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24 Crypto Update, 02 Nov: Bloodbath seen in the Crypto World

Key Takeaways
  • Bitcoin's value plummeted by more than $1,500, falling below $35,000
  • Bitcoin is presently trading under $34,500, while Ethereum remains below the $1,800 mark
  • The worldwide cryptocurrency market capitalization has fallen by 2.70% to reach $1.33 trillion
03-Nov-2023 By: Lokesh Gupta
24 Crypto Update, 02

Following the Fed rate decision, Crypto market has seen a bloodbath

The cryptocurrency market turned red on Friday due to low investor sentiment after Sam Bankman-Fried, the former FTX founder, was found guilty of a multi-billion dollar FTX fraud. Following the Federal Reserve's interest rate announcement, Bitcoin lost over $1,500 in value and dipped below $35,000 on November 2, with analysts expressing concerns about derivative trading. Now, the market is anxiously awaiting the release of today's Non-Farm Employment Change data.

In the past 24 hours, the entire crypto market saw a volume of $66.60 billion, marking a 20.43% rise. DeFi's total volume stands at $4.81 billion, accounting for 9.94% of the overall crypto market volume. Meanwhile, stable coins contribute $43.43 billion, making up 89.79% of the total 24-hour crypto market volume. Bitcoin's dominance has dipped slightly by 0.09% today and is now at 52.75%.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, cryptocurrency markets experienced significant panic selling, causing a 7-point drop in the "Greed and Fear Index." As a consequence, the index now sits at 65 on its 0 to 100 scale.

Latest Market Update: 

Bitcoin fell below $35,000 on Friday, with the Fear & Greed Index reaching 65. Ethereum, Dogecoin, Ripple, and Litecoin were all down. Solana went from the top gainer to the greatest loss in 24 hours, falling 9%, while PancakeSwap rose 9%.

Major Worldwide News Update:

  • In a significant ruling, FTX founder Sam Bankman-Fried was found guilty of seven criminal charges. Bankman-Fried's inner circle, including Caroline Ellison, Gary Wang, and Nishad Singh, testified against him, implicating him in fraudulent activities. These witnesses may face lighter sentences due to their cooperation, while Bankman-Fried could be sentenced to decades in prison. Consequences for the trio may include financial obligations to compensate victims. Singh has already agreed to surrender assets obtained during his time at FTX and Alameda.

  • Bitcoin's rise to $35,000 was driven by macroeconomic factors like reduced Treasury supply estimates and a dovish Federal Open Market Committee stance, rather than a spot Bitcoin ETF. Uncertainty in the broader macroeconomic landscape persists, with elevated derivative indicators. Market awaits earnings reports and non-farm payroll data. Regulatory actions by SEC Chair Gary Gensler could affect Bitcoin's support level at 32k. Fidelity's Jurrien Timmer notes Bitcoin's volatility and its potential for substantial gains.

  • The US Federal Reserve's decision to maintain interest rates has geopolitical and economic implications. China's relatively independent monetary policy minimizes the impact of US rate hikes, but global economic repercussions remain a concern. Experts highlight China's robust economic growth and its resilience to US monetary policies.

  • In Q3 2023, Polygon (MATIC) saw a remarkable 131% increase in weekly NFT sales, reaching $20 million, driven by DraftKings' Reignmaker collection. The network also activated the POL token, with a focus on DeFi, and unveiled Polygon 2.0 using ZK technology. MATIC's price surged in the last month but decreased by 34.97% over six months. The circulating market cap is $6.00 billion, with a fully diluted market cap of $6.49 billion.

  • The National Bank of Georgia has chosen Ripple as its technology partner for the Digital Lari Central Bank Digital Currency (CBDC) project. Ripple was selected after a rigorous evaluation process, and the collaboration aims to assess potential use cases for the CBDC. Ripple has been recognized for its contributions to CBDC innovation globally.

  • Dubai's DFSA approves Ripple's XRP for use as a digital asset in the DIFC, allowing licensed firms to include XRP in their crypto services. XRP joins Bitcoin, Ethereum, and Litecoin as DFSA-approved digital currencies, bolstering Dubai's role as a digital asset hub. Ripple is pursuing licenses worldwide, including in the UK and Ireland.

  • British Prime Minister Rishi Sunak announced an agreement between governments and AI companies, the Bletchley Park Communique, requiring AI firms to submit models for independent testing before public deployment to mitigate risks. Notably, China was absent from the agreement. Elon Musk attended the summit, raising speculations about future AI ventures.

  • On November 2, three dormant Bitcoin whale addresses, untouched since 2017, moved a substantial 6,500 BTC, approximately $230 million. The sudden activity has sparked discussions about the holders' motives and potential security concerns, but it hasn't had a noticeable impact on Bitcoin's price, which has risen by nearly 30% in the past month. The community awaits further insights into the reasons behind these transactions.

COIN GABBAR Views: Is November set for a peak after Uptober's surge? Will BTC hit $40K soon, or is a $31K correction looming? Is the Bitcoin rally at risk? What signals suggest overheating, and is it a bull trap or technical correction at this key juncture? To get latest news Stay tuned us at www.coingabbar.com

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: Crypto Daily Roundup, 01 Nov: US Fed's FOMC Meeting: All Eyes On!

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