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Potential Bitcoin ETF Approval to Push Crypto Market Capitalization to Trillions of Rupiah
The approval of the Bitcoin Exchange Traded Fund (ETF) is predicted to move the crypto market capitalization to reach IDR 15,850 trillion. CryptoQuant noted that Bitcoin (BTC) market capitalization will also increase to IDR 14,252 trillion. This prediction is based on the belief that a Bitcoin spot ETF will bring additional value of up to USD 1 trillion or around IDR 15,850 trillion to the market capitalization of crypto assets, while the market capitalization of Bitcoin (BTC) itself will reach USD 900 billion or around IDR 14,252 trillion. Data from CoinGecko shows that Bitcoin's market capitalization has now reached USD 551 billion or around IDR 8,726 trillion. According to the CryptoQuant report, the first institutional investor adoption process in 2020-2021 involves many institutions including Bitcoin into their financial portfolios. Furthermore, the next step is expected to involve financial institutions that will provide access to Bitcoin via spot ETFs. CryptoQuant explains that if companies applying to list a Bitcoin ETF place around 1% of their Assets Under Management (AUM) in this ETF, around USD 155 billion or around IDR 2,454 trillion could flow into the Bitcoin market. This could represent around a third of the crypto asset's current market capitalization. In this scenario, the price of Bitcoin is expected to increase to a range between USD 50,000 to USD 73,000. During previous bull market periods, Bitcoin's market capitalization grew approximately 3 to 5 times greater than its actual capitalization, indicating that each new dollar entering the Bitcoin market could increase the market capitalization by 3 to 5 dollars. Entry into the Bitcoin market via spot ETFs will likely exceed the amount of funds flowing into the Grayscale Bitcoin Trust (GBTC) in the last bull cycle. GBTC differs from ETFs in that its shares have not been registered as securities by the SEC and were initially only available to accredited investors.Several large financial institutions in the US, such as BlackRock, have applied to launch spot Bitcoin ETFs, and such approval is expected by March 2024. Currently, many market analysts hope that the SEC will go ahead and approve applications such as Grayscale and many other applications that still under review.Spot crypto ETFs allow investors to gain exposure to digital assets without needing to purchase and store them. These crypto assets will be traded publicly and follow the performance of the asset or index on which the asset is based. Recently, Bitcoin experienced a significant price increase of up to USD 30,000 after false reports circulated regarding the approval of a spot Bitcoin ETF by BlackRock. Some observers believe that this upward price trend can last for quite a long time and reduce downward pressure on prices.
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Altcoins are an option for investors who feel uncertain about the future of Bitcoin.
Bitcoin Minetrix adopts a tokenized cloud mining model, allowing users to participate in Bitcoin mining in a decentralized manner. Although Bitcoin has been an investment option for those who understand the risks of digital assets since its launch in 2009, its fluctuations in value have consistently been the subject of debate regarding the direction of development of the crypto market as a whole.
In recent days, Bitcoin has started to recover and is trading in a price range between $28,200 to $28,600 with limited value movement. Bitcoin price changes were primarily influenced by the decision of the US Securities and Exchange Commission (SEC) which chose not to appeal the change of the Grayscale Bitcoin Trust to a Spot ETF.
Currently, the crypto asset market is anxiously awaiting the SEC's decision on the approval of the first spot BTC ETF in the US. This decision is believed to have a significant impact on Bitcoin's future price movements.
#cryptonews #cryptocurrency $BTC $ETH $BNB
Bitcoin Minetrix adopts a tokenized cloud mining model, allowing users to participate in Bitcoin mining in a decentralized manner. Although Bitcoin has been an investment option for those who understand the risks of digital assets since its launch in 2009, its fluctuations in value have consistently been the subject of debate regarding the direction of development of the crypto market as a whole.
In recent days, Bitcoin has started to recover and is trading in a price range between $28,200 to $28,600 with limited value movement. Bitcoin price changes were primarily influenced by the decision of the US Securities and Exchange Commission (SEC) which chose not to appeal the change of the Grayscale Bitcoin Trust to a Spot ETF.
Currently, the crypto asset market is anxiously awaiting the SEC's decision on the approval of the first spot BTC ETF in the US. This decision is believed to have a significant impact on Bitcoin's future price movements.
#cryptonews #cryptocurrency $BTC $ETH $BNB
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#Scroll mainnet
Scroll confirmed that its mainnet launch was the result of a 15-month testing process, including security audits conducted on three different testnets. Scroll leverages zero-knowledge technology and is fully compatible with the Ethereum Virtual Machine (EVM). This makes it easier for developers to move their applications from Ethereum to a new network known as "zkEVM." Solutions like zkEVM, including Scroll, aim to provide lower transaction fees while improving the performance of decentralized applications (dApps) operating on the Ethereum platform.
This kind of network operation involves combining thousands of off-chain transactions into a single entity, which is then accompanied by a proof containing important information, which is then sent to the Ethereum mainnet. Mainnet Scroll will first focus on providing onboarding infrastructure, followed by implementation that empowers developers to start building Web3 products, and ultimately drives new users into the Ethereum community. Last week, data from Etherscan showed that the Scroll smart contract was deployed on October 8, but the official announcement was delayed until this week.
Scroll also confirmed that the mainnet launch was the result of 15 months of testing and security audits on three different testnets.
In these three test networks, more than 450,000 smart contracts were used to facilitate more than 90 million transactions in 9 million blocks. A total of 280,000 ZK-proofs were also produced.
Scroll was founded in 2021 with a mission to build an open-source and scalable ecosystem that leverages zkEVM's native capabilities, while maintaining Ethereum's security features. The network's launch comes nearly seven months after its main competitors, Polygon and Matter Labs, each released their zkEVM solutions.
#crypto2023 #cryptonews
Scroll confirmed that its mainnet launch was the result of a 15-month testing process, including security audits conducted on three different testnets. Scroll leverages zero-knowledge technology and is fully compatible with the Ethereum Virtual Machine (EVM). This makes it easier for developers to move their applications from Ethereum to a new network known as "zkEVM." Solutions like zkEVM, including Scroll, aim to provide lower transaction fees while improving the performance of decentralized applications (dApps) operating on the Ethereum platform.
This kind of network operation involves combining thousands of off-chain transactions into a single entity, which is then accompanied by a proof containing important information, which is then sent to the Ethereum mainnet. Mainnet Scroll will first focus on providing onboarding infrastructure, followed by implementation that empowers developers to start building Web3 products, and ultimately drives new users into the Ethereum community. Last week, data from Etherscan showed that the Scroll smart contract was deployed on October 8, but the official announcement was delayed until this week.
Scroll also confirmed that the mainnet launch was the result of 15 months of testing and security audits on three different testnets.
In these three test networks, more than 450,000 smart contracts were used to facilitate more than 90 million transactions in 9 million blocks. A total of 280,000 ZK-proofs were also produced.
Scroll was founded in 2021 with a mission to build an open-source and scalable ecosystem that leverages zkEVM's native capabilities, while maintaining Ethereum's security features. The network's launch comes nearly seven months after its main competitors, Polygon and Matter Labs, each released their zkEVM solutions.
#crypto2023 #cryptonews
Bitcoin, the leading cryptocurrency, is demonstrating signs of resilience. Despite a recent price drop, BTC has managed to bounce back from its low, and it is currently trading at $26,919, showing a slight uptick of 0.53% in the last 24 hours.
This has bolstered Bitcoin's total market capitalization to a robust $525.29 billion. According to current data from CoinMarketCap, Bitcoin remains unchallenged in the #1 position.
With a circulating supply of approximately 19.51 million BTC out of the maximum cap of 21 million, Bitcoin's current resilience is evident. However, whether this is the initial indication of an upcoming trend reversal remains to be seen. It's a situation worth monitoring in the dynamic world of cryptocurrency.
#cryptocurrency $BTC
This has bolstered Bitcoin's total market capitalization to a robust $525.29 billion. According to current data from CoinMarketCap, Bitcoin remains unchallenged in the #1 position.
With a circulating supply of approximately 19.51 million BTC out of the maximum cap of 21 million, Bitcoin's current resilience is evident. However, whether this is the initial indication of an upcoming trend reversal remains to be seen. It's a situation worth monitoring in the dynamic world of cryptocurrency.
#cryptocurrency $BTC
Ethereum Price Prediction As Market Capitalization Shrinks, ETH Recovery Wrecked?
Ethereum price is once again dealing with immense selling pressure while bulls move swiftly to defend support at $1,550. The hype around the approval of a bunch of Ether futures ETFs early last week propelled ETH to $1,750 but a weak crypto market structure coupled with profit-taking among investors cut short the recovery, leading to a sharp dive.
The largest smart contracts token although barely unchanged over the last 24 hours, is down 4.6% in a week to trade at $1,557 on Thursday. Approximately $7.5 billion in trading volume has come in during the same period while Ether’s market capitalization holds at $187 billion.
Ethereum Cedes Ground As Bitcoin Gains
Ethereum is ceding ground to the largest cryptocurrency, Bitcoin as investors seek exposure to the most popular digital asset amid the ongoing geopolitical tensions caused by the war between Israel and Hamas.
Since June, Ethereum’s market value has shrunk by 18% while Bitcoin lost around half of the same amount in the period to $522 billion. In the last seven days, market value decreased by 4.6% compared to Bitcoin’s 2.9% drop to $26,792.
This downward trend has led to a drop in Ethereum’s percentage of the total market capitalization to 17.9% from approximately 18.4% at the beginning of 2023. According to market data aggregated by CoinMarketCap, Bitcoin has come up stronger with its market value rising from 40% at the beginning of the year to 50%.
$ETH #crypto2023 #cryptocurrency #cryptonews
Ethereum price is once again dealing with immense selling pressure while bulls move swiftly to defend support at $1,550. The hype around the approval of a bunch of Ether futures ETFs early last week propelled ETH to $1,750 but a weak crypto market structure coupled with profit-taking among investors cut short the recovery, leading to a sharp dive.
The largest smart contracts token although barely unchanged over the last 24 hours, is down 4.6% in a week to trade at $1,557 on Thursday. Approximately $7.5 billion in trading volume has come in during the same period while Ether’s market capitalization holds at $187 billion.
Ethereum Cedes Ground As Bitcoin Gains
Ethereum is ceding ground to the largest cryptocurrency, Bitcoin as investors seek exposure to the most popular digital asset amid the ongoing geopolitical tensions caused by the war between Israel and Hamas.
Since June, Ethereum’s market value has shrunk by 18% while Bitcoin lost around half of the same amount in the period to $522 billion. In the last seven days, market value decreased by 4.6% compared to Bitcoin’s 2.9% drop to $26,792.
This downward trend has led to a drop in Ethereum’s percentage of the total market capitalization to 17.9% from approximately 18.4% at the beginning of 2023. According to market data aggregated by CoinMarketCap, Bitcoin has come up stronger with its market value rising from 40% at the beginning of the year to 50%.
$ETH #crypto2023 #cryptocurrency #cryptonews
$BTC
Bitcoin's Lightning Network has experienced an impressive growth of 1,212% over two years, with approximately 6.6 million routed transactions in August. This substantial increase contrasts sharply with the 503,000 transactions in August 2021, as reported by data from the Bitcoin-exclusive exchange, River.
In a report released on October 10th, River's research analyst, Sam Wouters, explained that this surge in routed transactions, which involve more than two nodes to facilitate a transfer, happened despite a 44% drop in Bitcoin's price and considerably less online search interest.
"Saying 'nobody is using Lightning' should now be a dead meme," remarked Wouters in a follow-up tweet on October 10th, taking a shot at Lightning's critics.
#bitcoin #cryptonews #cryptocurrency #crypto2023
Bitcoin's Lightning Network has experienced an impressive growth of 1,212% over two years, with approximately 6.6 million routed transactions in August. This substantial increase contrasts sharply with the 503,000 transactions in August 2021, as reported by data from the Bitcoin-exclusive exchange, River.
In a report released on October 10th, River's research analyst, Sam Wouters, explained that this surge in routed transactions, which involve more than two nodes to facilitate a transfer, happened despite a 44% drop in Bitcoin's price and considerably less online search interest.
"Saying 'nobody is using Lightning' should now be a dead meme," remarked Wouters in a follow-up tweet on October 10th, taking a shot at Lightning's critics.
#bitcoin #cryptonews #cryptocurrency #crypto2023
#REQ
The current price of Request (REQ) stands at US$0.1008, with a 24-hour trading volume of $57.15 million. REQ has experienced a significant increase of +62.07% in the last 24 hours. However, it is currently -3.16% from its 7-day all-time high of $0.104, and it is 64.03% above its 7-day all-time low of $0.06143. Request has a circulating supply of 999.72 million REQ and a maximum supply of 999.88 million REQ.
#News #cryptocurrency $REQ
The current price of Request (REQ) stands at US$0.1008, with a 24-hour trading volume of $57.15 million. REQ has experienced a significant increase of +62.07% in the last 24 hours. However, it is currently -3.16% from its 7-day all-time high of $0.104, and it is 64.03% above its 7-day all-time low of $0.06143. Request has a circulating supply of 999.72 million REQ and a maximum supply of 999.88 million REQ.
#News #cryptocurrency $REQ
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ChatGPT Predicts Bitcoin Could Hit $45,000 If Momentum Continues
Bitcoin (BTC) has been very volatile of late, surging on October 1 before dropping in the following days.
Currently, BTC is hovering around the $27,620 level, just below the crucial $28,000 zone.
This zone has proven to be a tough hurdle for BTC to break through, with its resistance priced aggressively on two occasions in the last two months.
With Bitcoin now in a strong uptrend on the daily time frame, there is growing confidence among BTC bulls that the coin can gather enough momentum to breach this key level at a later date.
However, Augmento.ai's Bitcoin sentiment indicator is still below 50, suggesting that investor sentiment is weak.
Interestingly, ChatGPT believes that Bitcoin will reach between $35,000 and $45,000 by the end of 2023, based on historically bullish “Uptober” sentiment.
The AI model also points to BTC's strong uptrend and the fact that the coin is still below its all-time high as reasons why the price could end the year strong.
ChatGPT notes that its forecast is dependent on continued positive momentum and potential catalysts.#BTC$BTC
Bitcoin (BTC) has been very volatile of late, surging on October 1 before dropping in the following days.
Currently, BTC is hovering around the $27,620 level, just below the crucial $28,000 zone.
This zone has proven to be a tough hurdle for BTC to break through, with its resistance priced aggressively on two occasions in the last two months.
With Bitcoin now in a strong uptrend on the daily time frame, there is growing confidence among BTC bulls that the coin can gather enough momentum to breach this key level at a later date.
However, Augmento.ai's Bitcoin sentiment indicator is still below 50, suggesting that investor sentiment is weak.
Interestingly, ChatGPT believes that Bitcoin will reach between $35,000 and $45,000 by the end of 2023, based on historically bullish “Uptober” sentiment.
The AI model also points to BTC's strong uptrend and the fact that the coin is still below its all-time high as reasons why the price could end the year strong.
ChatGPT notes that its forecast is dependent on continued positive momentum and potential catalysts.#BTC$BTC
Since February 2023, #Ethereum whales have capitalized on surging prices, offloading or redistributing over 5 million $ETH — equivalent to roughly $8.5 billion.
Notably, this selling trend continues with no current indication of a shift towards #ETH accumulation yet.
Notably, this selling trend continues with no current indication of a shift towards #ETH accumulation yet.
Coinbase, OKX and Binance partner with UK firms as regulations come into force
QUICK TAKECoinbase and OKX have partnered with crypto startup Archax to get financial promotions approved.At the same time, Binance said it has partnered with decade-old peer-to-peer lending firm Rebuilding Society.The FCA placed other exchanges — including HTX and KuCoin — on a warning list of unauthorized firms. Two weeks after the crypto exchange Bybit officially exited the UK market, citing the impact of new crypto marketing rules, several rival overseas players have adapted to the regime by
The LUNC Coin has been following a falling channel pattern for the past seven months, leading to a consistent downtrend. It has bounced off the upper trendline three times and the lower trendline five times, indicating the pattern's strong influence on market participants. While the current consolidation phase suggests uncertainty, traders can use this pattern to anticipate a significant move ahead.
The breakdown of support suggests a potential upcoming downfall, and as long as the channel pattern remains intact, the LUNC price is likely to continue its correction trend. However, a breakout from this channel pattern could signal an early sign of a trend reversal.
The intraday trading volume for LUNC Coin is $6.4 million, indicating a 16% loss. Recently, the Terra classic coin price has been consolidating within a narrow range for three weeks. During this period, a newly formed support trendline has prevented deeper declines. At the time of writing, the coin is hovering around $0.03. If it falls below the breached support, sellers might push it down by another 35% to reach the channel's lower boundary at $0.0000375.
While the falling channel pattern has kept the LUNC price in a steady downtrend, the lower trendline is acting as a barrier against a major correction. If the coin manages to rebound and reclaim the territory above the breached support, it could create a "bear trap" or false breakdown. This scenario could rejuvenate buying interest, potentially driving the coin up by about 13% to test the channel's upper resistance. A definitive breach of this resistance would be a bullish sign, potentially marking the start of a robust and sustained recovery phase, possibly exceeding $0.0001.
The daily Relative Strength Index (RSI) slope rising above the 40% mark indicates that bullish momentum is gaining strength and could support a new recovery. Additionally, the 100-day Exponential Moving Average (EMA) is aligning with the overhead trendline, posing additional resistance against buyers.
#LUNC $LUNC $BTC
The breakdown of support suggests a potential upcoming downfall, and as long as the channel pattern remains intact, the LUNC price is likely to continue its correction trend. However, a breakout from this channel pattern could signal an early sign of a trend reversal.
The intraday trading volume for LUNC Coin is $6.4 million, indicating a 16% loss. Recently, the Terra classic coin price has been consolidating within a narrow range for three weeks. During this period, a newly formed support trendline has prevented deeper declines. At the time of writing, the coin is hovering around $0.03. If it falls below the breached support, sellers might push it down by another 35% to reach the channel's lower boundary at $0.0000375.
While the falling channel pattern has kept the LUNC price in a steady downtrend, the lower trendline is acting as a barrier against a major correction. If the coin manages to rebound and reclaim the territory above the breached support, it could create a "bear trap" or false breakdown. This scenario could rejuvenate buying interest, potentially driving the coin up by about 13% to test the channel's upper resistance. A definitive breach of this resistance would be a bullish sign, potentially marking the start of a robust and sustained recovery phase, possibly exceeding $0.0001.
The daily Relative Strength Index (RSI) slope rising above the 40% mark indicates that bullish momentum is gaining strength and could support a new recovery. Additionally, the 100-day Exponential Moving Average (EMA) is aligning with the overhead trendline, posing additional resistance against buyers.
#LUNC $LUNC $BTC
The global financial markets, already shaken by rising interest rates, now face new uncertainties on the geopolitical front following Hamas' attack on Israel.
As we know, the conflict between Israel and the Palestinian group Hamas has raised fresh concerns among investors. Most will closely monitor the price of crude oil as one of the indicators of the impact on the global financial markets.
The impact on the markets is likely to be determined by whether the conflict escalates to other parts of the Middle East. For context, Iran is a major oil producer and a supporter of Hamas. On the other hand, the ongoing conflict between Hamas and Israel is expected to influence market participants. One of the effects could be an increased attraction to safe-haven assets like gold and the US dollar.
#USD #WAR
As we know, the conflict between Israel and the Palestinian group Hamas has raised fresh concerns among investors. Most will closely monitor the price of crude oil as one of the indicators of the impact on the global financial markets.
The impact on the markets is likely to be determined by whether the conflict escalates to other parts of the Middle East. For context, Iran is a major oil producer and a supporter of Hamas. On the other hand, the ongoing conflict between Hamas and Israel is expected to influence market participants. One of the effects could be an increased attraction to safe-haven assets like gold and the US dollar.
#USD #WAR
#XRP $XRP
Singapore's Monetary Authority (MAS) has granted full licensing to Ripple, a leading blockchain technology company, to offer crypto services in the country. This decision is seen as a significant step in promoting the adoption of digital assets in Singapore.
Through its subsidiary, Ripple Markets APAC Pte Ltd., Ripple now holds a Major Payment Institution (MPI) License from MAS. This allows Ripple to provide digital payment token services in Singapore, strengthening its position as a leader in digital asset regulation.
Singapore, renowned for its leadership in digital asset regulation, has become an ideal hub for businesses and financial institutions to explore the potential of crypto solutions, especially in cross-border payments, crypto liquidity, and central bank digital currencies.
Ripple's CEO, Brad Garlinghouse, welcomed this development, emphasizing the company's plans to expand its presence in Singapore. Coinbase, a cryptocurrency exchange listed on Nasdaq, also obtained a similar license from MAS, designating Singapore as a "key market" for crypto businesses. Clear regulations in Singapore are acknowledged as a key factor in attracting crypto companies. Meanwhile, in the United States, Ripple celebrated a legal victory with the rejection of the SEC's appeal regarding XRP, solidifying the company's position in the crypto world.
Singapore's Monetary Authority (MAS) has granted full licensing to Ripple, a leading blockchain technology company, to offer crypto services in the country. This decision is seen as a significant step in promoting the adoption of digital assets in Singapore.
Through its subsidiary, Ripple Markets APAC Pte Ltd., Ripple now holds a Major Payment Institution (MPI) License from MAS. This allows Ripple to provide digital payment token services in Singapore, strengthening its position as a leader in digital asset regulation.
Singapore, renowned for its leadership in digital asset regulation, has become an ideal hub for businesses and financial institutions to explore the potential of crypto solutions, especially in cross-border payments, crypto liquidity, and central bank digital currencies.
Ripple's CEO, Brad Garlinghouse, welcomed this development, emphasizing the company's plans to expand its presence in Singapore. Coinbase, a cryptocurrency exchange listed on Nasdaq, also obtained a similar license from MAS, designating Singapore as a "key market" for crypto businesses. Clear regulations in Singapore are acknowledged as a key factor in attracting crypto companies. Meanwhile, in the United States, Ripple celebrated a legal victory with the rejection of the SEC's appeal regarding XRP, solidifying the company's position in the crypto world.
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Bitcoin price remained stable above USD 27,000, while Ethereum did not change much. However, Avalanche's XRP and AVAX experienced a spike. Bitcoin rose 0.6% to USD 27,600 in the last 24 hours. XRP jumped 5% after Ripple got a license in Singapore, while AVAX Coin rose due to the promotion of the application on the Avalanche blockchain.
#BTC #XRP #ETH $BTC $XRP $AVAX
#BTC #XRP #ETH $BTC $XRP $AVAX
The Galxe protocol experiences a DNS attack, with losses exceeding $150,000 and still growing.
The website of the Web3 community platform Galxe was unavailable for approximately one hour on October 6. Galxe reported on X (formerly Twitter) that its website was inaccessible at 14:44 UTC, confirming 40 minutes later that it had suffered a security breach affecting its Domain Name System (DNS) records. They cautioned against visiting the domain until the situation was resolved.
As of the time of writing, Galxe had not confirmed that its website was safe to use again. After the website was restored, some X users reported that it was blocked by Google.
#galxe
The website of the Web3 community platform Galxe was unavailable for approximately one hour on October 6. Galxe reported on X (formerly Twitter) that its website was inaccessible at 14:44 UTC, confirming 40 minutes later that it had suffered a security breach affecting its Domain Name System (DNS) records. They cautioned against visiting the domain until the situation was resolved.
As of the time of writing, Galxe had not confirmed that its website was safe to use again. After the website was restored, some X users reported that it was blocked by Google.
#galxe
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