TOP 5 Loser Coins
| Indices | LTP | Change (%) |
|---|---|---|
| BitcoinSV | $46.04 | 7.43% |
| Mina | $0.6247 | 7.23% |
| Aave | $79.14 | 5.31% |
| Stacks | $0.637 | 4.85% |
| dYdX | $2.30 | 4.70% |
Cryptocurrency prices dipped on Thursday, with decreased enthusiasm surrounding a potential Bitcoin exchange-traded fund (ETF). Market participants were also eagerly awaiting the release of the United States Core Price Consumption Expenditure (PCE) data by the US Bureau of Economic Analysis (BEA). This data is a crucial indicator for the Federal Reserve's inflation assessment, and expectations suggest an upcoming upward trend in the report.
Investors are locking up profits ahead of the upcoming FOMC meeting and statement. Both BTC and ETH are seeing resistance at the crucial $35,000 mark. The forthcoming FOMC meeting on October 31-November 1 is driving this profit-taking trend. According to FED Tool Watch, 99.50% of investors expect the Fed to keep the federal funds rate at 5.25%-5.50% during the November Federal Open Market Committee (FOMC) meeting.
Marathon Digital, a Bitcoin mining giant, plans to raise $750 million through a hybrid equity offering after Bitcoin's 100% price rally in 2023. They seek to invest in new mining equipment and expand operations. Marathon Digital's stock (NASDAQ: MARA) rose 23% this week, following Bitcoin's 12% increase. In Q2 2023, the company reported a threefold increase in revenue, reaching over $80 million, with expectations of improving results.
Bitcoin's recent price rally to $35,000 boosted investor optimism, leading to a rise in open interest in Bitcoin futures. However, some analysts predict a potential retracement, with BTC currently trading at $34,100. Traders are closely monitoring Bitcoin options data, with 87,000 options expiring today. The market faces a critical test ahead of the Bitcoin ETF launch.
Bitcoin has achieved all-time highs against several inflation-prone fiat currencies, including the Argentine peso, Nigerian naira, Turkish lira, Laotian kip, and Egyptian pound. However, these records are largely attributed to currency devaluation and Bitcoin's 16% price surge. Nations with high inflation rates, such as Nigeria and Argentina, are showing increased cryptocurrency adoption.
Google searches for "buy Bitcoin" have surged worldwide, with the UK experiencing an 826% increase in the past week. The interest reflects growing enthusiasm for cryptocurrencies and traditional financial institutions' involvement in the digital asset space. Additionally, searches related to Bitcoin investment and BlackRock's Bitcoin ETF have risen significantly amid the recent crypto rally.
Ripple's upcoming event, Swell, on November 8-9 is generating excitement among XRP enthusiasts. The two-day in-person conference in Dubai is by invitation only and aims to bring together customers, partners, and prospects, with a significant presence expected from around the world. Ripple's community anticipates a positive impact on XRP's price.
Six individuals, all Indian nationals, have been charged by the US FBI in connection with a cryptocurrency scam amounting to $30 million. They allegedly operated an illegal money-transmitting business using cryptocurrency via the darknet between July 2021 and September 2023. The FBI's investigation was initiated after discovering a vendor offering cash shipments in exchange for Bitcoin on dark web marketplaces. One of the accused was arrested for mailing packages of cash from a post office in New York. The investigation revealed that some of the men's wealthiest clients were hackers and drug sellers.
The Wall Street Journal's report claiming that Hamas received tens of millions of dollars in crypto for the Middle East conflict was refuted by blockchain analytics firms, suggesting the funding was in the range of a few thousand dollars. Some members of Congress continue to call for a crypto crackdown despite the data being incorrect, and there is growing concern that the misinformation may have a lasting impact.
Also read - 24 Crypto Update,26 Oct: Crypto token plunges after widespread selling
