TOP 5 Trending Coins
| Indices | LTP | Change (%) |
|---|---|---|
| Bitcoin | $30820 | 2.54% |
| Chainlink | $10.83 | 12.74% |
| Solana | $31.17 | 4.14% |
| XRP | $0.5259 | 0.76% |
| Pepe | $0.0000007545 | 7.81% |
Bitcoin is surging, nearing $31,000 after a 12% weekly rally. The $30,000 level holds psychological and technical importance, acting as both a milestone and resistance point. A potential boost for Bitcoin is the anticipation of a U.S. SEC-approved Bitcoin ETF, with experts foreseeing approval between late 2023 and early 2024. If approved, it could bring substantial price increases, making Bitcoin more accessible to regular investors. Bitcoin's rise is also driving up forked coins like Bitcoin Cash and Bitcoin SV.
Morgan Stanley's wealth management division predicts the end of the crypto winter, citing the four-year cryptocurrency cycle and Bitcoin's halving events. The report likens crypto market phases to the four seasons, with Bitcoin typically experiencing significant gains after each halving event. Key indicators include the timeline from peak to trough and Bitcoin's decline from all-time highs. Miner behavior and price-to-thermocap ratio are also essential metrics in determining the beginning of a new cycle.
Cryptocurrency's journey from niche to mainstream has created 88,200 crypto millionaires by September 2023. Bitcoin, Ethereum, and altcoins have fueled their wealth. Blockchain tech, rising crypto prices, and institutional investments are catalysts. Strategies include "HODLing" and diversification, but risks remain. Crypto wealth is poised to grow as it integrates into finance.
FTX creditor claims are gaining value, with some reaching over 50 cents on the dollar. Claims worth more than $20 million recently sold for 52-53 cents, driven by clawback efforts from the bankrupt crypto exchange and investments in affiliated companies. Despite concerns, this trend benefits creditors, especially with recent support plans aiding claim sales.
Sam Bankman-Fried's trial is approaching its conclusion, with the prosecution set to rest its case on October 26. The case revolves around allegations of intentional deception and decisions leading to an $8 billion gap between FTX and Alameda Research in 2022. Bankman-Fried's defense may begin on the same day, facing challenges in presenting a narrative. If convicted, he could face up to 115 years in prison.
Blockchain could revolutionize cross-border transactions, potentially adding over $2 trillion to global GDP by 2030, despite challenges. The Middle East's adoption of blockchain may help less-wealthy economies. Efficiency, reduced costs, and enhanced security drive interest, but global adoption and regulatory hurdles persist. Cross-border transaction cost savings may grow from $301 million in 2021 to $10 billion by 2030.
Smart Blockchain is an innovative project focused on addressing challenges in the crypto market. With impressive throughput of up to 2,000 transactions per second and minimal transaction fees, it hosts various dapps and offers flexibility for developers. SMART is its native coin, and the project has a global community of over 2 million users.
Morgan Stanley's wealth management division sees a "crypto spring" on the horizon, citing historical patterns where Bitcoin's gains typically follow halving events every four years. The next halving is expected around April 2024. Analysts remain cautiously optimistic about the cryptocurrency market's future.
Blockchain's potential to disrupt financial services beyond cryptocurrencies has been slow to materialize due to regulatory and liquidity hurdles. Growth is anticipated in adjacent functions like trade settlement and processing. Blockchain-connecting software is emerging, with companies like Citigroup and JPMorgan exploring projects. However, regulatory approvals and interoperability with traditional financial systems remain obstacles to progress.
Also read - 24 Crypto Update, 22 Oct: Crypto market stays in the green rally
