Bitcoin has seen a substantial value increase recently due to growing investor confidence. This confidence is primarily driven by two factors: the expected approval of a US-based spot Bitcoin exchange-traded fund (ETF) by the SEC and broader macroeconomic factors.
In the past 24 hours, the cryptocurrency market saw a $52.20 billion total trading volume, with a 1.72% decrease. DeFi makes up $4.02 billion (10.60%) of this volume, while stablecoins contribute a substantial $33.66 billion (88.82%). Bitcoin's market dominance is at 52.40%, down 0.33% for the day.
In the last 24 hours, the cryptocurrency markets witnessed significant buying activity, resulting in a 4-point increase in the "Greed and Fear Index." As a result, the index has reached a level of 74 on its 0 to 100 scale.
Bitcoin reclaimed $35,000 on Monday, bouncing back from a brief dip caused by the conviction of FTX founder Sam Bankman-Fried for money embezzlement. Major altcoins like Ethereum, Dogecoin, Ripple, and Litecoin all showed gains. MultiversX saw the largest 24-hour increase, surging over 37%, while GateToken was the biggest loser, with a 1% loss in the same period.
Hong Kong regulators are considering permitting retail investors to access spot Crypto ETFs as part of their plan to establish themselves as a digital assets hub in the Asia-Pacific region. The move aligns with their strategy to promote innovation and improve customer experience while addressing potential risks. This initiative comes after the introduction of a specialized regulatory framework for virtual assets in June, emphasizing investor protection and financial market integrity.
Charles Hoskinson, founder of Cardano, predicts a series of controversies for Elon Musk's Grok AI. Anticipated criticisms range from questioning its utility to concerns about its potential impact on democracy, amplifying extremist views, and even calls for a ban on the technology. Grok AI, created by Musk's xAI, aims to assist research and innovation with a touch of humor, available through a premium subscription.
Aave, a DeFi lending protocol, briefly halted multiple markets due to a November 4th feature glitch. The Aave team promptly froze affected assets as a precaution, ensuring user fund security. While the impacted features and assets remain undisclosed, V3 markets were unaffected. Users can still withdraw and repay positions while awaiting a governance proposal for a return to normal operations. Aave's swift response underscores DeFi's resilience in addressing unforeseen challenges and protecting stakeholders.
Nike's collaboration with RTFKT in NFT trading hit $1.4 billion in volume and $170 million in earnings. A forging event for exclusive Nike-RTFKT shoes led to a 600% trading surge. NFT holders access physical products, bridging the gap between digital and physical collectibles, enhancing authentication. This success highlights the merging of NFTs with tangible goods, reshaping the collectible footwear industry and adding value and authenticity for collectors worldwide.
Cardano founder Charles Hoskinson predicts waves of criticism for Elon Musk's Grok AI. Concerns range from its utility and potential threat to democracy to the spread of disinformation and calls for a ban. Grok AI aims to assist in research and innovation with humor and a rebellious streak, available to X platform users through a subscription.
Former DOJ prosecutor Renato Mariotti predicts that Sam Bankman-Fried (SBF) may face a 25-year sentence for his crimes. However, experts suggest that the sentence could range from 15 to 20 years due to the severity of the offenses, though SBF's relative youth and potential for rehabilitation may be considered. The possibility of a second trial in March 2024 adds uncertainty to the outcome.
Ethereum has gained 5.85% in the past week, inching closer to $1900. A "smart" whale recently purchased $15.94 million worth of ETH, suggesting optimism for a price surge. However, the RSI indicates overbought conditions, and centralized exchanges saw the largest weekly ETH outflow since August, reflecting strong bullish sentiment. ETH is currently trading at $1890.95 with a market cap of $227.4 billion.
Shibarium, Shiba Inu's scaling solution, nears 4 million transactions, showcasing rapid growth and strong momentum. Large SHIB transactions have surged by 45%, with the price of SHIB trading at $0.000008154. Achieving the four million milestone could drive further excitement and potentially surpass resistance levels. Shytoshi Kusama's recent updates, like a naming service on Shibarium, hint at sustained price growth.
COIN GABBAR Views: Is the $36,000 roadblock signaling an impending correction? Will Bitcoin dip further below $34K or continue its climb? What's fueling the short-term altcoin surge this month? 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, 03 Nov: Sam Bankman-Fried Guilty of FTX Fraud
