Bitcoin nears record with strong ETF inflows and bullish signals
Bitcoin (COIN:BTCUSD) nearly reached $69,000, quoted at $68,740,
a 2% increase in the last 24 hours. This week, Bitcoin rose 14.2%,
surpassing gold and the S&P 500, but still below its all-time
high of $73,700.
Driven by strong inflows into spot ETFs, which recorded over
$1.85 billion in U.S. inflows since Monday, accumulation signals,
and potential interest rate cuts could push BTC to new records,
especially with the weakening yen favoring assets like Bitcoin and
gold.
Large wallets are accumulating BTC at a rate comparable to the
July 2020 to January 2021 period, when the price rose 550%.
According to analyst Woominkyu, whales are positioning themselves
to take advantage of “FOMO” as the price rises.
Moreover, new wallets holding more than 1,000 BTC represent 9.3%
of the total supply, indicating long-term optimism despite
short-term volatility. Other analysts warn that miners and
long-term holders could influence BTC’s next move.
The Long-Term Holder Net Unrealized Profit/Loss (NUPL) indicator
measures the unrealized profit or loss of long-term Bitcoin
holders. Currently, it shows higher highs and lows, indicating
confidence in the market. The scenario suggests continued
bullishness, but without reaching the euphoric zone yet.
According to Fernando Pereira, an analyst at Bitget, “we are
seeing long-term investors still confident in the market. In this
cycle, we have not yet reached the euphoric zone on this indicator,
and much is expected of a stronger rally than we’ve seen in recent
months. As long as this indicator remains positive, we can expect
historical highs.”
Large Bitcoin and Ethereum ETF inflows on October 17
On October 17, Bitcoin ETFs recorded $470.48 million in net
inflows, with the iShares Bitcoin Trust (NASDAQ:IBIT) by BlackRock
receiving $309 million. The ARK 21Shares Bitcoin ETF (AMEX:ARKB)
raised $100.2 million, while the Grayscale Bitcoin Trust
(AMEX:GBTC) collected $45.7 million.
Meanwhile, Ethereum ETFs recorded $48.41 million, led by the
Fidelity Ethereum Fund (AMEX:FETH), which received $31.12 million
in net inflows.
World Chain promises to revolutionize blockchain with verified
users
Sam Altman’s World Foundation has launched World Chain, a new
Ethereum Layer 2 blockchain solution that prioritizes verified
human users over bots. With 15 million verified participants, the
project aims to address issues like congestion and high transaction
fees, offering fee-free transactions for these users. Supported by
major names like Optimism, Alchemy, and Uniswap, World Chain seeks
to expand financial inclusion in regions where cryptocurrencies are
growing, connecting real people with trusted financial services.
The impact of these innovations is yet to come. The native token,
Worldcoin (COIN:WLDUSD), has surged about 38.6% in the last seven
days.
SunPump boosts Tron’s quarterly revenue to $151 million
Tron’s (COIN:TRXUSD) SunPump platform generated a record 30%
increase in quarterly revenue, reaching $151.2 million in Q3 2024,
according to Messari. The memecoin frenzy, with over 89,000 tokens
launched between August and September, drove Tron’s decentralized
transactions up 487%. Despite the growth, new token launches slowed
in September. SunDog leads the memecoins, while the total value
locked on Tron fell to $6.98 billion at the end of the quarter.
TON and Telegram drive DeFi adoption
The TON blockchain network, integrated with Telegram, could
revolutionize cryptocurrency adoption by offering DeFi applications
to its 950 million users. A GSR report highlights TON’s potential
to surpass its crypto-native audience, expanding decentralized
finance’s reach. With 9.9 million active monthly addresses, TON has
outperformed blockchains like Ethereum and Polygon. The combination
of DeFi, viral games, and Telegram’s massive user base positions
TON as a key player in cryptocurrency’s future. The native token
TONCOIN (COIN:TONCOINUSD) is up 2.6% this week.
Aptos rises 24% but faces resistance near $12
After unlocking 11.31 million tokens, Aptos (COIN:APTUSD) posted
a 24.8% weekly gain, reaching $10.75, and a 48.5% monthly rise.
However, the altcoin has retreated to $10.08, as market sentiment
becomes more bearish. Trading volume has also dropped
significantly, reducing buying pressure. If this trend continues,
APT’s price may drop 15%, but if demand picks up, it could break
through resistance and reach $12.35.
Fantom faces uncertainties after promising growth
Fantom’s (COIN:FTMUSD) price rose 16.3% over the past week, but
signs suggest the uptrend may be losing steam. The Average
Directional Index (ADX) dropped from 32 to 28.85, indicating
weakening momentum. Additionally, FTM’s supply on exchanges has
fallen but stabilized, which could affect the continuation of the
uptrend. If the downtrend persists, FTM, currently priced at
$0.7352, could test support levels at $0.65. If momentum returns,
FTM could challenge resistance at $0.96.
Elon Musk proposes Department of Government Efficiency under Trump
presidency
Elon Musk proposed creating the Department of Government
Efficiency (D.O.G.E.) if Donald Trump is re-elected, aiming to cut
costs and improve administrative efficiency. Trump backed the idea
and tapped Musk to lead a government efficiency commission. The
announcement boosted Dogecoin’s (COIN:DOGEUSD) price by 10%, while
investor interest surged. Musk continues to leverage his political
influence and Dogecoin to draw attention to Trump’s campaign,
despite limited actions in the cryptocurrency sector since 2021.
Dogecoin has risen 32.7% this week.
Ether could break $3,000 but faces correction risks
Ether (COIN:ETHUSD), currently priced at $2,648.42, is poised
for a breakout above $3,000 as a head-and-shoulders reversal
pattern forms on the daily chart. However, analysts warn of a
potential correction to $2,400 before breaking this barrier.
Ether’s RSI suggests a correction, as the indicator is above 59,
historically followed by price declines. Some traders project a new
all-time high for Ether by Q1 2025, with targets as high as
$4,000.
Saylor suggests Bitcoin as a path to corporate valuation growth
Michael Saylor, chairman of MicroStrategy, recommended that
large companies, such as Apple, invest in Bitcoin to strengthen
their treasury management and market capitalization. He suggested
that by allocating $100 billion to Bitcoin, Apple could see its
market value grow by up to $2 trillion. Saylor believes Bitcoin
offers protection against inflation and a superior store of value
compared to traditional cash reserves, advocating for its adoption
as a long-term corporate strategy.
Benchmark stated that critics of MicroStrategy’s (NASDAQ:MSTR)
stock appreciation are underestimating its “unique” value for
shareholders. The company’s ability to compound returns on its
Bitcoin holdings through “smart leverage” differentiates its stock
from Bitcoin ETFs. Analyst Mark Palmer reiterated a buy
recommendation, raising the price target from $215 to $245.
MicroStrategy, led by Michael Saylor, stands out with a 2.4X
premium on its Bitcoin holdings.
DBS Bank launches blockchain banking service for institutional
investors
Singapore’s DBS Bank has introduced a new blockchain-based
banking service for institutional investors. DBS Token Services
uses permissioned blockchain and smart contracts to offer
real-time, 24/7 payment settlements, while integrating global
payment networks. The solution aims to optimize liquidity
management, enhance security, and improve operational efficiency,
while ensuring regulatory compliance.
Radiant Capital attack compromises developers’ devices
Radiant Capital revealed that the October 16 attack compromised
three developers’ devices through sophisticated malware, resulting
in $50 million being stolen. Hackers used a malware injection to
modify transactions undetected, exploiting the BNB Chain and
Arbitrum networks. Malicious transactions were executed in the
background while the interface displayed legitimate operations.
Radiant has advised users to revoke permissions on all chains to
prevent further attacks.
Indian sentenced to 5 years for $20 million cryptocurrency scam
Chirag Tomar, 31, was sentenced to five years in prison after
stealing over $20 million in cryptocurrencies from hundreds of
victims using a fake website that mimicked the Coinbase exchange
(NASDAQ:COIN). The scam involved collecting victims’ login
credentials and transferring their cryptocurrencies to wallets
controlled by Tomar and his accomplices. He spent the funds on
luxury items and international travel. Tomar pleaded guilty to
conspiracy to commit wire fraud and remains in federal custody.
Fracture Labs sues Jump Crypto over alleged token manipulation
Fracture Labs, creator of the Web3 game Decimated, has filed a
lawsuit against Jump Crypto, accusing it of manipulating the price
of its DIO token (COIN:DIOUST) in a pump-and-dump scheme. Fracture
Labs also alleges that Jump, in collusion with the HTX exchange,
froze $1.4 million of its funds. The manipulation reportedly caused
a significant drop in the token’s value, resulting in losses for
the developer. The case is ongoing.
Plasma raises $3.5 million to expand USDT on Bitcoin
Plasma Network raised $3.5 million in funding led by Bitfinex,
aiming to expand access to USDT on Bitcoin. The solution, which
will be compatible with the Ethereum Virtual Machine (EVM), seeks
to integrate USDT (COIN:USDTUSD) payments into Bitcoin without
altering its base. The initiative is supported by investors like
Christian Angermayer and venture capital firms, initially focusing
on efficient, low-cost payments.
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