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24 Crypto Update, 06 Nov: Crypto Rally Continues with Altcoins Rising

Key Takeaways
  • In the past day, BTC and ETH held steady, while altcoins surged 5-10%
  • Bitcoin's price has fallen below $35,000, and Ethereum is also trading below $1,900
  • The worldwide cryptocurrency market capitalization has increased by 0.30%, now standing at $1.38 trillion
07-Nov-2023 By: Lokesh Gupta
24 Crypto Update, 06

The Cryptocurrency market cap rose 0.30% to $1.38T

In the last 24 hours, BTC and ETH remained stable, while altcoins surged 5-10%. Keep an eye on November 8 for US Fed Chair Powell's speech, which could influence market volatility. The Bank of England plans to regulate widely-used stablecoins, and the FCA will oversee the overall crypto sector. These positive regulatory steps are vital for mainstream adoption of digital assets.

The total trading volume in the cryptocurrency market hit $56.90 billion in the last 24 hours, representing a 9.00% gain. The DeFi sector generated $4.35 billion in total volume, representing for 11.33% of the overall 24-hour activity in the crypto market. Stable currencies, on the other hand, amassed a volume of $32.86 billion, accounting for a sizable 85.63% of total crypto market 24-hour volume. Bitcoin's dominance presently stands at 51.83%, a 0.30% decrease from earlier in the day.

Major Events To Watch:

Crypto Fear and Greed:

On the last day, the cryptocurrency market saw significant selling, causing a 4-point drop in the "Greed and Fear Index." Now, the index is at 68 on a scale from 0 to 100.

Latest Market Update: 

On Tuesday, Bitcoin temporarily dipped below $35,000, indicating a reversal of recent advances. Popular cryptocurrencies including Ethereum, Dogecoin, Ripple, and Litecoin all gained. Blur was the best performer in the previous 24 hours, rising 19%, while Immutable was the worst loser, falling 10%.

Major Worldwide News Update:

  • In 2023, Bitcoin has surged 70%, reaching $35,000. MicroStrategy, holding Bitcoin at an average price under $30,000, profits substantially. CEO Michael Saylor advises companies to embrace a Bitcoin strategy to combat inflation and enhance shareholder value, citing MicroStrategy's 213% YTD stock gain as evidence. Saylor also highlights Bitcoin's impressive 1,120,785% return since 2011, with an annualized return of 147.5%.

  • OpenAI has introduced the "GPTs" feature for ChatGPT, allowing subscribers to create custom AI models more easily. This innovation streamlines interactions, and OpenAI plans to launch a marketplace for these custom GPTs, attracting industry leaders like Amgen and Square. The AI chat landscape is growing competitive with new entrants.

  • Gemini Trust Co. experiences the departure of its global CTO, Pravjit Tiwana, who played a pivotal role in restructuring the company. Gemini faces disputes, including a regulatory issue with the SEC regarding its "Earn" program and a lawsuit from the NY Attorney General involving alleged customer misrepresentation and funds of $1.1 billion.

  • Moody's report reveals large-cap stablecoins frequently depeg in 2023, raising concerns about their stability, with interest rates as a recurring trigger. Moody's Digital Asset Monitor aims to predict depegging events within 24 hours for 25 stablecoins, aiding informed decision-making.

  • DC Fintech Week in Washington, D.C., leads to excitement ahead of Ripple's Swell event. Ripple's legal victories and market value increase contribute to anticipation. Both events foster fintech discussions, potentially unveiling Ripple's strategic partnerships or an IPO announcement.

  • The Bank of England and the Financial Conduct Authority have revealed plans to regulate stablecoins in the UK, aiming to ensure stability in the digital currency market. This includes allowing tech giants like Meta and PayPal to operate stablecoin ventures with strict conditions tied to the pound's value. The UK aims to become a global crypto hub through this regulatory effort, with full implementation expected by 2025 after a consultative process.

  • Microsoft partners with Inworld AI to empower Xbox game developers with AI tools for character development, dialogue, and quest design. This collaboration aims to facilitate creativity and innovation in the gaming industry, offering accessible AI solutions and cloud-based services while competing with industry leaders like OpenAI.

  • SEC Commissioner Mark Uyeda advocates for clearer cryptocurrency regulations in the United States, emphasizing the necessity of defined rules over enforcement actions. He highlights the challenges of applying outdated laws to digital assets and calls for a more balanced and adaptive regulatory framework to support the evolving crypto industry.

  • Altcoins have recently surged, with their collective market capitalization increasing by 7%, breaking out of a descending triangle pattern, indicating a potential reversal of the prior downtrend. Bitcoin's dominance in the market has decreased, potentially opening the door for further Altcoin rallies.

COIN GABBAR Views: Is Bitcoin currently consolidating within a rising channel pattern, and is the $36,000 resistance level indicating an imminent correction? Will Bitcoin dip below $34,000, or is an upward trajectory ahead? Can we anticipate another Bitcoin rally following the recent surge in altcoins? To get latest news Stay tuned us at

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, 05 Nov: "Altcoins Thrive, Bitcoin Remains Calm"

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