24 Crypto Update, 17 Oct: Bitcoin stays above $28,000, Altcoin Mixed

Bitcoin Shows Resilience Above $28,000 Amid Corporate Interest

Bitcoin's 2-day streak above $28,000, the first since August

Bitcoin has shown resilience, holding support around the $28,300 mark and achieving a significant feat by maintaining a trading price above $28,000 for two consecutive days. This marks the first time such consistency has been seen since August. The increased interest from corporate entities can be linked to the approval of Ethereum Futures ETFs in late September.

In the past 24 hours, the total cryptocurrency market volume was $45.1 billion, marking a 27.30% decline. DeFi's volume stands at $2.39 billion, representing 5.30% of the overall crypto market volume. Stablecoins account for $42.06 billion, making up 93.25% of the 24-hour crypto market volume. Bitcoin's dominance has increased by 0.42% today, reaching 51.12%.

Major Events To Watch:

Crypto Fear and Greed:

In the past 24 hours, there has been a significant occurrence of profit-taking in the cryptocurrency markets, resulting in a 2-point decline in the "Greed and Fear Index." As a result, the index currently rests at 50, which marks the midpoint on its scale ranging from 0 to 100.

Latest Market Update: 

On Wednesday, Bitcoin managed to hold its ground above the $28,000 mark. However, the day wasn't as kind to popular altcoins like Ethereum, Dogecoin, Ripple, Solana, and Litecoin, which experienced declines. The standout performer in this scenario was Toncoin, which made an impressive gain of over 7% in the last 24 hours. Conversely, Sui bore the brunt of the day's market movement, enduring a substantial loss of more than 9% during the same period.

Major Worldwide News Update:

• Ethereum co-founder Vitalik Buterin's recent large cryptocurrency transfers, including a $15 million USDC transfer to Gemini, have raised questions in the crypto community. Buterin clarified that these transfers are mostly donations to charities and nonprofits, not personal sales. He's also focused on addressing centralization in Ethereum's staking system, seeking protocol adjustments for greater decentralization.

• A sudden Bitcoin price surge to $30,000, driven by fake news of the SEC approving a Blackrock iShares Bitcoin ETF, caused market chaos. Blackrock denied the approval, causing Bitcoin to plummet to $28,100. Experts suspect market manipulation and advocate for regulatory intervention to prevent such incidents that undermine trust in the crypto space.

• The Fantom Foundation is dealing with a security breach in its blockchain networks, where hackers exploited a Google Chrome zero-day vulnerability, resulting in an estimated $657,000 in illicit fund transfers. Similar security breaches have impacted other blockchain and DeFi projects like TrueUSD and Galxe, raising concerns about digital threats in the space.

• BitPay has partnered with Xsolla, a global video game commerce company, to integrate XRP as a payment method for games like Smitegame and Roblox. This move showcases XRP's growing relevance in the gaming industry. BitPay will facilitate the integration, offering users a seamless payment experience.

• Coinbase is suspending 80 non-USD trading pairs, including those linked with Bitcoin, Tether, and the Euro, to enhance market liquidity and health. Users in qualifying regions can still access these pairs through USD order books using their USDC balances, maintaining trading functionality. This move focuses on market consolidation rather than limiting user options, reflecting ongoing challenges faced by centralized exchanges like Coinbase amid regulatory pressures.

• The SEC's decision to add cryptocurrencies to its 2024 exam priorities has raised questions about resource allocation and its authority. While the crypto industry operates in a regulatory gray area, the SEC's proactive approach aims to address pressing concerns, including investor protection and market integrity amidst rapid growth and innovation.

• Binance .US, a major cryptocurrency exchange, has ceased direct US dollar withdrawals and lost FDIC insurance for dollar deposits in response to regulatory scrutiny. Users must convert USD to digital assets for withdrawals. The company also faces challenges in the UK due to FCA restrictions.

• The European Securities and Markets Authority (ESMA) warns crypto investors that full protections won't be in place until December 2024, despite recent EU crypto regulations. ESMA highlights the high risks associated with cryptocurrencies and the 18-month transitional period, leaving investors potentially unprotected until July 2026.

COIN GABBAR Views:Is the cryptocurrency market affected by the false Bitcoin ETF approval report, and where might BTC's price be headed next? Is the Israel-Hamas conflict having an impact on the cryptocurrency market? Can $28,000 be a critical level for triggering a significant bull run in Bitcoin? Stay tuned for the latest news 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, 17 Oct: Why Crypto Surged on Monday: The Story