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Crypto Daily Roundup,19 Oct:Crypto market Awaiting Powell speech today

19-Oct-2023 By: Lokesh Gupta
Crypto Daily Roundup

Top trending cryptocurrencies over the last 24 hours

TOP 5 Trending Coins

Indices LTP Change (%)
Bitcoin $28320 1.25%
Loom Network $0.1207 30.56%
Bug Time $0.1497 9.96%
Solana $23.74 1.88%
Enjin Coin $0.2078 3.60%

Crypto News Key Highlights:

Federal Reserve Chair Jerome Powell is scheduled to address the Economic Club of New York on October 19 before the Fed's blackout period ahead of its upcoming interest-rate decision on October 31-November 1. Market expectations suggest that Powell's speech may provide further clarity on the central bank's rate position, despite concerns about inflation and bond yields. Despite recent improvements in inflation figures, Powell is likely to emphasize the need for vigilance and discuss the duration of high interest rates to achieve the 2% inflation target.

MultiversX, a blockchain project, introduced a "Super App" called xPortal during their rebranding. The project's CEO, Beniamin Mincu, aims to offer real-world applications for blockchain, AI, and the multiverse. The xDay event will span three days, focusing on various aspects, including technical milestones, partnerships, and emerging technologies, bridging the gap between Web2 and Web3.

Over 100 legislators, led by Senators Elizabeth Warren and Roger Marshall, express concern about alleged ties between cryptocurrency and terrorism, particularly regarding Hamas. They are pressing the Biden administration to clarify its strategy for countering this national security threat, citing the reported use of crypto assets by Hamas to evade US sanctions and raise millions of dollars.

Devin Walsh, Executive Director of the Uniswap Foundation, believes Uniswap is progressing toward decentralization, akin to Ethereum's evolution. He responded to concerns about centralization, noting the active developer community's contributions. Uniswap remains one of Ethereum's top DEXes, managing over $3 billion in assets. Upcoming features like Hooks are expected to further diversify developer involvement, though concerns exist about potential KYC implementation.

Alessandro Ottaviani, an emerging economist, predicts that Bitcoin could reach $1 million within three years. He draws parallels from a fake news-driven market cap increase and suggests that a real Spot Bitcoin ETF approval could trigger substantial capital inflow, leading to a $1 million BTC price by 2027-2028. Other prominent figures, including Cathie Wood and Balaji Srinivasan, have also made similar forecasts.

Renowned crypto analyst Ali Martinez highlighted two significant developments in the crypto market. Firstly, around 51% of Binance traders holding open Bitcoin futures positions are shorting BTC, suggesting a prevailing sentiment of an impending price decline. Secondly, Bitcoin surpassed the $27,900 short-term holder cost basis, potentially indicating a shift towards a bullish market sentiment, despite recent fluctuations in the global crypto market.

Crypto analyst and XRP influencer Crypto Assets Guy predicts XRP could reach $100 in 3-5 years, advising long-term holders to have 10,000 XRP for a potential $1 million return. The prediction has sparked debates within the XRP community, with varying opinions on its feasibility and motivations behind such forecasts.

Ethereum surpasses 100 million addresses with balances, marking a significant milestone. The increasing number of addresses holding non-zero balances aligns with decreasing exchange balances, reflecting a healthy demand for ETH. However, whales' influence and supply accumulation also play a crucial role in Ethereum's price dynamics, leaving the market at the mercy of short-term conditions. ETH trades around $1563 with a potential for bullish momentum.

Stéphanie Cabossioras, Managing Director of Binance France, has resigned amid growing regulatory challenges for the exchange. Her departure follows a series of high-profile exits from Binance, reflecting the exchange's legal disputes and regulatory hurdles in various jurisdictions, including France.

Also read - 24 Crypto Update, 18 Oct: Crypto markets are experiencing losses

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