TOP 5 Gainers Coins
| Indices | LTP | Change (%) |
|---|---|---|
| Theta Network | $0.7561 | 9.60% |
| Solana | $38.15 | 5.81% |
| Arweave | $6.00 | 4.64% |
| XDC Network | $0.05159 | 4.36% |
| Toncoin | $2.19 | 3.83% |
The Federal Reserve's meeting is unlikely to result in a change in interest rates. Markets will closely watch Chair Jerome Powell's messaging for insights into future policy directions. Despite economic growth and high inflation, Powell aims to avoid sounding too hawkish, mindful of market sensitivity to rate hikes. Treasury yields and Powell's post-meeting statement will influence market reactions. FedWatch shows a minimal chance of a rate hike at this meeting, with possible increases in 2024. Powell's comments may outweigh the official FOMC statement, and his views on Treasury yields and lending conditions will be scrutinized.
Solana's SOL token has surged, currently trading above $36, marking a 150% increase from its 2022 lows. Despite a post-FTX collapse, the coin has rebounded steadily over the past 11 months, outpacing Bitcoin and Ethereum. SOL's bullish breakout with rising trading volume suggests strong support for the uptrend. The bankruptcy of FTX, a major SOL holder, triggered the previous price drop, but recent staking actions by the FTX estate may impact SOL's price.
Blockstream CEO Adam Back notes a historical correlation between ASIC miner prices and Bitcoin prices. As Bitcoin enters a bull phase, the value of ASIC mining equipment is expected to rise, especially with the upcoming Bitcoin Halving event. This correlation highlights the impact of market sentiment on ASIC miner prices.
Bankrupt crypto exchange FTX's wallets have transferred around $156 million worth of digital assets in recent transactions, including Ethereum and Solana tokens. The movement of these funds has raised concerns in the crypto community and attracted the attention of industry experts and investors. Nansen's report sheds light on the ongoing transfers and their scale.
The Ethereum Market Value to Realized Value (MVRV) ratio, a key on-chain metric, has entered a "danger zone," historically leading to price tops. Ethereum's trading volume has decreased, while supply on exchanges has gone down, potentially signaling fresh accumulation. Social dominance for ETH has increased, indicating growing hype, but it's still below previous levels. The 30-day MVRV ratio has entered the "danger zone," suggesting a potential price correction.
The ticker for the Invesco Galaxy Bitcoin ETF (BTCO) has appeared on the Depository Trust and Clearing Corporation’s (DTCC) website. However, this listing does not guarantee approval for the ETF, as it's standard practice for the DTCC to add securities to its list in preparation for a new ETF launch.
Fifteen years ago, Satoshi Nakamoto's Bitcoin whitepaper introduced revolutionary ideas in peer-to-peer electronic cash systems. Bitcoin's growth, with a 3.4 billion percent increase, reflects its remarkable journey and the transformative impact of blockchain and decentralized currencies. As Bitcoin celebrates its 15th anniversary, it remains an emblem of technological innovation reshaping global finance. SEC Chair Gary Gensler playfully acknowledged the occasion and highlighted the importance of regulatory compliance in the crypto industry
The News Media Alliance (NMA) claims that AI developers heavily rely on scraping copyrighted content from news publishers, infringing on copyright. The NMA suggests that the Copyright Office should declare this practice harmful to publishers and implement measures to restrict copyrighted material ingestion by AI systems, along with various licensing models and transparency measures.
Amir Bruno Elmaani, the founder of the Oyster Protocol cryptocurrency scheme, has been sentenced to four years in prison for tax evasion. Elmaani secretly minted and sold Pearl tokens without paying taxes on the profits, causing tax losses of over $5.5 million. He must also pay restitution.
Also read - 24 Crypto Update, 31 Oct: Crypto Awaits Fed's FOMC Meeting Decisions
