Market Declines Following Geopolitical Tensions and Regulatory Scrutiny

The cryptocurrency market experienced a significant downturn. Bitcoin’s price fell by 2%, retreating to the support level of $65,500. Following Israel’s attacks on Iran’s military targets, further declines were observed in altcoins, creating renewed uncertainty in the crypto market and other risk assets.The Impact of Israel’s Strikes on Iran on the Crypto MarketTensions in the Middle East escalated with Israel’s “decisive strikes” on Iran’s military bases. Media reports indicated several powerful explosions were heard in Tehran, Iran’s capital. This development triggered panic in the crypto market, leading to a wave of selling among traders.The Effect of Tether Investigation on Bitcoin and AltcoinsThe U.S. Department of Justice’s investigation into Tether contributed to another decline in the crypto market. The issuer of the USDT stablecoin rejected these new allegations, claiming they were reported irresponsibly. However, the report led to Tether losing its USD parity, with USDT trading at $0.9983, down 0.11% at press time.This pressure on Bitcoin and altcoins caught the attention of market analysts. Benjamin Cowen indicated that altcoins might face further declines in the upcoming months. While Bitcoin has historically recovered quickly after previous attacks, altcoins appear to be more fragile.Meanwhile, Hilary Allen, a law professor at American University, commented on the implications for the crypto sector, stating that Tether’s collapse would be disastrous for the crypto economy. Jeff Dorman, Arca’s chief investment officer, suggested that the market has become resilient to such regulatory developments, predicting minimal long-term effects.Recent developments indicate that volatility in the crypto market may continue. Traders remain cautious in the face of geopolitical risks and regulatory news, making it essential for market participants to stay vigilant in this uncertain environment.
#CryptoPreUSElection

Bitcoin ( $BTC ) Rally to $70K Dependents on 350K New Addresses – Here’s Why

Bitcoin [BTC] has seen a significant rise over the past month, reaching a high of $69k after a local low of $58k.

However, there has been a noticeable drop in Bitcoin’s daily active addresses. The number has dipped from 1.1 million to 980k, sparking discussions among analysts.

The Importance of 350k Addresses are vital for Bitcoin to maintain an upward trend.

Increase in new Bitcoin addresses signifies a healthy market.

The 350k level is a critical point distinguishing bull and bear markets. When the number of new addresses falls below this mark, a bear season commences. Conversely, when the number remains above 350k, it indicates a strengthening bull market.

Historically, the number of Bitcoin addresses has been a significant factor in both bull and bear seasons. For instance, Bitcoin addresses have fallen below 250k three times in the past six years, each time followed by a BTC decline.

Implications for $BTC

Despite not yet reaching 350k new addresses, Bitcoin is currently on a strong upward trend. The current market sentiment favors Bitcoin for further gains.

The exchange supply ratio has seen a sharp decrease over the past week, suggesting that holders are accumulating Bitcoin off exchanges with no immediate plans to sell.

Furthermore, Bitcoin’s fund flow ratio has risen over the past week, indicating increased demand and a bullish market sentiment.

At the time of writing, BTC was trading at $67714, a 5.91% increase on monthly charts. If the current market sentiment remains, Bitcoin could potentially reach the $69400 resistance level, where it has previously faced multiple rejections.#BinanceBlockchainWeek

Why Ethereum ( $ETH ) is Down Today? Is Institutional Demand Shifting to Bitcoin ?

After an unsuccessful attempt to break through the resistance level of around $2760 in the past two weeks, Ethereum (ETH) price has dropped over 5 percent in the last five days to trade at about $2,495 on Friday, October 25, during the early European session. The large-cap altcoin, with a fully diluted valuation of about $300 billion and a daily average traded volume of around $15.8 billion, has signaled further short-term consolidation before an inevitable breakout toward an all-time high.

Factors that Are Weighing Down on Ethereum Bulls in the Short Term

Rising Competition for Other Layer One Blockchains despite the Ethereum network dominating the $87 billion in DeFi space, with a total value locked (TVL) of about $46.7 billion, other layer one chains, led by Solana (SOL), have threatened to dethrone Ether. In the last 24 hours, the Solana and Tron networks registered around 4 million and 2.2 million active addresses respectively while the Ethereum network recorded around 377k.

The emergence of high-performing networks that are affordable has undeniably threatened the dominance of Ethereum in the Web3 ecosystem.

Low Demand from Institutional Investors Compared to Bitcoin

Since the approval of spot Ether ETFs and Spot BTC ETFs, it is clear that more institutional investors are more interested in Bitcoin over Ethereum as an asset class. According to the latest market data, the US spot BTC ETFs have a cumulative net assets under management of about $66 billion, while Ethereum’s only have around $7 billion after a significant bleeding from Grayscale’s ETHE.

As a result, crypto analyst Benjamin Cowen believes that Ethereum’s dominance will continue to drop in the coming weeks and most likely rebound in 2025.

Technical Analysis Aspect

From a technical analysis standpoint, Ethereum price has faced intense resistance of around $2,800 in the past few months. Which means the buyers are struggling to push above the upper boundary.

#ETHBTCNewLow

Cardano ( $ADA ) and Chainlink ( $LINK ) Boost Bitcoin Ecosystem

Prominent altcoins Cardano and Chainlink have entered into new partnerships to enhance the decentralized finance (DeFi) landscape and improve liquidity within the Bitcoin network. Cardano plans to facilitate Bitcoin liquidity for its users through a collaboration with BitcoinOS, while Chainlink aims to implement oracle services connected to Bitcoin via Spiderchain. These developments represent important strides in blockchain advancements and DeFi initiatives.

How Does Cardano Enhance Bitcoin Access ?

In its deal with BitcoinOS, Cardano is set to provide its users with direct access to Bitcoin liquidity, eliminating the necessity for intermediaries. This integration enhances blockchain interoperability and offers a secure, decentralized framework utilizing zero-knowledge (ZK) cryptography in conjunction with the BOS Grail bridge.

What Role Does Chainlink Play in This Integration ?

Chainlink’s collaboration with Spiderchain focuses on embedding oracle services into Bitcoin’s framework. This innovative project, developed by Botanix Labs, aims to bolster Bitcoin’s capabilities with layer-2 solutions, rollups, and smart contracts, facilitating token transfers across various blockchain networks.
Cardano offers direct Bitcoin liquidity access.

Chainlink enhances Bitcoin with external data feeds.

These initiatives promote secure transactions across blockchains.

Interoperability is set to increase within the DeFi ecosystem.

Collectively, the partnerships between Cardano and Chainlink signal a pivotal moment for improving liquidity and operational efficiency in the cryptocurrency arena. These initiatives pave the way for more seamless transactions and broader collaboration among different blockchain platforms.

X Empire Token ( $X ) Skyrockets 400% in One Hour After Exchange Listing

The tap-to-earn game X Empire, known for its cartoon animations of prominent crypto figures, has seen a dramatic price surge following its token listing. However, the initial pump has been followed by a significant decline .

The X Empire token ($X) experienced a 400% increase in price within an hour of its listing, reaching an all-time high of $0.000179. However, the token has since dropped by 50%, currently trading at around $0.000087. Despite this decline, the token still boasts a market cap of $2.50 million and a trading volume of $156.19 million .

Alongside the airdrop of 34.5 billion X tokens, it was also launched on major cryptocurrency exchanges, including Bitget and many others .

The anticipation surrounding the X Empire airdrop, which was initially scheduled for September but has been delayed until October 24, has played a significant role in the token’s price fluctuations. The phased distribution method, rewarding early members, has created a sense of excitement and potential for future gains .

However, the recent controversy surrounding the blocking of 44 million users has cast a shadow over X Empire’s prospects. Negative sentiment stemming from this incident could hinder the token’s performance and make it challenging to achieve its ambitious $1 target in the short term .

While the X Empire token has shown initial promise, investors should exercise caution and carefully consider the risks associated with investing in meme coins and newly launched tokens. The cryptocurrency market is highly volatile, and past performance is not indicative of future results .