Avalanche (AVAX) is launching a credit card that allows users to spend cryptocurrency “anywhere Visa is accepted”

In a major step to promote the adoption of cryptocurrencies, smart contracts platform Avalanche (AVAX) has unveiled a credit card. The Avalanche card will allow individuals to spend supported cryptocurrencies, including WAVAX, sAVAX and USDC, at Visa-enabled merchants. The initial rollout is aimed at increasing financial accessibility and inclusivity in the Caribbean and Latin America.

The credit card represents a groundbreaking move to merge cryptocurrency and traditional finance. Integration with payment giant Visa simplifies the use of digital assets in everyday transactions. Users can easily convert and spend cryptocurrency at physical and online stores. The card supports multiple cryptocurrencies including Wrapped AVAX (WAVAX), USD Coin (USDC) and Staked AVAX (sAVAX), among others.

The Avalanche card supports instant cryptocurrency to fiat conversion, providing an efficient and seamless transaction process, with cashback incentives and potential rewards to promote user loyalty and engagement. Top-notch security features such as biometric verification and multi-factor authentication keep users and funds safe.

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The credit rate on Bitfinex has reached the 30% level

Greeks analysts noted that borrowing rates on cryptocurrency exchange Bitfinex have risen sharply, reaching 30% annual percentage rate (APR). Such major changes usually indicate a major shift in market activity, especially among large spot traders. It is about the fact that they have started to rapidly increase their positions, as a reaction to the recent correction in the digital asset market.

Such an increase in rates is considered a strong bullish signal for the market, as it indicates an increase in borrowing demand among the big players. Usually, sharp increases in borrowing are associated with changes in trading volume and capital inflows. This in turn tends to push asset prices up.

It is interesting to note that over the past 2 years, cases where borrowing rates on Bitfinex have risen to 30% or higher have often preceded significant rallies in the market. This is due to the fact that large traders usually start to aggressively increase their positions using borrowed funds, which creates additional pressure on the growth of quotes.

This phenomenon reflects the growing expectations of traders regarding future price movements. When traders start borrowing assets at high interest rates, it indicates confidence in market growth despite short-term fluctuations.

In addition, such a high borrowing rate may indicate a lack of liquidity in the credit sector, which also increases the cost of borrowing and reflects the high willingness of participants to pay for access to capital. In a situation where the market is showing bullish sentiment, such conditions could be a catalyst for asset prices to rise further. Thus, the sharp rise in rates on Bitfinex could be an early indicator of the start of a new bull cycle in the cryptocurrency market, especially if historical trends continue.

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The cost of gas on the Ethereum network has fallen to $1.63

Commissions on the Ethereum network have dropped dramatically, reaching the level of $1.63 per transaction. According to analysts at Santiment, this was a significant development for blockchain users. This drop opens up new opportunities for more frequent and affordable transfers, thereby encouraging more activity on the network. Low fees have always been a favorable factor for the growth of utility, as it enables users to conduct more transactions at minimal cost.

Historically, at fee levels as low as $2, online activity increases as users seek to take advantage of more favorable terms. Such a rate is typically associated with the “bottom of the market” when the price of fees is minimal, which encourages more transfers and allows Ethereum to exhibit more dynamic behavior.

An average commission rate between $2 and $6 is considered the most common and is usually seen during periods of stability or flat market movement. During such times, activity does not peak but is kept at a stable level when users do not have a strong fear of missing out (FOMO).

When the average commission rises to $6-$10, it indicates an increase in market interest, usually characteristic of bull rallies. It is at times like these, when users start actively buying and selling assets, that commissions rise due to the increased load on the network.

However, the highest commissions - over $10 - signal market overheating and often coincide with peak values on the charts. Then the price of an asset reaches its maximums, and users massively fix profits or get rid of their positions. During such periods, high transaction costs suppress activity, making transfers less attractive.

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Dogecoin rose by 30% in a week

At the time of publication, Dogecoin was up significantly to $0.141556 after rising 1.77% in the last 24 hours. The meme coin rose 30% for the week, pushing the 24-hour trading volume to $1.9 billion with a 35% increase.

Positive sentiment and indicators for the rise of DOGE

According to market analysts, there are a number of indicators that show that now is a good time to invest in DOGE. As Digitalcoinprice notes, several technical signals have already turned green, indicating that traders see promise in this token. Over the past 30 days, the coin is up 37%. Forecasts indicate that the coin could grow even more.

One of the clearest signs of a bullish trend is the rising curve of the 50-day simple moving average, which could be a good period for buyers to join the market. However, traders are holding back as the 200-day simple moving average is heading downward.

According to some sources, DOGE may even fall to $0.13 before the end of the year. Nevertheless, there is still a general consensus that the coin is still moving in a positive direction in the medium term.

Expert predictions And their impact on Dogecoin's future

Other high-level crypto traders, such as DonAlt, also believe that Dogecoin has potential for growth and that it could potentially surpass the $1 mark. Analysts such as Crowe see periodic triangular patterns on Dogecoin's price chart that reflect consolidation phases from 2014 to 2021 and could indicate a breakout.

Crypto trader Kevin pointed out the recent 3-day change in Dogecoin's exchange rate. According to this technical indicator, the cryptocurrency should move in a positive direction. In the past, such an indicator led to a significant price increase: after the appearance of such a signal, the DOGE rate rose by 210%.

Kevin suggested that if Bitcoin moves into the search phase, Dogecoin is likely to follow. He also mentioned the upcoming “golden cross” on the weekly chart, which is a bullish signal for further DOGE growth.

Meanwhile, it is still Ilon Musk who is still influencing these price swings. A running commentary from the “U.S. Department of Government Efficiency” (D.O.G.E) caused a price spike. Added to this is his political involvement in the recent news.

Analysts believe Musk's overall influence and his ties to pro-cryptocurrency U.S. presidential candidates, such as former U.S. President Donald Trump, will help boost the value of DOGE.

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US organizations own $13 billion worth of spot bitcoin ETFs

U.S. corporate investors have purchased more than $13 million worth of shares of bitcoin-based exchange-traded funds since January 2024, CryptoQuant CEO Ki Yang Ju said.

Citing Form 13F, a quarterly document in which asset managers disclose U.S. equities, Yang Ju noted that 1,179 institutions have purchased 193,064 BTC in the 10 months since the launch of U.S. ETFs.

Traditional financial giants such as Millennium Management and Jane Street control 20% or 961,645 BTC worth about $65 billion, spread across 11 ETFs issued by BlackRock, Bitwise, Grayscale, Fidelity and other issuers.

According to Bloomberg stock analysts Eric Balchunas and James Seyffarth, this indicates that asset managers are gradually getting used to new products based on the flagship cryptocurrency.

BlackRock's IBIT turned out to be the most popular among institutional investors. It also became the fastest-growing fund in US financial history. In a short period of time, it recorded the third largest inflow of funds, competing with traditional ETFs that have existed for more than 20 years.

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XRP is poised for its biggest explosion to date

Cryptocurrency market analyst Steph predicts that XRP could be on the verge of its most significant price rally to date, citing the potential impact of growing global liquidity.

The analyst made this assertion in his latest report on XRP's price movement. His chart points to a historical link between XRP price movements and global liquidity spikes, suggesting a repeat of past trends.

XRP can rise on a surge in liquidity

The graph shows moments when liquidity inflows fueled XRP's rally. Notable spikes occurred in the 2017-2018 and 2020-2021 cycles, when global liquidity provided the backdrop for rapid price growth.

Based on this pattern, analysts including Stef believe XRP could be preparing for a similar spike between 2024 and 2025, driven by another liquidity surge.

Specifically, in 2017-2018, the influx of liquidity coincided with a significant rally that allowed XRP to jump about 60,000% to an all-time high of $3.31 in January 2018. It's worth noting that XRP performed worse during the 2017 bull rally right before this jump.

This pattern repeated itself in 2020-2021, albeit with some differences in dynamics and scope. Despite the SEC's legal battle with Ripple negatively impacting XRP, the altcoin gained enough momentum to record a jump to $1.96 by April 2021.

Each time, the price of XRP has benefited from changing market liquidity conditions. The current situation seems to mirror these past cycles, suggesting another liquidity-driven rally is coming. XRP is currently underperforming, which is similar to the trend the market saw in 2017.

XRP short-term outlook

Meanwhile, the short-term outlook for XRP requires caution. XRP is currently trading at $0.5445, down 0.04% this morning. The altcoin has been consolidating in a symmetrical triangle since early October, putting the $0.55 price region in focus.

A decisive break above this resistance level could clear the way for further gains, with the next key target being the pivot point at $0.5929.

However, the bulls need to protect themselves from any falls. If the price fails to overcome $0.55 and faces further selling pressure, key support levels to track would be S1 at $0.5309, S2 at $0.4926 and S3 at $0.4305.

Additional data from CryptoQuant confirms that XRP's Relative Strength Index (RSI) is currently neutral at 59. An RSI reading near 60 suggests that the asset is showing strength but has not yet entered the overbought zone, leaving room for further upward momentum.

In addition to the RSI, the Stochastic oscillator is neutral at 55.4. Like the RSI, the Stochastic indicates that XRP is in a balanced state, with no strong bullish or bearish pressure.

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UNI's listing on Upbit triggered 5% growth

South Korea's largest cryptocurrency exchange, Upbit, has announced the listing of the Uniswap token (UNI) in pairs with the Korean won (KRW) and Tether (USDT) starting October 22, 2024 at UTC+8. Previously, the UNI/BTC trading pair was already available on the platform. Following the announcement, the UNI exchange rate showed a short-term increase of 5.4%, pushing the current price to $8.31 and the full market capitalization (FDV) to $8.31 billion.

The move reflects Upbit's efforts to expand the availability of tokens on the platform to different categories of investors. UNI's listing in fiat pairs opens up new opportunities for South Korean traders, who can now trade the asset directly without having to convert to more complex virtual currencies. This could further boost UNI's liquidity in the local market.

The listing on Upbit also reflects the broader trend of the growing popularity of decentralized finance (DeFi) and related tokens. Uniswap (UNI) is considered one of the largest decentralized protocols, and its expansion to major exchanges in key regions, including South Korea, could help strengthen its position in the global cryptocurrency market.

It's also worth noting that this price increase after the announcement could be a short-term spike on the back of the news, which often happens in the crypto community. However, further dynamics will depend on how actively the token will be traded on the platform. Interest in UNI may also grow amid a general wave of demand for DeFi protocols, especially if we take into account the increasing popularity of decentralized exchanges, which provide users with more opportunities to manage digital assets without the involvement of intermediaries. Given Upbit's strategic location in the Asian market and reputation as a reliable exchange, a UNI listing could strengthen the token's position in the region.

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Iranian users' digital assets are at risk

Iran's economic situation is exacerbated by international sanctions and rising inflation rates, which has led to increased user activity in the cryptocurrency space. However, users are concerned about the security of their digital currencies on centralized exchanges (CEX), especially after a series of account blockings and virtual asset freezes on international platforms due to transactions with Iranian platforms such as Nobitex.

Centralized cryptocurrency exchanges established for local users play a significant role in the domestic market. Among the 90 active platforms in the country, Nobitex holds the leading position with 6 million users. The exchange has recently attracted attention from international bodies as it is suspected of being involved in money laundering and funding criminal organizations for the Iranian government, making it difficult to operate under sanctions.

Some researchers, including OSINT analysts, suggest that Nobitex is working closely with Iranian authorities and the Islamic Revolutionary Guard Corps (IRGC). This has raised fears among users as international organizations may freeze assets linked to this exchange. Recently, Arkham and TRM Labs, which specializes in blockchain analysis, flagged several Nobitex wallets, increasing concerns among the service's customers.

In addition to Nobitex, exchanges such as Excoino, Wallex and Bit Pin operate in Iran, which also face risks related to sanctions and possible freezes of digital assets. Excoino, for example, serves 3 million users, while Wallex, despite its youth, has already attracted regulatory attention due to its ties to sanctioned individuals.

For Iranian cryptocurrency users, using local exchanges remains an attractive option despite the high risks. Many see digital currencies as a way to preserve capital amid the economic crisis and sanctions.

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The price of NFT OnChain Gaias soared nearly 70% in 24 hours

In the last 24 hours, a collection of NFTs called OnChain Gaias, which represent artificially intelligent agents, has seen a sharp 68% jump in price, surpassing a market capitalization of $10 million. This significant increase has allowed the collection to become the 66th largest total offering on the CoinGecko platform, which has attracted the attention of digital art collectors.

The main reason for the takeoff may be the growing interest in artificial intelligence (AI)-related NFTs and projects that use decentralized technologies to create unique digital assets. Collections like OnChain Gaias are considered an example of a new generation of NFTs that combine AI agents with the ability to perform various tasks on the blockchain, making the project innovative.

The success of OnChain Gaias may signal the formation of a new trend in the market where AI-powered digital assets will be one of the driving forces of the industry. However, as with any sudden price spikes, it is important to consider the potential risks of volatility. The NFT market is known for its susceptibility to sudden changes in investor sentiment, and despite the current success of OnChain Gaias, a price correction in the near future cannot be ruled out.

Experts advise thoroughly studying the project and its roadmap before deciding to invest.

However, the growth of OnChain Gaias can also be driven by active communities that promote and popularize collections through social media and sharing platforms. The increase in market capitalization indicates investor confidence in the project and its long-term potential in the digital asset industry. This trend may continue to gain momentum, and other projects combining NFT with AI may soon follow suit.

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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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USDT and USDC are used more often than other cryptocurrencies

The graph presented by IntoTheBlock platform shows the dominant transaction activity for various cryptocurrencies such as USDT, USDC, BTC, ETH and others. As of October 22, 2024, USDT (Tether) and USDC showed the largest share in transaction volumes with figures of $29 billion and $28 billion respectively, highlighting their key role in the cryptocurrency ecosystem as major stable coins.

According to the chart, the digital coin Bitcoin (BTC) ranked 3rd with transaction volumes at $17 billion, which also indicates stable popularity, but the share is still lower compared to the leaders. It is interesting to note that Ethereum also showed active growth, but its dominance is gradually decreasing, which is due to the increased use of stablecoins and other cryptocurrencies such as TON and WETH, which also appear on the chart.

The dominance of USDT and USDC can be attributed to their steady use in various decentralized applications (DeFi) and trading operations. This makes these assets preferred for fast transfers and liquidity. Stablecoins provide users with an opportunity to avoid the volatility typical of cryptocurrencies.

That said, the chart also shows fluctuations in the share of other cryptoassets, which rank lower but continue to show dynamic changes in transaction volumes. These digital currencies are often focused on narrow market niches or used in specialized projects, which is reflected in their comparatively lower volume.

The graph indicates increasing competition between different cryptoassets, especially in the area of stablecoins and tokens for decentralized applications. This trend is likely to continue with the further development of Web3 and the increasing number of users involved in decentralized finance and crypto trading.

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MetaPlanet raises $66 million through a rights purchase program

-- Metaplanet has completed its 11th series of share rights acquisitions. After the exercise of all share rights and the issuance of shares, Metaplanet could raise 5.7 billion yen (US$37.8 million) from the EVO fund.
-- Of the total number of shares issued (18.1 million), 72.8% have been realized by shareholders.

Japanese investment adviser Metaplanet Inc. (3350) successfully completed its 11th series of rights acquisitions, raising a total of 10 billion yen (US$66 million).

The initial rights acquisition announcement was made on August 6, when Metaplanet's share price was around 700 yen. This gave shareholders the opportunity to purchase new shares at a discounted rate of 555 yen per share.

Metaplanet adopted Bitcoin as a reserve asset in May as it sought to hedge against yen volatility. According to bitcointreasuries.net , the company now owns 861.4 BTC, and its shares are up 642% since the beginning of the year.

The rights to purchase shares were granted to shareholders for free; for every common share held, shareholders received ONE right to purchase shares. The share purchase rights period commenced on September 6 and ended on October 15, giving shareholders time to exercise their rights or allow them to lapse.

During this period, of the total 18.1 million shares issued, 72.8% were exercised by shareholders, equivalent to 13,774 individuals. As a result, 13.2 million shares were issued, generating 7.32 billion yen (US$48.5 million).

Shareholders who did not intend to exercise their rights to acquire shares, totaling 1.7 million units, were transferred without commission to MMXX Ventures Limited (1.5 million units), its CEO Simon Gerowitz (215,180 units) and EVO Fund (4.9 million units). The total raise after these transfers amounted to 10 billion yen (US$66 million).

The amount of capital raised in connection with the transfer to the EVO Fund is 5.7 billion yen (US$37.8 million).

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Cardano's pullback proved to be short-lived, ADA continues to grow

Cardano (ADA) has made a strong comeback, and bulls have taken advantage of this to reverse the recent decline and start a new upswing. After a brief period of decline, the cryptocurrency is gaining momentum again, causing a new surge of optimism among traders and investors.

Amid the build-up of positive momentum, Cardano is showing signs of further upward movement, allowing it to continue its rise towards the $ 0.4233 mark. The question now is whether the bulls can sustain this surge and push ADA to new highs.

As prices rise, in this article we will analyze the recent ADA price movement, focusing on how the bulls overcame the downturn and triggered a new rise. We will review the current bullish path, assess key support and resistance levels, and explore the potential for a sustained upward move in the near term.

Bullish momentum returns: how Cardano reversed the pullback

On the 4-hour chart, Cardano has turned bullish and is currently holding above the 100-day simple moving average (SMA), forming several green candles. As long as price stays above this level, the bulls are likely to maintain control and there is a possibility of further gains if the uptrend continues.

The RSI index on the daily chart is currently at 53%, indicating a bullish trend for ADA as it is above the critical threshold of 50%. This generally indicates that the buying demand exceeds the selling demand, reflecting the strong momentum and growing optimism of traders for the ADApotential price.

Support and resistance levels to watch out for in the coming days

On the upside, the resistance level at $0.4233 is critical, as a successful break above this level could signal a stronger uptrend and attract more buyers. If ADA breaks the $0.4233 level, the next important resistance level to watch out for will be $0.5229. A break of this level would further increase bullish pressure, potentially leading to even higher price targets as market sentiment changes for the better.

Meanwhile, on the downside, the first support level to keep an eye on if the bulls fail to sustain their momentum is $0.3389. A break below this level could lead to additional losses and possibly push the price towards the next support level at $0.2388, which could go lower if the selling pressure continues.

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POPCAT rises to the top, overtaking Bitcoin and Ethereum

A potential reason for this notable rise is that investors and traders are constantly betting on the meme token. According to blockchain analytics firm Coinglass, the Long/Short POPCAT ratio currently stands at 1.03, indicating a strong bullish sentiment among traders. Meanwhile, its open interest has jumped 16.2% in the past 24 hours and is steadily rising.

This rising open interest suggests that traders are firm believers in the meme coin and that they may be betting more on long positions compared to short positions.

Traders and investors often use the combination of rising open interest and a long/short ratio above 1 when building long positions.

POPCAT technical analysis and upcoming levels

According to expert technical analysis, POPCAT has been trading between $1.2 and $1.5 for the past two weeks. Looking at the daily chart of the meme coin, the price is currently near the upper boundary, which acts as a strong resistance level.

If POPCAT breaks this level and closes the daily candle above $1.5, there is a good chance that it could make a new high in the coming days. However, if it fails to break the $1.50 resistance level, there is a high probability that a price decline will follow.

POPCAT is now trading around $1.44 and has experienced a price jump of more than 13% in the last 24 hours. Its trading volume has jumped 5% in the same period, indicating an increase in trader and investor participation from the previous day.

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$780 million in bitcoins: Tesla is changing its asset storage strategy

Tesla retains control of $780 million in bitcoins despite recently moving assets between its wallets, according to analyst firm Arkham Intelligence. On Oct. 15, the automaker distributed 11,509 bitcoins among seven wallets, each now containing between 1,100 and 2,200 coins. The largest transactions were made to wallets with addresses “1Fnhp” and “1LERL,” which received the equivalent of $142.2 million and $128.1 million, respectively.

According to Arkham Intelligence, no additional transactions were made from these wallets after the funds were moved. Moreover, the bitcoin exchange rate has shown a 5% increase since the Tesla transfers, reaching $69,220 on October 21. Currently, the price has corrected to $67,600.

Analysts speculate that the movement of funds could be due to the transfer of assets to a custodial service, potentially allowing Elon Musk's company (Elon Musk) to borrow against the bitcoins. Tesla currently uses Coinbase Prime Custody services to store its crypto assets.

If Arkham's analysis is correct, Tesla remains the fourth largest corporate holder of bitcoin, behind only MicroStrategy and mining companies Marathon Digital and Riot Platforms. Elon Musk's other company, SpaceX, owns 8,285 bitcoins worth $560 million, ranking seventh among private companies in terms of cryptocurrency assets.

Tesla first purchased bitcoins in February 2021, buying $1.5 billion worth of the cryptocurrency, selling 4,320 BTC the following month and then another 29,160 BTC in 2022.

Tesla CEO Elon Musk briefly allowed bitcoins to be accepted as payment for the company's cars in March 2021, but reversed that decision a few weeks later as he became concerned about the environmental aspects of mining the first cryptocurrency.

More details about the company's plans for cryptocurrency assets may be revealed during its third quarter report, which will be made public tomorrow.

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Media: Indian authorities may restrict or ban the circulation of private cryptocurrencies

Regulators in India are considering significantly restricting or imposing a blanket ban on the circulation of private cryptoassets, as they do not meet the requirements of financial inclusiveness and security, unlike CBDC.

The Hindustan Times, citing information from knowledgeable officials, reports that a group of government experts prepared a discussion paper and concluded that there is a significant imbalance of risks over benefits of cryptocurrencies, including stablecoins.

They emphasized that the potential of the of the digital rupee, a central bank currency (CBDC), is fully aligned with financial inclusion and security, compared to cryptocurrencies such as bitcoin and ether.

"CBDCs can do all the same things that cryptocurrencies can do. In fact, CBDCs have more advantages than cryptocurrencies except for the risks associated with private cryptocurrencies,” an official said on condition of anonymity.

The source added that the provisions of the International Monetary Fund (IMF) and Financial Stability Board's omnibus document allow for higher restrictions on the regulation of cryptoassets, including a complete ban on them within G-20 countries.

The official stressed that the blockchain technology underlying cryptocurrencies can be used for various public utility purposes such as tokenization of government securities, unlike bitcoin or ether, which pose a threat to the underprivileged in India.

Earlier, Reserve Bank of India (RBI) Governor Shaktikanta Das said that the digital rupee can mitigate the uncertainty created by cryptocurrencies and protect Indian citizens from the high volatility of cryptocurrency market instruments.

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The crypto derivatives market continues to grow strongly

According to the Defillama platform, the total transaction volume for perpetual contracts on blockchain in Q2 and Q3 2024 reached an impressive $1.185 billion. The leading platforms were Hyperliquid (16.94%), dYdX (V3 and V4 versions) with a 14.37% share, and SynFutures with a 14.11% result. These 3 platforms have the largest market share, indicating the growing interest in decentralized open-ended contracts.

Following the leaders are projects such as Jupiter Perpetual Exchange (6.7%) and Orderly Perps (5.52%). Despite the fact that they occupy a smaller market share, their rapid development and growing transaction volume confirm the high demand for such financial instruments in the decentralized space.

Perpetual contracts allow traders to access long-term positions at minimal cost, which becomes an important factor in their popularity. Compared to traditional contracts, they do not have an expiration date, which allows for more flexible position management and do not depend on time frames.

The growth in transaction volumes in this sector is also linked to a general increase in interest in decentralized financial products (DeFi). Innovations such as automated market makers (AMMs) and the development of smart contracts are making platforms more accessible to users with different levels of experience, which is contributing to the increase in transactions.

However, it is worth noting that despite these advances, the market still faces a number of challenges, including regulation and technical complexities such as liquidity and platform resilience. Nevertheless, success stories such as Hyperliquid and dYdX show that with the right approach, it is possible to achieve significant results. According to experts, we can expect this segment to grow even more in the future.

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Scroll token up 50% after listing on Binance

The Scroll second-level solution team has launched the SCR token airdrop. The asset was listed on Binance and a number of other leading centralized exchanges.

The day before, the developers disclosed the criteria for receiving the allocation. The project allocated 7% (70 million SCR) of the total coin supply for distribution. Of this, 5.5% is intended for the community as a reward for network activity. Ecosystem applications, developers and researchers will also receive tokens.

On October 11, Binance announced the launch of a pre-market with real tokens rather than derivatives. The first one was SCR.

After starting trading on the platform's spot market at 12:00 (Kiev, MSC), the token went from a starting price of $0.8 to ~$1.25 at the time of writing. The growth amounted to about 56%.

However, on the pre-market, the SCR rate was at around $1.4. The exchange refers the asset to the Seed category, which implies the risk of increased volatility.

The coin demonstrated similar dynamics on Gate.io.

Trading of Scroll token was also supported by Bitget, Bybit and KuCoin. On the latter, in the absence of a premarket, the opening price amounted to $0.5. During the first hour of trading, the quotes surpassed $1.3 and at the time of writing has moved into correction (TradingView).

The data aggregator CoinGecko records a 12.5% drop in the SCR rate over the last 24 hours. The service indicates the starting mark at $1.4, according to preliminary trades on a number of platforms. Current weighted average quotes of the token are at $1.22.

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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

.

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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