(Source: ECI/ABP News/ABP Majha)
Crypto Week Ahead: Bitcoin Continues To Ride 'Uptober' Highs As Spot ETF Continues To Woo Investors
Over the past seven days, Bitcoin (BTC) price achieved a high of $34,911.49.
Bitcoin (BTC), the oldest and most valued crypto in the world, comfortably managed to remain above the $34,000 mark as ‘Uptober’ draws to an end. The steady rally could largely be attributed to the positive market sentiment around Bitcoin Spot ETFs, as more and more companies are looking to jump onto the boom wagon. Of course, the US Securities and Exchange Commission’s (SEC) decision to not challenge the Grayscale ETF application last week has lent a positive push to the prices, which continue to show dividends at the time of writing. As always, It remains to be seen how long the latest rally can sustain itself.
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call.
Crypto Prices Over The Past Week
Last Monday (October 23), the overall crypto market cap stood at $1.16 trillion. BTC price stood at around $30,700, ETH price stood at around $1,700.
A week later, the overall market cap jumped to $1.26 trillion.
Check Out Top Crypto Prices Today
DeFi's total volume stands at $2.68 billion, at 9.85 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $23.77 billion, at 87.32 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 72 points (out of 100) — seeing a significant boost in investors’ confidence when compared to last Monday.
BTC dominance, at the time of writing, stood at 52.97 percent.
Over the past seven days, Bitcoin achieved a high of $34,911.49 (on October 25) and a low of $30,500.93 (October 23).
Ethereum, on the other hand, saw a high of $1,852.53 (October 26) and a low of $1,665.73 (October 23).
Crypto Events To Note
In recent developments within the cryptocurrency investment space, ProShares Bitcoin Strategy ETF and VanEck Bitcoin Trust have made significant strides.
The ProShares Bitcoin Strategy ETF, introduced to the market in October 2021, is designed to generate returns mirroring those of Bitcoin by engaging in Bitcoin futures contracts. Notably, the Fund does not make direct investments in bitcoin itself. As of the latest data, the ETF has displayed an impressive 80 per cent year-to-date increase in performance, but it's worth noting that it has also seen a 36 per cent decline since its inception.
On October 27, VanEck took a significant step by submitting a preliminary prospectus for the VanEck Bitcoin Trust, an exchange-traded fund (ETF). This ETF is structured with the primary goal of replicating bitcoin's performance, less operating expenses, by directly holding bitcoin. According to information provided in the preliminary prospectus, the custody of all Bitcoin holdings on behalf of the Trust will be entrusted to Gemini Trust Company LLC.
These developments reflect the ongoing evolution and diversification of investment options in the cryptocurrency market, as investors seek new ways to gain exposure to digital assets while managing associated risks.
In a recent cryptocurrency market update, CoinDesk reported that Bitcoin (BTC) has exhibited a notable surge in its bullish momentum. Over a week, BTC witnessed a remarkable gain of over 14 per cent, ultimately stabilising at approximately $33,700. This surge followed Bitcoin's recent attainment of its annual peak at $35,000, albeit falling short of breaking through that crucial price level. It is worth noting that Bitcoin's performance closely mirrors the 14 per cent increase recorded in the CoinDesk Market Index (CMI).
Furthermore, the cryptocurrency market displayed notable strength in the CoinDesk Computing Sector (CPU), which is an index designed to monitor protocols dedicated to establishing and supporting the infrastructure for Web3 and distributed computing. The CPU index observed substantial growth of over 17 per cent, primarily driven by the impressive performance of tokens such as Chainlink (LINK) and Fetch.AI (FET). These gains in the computing sector underline the growing interest in projects related to the development of Web3 and distributed computing systems within the cryptocurrency landscape.
Lastly, as reported by CNBC, Zodia Custody, a crypto security company under the ownership of the renowned British banking giant Standard Chartered, has disclosed its forthcoming launch of services in Hong Kong. This development signifies the latest strategic expansion move by the United Kingdom-based firm into the Asia-Pacific region. Zodia Custody, established in 2020, specialises in providing secure cryptocurrency storage solutions to financial institutions.
Julian Sawyer, the CEO of Zodia, emphasised that the Hong Kong market exhibits a unique demand profile, primarily stemming from institutional entities rather than individual retail customers. He asserted that such institutional demand aligns seamlessly with Zodia's service offerings. Julian Sawyer also highlighted the proactive stance of the Hong Kong government and regulatory bodies in recognising the significance of digital assets in shaping the future financial landscape. They aspire to position Hong Kong as a central hub for the burgeoning cryptocurrency industry.
What Crypto Traders Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Throughout the weekend, Bitcoin's price remained consistently above $34,000, supported by the ongoing positive sentiment regarding the approval of Bitcoin Spot ETF applications in the US. The ProShares Bitcoin Strategy ETF (BITO) experienced its second-highest trading week ever, accumulating $1.7 billion in trading volume, while the Grayscale Bitcoin Trust (GBTC) recorded a significant trading volume of $800 million, further fueling optimism in the market. Bitcoin’s price has grown more than 13 percent in the last 7 days. Meanwhile, Ethereum has held its value above the $1,700 level.”
WazirX Vice President Rajagopal Menon offered his take, “The prospect of high-interest rates has settled in the market as some stakeholders had anticipated. This could impact Bitcoin’s price even as ETF potential is driving optimism to peak levels. The US Fed meeting this week will clarify many aspects of the future of the economy.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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