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24 Crypto Update, 15 Oct: Crypto market has shown a slight recovery

Key Takeaways
  • Major cryptocurrency tokens experienced significant gains in their trading value on Monday
  • Bitcoin maintained its position above $27,000, while Ethereum stayed securely above $1,550
  • The total market capitalization of the cryptocurrency market is approximately $1.10 trillion, indicating a 1.00% increase
16-Oct-2023 By: Lokesh Gupta
24 Crypto Update, 15

The global cryptocurrency market cap was trading notably higher

At the beginning of the week, specifically on Monday, Bitcoin and a variety of other cryptocurrency tokens enjoyed a remarkable upswing. This surge was directly linked to a favorable turn of events concerning the Bitcoin ETF within the United States. The US Securities and Exchange Commission (SEC) made a definitive decision to forego any appeals, a response to a pivotal court ruling that effectively overturned its initial position, which had prevented Grayscale from converting its Bitcoin trust into a publicly traded exchange-traded fund (ETF).

In the last 24 hours, the cryptocurrency market saw a significant boost in total trading volume, reaching $19.25 billion, marking a substantial 35.97% increase. DeFi made up $2.34 billion of this volume, accounting for 12.16% of the total. Stablecoins played a major role, contributing a significant $16.66 billion, which is 86.54% of the total trading activity. Bitcoin's market dominance now stands at 50.00%, showing a daily increase of 0.17%.

Major Events To Watch:

Crypto Fear and Greed:

In the past 24 hours, the cryptocurrency markets have experienced significant buying activity, leading to a 2-point rise in the "Greed and Fear Index." As a result, the index now registers at 47 on its 0 to 100 scale.

Latest Market Update: 

As the week kicked off, Bitcoin and Ethereum, leading the cryptocurrency market, maintained their positions above the $27,000 and $15,000 price thresholds, respectively. Meanwhile, various prominent alternative cryptocurrencies, such as Litecoin and Solana, saw moderate increases in value. Notably, MultiversX emerged as the standout performer, registering a 6.41% gain over the previous 24 hours, while Rocket Pool incurred the most significant loss of the day.

Major Worldwide News Update:

  • Hamas, despite international sanctions and banking system exclusion, reportedly received $41 million in cryptocurrency from August 2021 to June 2023. The Palestinian Islamic Jihad (PIJ) received an additional $93 million in cryptocurrencies. Cryptos like Bitcoin, tether, and even dogecoin were used to fund these groups, helping them circumvent sanctions. Israeli authorities have frozen Hamas-linked cryptocurrency accounts following an attack, emphasizing efforts to cut off this funding channel.

  • The Australian government aims to regulate the digital asset sector, requiring crypto exchanges to obtain financial services licenses. The proposed regulatory framework seeks to protect consumers and mitigate systemic risks while fostering industry growth. Some exchanges support the move, while others see it as restrictive, potentially hindering innovation.

  • Gary Gensler, Chairman of the SEC, is concerned about AI's influence in finance and warns of growing risks. He urges regulators to be proactive in regulating AI to prevent a financial collapse. Gensler acknowledges the challenge in crafting a regulatory framework due to diverse tech solutions and the need for joint efforts, including the Financial Stability Board, to address systemic AI-related risks.

  • Bitcoin whales are accumulating the cryptocurrency, with 117 BTC tokens worth $3.2 million acquired in the past 48 hours. Despite recent selloffs, Bitcoin's price stands at $26,905.66, and the market is in a consolidation phase. The positive sentiment in the ecosystem is bolstered by the SEC's refusal to appeal a court ruling in favor of Grayscale Investment, potentially paving the way for a Bitcoin ETF. Whale investors are positioning themselves to benefit if an ETF is approved, with retail buyers expected to follow.

  • Shiba Inu's ecosystem token, Bone ShibaSwap (BONE), has achieved an all-time high on the Shibarium layer-2 scaling solution, with over 26 billion staked tokens. Shibarium's growth, now with 12 validators, signifies its aim to attract decentralized applications and expand the digital currency ecosystem. Despite the ecosystem's vitality, the SHIB token's price hasn't seen significant impact yet, but ongoing collaborations and use cases hold potential for long-term growth.

  • MetaMask, a self-custodial wallet, has been removed from the Apple App Store without explanation. The direct links to the app are no longer functional, and no official statement has been made by either MetaMask or Apple regarding this removal. MetaMask is a widely used crypto wallet serving over 30 million active users, and the impact of its removal remains uncertain.

  • The FTX estate has staked 5.5 million Solana (SOL) tokens worth $122 million with Figment, alleviating concerns about potential liquidation of their substantial SOL holdings. This move signals FTX's confidence in Solana's long-term prospects. The SOL token saw a 1.84% increase, currently trading at $21.99. The FTX estate has also disclosed $7 billion in assets, including staked SOL, Bitcoin, real estate, and illiquid assets, showcasing their diverse holdings and ongoing asset management efforts. Their SOL staking commitment may have a significant impact on the Solana network's future.

  • The number of Bitcoin addresses holding 10 or more BTC has reached an all-time high, with an 8.12% increase in the past 20 months, totaling 157,400 such wallets. Additionally, addresses holding between 100 and 1,000 BTC saw their largest single-day increase since February 2022. These on-chain developments suggest continued faith and accumulation of Bitcoin despite market fluctuations.

COIN GABBAR Views: Is the recent surge in Bitcoin's price above $27,000 indicative of an impending upward trend, especially in light of the US Securities and Exchange Commission's decision not to pursue an appeal regarding Grayscale's Bitcoin trust transformation into an exchange-traded fund (ETF)? Will BTC form a new high ahead of this news? Stay tuned for the latest news 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, 13 Oct: A Brief Summary of Worldwide Events

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