Today, at 14:30 CEST, we will get US CPI data for October. These are high-impact news that could cause big market volatility.
The market analysts are forecasting the core inflation to stay the same at 4.1% while the expectations for headline inflation are that we're going to see a drop from 3.7% to 3.3%.
How will this affect the crypto?
As a rule of thumb, if we get results same or better than the expectations, we expect the crypto market to positively react.
However, if the results are worse than the expectations, it can negatively affect the crypto market.
The current state of the crypto market is more focused and driven by ETF speculation so we believe that only a big surprise in CPI data could cause a big move in the market.
💰 Polygon’s NFT Sales Skyrocket By 131% To $20 Million In Q3 2023
Polygon (MATIC), a Layer 2 (L2) blockchain network, experienced remarkable growth in the third quarter of 2023. According to a report by Messari, the platform witnessed a significant increase in non-fungible token (NFT) sales, successful network upgrades, and the activation of a new token. Per the report, in Q3 2023, Polygon witnessed a staggering 131% quarter-on-quarter increase in weekly NFT sales volume, reaching an impressive $20 million. This growth was primarily attributed to the success of DraftKings’ Reignmaker NFT collection. The collection featured officially licensed cards from renowned sports organizations like the National Football League Players Association (NFLPA), Professional Golfers’ Association of America (PGA TOUR), and Ultimate Fighting Championship (UFC). Furthermore, through Q3, Polygon achieved significant milestones in terms of technological advancements. Moreover, Polygon activated the POL token on its mainnet during Q3 2023. POL serves as an upgrade to the existing MATIC token and offers holders the opportunity to contribute to network security across various chains within the Polygon ecosystem through a native re-staking protocol.
However, a big green weekly candle itself doesn't mean much. 👉 The only big green weekly candle that mattered this year was the week of January 9th. The other ones didn't have a proper follow through.
If the seller wakes up this pump will be engulfed in no time. Don't FOMO
As I told you back in June after a similar pump, there’s a lot of liquidity between $31-35k 🩸
Total US Debt is now $33.649 trillion, up $58 billion in one day and up $604 billion in one month... up $20 billion every day, up $833 million every hour.
At this rate US debt will be $41 trillion in one year.
Crypto market capitalization will grow by $1 trillion in case of approval of a spot bitcoin-ETF
The analytical company CryptoQuant in a new report on the cryptocurrency market writes that in the case of approval of the bitcoin-ETF capitalization of BTC can grow by $155 billion, and the total capitalization of the entire crypto market by $1 trillion, with the infusion of only 1% of institutional capital into the market.
According to analysts' calculations, the price of BTC in this case could rise to $50-70 thousand.
SEPT. 2022 +8.2% OCT. +7.7% NOV. +7.1% DEC. +6.5% JAN. 2023 +6.4% FEB. +6.0% MARCH +5.0% APRIL +4.9% MAY +4.0% JUNE +3.0% JULY +3.2% AUG. +3.7% SEPT. +3.6%
On Oct 24-25, BlLife Forum will bring together over 7,000 visitors from 120 countries in Dubai: global crypto investors, funds, government officials, miners, developers and promising startups.