Crypto Market October 11, 2024

Today (October 11), the Crypto market recorded a strong differentiation in the context of BTC (Bitcoin) falling deeply below the support level of 59,000 USD.

As of the time of writing, BTC price is currently trading around 60,200 USD - down nearly 1% in the past 24 hours.

Fan Token coins are back in the spotlight on the top gainers on the Binance exchange, including notable names such as PSG (up 44%), BAR (up 14%), ATM (up 13%), CITY (up 9%), ... However, the strong pump of Fan Token is usually not a positive sign for the market as this is a "specialty" of the Downtrend season in 2022.

A survey by investment firm Charles Schwab (which manages $9.57 trillion) found that nearly half of survey respondents (45%) plan to invest in crypto ETFs.

Vitalik Buterin, the founder of Ethereum, has been nominated by economists Tyler Cowen and Alex Tabarrok as a candidate for the 2024 Nobel Prize in Economics.

They praised Buterin for building the Ethereum platform and successfully leading the transition from proof-of-work to proof-of-stake, comparing the process to “changing a tire while driving” to highlight the complexity and achievement of the process. The Nobel Prize will be announced on October 14.

🇵🇼 LATEST: Palau launches blockchain platform for digital savings bonds and is partnering with Ripple to create a dollar-pegged stablecoin for its citizens.

Creditors of cryptocurrency exchange FTX are set to receive more than $12 billion in the coming months, raising the prospect that some of the cash could be reinvested in digital assets.

What's HOT in the Crypto Market on October 9, 2024?

Today (October 9), the Crypto market continues to witness strong differentiation in the context of BTC (Bitcoin) sideways around the $62,500 area.

As of the time of writing, BTC is currently trading around $62,400 - a slight increase of 0.4% over the past 24 hours.

On the top gainers of Binance, there are some new Meme coins recently listed by Binance such as 1MBABYDOGE (up 14%), TURBO (up 11), ... On the contrary, Fan Token coins such as OG, SANTOS, ... all decreased sharply after exploding at the beginning of the week.

The Mayor of Rockdale, Texas 🇺🇸 Says Bitcoin Mining Saved His Town's Economy.

- Rockdale's economy tanked after the Alcoa plant closed, but Bitcoin mining companies turned it around with jobs and investment.

- Bitcoin mining companies have invested over $1 billion in Rockdale, paying large taxes and supporting local activities like schools, police, and community events.

- Bitcoin mining is booming across Texas, creating over 22K jobs, with new facilities promising to bring further growth to towns like Corsicana.

This is just one example, Bitcoin mining can also stabilize the power supply by processing excess power… Many people say Bitcoin mining wastes electricity, but the truth is that not mining Bitcoin wastes electricity, as there are many places with excess power that have nowhere to go.

… but there are still people asking… What has Bitcoin done for society 🙄

Polymarket shows former President Trump currently leading by a large margin.

China is preparing to give money directly to people.

Yesterday, September 25, 2024, the Chinese government announced that it would give subsidies to the poor, orphans and vulnerable people in society.

This activity shows the concern of officials and the government of this billion-people country.

Specifically, the value of the subsidy has not been disclosed. However, according to some sources, it will be about 800 yuan, equivalent to 3 million VND.

Note, this is just a rumor. Official information will be released by China before October 1, 2024, which is also the time of the country's 1-week national day holiday.

This is one of a series of policies to stimulate consumption, promote the labor market, and commit to creating jobs in China. As of early September 2024, the unemployment rate for 16-24 year olds was 18.8%.

In addition, the People's Bank of China (PBOC) has officially reduced the reserve requirement ratio of banks by another 0.5%. This means that the medium-term lending rate has dropped to 2% and the home loan interest rate has dropped by an average of 0.5%.

This has relieved the pressure on all workers and businesses in the country. It is expected that savings and lending interest rates will also be adjusted in the coming time.

The reason for this series of stimulus activities is that the Chinese economy in Q2/2024 was lower than expected. Especially the indicators measured in August were not up to par.

Bitcoin Needs to Surpass $65,000 to Officially Start an Uptrend Cycle!

Today (September 25), BTC price continued its growth momentum in recent weeks by approaching the important resistance level at $65,000.

As of the time of writing, BTC (Bitcoin) is currently trading around $64,400 - up more than 2% over the past 24 hours.

Some top coins that recorded good gains in the past day include WIF (up 15%), SUI (up 14%). Since the beginning of September, SUI has increased by more than 150% and become one of the best performing coins in the Crypto market.

The recent growth momentum of BTC in particular and investment markets in general comes from a series of countries starting a monetary policy easing cycle.

Last week, the US Federal Reserve's (FED) aggressive 0.5% interest rate cut helped the S&P 500 and Dow Jones (DJI) indexes simultaneously set new highs.

According to the CME FED Watch tool, the probability of the FED cutting interest rates by another 0.5% at its meeting in November is at 61%, while only 39% of traders believe the FED will cut by 0.25%.

Yesterday (September 24), China launched its largest economic stimulus package since the Covid 19 pandemic broke out in 2020. This news sent the Shanghai Composite index up more than 4% & helped Asian stock indexes record bright green.

Bitcoin "releases Dom", is Altcoin season ready to start?

After much anticipation from the Crypto community, BTC (Bitcoin) has finally "released Dom" to make room for Altcoins to grow strongly.

This is shown by the fact that BTC price has decreased by nearly 2% in the past 24 hours, but many Altcoins still have good growth such as NEIRO (up 33%), TIA (up 18%), ARKM (up 15%), ….

Firstpost America reports that the Kingdom of Bhutan 🇧🇹 has BTC equal to “nearly a third of their GDP” and has become the 4th largest Bitcoin holding government in the world with 13K BTC ($829 million).