at boosting the country's economic sector. The Shanghai Composite Index climbed 8.06%, its biggest one-day gain since 2008, while the Shenzhen Composite Index saw an impressive 10.9% rise. These rallies followed a series of government measures introduced to stabilize the economy and support market liquidity.

The stimulus, introduced by the People's Bank of China, included a lending pool worth RMB 800 billion ($114 billion) designed to provide liquidity. The goal is to help companies repurchase their shares and allow non-bank financial institutions to buy local stocks. As a result, the CSI 300 Index, which tracks companies in both Shanghai and Shenzhen, posted a weekly surge of 15.7%, its best performance since 2008.

U.S. Investors Show Interest as China Stocks Rally

The sharp rise in Chinese stocks has also attracted the attention of U.S. investors. Prominent investors, including billionaire David Tepper, expressed confidence in Chinese equities. 

Tepper’s bullish stance came after the Federal Reserve’s rate cuts, which aligned with China’s stimulus efforts, making Chinese markets increasingly attractive to foreign investors. Last week, Tepper stated that he had invested heavily in everything related to China following the stimulus announcement.

Related U.S. ETFs saw a notable uptick as well, riding on investor optimism regarding China’s economic recovery efforts. The China ADR Index rose by 1.2%, with stocks like Bilibili and Futu Holdings experiencing slight gains, driven by the overall market sentiment.

China’s Growing Interest in Cryptocurrency Research

Meanwhile, China's focus on the digital economy continues to grow. At the Tsinghua Wudaokou Chief Economists Forum, former Vice Minister of Finance Zhu Guangyao emphasized the importance of researching digital assets and cryptocurrency. 

Zhu highlighted the changing global sector, particularly with the U.S.'s growing interest in cryptocurrencies, where policymakers are increasingly discussing the potential of digital currencies.

China’s attention to international developments underscores the need to balance the risks and opportunities associated with digital assets. These discussions signal China’s intent to remain competitive in the growing digital financial sector.

SHIB has a strong October history, with past price increases averaging 283.4%, potentially leading to a price tripling this month.

XRP closed last week at its highest level in 2024, though a potential SEC appeal could introduce uncertainty.

Bitcoin’s September close in positive territory suggests it may see strong gains in Q4, according to historical data.

SHIB, the popular meme cryptocurrency, is gearing up for a potential price surge as the month of October begins. Known as "Uptober" within the crypto community, October has historically been a month of significant gains for digital assets, and SHIB could be a major beneficiary this time. 

Data from CryptoRank reveals that SHIB has experienced an average return of 283.4% in the past October. Additionally, the median return for the token has exceeded 10%, fueling excitement among SHIB supporters. This historical performance leads to speculation that SHIB could see a repeat of its October success, potentially reaching a price of $0.000075.

Strong October History for SHIB

In October 2021, SHIB saw its most impressive performance, surging by 833%. While such explosive growth may not be guaranteed for 2024, recent trends suggest the token could experience another significant upswing this year. Supporters of the dog-themed token believe that the conditions are in place for another strong month. 

If the anticipated surge materializes, SHIB could see its price triple, building on the positive momentum that typically characterizes the crypto market during this month. Many traders are closely monitoring SHIB’s price as October unfolds.

XRP Achieves Highest Weekly Close of 2024

Meanwhile, XRP has made headlines by closing last week at its highest level of 2024, finishing above the $0.64 mark. According to Blockchain Backer, this milestone marks a key victory for bulls, who have been attempting to push the token past the resistance level for several months. 

Despite XRP's strong performance, the approaching October 6 deadline for a potential SEC appeal against Ripple’s favorable ruling in the ongoing legal case looms large. If the SEC decides to challenge the ruling, it could create uncertainty and potentially impact XRP’s price, although legal experts suggest any changes may not take effect until 2026.

Bitcoin Poised for Strong Q4 Performance

Bitcoin is also drawing attention with its potential for gains in the fourth quarter. Following a solid performance in September, analysts believe Bitcoin could see significant growth in the coming months. Historical data from Eric Crown suggests that whenever Bitcoin closes September in positive territory, it tends to deliver strong fourth-quarter returns. 

Max Resnick sparked debate on Ethereum’s broader financial potential, focusing on cutting transaction costs and eliminating intermediaries.  

Vitalik Buterin explored how Ethereum could tackle specific market inefficiencies, with Resnick outlining cost reductions and improved access.  

Industry experts pointed out high costs in less liquid markets, noting Ethereum’s role in enhancing trust and lowering transaction expenses. 

Max Resnick, a prominent software engineer, has sparked widespread discussion about Ethereum’s broader role in the global financial landscape. Resnick believes that Ethereum’s blockchain technology can do much more than facilitate cryptocurrency transactions, suggesting it has the potential to reshape the structure of financial markets.  

His perspective, shared on X today, emphasizes the ability of Ethereum to reduce transaction costs and eliminate the need for intermediaries. Resnick argues that these capabilities could fundamentally change how financial markets operate on a global scale. 

https://twitter.com/MaxResnick1/status/1840934229770752293

Moreover, Resnick’s comments have gained traction due to his focus on enhancing market efficiency. He notes that Ethereum’s blockchain could extend beyond being a store of value or a payment network. Instead, it can reduce costs while improving access to financial systems worldwide.  

Vitalik Buterin and Resnick Discuss Market Challenges  

Following Resnick’s statements, Ethereum’s co-founder Vitalik Buterin engaged in the conversation, seeking to delve deeper into the inefficiencies Ethereum might address. Buterin expressed interest in understanding which specific financial barriers Resnick felt Ethereum could overcome most effectively.  

Resnick outlined several key areas where Ethereum could make a tangible impact. These include reducing transaction costs by removing intermediaries, minimizing the spread between market prices, and improving access to financial markets worldwide. Furthermore, he highlighted how Ethereum could foster stronger network effects, driving broader market participation and efficiency.  

Industry Experts Weigh In on Ethereum's Potential 

The conversation attracted attention from other industry figures, including business developer Pablob. He raised concerns about the high transaction costs prevalent in less liquid markets. According to Pablob, these costs often arise from a lack of trust between market participants, leading to additional expenses such as audits and risk assessments. Ethereum’s blockchain, he suggested, could enhance trust and reduce such costs.  

Additionally, another industry observer highlighted the fees imposed by auction houses as an area ripe for improvement. They suggested Ethereum’s decentralized ledger could help lower these expenses, benefiting both buyers and sellers.  

While some voiced skepticism regarding the feasibility of Resnick’s vision, the broader discussion underlines Ethereum’s potential to address significant market inefficiencies. By reducing transaction costs and cutting out intermediaries, Ethereum could redefine how financial systems operate globally.

Michael Saylor envisions Bitcoin as the global pricing standard, signaling a transformative shift in the future global economy.

MicroStrategy’s stock surged 1,325% since 2020, while Bitcoin increased by 451%, highlighting the company's strong BTC investment strategy.

Bitcoin prices dropped to $62,860, with geopolitical tensions cited as a key factor affecting the cryptocurrency’s market performance.

Michael Saylor, co-founder of MicroStrategy, recently shared his vision of a future dominated by Bitcoin on the X platform (formerly Twitter). Known for his unwavering support of Bitcoin, Saylor remains a prominent advocate within the cryptocurrency community. His latest post asserts that Bitcoin will eventually become the universal standard for pricing, signaling a significant shift in the global economy. 

Saylor’s post, which included an AI-generated image of himself adorned with physical Bitcoin coins on his uniform, reiterated his firm belief that Bitcoin will be central to future financial systems. He stated, “In the future, everything will be priced in Bitcoin.” This message resonated with his long-standing prediction that Bitcoin will play a crucial role in transforming the global economy.

https://twitter.com/saylor/status/1841101010783150185

Bitcoin's Limited Supply and Global Reach

Many in the cryptocurrency community share Saylor’s vision, believing that Bitcoin has the potential to replace traditional currencies, including the U.S. dollar, as the world’s reserve currency. However, some acknowledge that the fixed supply of 21 million Bitcoin may not meet the monetary needs of billions of people. These individuals foresee the unit of exchange shifting from full Bitcoins to smaller units called "Satoshis" for everyday transactions.

MicroStrategy’s Bitcoin Investment Strategy

Besides his forecast on Bitcoin's future role, Saylor continues to emphasize MicroStrategy’s ongoing investment in the cryptocurrency. On Monday, he released an infographic comparing the performance of MicroStrategy's stock (MSTR), Bitcoin, and the S&P 500 index since August 2020. According to the chart, MicroStrategy’s stock outperform all others, surging 1,325% over the past four years. In comparison, Bitcoin has risen by 451% during the same period, securing second place.

MicroStrategy’s bold Bitcoin purchases have not gone unnoticed. The company began accumulating Bitcoin in 2020, a decision that coincided with a historic rise in Bitcoin’s value. The cryptocurrency reached a peak of $69,000 in 2021, dipped to $15,500 in 2022, and climbed to a new all-time high of $74,000 earlier this year.

Bitcoin Faces Challenges Amid Geopolitical Uncertainty

Despite the enthusiasm for Bitcoin’s future, the cryptocurrency has faced recent price declines. Bitcoin saw a 4.75% drop over the weekend, including a 1.85% decrease on Monday. Currently, Bitcoin is trading at $62,860, down from the $64,000 level. Analysts attribute this decline to increasing geopolitical tensions in the Middle East, which continue to affect global markets.