Capital inflows into BlackRock's bitcoin ETF reached $329 million in one day

BlackRock's iShares Bitcoin Trust (IBIT) iShares Bitcoin ETF (IBIT) saw $329 million invested during the October 21 BTC price plunge.

On Sunday night into Monday, the bitcoin price hit its highest level since late July at $69,502 on the Bitstamp exchange. However, the bullish trend ran out of steam and the cryptocurrency's value fell by almost 4%. The coin's price then corrected but is still 2.6% off its peak.

Investors used the dump to buy IBIT units, so BlackRock employees recorded an inflow of capital in the amount of $329 million. At the same time, the capitalization level of the fund grew throughout last week and reached $23.2 billion.

IBIT had a great week [from October 14 to October 18]. Capital inflows totaled $1.1 billion, which is the best result since March and puts the fund in third place ahead of VTI [Vanguard Total Stock Market Index Fund ETF Shares] in terms of funds raised since the beginning of the year.

This is an incredible success considering the fact that IBIT was created recently and the other ETFs in the top 5 were launched more than 20 years ago and have capitalization levels in excess of $300 billion,” wrote ETF analyst Eric Balchunas.

The top five U.S. ETFs in terms of capital inflows from the beginning of 2024

Obviously, the high demand for IBIT units indicates investors' confidence in the continuation of the upward trend that emerged on Oct. 10. Apparently, they count on the start of the bull rally after overcoming the psychologically important mark of $70,000, which they cannot reach yet.

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Chainlink uses AI and oracles to move market-impacting corporate data to blockchain

Chainlink has launched a pilot database of corporate actions on blockchain using artificial intelligence and decentralized oracle technology.

The pilot program aims to use “combined advances in AI, oracle and blockchain technology to address the lack of real-time and standardized corporate actions data,” Chainlink said.

“We found that by using data oracles combined with several big AI language models, we were able to take unverifiable, unstructured and often inaccessible data outside of the blockchain and autonomously transform it into digital data available in near real-time,” Chainlink said.

Information about corporate actions such as mergers, dividends and stock splits “represents one of the most challenging unstructured data problems in the financial world,” Chainlink said in a report detailing the initiative.

Data is “initially presented in human-readable formats such as PDFs and press releases [...] resulting in a fragmented ecosystem characterized by poor data timelines, duplicate sources and extensive data cleansing,” Chainlink's report states.

These inefficiencies cost investors, brokers and custodians about $3 million to $5 million each year, according to the company.

Chainlink previously completed a pilot project with financial firms including Franklin Templeton, Swift and UBS, as well as blockchain networks such as Avalanche (AVAX) and ZKsync (ZK), according to the announcement.

“By leveraging Chainlink's AI and oracles, [...] we can significantly reduce the manual processes required, resulting in significant operational efficiencies and cost savings,” said Mark Garabedian, director of digital asset strategy and tokenization at Wellington Management.

Decentralized oracles such as Chainlink (LINK) connect blockchain networks to external data sources, including financial market data.

Chainlink is exploring different ways oracles can help institutional financial markets.

On October 2, Chainlink partnered with Taurus, a digital asset infrastructure provider. The partnership aims to promote the adoption of tokenized assets in institutional markets, focusing on improving data transparency, cross-chain mobility and security.

On September 23, the parent company of cryptocurrency asset manager 21Shares, 21.co, announced that it is adding Chainlink's proof of reserve to 21Bitcoin to address potential concerns about the TradFi backing of bitcoin's bitcoin shell.

21bitcoin allows users to securely buy, sell and hold bitcoin via a mobile app. The company also offers automated investing, saving in Bitcoin.

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Cardano (ADA) price could rise by 19%

Cardano (ADA) price is currently at a crucial turning point, with mixed signals pointing to both potential gains and risks. The trend seems to be gaining momentum, as evidenced by the recent rise in the Average Directional Index (ADX), which measures trend momentum.

At the same time, ADA is struggling near resistance levels and is leaning on key support areas to prevent further declines. The outcome will largely depend on whether bullish momentum can be sustained or if price succumbs to selling pressure.

The ADA trend is getting stronger

Cardano (ADA) is currently showing signs of a potential downtrend. The long-term moving average lines are above the short-term moving average line, indicating a bearish bias.

However, this situation could soon change if the buying momentum intensifies as the short-term line moves higher. It could potentially cross the long-term line, which would be a bullish signal.

The Average Directional Index (ADX) is a technical indicator that measures the strength of a trend. It ranges from 0 to 100, where values below 20 indicate a weak or absent trend and values above 25 indicate a strong trend. ADA's ADX is currently at 22.43, which is well above the 11 it was just a day ago.

This rise suggests that ADA has been in a consolidation phase for the past few days, with little or no price movement. Now that the ADX is rising, ADA could be preparing for a significant price spike if trend strength continues to increase.

Cardano Ichimoku Cloud Showing Caution

According to the Ichimoku Cloud chart, Cardano (ADA) is in a critical zone. The price is currently near the cloud, indicating indecision in the market.

Recently, the ADA price managed to cross the cloud, indicating an attempt to break out of the previous consolidation. However, the thin green cloud ahead indicates weak support, which means a significant price movement could easily break through it.

Tenkan-sen (red line) and Kijun-sen (blue line) are close to each other, which reflects the weak trend dynamics. A bullish signal will appear if the Tenkan-sen crosses above the Kijun-sen and the price stays above the cloud. The lagging line (green line) is still within the price movement, which increases the uncertainty.

If it rises above this price, it could indicate an increase in bullish momentum. ADA is at a tipping point where a breakout or pullback could occur in the near future, depending on future market dynamics.

ADA price outlook: an imminent 19% price increase?

Cardano (ADA) is facing clear resistance levels at $0.37 and $0.416. A break above these levels could pave the way for further gains with a potential target of $0.43.

Reaching this level would mark the highest ADA price since July, which could mean a 19% rise. The market will need a strong bullish momentum to break through these barriers and approach this significant level.

On the other hand, ADA has support at $0.343 and $0.33, which could help stabilize the price if the upward momentum falters. If these support levels do not hold, ADA could potentially fall to $0.30.

This would result in a 16% drop in price, which would put additional pressure on the token. The next few steps will be crucial in determining whether ADA grows or faces further declines.

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The 2024 election could affect the Bitcoin market due to possible policy changes

The upcoming US election in 2024 promises a significant impact on the Bitcoin market. Kamala Harris and Donald Trump, who will take part in the election, may bring changes to policies regarding cryptocurrencies.

Many investors are closely following the candidates' rhetoric regarding cryptocurrencies. Trump recently announced the launch of cryptocurrency banking platform World Liberty Financial and expressed support for Bitcoin mining in the United States.

Harris, in turn, noted the importance of innovative technologies, including digital assets. Experts believe that the result of the election will be decisive for the future of cryptocurrencies in the United States and may cause significant changes in the market.

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Indian police and Binance uncovered a money laundering scheme

Binance, the largest cryptocurrency exchange, has helped the Delhi Police uncover a large-scale solar energy fraud. Thanks to the exchange's analytical support, they were able to track the money laundering and identify the fake SIM cards used by the criminals.

According to information provided by Binance, the company worked with law enforcement agencies in India to dismantle a “sophisticated fraud scheme” organized by a fictitious company “M/s Goldcoat Solar”. The operation resulted in arrests and the seizure of over 100,000 USDT.

During investigation, the Delhi Police found that the crime syndicate was using many SIM cards illegally activated in the names of innocent citizens. These fake SIM cards were distributed in large quantities, some were even sent abroad to carry out fraudulent transactions.

The funds received from the victims were laundered through various bank accounts. Some of the money was also converted into cryptocurrency, complicating the investigation.

Binance was brought into the case during a “training session” in India. The exchange provided important analytical support that helped track the flow of funds and apprehend the criminals.

Jarek Jakubcek, head of law enforcement training at Binance, commented: “Binance conducts training sessions with law enforcement agencies around the world, and this case highlights the positive results of such cooperation. By engaging with law enforcement, we can provide timely and important support to financial investigations, and we will continue to do so to help fight financial crime.”

Previous experience of Binance's cooperation with Indian authorities

This is not the first time private and public entities have collaborated in India. Binance recently helped Indian authorities shut down a fraudulent gaming app that defrauded users of more than $47.6 million.

Binance's Financial Intelligence Unit (FIU) played a key role last month in helping India's Economic Offenses Department (ED) track down funds stolen by the operators of the Fiewin app and uncover the network behind the scheme. As a result, four key players involved in organizing the fraud and collaborating with Fiewin app operators were arrested.

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Stripe has bought crypto startup Bridge for $1.1 billion

-- The founder of Techcrunch has announced that Stripe has finalized a deal to buy Bridge.
-- The startup was valued at $1.1 billion.
-- According to media estimates, this is the largest deal in Stripe's history.

Fintech firm Stripe has finalized a deal to buy payment infrastructure provider Bridge for $1.1 billion, Michael Arrington, founder of Techcrunch portal, said.

This was first reported by Forbes magazine on October 17, 2024. The note says that several sources named the amount of the agreement at around $1 billion.

At the time, the deal was allegedly in the discussion stage. One of the obstacles was the issue of compensating Bridge co-founders Zach Abrams and Sean Yu.

At the end of August 2024, the startup raised $58 million. At the time, the company's valuation was $200 million. If the deal is confirmed, it would mark a significant increase in the value of the project in an extremely short period of time.

Neither Bridge nor Stripe had commented on the agreement at the time of writing.

According to Forbes, the purchase of the startup could be the largest deal in history for Stripe. Recall, the fintech firm suspended crypto transaction processing in 2018, but will return to the market in April 2024.

Bridge, in turn, is an infrastructure provider for accepting payments in stablecoins. Forbes suggested that buying this firm would allow Stripe to “go deeper into the sector.”

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The Bybit exchange has published a confirmation of reserves

Trading platform Bybit has released its 15th Proof of Reserve (PoR) snapshot as of October 1, 2024. The new data shows a notable change in the platform's asset reserves. Researcher Colin Wu analyzed the dynamics.

The most significant growth came from Bitcoin (BTC) reserves, which increased to 51,421 BTC, up 4.65% from September 4. Back then, there were 49,135 BTC on the exchange. Ethereum (ETH) reserves also increased significantly, rising 4.31% from 352,309 ETH to 367,500 ETH. This may indicate increased demand and confidence among users during this period.

On the contrary, there was a sharp decline in Bybit Tether (USDT) reserves. This figure dropped by 6.94%, or 216.8 million USDT, over the same time period. As of October 1, the platform holds 2.9 billion USDT, down from more than 3.1 billion USDT in early September. The significant decline in stablecoin reserves could indicate a change in market sentiment or liquidity preferences, possibly due to users switching from stablecoins back to Bitcoin and Ethereum.

Additionally, MNT Bybit's MNT token reserves experienced the largest percentage drop, losing 27.58%. This could indicate a change in market interest or utility of the MNT token during this period

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The regular release of Proof of Reserve Bybit data reflects an ongoing industry trend where exchanges need to provide transparency about user deposits to build trust. These reports are critical, especially in light of increased regulatory scrutiny and the need for platforms to assure users that their funds are safe in the face of market volatility.

The rise in BTC and ETH reserves is particularly notable, potentially indicating that more users are choosing to hold these major cryptocurrencies, perhaps anticipating future price increases. However, the decline in USDT reserves suggests a shift away from stablecoins, which could have implications for liquidity and trading volumes on Bybit.

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Public miners' share of the bitcoin hashtag has reached a record 28.9%

The hashrate of fourteen mining companies with a listing in the United States in October reached 28.9% of the total. Such data were cited in JPMorgan, writes CoinDesk.

Since the beginning of the year, the firms tracked by the bank have increased the metric by ~70% year-over-year, from 114 EH/s to 194 EH/s, while total computing capacity has grown by ~33%.

Since halving, firms' share has increased by 8%, reflecting their “efficiency and financial strength”.

Hashrate is estimated to be up 4% since the beginning of October, while hashprices are up less than 1%.

The capitalization of tracked miners has increased by 7% over this period, exceeding their share of the block reward by 1.9 times (the minimum since May). This implies an “attractive entry point before the election,” according to analysts.

Recall, in JPMorgan allowed a slowdown in the growth of bitcoin hashrate.

Earlier in Matrixport pointed to the potential of shares of miners in view of the stabilization of the fall in their income and lagging behind the dynamics of the first cryptocurrency.

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ApeCoin (APE) has returned to the top 100 cryptocurrencies after rising 66%

ApeCoin (APE), the native token of the APE ecosystem, has added 66% in value over the past 24 hours.

At the time of writing, the cryptocurrency's exchange rate has surpassed $1 and may continue to rise. Let's figure out with the help of technical indicators and onchain metrics what the reason for the sudden rally is.

The launch of ApeChain has drawn attention to ApeCoin

One of the reasons for the sharp rise in the APE price was the launch of the Layer-3 ApeChain network developed by ApeCoin DAO called Arbitrum Orbital Chain. As a result, the token is back in the top 100 cryptocurrencies by market capitalization.

The project team said on Twitter that bridges are already active and users can access the blockchain.

“Bridges are active. Transfer your tokens to ApeChain now to start earning in APE, ETH and various stablecoins,” ApeCoin announced.

Within three hours of the launch, Camelot - an Arbitrum-based DEX - reported that ApeChain volume had surpassed $5 million, a trend that received additional support from ApeCoin's overall onchain volume.

According to Santiment data, the volume has increased by nearly 3,000% in the last 24 hours and is approaching the $1 billion mark. If the figure continues to rise along with the price, the altcoin's exchange rate could exceed $1.25 in the coming days.

The APE network has recently shown remarkable growth, tracked by the number of new addresses that have begun interacting with the protocol. As of October 18, the number stood at 83. By the time of this writing, the number of participants has increased to 3,235.

This indicates that more people are starting to use the APE token. If the trend continues, demand for APE could increase, which in turn would potentially increase the price of the altcoin.

APE price prediction: a possible rise to $2

From a technical point of view, ApeCoin has come out of a downtrend that has lasted since June. All this time, the price of the altcoin fluctuated between $0.55 and $0.85.

Now, the Moving Average Convergence and Divergence (MACD) indicator is showing significantly positive values, which has not been the case for almost a month. MACD measures momentum, where negative values indicate bearish momentum and positive values indicate bullish momentum.

If investors remain interested in APE, its price could reach $1.47 and even rise to $2.

However, if APE holders who did not sell the token during the long slump decide to lock in profits, the altcoin will face a correction to $0.86.

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Dogecoin price to fall before resuming bull rally

Prominent trader Ali Martinez has warned of an impending correction in the Dogecoin (DOGE) exchange rate before a new round of bullish trend.

The TD Sequential indicator has given a sell signal on Dogecoin's daily chart, indicating a short-term correction before resuming the uptrend,” Martinez wrote.

The value of Dogecoin started to rise rapidly on October 10 and on Saturday reached its highest level since June 12, 2024 at $0.147. However, as a result of the powerful pump, the token meme market was in an oversold zone, and TD Sequential notified the end of the bullish trend.

The Dogecoin exchange rate has already corrected by 5% from the peak, but judging by the chart, the downtrend is not over yet. DOGE is likely to fall in price to $0.136, because this barrier coincides with the 23.6% Fibonacci level, taking into account the increase in the price of the coin from $0.1 to $0.147. If the support barrier holds, we should expect the bullish trend to continue.

Dogecoin has outpaced the rate of growth of all competitors from the top ten cryptocurrencies in terms of capitalization. Over the past week, DOGE has added 27% to its price, while bitcoin and Ethereum (ETH) have risen in price by only 8% and 7% respectively. The pummeling of the token-meme market is explained by the fact that Ilon Musk has once again started unwittingly PRing Dogecoin by publishing reports about the as yet non-existent Department of Government Efficiency Enhancement, which is abbreviated as D.O.G.E..

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XRP price breaks a key level that could turn on ultra bullish mode

The popular cryptocurrency XRP just broke above the critical 200-day moving average (200-MA) on its weekly price chart, a technical indicator that serves as an important barometer of market momentum and trend direction.

Often considered a turning point in technical analysis, the 200 moving average indicates bullish sentiment when an asset trades above this line, suggesting the possibility of further price gains in the future.

This impressive bullish move, driven by an 8.47% rise since Monday, has seen the price of XRP rise from $0.5871 to its current level of $0.638. It's worth noting that this upward trajectory wasn't entirely unexpected; in fact, market analysts have been hinting at a strengthening bullish outlook since the beginning of the week.

While the broader crypto market is experiencing a slight pullback after two weeks of localized gains, XRP's outstanding performance may indicate that some investors are anticipating news or events in advance that could impact the seventh-largest cryptocurrency.

Is there big news coming for XRP?

Market outperformance is a phenomenon in which investors buy assets in anticipation of expected positive news, hoping to profit from price spikes once the information becomes public.

This behavior is not uncommon in the highly speculative world of cryptocurrencies, where rumors and potential announcements can lead to exponential price movements as traders position themselves in anticipation of big events.

Adding to the excitement is the fact that XRP has not only broken through the 200 MA, but also a key dynamic resistance level.

Historically, this resistance level has marked critical price points for XRP, and successfully maintaining a position above it could open up new growth opportunities and push the cryptocurrency into a potentially ultra bullish mode.

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The rate of the cryptocurrency DOGE, dedicated to Ilon Musk, soared by 438%

The Department Of Government Efficiency (DOGE) token dedicated to billionaire Ilon Musk rose in price more than five times in 15 minutes.

The cryptocurrency's rate began to pumpp on September 30 at 04:00 Moscow time. By 04:15 the price of the digital asset soared from $0.00316 to $0.01701, thus increasing by 438%. However, the value of the coin did not hold on to the gained height and collapsed into tatters, falling 34 times to $0.00049 in just five minutes.

The trading volume of DOGE has fallen by 39% over the past 24 hours, and the time interval between the growth and decline in the value of the token was too short, so the jumps in the rate of the asset recorded on Monday are unlikely to be associated with the deliberate implementation of a scheme of dump and dump cryptocurrency price. Most likely, the perturbations occurred due to low liquidity.

The Department Of Government Efficiency meme came to light in August after former U.S. President Donald Trump proposed Musk to head the still-defunct Commission on Government Efficiency. DOGE was chosen as the ticker symbol for the new cryptocurrency for a reason. Ilon is known for his love of the “dog” token-meme Dogecoin (DOGE), which has a similar short name.

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Market participants await US employment data

Investors are eagerly awaiting the publication of US employment data in the coming week. In particular, on Friday, October 4, the Department of Labor will release data on the creation of new jobs outside the agricultural sector. At the same time there will be data on unemployment and the dynamics of growth of hourly wages. Last week, information was released on the spending of citizens on consumer goods.

They showed that inflation remains below the market expectations and it decreased to 2.2%. Such a scenario increases the probability that the Federal Reserve will continue with a looser monetary policy. This in turn will favor the entire segment of high-risk assets, including digital currencies.

This week's speeches are expected to be delivered by Fed officials - Michelle Bowman and Chairman Jerome Powell. On Tuesday, Minneapolis Fed chief Lisa Cook and Atlanta Fed representative Raphael Bostic will speak. The rhetoric of the officials may well affect the general market sentiment.

Positive data on inflation in the consumer sector seriously increase the chances that at the upcoming Fed meeting on November 7, the regulator will further reduce the key rate by 50 basis points. Apparently, the market is getting ready to play up expectations of this event in the coming month.

Given that October is traditionally perceived as a positive period for the cryptocurrency segment, there is every chance of forming a stable bull run. Most experts agree that in the coming month the main digital coin will manage to test the historical extremum, which was formed on the eve of the halving.

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Top 3 crypto predictions for October 2024

The crypto market has been rather dull over the past few months, spending them mostly in sideways movement. However, historically, October has been the month when the cryptocurrency market comes to life and begins to strive for new heights

BeInCrypto's editorial staff has gathered three major crypto predictions for this October in one article. Let's see what investors and traders should expect from the market this fall.

AI tokens are ready to take off

Cryptocurrencies from the artificial intelligence (AI) segment have been the focus of market players for a long time. Although September was a relatively quiet month, which the crypto spent without sharp fluctuations, AI tokens still managed to impress investors.

For example, the sector's capitalization has grown significantly over the past 30 days, from $29 billion on August 28 to $38 billion at the time of writing, on September 27.

Bitget's chief analyst Ryan Lee looks at the prospects for AI with great optimism:

“Ecosystems like SUI and AI are showing impressive momentum. I think this positive movement will continue in October - especially with the upcoming US elections. We may see political signals in time that could have a significant impact on market sentiment.”

Bitcoin will reach $70,000

Over the past thirty days, the price of the main cryptocurrency of the market has increased by almost 10%. This growth has led to BTC trading at $65,700 at the time of writing. The next important resistance awaits bitcoin at $70,000.

That said, some experts - such as Ryan Lee of Bitget - believe that a breakout is possible in the coming days. Although this price target looks achievable, bitcoin may still face a short-term correction before its final breakout.

Crypto expert and 21.co strategist Matt Mena shared an encouraging forecast with BeInCrypto:

“The summer lull and macroeconomic woes are behind us, so institutional and private investors are likely to step up their participation in the market. This could be a strong trigger for a possible retest of the $70k mark. When the results of the upcoming US elections become clearer, the market is likely to react positively - regardless of who wins. Markets thrive on confidence, and as uncertainty diminishes, we can expect prices to rise.”

Moreover, bitcoin's all-time high of $73,787 is just a few steps away from $70,000. If the influx of funds into BTC proves to be enough to turn the $70k level into new support, reaching ATH again or setting a new one would look like a very real scenario.

SUI is targeting a new ATH

Another cryptocurrency that distinguished itself in the outgoing September is SUI. At the time of writing, the altcoin is trading at $1.70 and boasts a gain of a staggering 104% over the past 30 days. Meanwhile, Sui's all-time high is at $2.18 - just 28% above the current price.

Historically, the level near $1.70 has been a strong resistance for the altcoin. Given the strong bullish sentiment around SUI this month, this area is now well positioned to become a new support.

Matt Mena is very positive about SUI's growth prospects:

“I think SUI will continue to attract users and developers... We're already seeing this momentum, with TVL for SUI topping $1 billion yesterday... even despite lower token prices. This growth underscores the resilience and expanding appeal of these platforms as they gain market share in a competitive blockchain environment,” the expert shared in a conversation with BeInCrypto.

However, selling and profit taking threaten to prevent the altcoin from continuing its upward movement. In case SUI loses support at $1.70 under the pressure of sellers and rolls back to $1.45, the bullish forecast will be canceled.

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Shiba Inu (SHIB) price could soar 90% due to market FOMO

Despite fears of an overheated market, the price of Shiba Inu (SHIB) continues to rise and has gained 32.50% over the past seven days.

At the time of writing, the memcoin is trading at $0.000019. Let's figure out with the help of onchain metrics and technical indicators what to expect from SHIB next.

Shiba Inu market sentiment is improving

According to data from analytics platform Santiment, SHIB's one-day turnover reached a 10-week high of 5.77 trillion tokens on Thursday, September 26. When this figure decreases, the volume of purchases and sales decreases. However, the increase in turnover indicates an increase in interest in the coin.

This increase is due to the rising price of SHIB and the fear of missing the opportunity to capitalize on a further rally.

Interestingly, this surge coincided with an increase in transactions by large Shiba Inu investors. As you can see in the chart below, there were 75 transactions worth over $100,000 on Thursday.

The number of SHIB transactions of $1 million or more also increased significantly, exceeding 10 transactions in a single day. The last time this kind of whale activity was seen was in August, and this increase could indicate a possible strengthening of the SHIB price in the near future.

Amid these developments, SHIB is showing a sharp rise in social dominance, reflecting the market's attitude towards the cryptocurrency. The high values of the metric suggest that the majority of online conversations about the asset are positive.

SHIB price forecast: climbing to a new high

On the daily chart, SHIB broke through the ascending triangle that began to form on May 31. This breakthrough turned out to be a “second breath” for the mem coin, which had been stagnating for a long time.

Now Shiba Inu is trading at the mark, the achievement of which provoked the growth to $0.000035 in early March. In addition, the Bull Bear Power (BBP) indicator, which measures the balance between buyers and sellers, continues to grow.

A rise in BBP indicates that the bulls are gaining ground, while a fall indicates that the bears are prevailing. According to the chart below, the indicator recorded similar behavior in the first quarter.

The analysis of the cash flow index (MFI), which tracks the inflow of capital into the cryptocurrency, confirms the optimistic outlook. If the trend continues, the SHIB price could rise by 90% in the coming weeks and reach $0.000035.

However, the fall of MFI will put these expectations in doubt. In this case, the memcoin will face a bearish trend and risks falling to $0.000015.

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Sushi team unveils Super Swap roadmap

Decentralized Exchange (DEX) SushiSwap has unveiled plans for the future. In the new roadmap, the developers paid special attention to Route Processor technology and how it will affect users

SushiSwap's roadmap mentions that the platform is developing native DEX for various blockchain ecosystems.

What's in SushiSwap's roadmap

SushiSwap's DEX recently turned four years old. In all this time, the marketplace has introduced a huge number of innovations for decentralized finance (DeFi). The latest development of the project is Route Processor.

Route Processor technology aggregates liquidity from hundreds of sources on more than 35 blockchains. This allows traders to “swap” any token at any time and from anywhere. Thanks to the launch of the product, the volume of swaps through the SushiSwap aggregator exceeded $550 million, the developers noted.

As part of the new Super Swap roadmap, the Sushi team plans to further develop Route Processor to improve the user experience. In addition, DEX will also focus on the following:

-- Multichain expansion. SushiSwap is already running on over 35 blockchains and plans to expand to even more networks.
-- SushiXSwap 2.0. The updated version of SushiXSwap now supports crosschain exchanges on 15 blockchains. Plans are in the works for expansion.
-- Swap API. A new API supported by Route Processor allows partners to integrate SushiSwap's advanced swap features into their applications. In the future, the API will support commission capture.
-- Convenient solutions for traders. SushiSwap is introducing features that simplify the work of traders. In particular, the platform has already added support for tax tokens, limit orders, automated DCA strategies, and portfolio management tools. Soon, users will be able to exchange assets from mobile devices.
-- Blade - AMM without temporary losses (IL). Blade is a new solution for liquidity providers (LPs) that solves the problem of temporary losses.
-- Kubo. This is a product for decentralized perpetual contracts. The development allows liquidity providers to generate revenues through delta-neutral strategies across multiple networks.
-- ALM Smart Pools. Steer smart pools will help simplify the management of concentrated liquidity by offering more profitable strategies.

SushiSwap is also developing a native DEX ecosystem. The platform is creating integrated platforms for specific networks to attract new users. These platforms include Saru (ApeChain), Susa (Layer N), and Wara (Solana).

Challenges for SUSHI

Re-establishing the status of an influential and prominent DEX for SushiSwap could be a challenge. In June, the platform's native token, SUSHI, hit rock bottom. The coin has been unable to recover to this day.

In September, SushiSwap developers introduced the Dojo memcoin startup platform. However, SUSHI has had little to no response to it. The Super Swap update has the potential to revive interest in DEX in the long term.

According to CoinGecko, the price of SUSHI has fallen by almost 2% over the past 24 hours. At the time of writing, the token is trading at $0.7676.

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This week's top airdrops

The cryptocurrency market remains stable, while bitcoin (BTC) is aiming for the psychological $70,000 mark. In the atmosphere of optimism, experienced investors are increasingly paying attention to airdrops, seeing them as an opportunity for additional earnings

For crypto enthusiasts, airdrops are a chance to get new tokens for free and become part of active crypto communities. This week, four interesting giveaways are particularly worth paying attention to.

SupraOracles

The SupraOracles team made a snapshot of user accounts on October 21 and is now preparing to give away SUPRA tokens. The project has already raised $26.52 million from venture capital giants like Coinbase Ventures, HashKey Capital, Animoca Brands and HTX Ventures.

The criteria for participating in the SupraOracles Airdrop were quite simple. They included participating in various campaigns and completing tasks.

The developers of the project also opened access to the checker, so anyone can check how many coins they will get. In addition, participants of the SupraOracles airdrop can choose a plan to receive tokens. Those who don't, will get the coins automatically on a 30-month vesting plan.

The project also launched a program called Supra Starcade. SUPRA 250 million has been allocated for it. Participants will have to perform tasks in the testnet.

Scroll

This week will see the long-awaited airdrop of Scroll. The project, which raised an investment of $80 million, made a snapshot of user accounts at the end of last seven days, October 19.

Earlier, the largest cryptocurrency exchange Binance added the SCR token to its Launchpool platform. Users there have already started receiving rewards.

SCR trading on leading trading platforms will begin today, October 22. The project has already opened a page for branding coins. A total of 571,774 addresses were allowed to participate in the giveaway.

The total issue of SCR will amount to 1 billion tokens, of which 15% are intended for the community. Airdrop will be divided into two phases. Within the first, Sroll will distribute 7%, and during the second, it will distribute 8%.

The sentiment around the significant event for the platform remains tense. Users have expressed dissatisfaction regarding the SCR distribution strategy. In addition, concerns have also surfaced about insiders who may have unfairly accumulated a huge number of points.

"The Scroll team is so greedy! After allocating 23% to themselves, they in addition decided to make a sybil airdrop by allocating 1 million+ points to each team member,” wrote one crypto investor and trader on X (ex-Twitter).

Eclipse

Eclipse's first Level 2 (L2) solution, running on the Solana Virtual Machine (SVM), has raised a $65 million investment, with Polychain Capital, Delphi Ventures, Tribe Capital, Hack VC and Placeholder Ventures participating in the funding round.

The exact date of the airdrop remains unknown, but the crypto community is expecting an event as early as this week.

In order to participate in the Eclipse token giveaway, you will need to mine non-fungible tokens (NFTs) on the mainnet or through the project's official bridge as soon as they go live.

An important task - you need to add the Eclipse network to your wallet before mining NFTs.

Aptos

According to Aptos tokenomics, 51% of the project's total token supply is for the community. The airdrop date almost coincided with the second anniversary of the launch of the projects main network.

Earlier, the Aptos team raised $350 million. The funding round was led by Binance Labs, Andreessen Horowitz (a16z), DragonFly Capital, FTX Ventures and Jump Crypto. Coinbase Ventures, Circle and Multicoin Capital also participated.

Participation in the Aptos Airdrop involves NFT minting. In honor of the anniversary, the developers introduced a limited edition of tokens.

"If you're here, it means you're here first to celebrate the second anniversary of the Aptos core network. We've released a commemorative NFT AptosTwo - tokens available for a limited time. Mint your AptosTwo tod

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The price of Ethereum (ETH) may exceed $3,300

Ethereum has crossed the $2,700 mark for the first time since September 27 and is showing clear signs of maintaining its uptrend. About ten days ago, ETH fell below $2,400, prompting speculation that the cryptocurrency might struggle to rise again.

However, over the past seven days, ETH has overcome key resistance levels. In this online analysis, BeInCrypto shows how this uptrend could lead to even more price gains.

Ethereum is seeing a decrease in selling pressure

One indicator that supports this forecast is the Ethereum Exchange Netflow figure, which shows the number of coins entering and leaving exchanges. According to CryptoQuant, market participants have withdrawn 29,378 ETH from exchanges as of this writing.

From a spot trading perspective, high values usually signal increased pressure from sellers. However, given that around $80 million was withdrawn, this suggests that ETH may not face significant selling pressure in the near term.

As for derivatives, the decline indicates low volatility, which means that traders with open positions are less likely to face liquidation. Taken together, these current conditions could be favorable for the Ethereum price.

Another indicator that supports a bullish outlook is the number of addresses that hold $1 million or more worth of ETH. When this indicator is rising, it means that HODL investors are accumulating more coins, which reflects bullish behavior. Conversely, a declining figure indicates that long-term holders are withdrawing funds, which usually indicates bearish sentiment

According to Glassnode, the number of addresses holding ETH worth $1 million or more has increased, suggesting that Ethereum's price may avoid another drop.

Crypto analyst and founder of MN Consultancy Michael van de Poppe has a similar opinion. However, in his post, van de Poppe noted that ETH needs to grow above $2,770 for it to have a chance to surpass the $3,000 mark.

"Etherium may finally turn around. A break of key resistance at $2,770 would be a great result. If that happens, the next target will be $3,200,” the analyst emphasized.

ETH price forecast: the bulls should defend the support at $ 2,689

If you look at the daily chart, you can see that the Ethereum price has come out of a symmetrical triangle. For reference, a symmetrical triangle is a pattern on a chart formed by two converging trendlines that connect a series of consecutive highs and lows.

Usually, when the price of an asset breaks the lower boundary of the triangle, it continues to decline. In the case of ETH, it's the opposite: it suggests that the price may continue to rise. But for this, the bulls need to hold the support at the level of 2.689 dollars

In addition, there needs to be more buying pressure so that the price can rise above the resistance at $2,989. If that happens, the price of ETH could rise to $3,316.

However, this thesis may fail if ETH falls below the aforementioned support line. In this case, the price could fall to $2,471.

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The amount of ETH stored in accumulation wallets has grown by 65% since the beginning of 2024

According to a crypto analyst, there is now just over $50 billion worth of Ether locked up in accumulation wallets - nearly 65% more than at the start of 2024.

“By October 18, 2024, the total amount of Ethereum in accumulation addresses exceeded 19 million,” CryptoQuant contributor Burakkesmeji wrote in an October 20 analysis post.

11.5 million ETH in accumulation addresses

At the time of publication, when Ether was trading at $2,645, that represents roughly $50.2 billion locked up in accumulation addresses - addresses held by long-term investors with no previous withdrawals.

Burakkesmeji emphasized that the amount of Ethereum in accumulation addresses has increased by 65% since January, when there were about 11.5 million ETH in those addresses.

Accumulation addresses are an important indicator for traders and market participants as they give an indication of the overall confidence in Ethereum's long-term prospects.

ETH balances on accumulation addresses as of October 18. Source: CryptoQuant

Burakkesmeji opined that the total amount of ETH on these wallets will “exceed 20 million” by the end of 2024. He based much of his reasoning on expectations for the launch of spot Ethereum ETFs in July.

“It's no longer just for technology enthusiasts - institutions and individuals see this as a key part of the financial future,” Burakkesmejee said.

Since launching on July 23, spot Ethereum ETFs have recorded total net outflows of $467.3 million, according to Farside data.

Spot Ethereum ETFs have recorded net outflows of $467.3 million since launching in July. Source: Farside data

On Oct. 15, it was reported that Ethereum investors are frustrated as its supply continues to grow despite high network utilization.

Traders' recent concerns over the open interest in Ethereum futures

In a recent blog post, Ethereum founder Vitalik Buterin acknowledged the problem and suggested that improving transaction times with solutions such as single-slot finalization could help.

On the same day, the aggregate Ethereum addressable futures market exceeded 5 million ETH for the first time, up 12% from four weeks ago.

This has caused concern among traders as they believe it could be a warning signal. A surge in demand for ETH credit positions usually precedes major price corrections.

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Bitcoin is set to rise to $240,000 by the end of spring 2025

Analysts have named three signs of the onset of the parabolic growth phase of the bitcoin exchange rate, during which the cryptocurrency should rise in price to $240,000.

Kush Alemzadeh published a logarithmic chart showing that on October 21, the bitcoin price overcame a key resistance barrier at $68,419. A consolidation above this barrier would mark the end of the consolidation period that emerged at the end of 2022.

Secondly, experts from the analytics company CryptoQuant noticed that cryptocurrencies began to behave exactly the same way they did in 2020 after the sharp drop in the value of BTC amid the start of the coronavirus pandemic. Just like four years ago, crowdfunders are actively buying up coins, waiting for the start of the bull rally.

And finally, thirdly, the stock of stablecoins is drying up. An analyst, known under the pseudonym Doctor Magic, recorded a drop in the capitalization level of the leading cryptocurrencies with a stable rate Tether (USDT), USD Coin (USDC) and Dai (DAI), which began in September 2024. This fact indicates that traders are exchanging stablecoins for fiat currency and spending the proceeds to buy bitcoins and other digital assets.

If the scenario of the parabolic growth phase of bitcoin price, which is based on historical data, works out, BTC will rise to $240,000 by the end of spring 2025. In this case, buying coins at their current value will allow you to increase your capital almost three and a half times.

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Experts named a new level of support for BTC price

Against the background of bitcoin (BTC) price consolidation near the historical maximum, more than 320 thousand unique addresses are actively interacting in the network. This figure indicates the high activity of market participants in the current price range, which emphasizes its importance for traders and investors. It is particularly noteworthy that about 220 thousand addresses purchased their coins at an average price of about $68,500, which may indicate the presence of a strong support level at this mark.

The average purchase price at this value makes this a key level for the market, as many participants continue to hold their positions despite the fluctuations. Historically, such marks can serve as support zones where buyers actively accumulate the asset, which helps to strengthen the rate in the event of a decline.

The current situation reminds of the importance of psychological barriers in cryptocurrency trading. The level near the historical maximum attracts the attention of both short-term traders and long-term investors. If the bitcoin price stabilizes or starts to rise, it could trigger even more involvement of new participants and capital into the market.

At the same time, there remains the possibility that the price could test lower support levels. In case of a decline under $68,500, active holders who purchased bitcoin at these marks may start selling off assets to avoid losses, leading to a further correction.

Analysts also point to the possibility of increased pressure on bitcoin in terms of global economic factors such as rising interest rates and inflation expectations. These factors could affect the short-term outlook for BTC, although the long-term outlook for the coin remains optimistic in light of its role as a savings and protection asset.

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Cryptoventure investors interested in AI direction

Cryptocurrency investors invested $213 million in AI-related projects in the third quarter of 2024, according to a report by Messari.

This is a 340% increase from last year's figure and a 250% increase from the previous reporting period.

The investments are in various sectors like decentralized platforms, social networks, DeFi, DePIN and others.

“While total venture capital funding in Q3 2024, at $3.8 billion, is down slightly from previous quarters, the strong focus on AI and DePIN suggests that venture capitalists are positioning themselves for long-term growth in sectors that they believe will define the next phase of the crypto industry,” the experts said.

Outside the digital asset sector, total investments in generative AI amounted to $3.9 billion in 206 deals. Such data is cited by PitchBook, TechCrunch writes. However, it does not take into account the OpenAI deal, which in early October attracted $6.6 billion at a valuation of $157 billion.

Interest in AI is growing

Discussions of AI-related topics grew by 50% in October.

The positive dynamics was recorded amid the growth of Nvidia shares to a new historical maximum. The company is one of the key beneficiaries of the AI boom thanks to sales of its chips for technology-oriented startups.

In August, Binance Labs Investment Director Max Coniglio explained the reasons for the company's plunge into the AI sector.

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Matrixport recorded a record on the BTC options market

Activity in the bitcoin (BTC) options market has increased significantly in 2024. This was due to the approval of trading in spot ETFs on the cryptocurrency. According to the latest data from Matrixport, bitcoin contract transaction volumes have reached a new peak of $71.2 billion, reflecting a global increase in interest from institutional investors.

According to analysts, this is directly related to the fact that the US Securities and Exchange Commission (SEC) approved bitcoin options on spot ETFs this year. This decision has seriously fueled expectations of further growth in trading volumes.

The main impetus for this jump in activity came after the approval of ETFs from BlackRock, one of the largest players in the financial services market. Such initiatives are expected to continue to attract the attention of large institutional investors looking to capitalize on new opportunities in the crypto market. This is especially important in the context of bitcoin's continued evolution with each new bull market cycle.

Analysts note that the surge in trading volume of derivative contracts may also affect further volatility in the BTC price. With increasing interest from major players and deepening liquidity in the market, bitcoin is increasingly becoming part of mainstream investment portfolios. Further development of the options market is expected to help stabilize the price of the digital asset, which will have a positive impact on investors' long-term strategy.

Experts also predict that bitcoin options may become an important tool for hedging risks, especially in conditions of uncertainty in traditional markets. The emergence of such instruments indicates the maturation of the cryptocurrency market and the growth of its attractiveness for participants with a long-term investment strategy.

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5 token unlocks to watch out for next week

We tell you which tokens will be unlocked in the coming week and how major unlocks could affect market dynamics.

Usually, the team works out the tokenomics carefully so as not to cause a lot of selling pressure at various stages of unlocking and thereby collapse the token price. Nevertheless, some factors, such as lack of liquidity or profit taking by early investors immediately after token unlocking, can seriously hit the asset's price.

Cardano (ADA)

-- Unlock date: October 22
-- Number of unlocked tokens: 18.23 million ADA
-- Circulating supply: 35.72 billion ADA

SpaceID (ID)

-- Unlock Date: October 22
-- Number of tokens unlocked: 18.49 million IDs
-- Current circulating supply: 430.50 million IDs

EigenLayer (EIGEN)

-- Unlock date: October 22
-- Number of tokens unlocked: 1.29 million EIGENs
-- Circulating supply: 186.58 million EIGEN

Ethena (ENA)

-- Unlock date: October 23
-- Number of tokens unlocked: 12.86 million ENA
--Current circulating supply: 2.74 billion ENA

Yield Guild Games (YGG)

-- Unlock date: October 27
-- Number of tokens unlocked: 14.08 million YGG
-- Current circulating supply: 386.40 million YGG

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Token unlocks to watch out for in October

In September, more than $3.4 billion worth of tokens will be unlocked, almost half of which are cliff unlocks.

BeInCrypto's editorial team has compiled five key token unlocks to watch out for in September.

Top token unlocks in October

According to TokenUnlocks, the total volume of cliff unlocks in October exceeds $1.6 billion, Investors and traders are keeping a close eye on these events as unlocks bring previously unavailable tokens into circulation and thus impact the market.

“October is just around the corner - stay informed and don't succumb to FOMO! With $3.46 billion worth of tokens scheduled to be unlocked this month, you need to keep a close eye on the market,” the Token Unlocks team wrote.

Celestia (TIA), Sui (SUI), Immutable (IMX), Aptos (APT) and Arbitrum (ARB) made the list of October's biggest kltff unlocks.

Sui (SUI).

The Sui project will unlock 64.19 million tokens on the first day of October. Coins worth more than $105 million represent 2.40% of SUI's current circulating supply. The distribution will be as follows:

-- Series A: 19.84 million SUI ($32.93 million)
-- Series B: 19.32 million SUI ($32.07 million)
-- Early entrants: 10.34 million ($17.16 million)
-- Mysten Labs Treasury: 2.07 million SUI ($3.44 million)
-- Community Reserve: 12.63 million SUI ($20.96 million)

Immutable (IMX).

Immutable will release 32.47 million IMX tokens worth nearly $60 million into circulation on October 4. The unlocked tokens represent 2.06% of the circulating IMX supply. The coins will be distributed as follows:

-- Ecosystem development: 15.91 million IMX ($28.96 million)
-- Project Development: 16.56 million IMX ($30.14 million)

Aptos (APT).

On October 11, Aptos will issue 11.31 million APT tokens to the market, representing 2.25% of the asset's total supply. The aggregate value of these coins is $96.25. The released tokens will be shared between the Aptos Foundation, the community, investors and the project team.

-- Fund: 1.33 million APT ($11.35 million)
-- Community: 3.21 million APT ($27.32 million)
-- Developers: 3.96 million APT ($33.69 million)
-- Investors: 2.81 million APT ($23.90 million)

Arbitrum (ARB).

On October 16, Arbitrum will unlock 92.65 million ARB tokens worth $61.90 million. This represents 2.56% of ARB's circulating supply. Here's how this batch of coins will be distributed:

-- Team, future employees and advisors: $56.13 million ARB ($37.50 million)
-- Investors: ARB 36.52 million ($24.40 million)

Celestia (TIA).

Rounding out our list is Celestia. On October 30, the project will unlock 175.56 million TIA tokens worth about $1.12 billion. These tokens will be distributed to early investors and core team members.

-- Series A&B investors: 65.01 million TIAs ($414.76 million)
-- Seed round investors: 52.47 millionTIA ($334.76 million)
-- Key team members: 58.08 million TIA ($370.55 million)

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October calendar: Zcash anniversary and bitcoin white paper

On the last day of September, ForkLog magazine prepared a traditional calendar of important events for the next month.

-- October 10 - publication of the consumer price index and inflation data in the United States.
-- October 22-23 - Blockchain Life 2024 international forum.
-- October 27 - discontinuation of the Vega Protocol blockchain and the VEGA token.
-- October 28 - eighth anniversary of the launch of Zcash.
-- October 31 - 16th anniversary of bitcoin white paper publication.

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Notcoin (NOT) is targeting a 30% jump

The native token of the popular “tapper” Notcoin NOT appears to be gearing up for a new wave of growth. If this happens, many holders who are currently incurring losses could go to zero or make a profit.

On September 23, Notcoin was trading around $0.0073. At the time of writing, the altcoin's price has risen to $0.0094. Let's understand what caused the recent rally and what to expect from NOT next.

Notcoin is aiming for new achievements

Notcoin's price growth can be explained by a surge of activity on the network: the number of active addresses has increased by 35% over the past seven days. The number of addresses with a non-zero balance, meanwhile, has soared by 90%.

If the trend continues, Notcoin's price could increase by another 30%, potentially reaching the $0.012 mark. According to an analysis by Global In/Out of Money (GIOM), such a jump could profit 23,848 addresses holding more than 62 billion tokens.

GIOM shows how many addresses are making or losing money at the current price, and helps understand how much holders will earn if the price reaches a certain level.

Notcoin holders who bought NOT at a price between $0.0095 and $0.012 are now taking losses. If the asset reaches $0.012 again, 62 billion tokens will be in profit.

NOT price forecast: a rebound is on the horizon

According to the daily chart, the Notcoin price approached $0.011, but then fell to $0.0094. However, the Parabolic Stop And Reverse (SAR) indicator is signaling that the uptrend may continue.

When the dashed lines are below the price, the trend is considered to be uptrending. The Moving Average Convergence-Divergence (MACD) indicator, which measures momentum, also supports this position.

According to Fibonacci levels, Notcoin's price could rise 30% in the coming weeks, reaching the $0.012 mark. However, if the market trend turns bearish, the altcoin risks falling to $0.0082.

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Bitcoin price will exceed $73,794 in November 2024

A technical analyst known by the pseudonym CryptoCon predicts that the bitcoin exchange rate will hit an all-time high in November 2024.

For the past two cycles on the two-week chart, the Ishimoku cloud indicator has correctly predicted when the bitcoin price would hit an all-time high. This happened after a bullish cross appeared on the chart following a red cloud in the middle of the cycle,” CryptoCon wrote.

The expert drew an analogy with previous trends and suggested that the price of BTC will take an unprecedented height as early as November 2024. In this case, the cost of bitcoin will overcome the nearest powerful resistance barrier at $70,000 and break the record of $73,794 set in March. If this forecast turns out to be true, the cryptocurrency's rate will increase by at least 13% of the current value.

Most of the gambling members of the crypto community agree with the analyst's opinion. This is evidenced by the fact that on the Polymarket betting site, the probability of bitcoin reaching a new maximum in 2024 is estimated at 61%. A winning bet on this outcome will bring 61% profit, and a successful bet on a negative result will increase the capital by two and a half times.

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Bitcoin at $100,000 by the end of 2024: analyst forecast and growth factors

Renowned crypto analyst Michael van de Poppe is known for his optimistic predictions regarding the future of bitcoin. He recently stated' that' in his opinion' bitcoin could reach the $100,000 mark by the end of 2024.

Growth factors

Van de Poppe bases his optimism on several key factors⁚

-- Growing institutional acceptance. More and more large companies and investors are incorporating bitcoin into their portfolios.
-- Inflationary concerns. Bitcoin is increasingly seen as a hedge against inflation.

Not everyone shares the optimism

It is important to note' that not all analysts share van de Poppe's optimism. Some experts believe that his forecast is too optimistic and point to a number of factors that may hinder the growth of bitcoin⁚

-- Market volatility. The cryptocurrency market remains extremely volatile' and sharp price drops are still possible.
-- Regulatory risks. Tighter regulation of cryptocurrencies could negatively affect the price of bitcoin.
-- Competition from other cryptocurrencies. New cryptocurrencies are appearing on the market' which may compete with bitcoin.

Michael van de Poppe's prediction that bitcoin will reach $100,000 by the end of 2024 is certainly ambitious. While the factors he cites may indeed contribute to bitcoin's price growth, it is important to keep in mind the risks inherent in the cryptocurrency market. Investors should exercise caution and do their own research' before making investment decisions.

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Arthur Hayes first invested in the cryptocurrency Pepe

The founder of cryptocurrency exchange BitMEX, Arthur Hayes, began buying Pepe (PEPE) meme tokens during the cryptocurrency market's bull rally.

According to Spot On Chain, on September 27, Hayes transferred $1 million worth of USD Coin (USDC) stablecoins to the Binance trading platform and a short time later withdrew $252,000 worth of Pepe from the platform. Shortly before these transactions, Arthur stated that he could not ignore PEPE and apparently purchased these digital assets for the first time.

Pepe now ranks fourth on the list of cryptocurrencies in terms of the amount of money Hayes has invested, if you exclude USDC stablecoins. Ethereum (ETH), Aethir (ATH), and Pendle (PENDLE) round out the top three.

Pepe has risen in price by 37% over the past week, and by buying coins during an uptrend, Arthur hopes to multiply capital, counting on the bull rally to continue. However, Hayes is sometimes wrong and suffers financial damage because of it. For example, he recently sold Pendle for $5.62 million and suffered a 37% loss. A few hours after Hayes got rid of PENDLE, the cryptocurrency's exchange rate skyrocketed by 24%.

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