Cointree Crypto Market Update - October 25th 2023
Market report for traders
🔮 BTC and altcoins
Following a wild few days, Bitcoin ends at AU$53,720, moving +16.25% (7d) and +117% (YTD) at the time of writing. Ethereum rises to AU$2,820, moving +10.90% week-on-week. In other altcoin movements, Solana jumps +22.77%, Cardano +9.81%, and XRP +10.69%.
🗞 What’s happening in the news?
Needless to say, this week belongs to Bitcoin. If you haven’t had a look at Bitcoin’s price yet, we recommend you have a look now. A charismatic trailblazer in the crypto realm, Bitcoin has rocketed through price ceilings this year, bringing all eyes onto trading screens worldwide.
Imagine waking up and seeing Bitcoin's price soaring to a staggering $55,000! That's exactly what happened early yesterday. After a hiatus of 17 long months, Bitcoin flirted with this impressive number again. But what fueled this fire? Speculations swirled around the BlackRock's iBTC ETF after its surprise listing on the Depository Trust & Clearing Corporation (DTCC) website. Though the listing seemed short-lived, Bitcoin's rally didn't falter. With institutions like BlackRock, Fidelity, and ARK Invest knocking on the SEC's door for spot Bitcoin ETF approvals, the anticipation in the air is palpable.
You'd think that would be enough excitement for one week, but the narrative thickens. BlackRock's iBTC ETF, has been prominently listed on the DTCC, implying a likely nod of approval from the U.S. Securities and Exchange Commission. If whispers are to be believed, this listing could very well be the prelude to an official launch. And with this approval, a cascade of spot crypto ETF applications awaits the SEC's green light, which, if granted, would undeniably reshape the crypto frontier.
Now, what's happening in the practical world, you ask?
On October 24, the price tag of Bitcoin saw it briefly dancing at the AU$53,000 mark. This stirred a significant asset migration away from major crypto exchanges, hinting at traders' bullish stance. With leading exchanges like Binance witnessing a colossal outflow of over $789 million, followed by crypto[dot]com and OKX, the pattern seems clear - traders are on the move, bracing for higher summits.
And if numbers speak louder than words, here's a deafening shout: The crypto market's cap has magnified by a whopping 7.3% within a mere 24 hours, sitting proudly at $1.25 trillion. This growth, the highest since April, seems tethered to further speculations around the unveiling of a Bitcoin spot ETF.
Need a breath from the Bitcoin buzz? Dive into "What we've been reading" below for some of our non-Bitcoin reads to round out your crypto insights for the week!
📖 What we’ve been reading
The U.S. Risks Its Position as a Stablecoin Leader “USD stablecoin transactions are rising fast, but most of the growth is happening outside of the United States” Read more
ETF Excitement Starts to Thaw the Crypto Winter “BTC hasn't seen these lofty levels since May 2022, when the cryptocurrency industry was just starting to get pummeled by scandals.” Read more
Blockchain embraces gold to provide stability and growth for crypto assets “This project brings 250 years of expertise in gold to the blockchain to provide a stable entry into the crypto market.” Read more
Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.