Bitcoin regained $67k, Dollar Index Rally halted as Beige Book supports Fed rate cut

-- Beige Book bolsters hopes for a quarter percentage point Fed rate cut in November and December.
-- Rally DXY halted after Beige Book report, paving the way for BTC's recovery .

Bitcoin (BTC) climbed back above $67,000 as the latest Beige Book survey of U.S. economic conditions released by the Federal Reserve (Fed) on Wednesday showed a subdued outlook, confirming the need for further rate cuts in the coming months.

In the latest release, nine of 12 regional banks reported stagnant or slightly weak economic activity since early September. Most districts saw a downturn in manufacturing activity, as well as some signs of slowing consumer demand.

Inflation or the cost of living continued to decline as sales prices rose slightly or modestly in most counties. Employment increased slightly, but hiring focused mostly on replacement rather than growth. Meanwhile, a few counties pointed to slower wage growth.

Overall, the sluggish outlook contradicts the more positive-than-expected September employment report and opens the door for further Fed rate cuts.

Bitcoin recovered from overnight lows below $53,500 and traded 1% higher for the day at $67,300 at press time, while the Dollar Index Rally (DXY) stalled. The index retreated to 104.30 from an overnight high of 104.57, according to data source TradingView.

“These comments [on Beige's book] caught the attention of the Markets and helped build confidence that there will be another 25 basis point decline in November and there is a high probability of ONE in December . After that, the dollar reversal occurred across the board,” ForexLive noted in its blog.

Several Fed officials, including Chairman Jerome Powell, cited the Beige Book's gloomy outlook for ONE of the reasons for the 50 basis point decline in the benchmark borrowing cost to the 4.75-5% range in September.

Markets QUICKLY estimated an additional 75 basis points of easing by year-end. However, those hopes were undermined by upbeat employment data for September and a hotter than expected inflation report for September.

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Tesla presented its report for the III quarter of 2024

-- Tesla shares rose amid the release of its Q3 financial report.
-- Net income as a whole, as well as revenue from the company's core divisions, marked a positive trend.
-- Also, according to the report, the firm's bitcoin portfolio remained unchanged.

Also, according to the report, the firm's bitcoin portfolio remained unchanged.

As previously anticipated, the company's bitcoin portfolio remained unchanged.

Key financial and operational highlights

Tesla produced nearly 470,000 vehicles in the quarter.

Revenue from that business was up 2% from a year earlier. Much more notable was the jump in revenue in the energy and services segments, up 52% and 29%, respectively.

At the press conference, company owner Ilon Musk predicted a 20-30% increase in car production, driven by the release of unmanned and conventionally affordable models.

He also noted that in the future all cars of the brand will be autonomous.

Musk stated that the company has already developed and launched the Cybercab unmanned cab ordering app, which was allegedly used by some employees of the division in California.

A full-fledged release in that state and Texas is expected in 2025, according to the billionaire.

The hype surrounding the sale of bitcoins

This caused concern among the community, as the sale of such a volume of the asset could have collapsed the exchange rate.

Later, Arkham Intelligence experts refuted these suspicions.

According to their data, the company retained full control over the assets. A possible reason for the rebalancing was Tesla's plans to take a loan secured by crypto-assets, but this information remained unconfirmed.

According to official data, Tesla controls 9720 BTC.

Arkham Intelligence experts cite a different number - 11,509 BTC. Tesla invested about $1.5 billion in bitcoin in February 2021.

In Q2 2022, the company sold 75% of the total portfolio.

The next sale was in Q4, after which the assets were revalued at $184 million.

This is the number displayed in Tesla's Q3 2024 balance sheet.

At the time of writing, bitcoin is trading at $67,400. Taking this into account, the firm's unrealized profit is about $471 million.

Shares of Tesla (TSLA) reacted to the release of the report with a rise. On the premarket, their exchange rate rose from $213 to $239 at the time of writing.

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What could support Solana (SOL) price growth of almost 30%

Here's a look at what factors could be driving Solana (SOL) above the $200 mark for the first time since April

Solana's Level 1 (L1) blockchain has seen a significant increase in user activity over the past month. Over the past 30 days, the number of active addresses and transactions on the network has grown by double digits. Such trends could support the SOL's first breakout above the $200 mark since April.

The number of Solana users is growing

Demand for the Solana network has grown significantly over the past 30 days, as evidenced by the increase in the number of daily active addresses. According to Artemis, 7 million unique addresses made at least one transaction on Solana during this period. This represents a 70% increase on the previous figure.

The increase in active addresses also led to a corresponding increase in the daily transaction volume on the network. During the same 30 days Solana processed 44 million transactions. The growth of the index amounted to 24%.

The inflow of new users to Solana has strengthened its position in the decentralized finance (DeFi) segment. Over the last week, Solana overtook Ethereum and other major networks such as Base, Arbitrum and Polygon in terms of daily trading volume on decentralized exchanges (DEX). The figure for Solana was over $13 billion, far surpassing Ethereum with its $8 billion.

In addition, the total value of assets locked in the Solana protocol (TVL) reached $6.22 billion, the highest since January 2022.

SOL prediction: the key factor is network utilization

As the number of network users increases, the practical utility of its core asset (in this case SOL) increases. High network utilization means more transactions. These often require more of the network's native tokens to pay fees. This drives demand for the asset and raises its price.

If activity on the network continues to grow and increase demand for SOL, the price could overcome the resistance level at $172.53. Its net breakout would send the altcoin to $194.12. If the bullish momentum continues, Solana could recover above $210.18. The price has not visited this level since March.

However, if user activity drops and demand for SOL weakens, the price could test support at $148.15. Failure to defend this level risks a drop to $133.76, which would negate optimistic forecasts.

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Norway's central bank decides whether to launch a digital krone

Deputy Governor of the Central Bank of Norway (Norges Bank) Pål Longva announced that the regulator will decide on the launch of its own digital currency (CBDC) by the end of next year.

The official said that Norges Bank is trying to keep up with central banks in other European countries by studying and testing state-owned stablecoins. The central bank is now studying retail and wholesale versions of the future digital Norwegian krone. The retail CBDC will be available to individuals for everyday use, while the wholesale version should simplify and speed up transactions between financial institutions.

Longva said that many central banks have recently focused on the wholesale model because of its possible advantages for the banking system, and Norges Bank will also focus its efforts in this direction. According to the official, smooth implementation of retail CBDC will require cooperation with commercial banks and other stakeholders. Therefore, the Norwegian central bank is still assessing the potential challenges and obstacles that may arise with the retail digital krona.

"We are keeping pace with many central banks as we explore complex technical issues. We still have a lot to consider and evaluate, so right now we do not see an urgent need to launch a state-owned stablecoin,” Paul Longva said.

The pilot project to test the digital krona, which has been in development for more than two years, is in its so-called fifth phase. In 2022, the Norwegian financial regulator launched a sandbox to test the CBDC to see if it could ensure the stability of the state currency and the financial system.

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Что нужно знать об аирдропе X Empire перед листингом X

За несколько месяцев «тапалка» X Empire привлекла более 50 млн пользователей. Рассказываем, что нужно знать об аирдропе X игрокам.

Токеномика X Empire

Согласно токеномике, общая эмиссия X составит 690 млрд токенов. Их распределят следующим образом:

-- 70% пойдет сообществу;
-- 30% оставят для новых игроков и следующих фаз игры.

Как заклеймить токены

Для того чтобы получить аирдроп X, необходимо зайти в приложение X Empire в «Телеграме». В настоящее время игровой процесс приостановлен, поэтому при открытии игры появится страница с информацией о раздаче токенов.

В оранжевом окне можно увидеть, сколько токенов вы получите в ходе аирдропа. Если никаких цифр на вашем экране нет, значит, к распределению X вас не допустили (как и автора статьи). Вообще из почти 50 млн игроков в раздаче примут участие только 6 млн, что сильно разочаровало сообщество.

Заработанные активы пользователи могут пожертвовать основателю «Телеграма» Павлу Дурову или команде X Empire.

Если донатить не очень хочется, «тапалка» предлагает несколько вариантов вывода X:

-- на централизованную биржу (CEX);
-- в криптокошелек внутри «Телеграма»;
-- ончейн — эта опция предназначена для других криптокошельков.

Вывести средства на биржу или в Wallet можно без комиссии. В случае выбора третьего варианта игрокам придется заплатить $0,02.

Что делать с токеном X

Сделать с токеном X можно все, что угодно. Например, продать. На премаркете, который открыли Bitget и KuCoin, монета сейчас торгуется примерно по $0,0002. Однако какой будет цена после листинга — никто не знает.

Монета X также может пригодиться для участия в раздачах от других проектов. Так, Memes Labs и Staff Only уже объявили о том, что выделят по 2% от общей эмиссии своих токенов для вознаграждения активных держателей X.

Команда X Empire также разрабатывает коллекцию утилитарных приложений. В планы разработчиков входит создание приложений для новостей и изучения языков, а также трекер сна. Ожидается, что в новых инициативах «тапалки» играть центральную роль будет токен X

Когда именно начнется следующая фаза X Empire остается неизвестным. Зато в конце октября начинается второй сезон другой популярной «тапалки» — Hamster Kombat (HMSTR).

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Chainlink holders accumulate funds

Chainlink is a leading middleware that securely connects decentralized applications with external data. While the platform plays an important role in many cryptocurrency sectors, especially DeFi, LINK has been struggling lately.

Link holders transfer tokens from exchanges: are they accumulating?

However, IntoTheBlock's blockchain data shows that more and more holders are withdrawing tokens from leading exchanges such as Binance and Coinbase. In a post on X, the analytics platform notes that trading volume on the exchanges has been negative over the past month, indicating a steady withdrawal of funds.

Usually, when tokens move off exchanges, it could indicate that the owners are confident about what the future holds. As a LINK token supported by many DeFi protocols, it may indicate that holders are interested in using these decentralized applications and possibly generating passive income.

The more transfers from centralized platforms, the higher the likelihood of simultaneous price increases, which is a positive for LINK bulls. According to Etherscan, Chainlink had 1 billion LINKs distributed across 721,996 unique addresses as of Oct. 23.

These holders, in turn, transferred LINKs more than 15.8 million times. The onchain data at a deeper level shows that Binance controls over 4.2% of the total supply. The number of channels under their control exceeds $479 million at spot rates.

Chainlink creation: will the price rise above $20?

Judging by IntoTheBlock data indicating net outflows from exchanges, there is a chance that LINK will find support and resume the uptrend seen in the last few trading days. Resistance for LINK is at $12.3 and a double bearish formation is forming after this morning's drop.

However, even if prices break above the level, pushing the bears away, the bulls should decisively consolidate above the double top at around $13. A possible bounce would open the way for LINK bulls to build a solid base for a rise to $20.

The pace of that rise depends on how leading altcoins, including Ethereum, behave. If Ethereum prices recover and surpass $3,000, this could revitalize demand for DeFi and NFT, which would lift LINK.

In addition, the price will be influenced by the team's progress. Yesterday, October 22, Chainlink Labs launched the Chainlink Collaboration Interconnect Protocol (CCIP) for private transactions. This feature ensures data privacy without violating existing laws governing internetwork transactions.

The solution utilizes the Blockchain Privacy Manager middleware. Thus, partner banks and other financial organizations can securely connect private blockchains to other registries whenever they exchange sensitive information.

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Bitcoin whale numbers hit highest since January 2021

-- A surge in the number of whales is boosting the likelihood of Rally to record highs.
-- According to CryptoQuant, the pace of accumulation by retail investors has slowed recently.

The number of large Bitcoin holders is on the rise again, reinforcing the likelihood of a Rally price to new record highs .

Data tracked by Glassnode and Andre Dragosz, director and head of European research at Bitwise, shows that the number of so-called whales or network entities holding at least 1,000 BTC rose to 1,678 earlier this week, reaching its highest level since January 2021.

The growing accumulation of funds by large holders, along with sustained demand for alternative instruments, especially US-listed spot ETFs, indicates growing confidence in the bitcoin price outlook.

Entities are defined as clusters of Crypto addresses owned by a single network member holding at least 1,000 BTC. Entity whales are being closely monitored given their ability to affect liquidity and prices.

Meanwhile, according to analytics firm CryptoQuant, the pace of accumulation by retail investors has slowed, with the price of cryptocurrency approaching $70,000.

“Over the past thirty days, retail assets have grown by just 1k Bitcoin , which is a historically slow pace,” CryptoQuant analysts told CoinDesk.

“Since the beginning of 2024, assets of other large investors (those holding between 1k and 10k Bitcoin) have grown faster than retail investor assets on a year-over-year basis. To date, retail assets have grown by 30k Bitcoin compared to 173k Bitcoin of other large investors,” the analysts added.

At the time of publication, Bitcoin was trading just above $67,000, just 10% short of setting a new lifetime high above $73,800. Prices briefly topped $69,000 on Monday before losing momentum, presumably due to the continued rise in the dollar index and Treasury bond yields.

Some analysts believe that rising yields won't weigh on risk assets for long and that the path of least resistance for BTC lies on the higher side. Options traded on the dominant Deribit exchange point to the $80,000 and $100,000 levels as levels to watch for the rest of the year.

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TVL of Solana network reached its highest level since January 2022

-- Solana Network's TVL reached the $6.43 billion mark.
-- This is the highest since January 2022.
-- SOL coin is trading near the $167 mark.

The total value of blockchain assets (TVL) in Solana's L1 network has reached the $6.43 billion mark, a figure last seen in January 2022.

Among Solana-based projects, the leaders in terms of TVL are the liquid steaking protocol Jito and the decentralized exchange Raydium. At the time of writing, the total value of assets blocked in them is $2.23 billion and $1.8 billion respectively.

Note that the Solana network is the third largest in terms of TVL. The closest competitor - TRON - has $6.94 billion, while Ethereum has more than $48.3 billion.

Solana coin (SOL) is also showing growth. In 30 days, the price of the asset has grown by almost 15%, at the time of writing it is trading near the $167 mark.

Solana's capitalization has reached the level of $78.23 billion, the last time such a figure was observed in August 2024:

Recall, earlier experts at Standard Chartered said that Solana is overvalued compared to Ethereum.

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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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Robert Kiyosaki advises buying more bitcoins during Uptober

Renowned investor and author of the best-selling personal finance book “Rich Dad, Poor Dad” Robert Kiyosaki shares his opinion on what savvy investors should do during the month of “Uptober.”

Bitcoin's [expected] surge during Uptober signifies an opportunity to acquire more bitcoins, or “go ahead and say goodbye.”

Apparently, Kiyosaki believes the traditional October rise is still to come, and it will be substantial.

Bitcoin began rising on Oct. 10 after briefly falling below $59,000 earlier in the month. This has revived hopes that a rally to a new high near $100,000 is possible. Statistically, October has often been an outstanding month of strong bitcoin performance, with the impact of the bullish momentum extending into May.

Unlike other analysts and financiers, Kiyosaki is consistently optimistic about BTC and sees it, along with gold and silver, as the main safe haven from the devastating effects of the coming economic crisis.

Other experts express their confidence that despite the ups and downs, bitcoin remains in an uptrend and could rise above $85,000 by October 31.

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Vietnam unveils strategy for blockchain development

The Vietnamese government has approved a new National Strategy. It deals with the application and development of blockchain technologies until 2025 with a perspective until 2030. According to the decree signed by Prime Minister Ho Duc Phoc, this is the key direction of the 4th industrial revolution. The main focus is on developing a robust digital infrastructure that will ensure data security and create conditions for the country's economy to grow.

As part of the strategy, by 2030, Vietnam aims to become a leader in the region in blockchain technology research and adoption. Among the ambitious goals are to create 20 reputable blockchain-based brands and maintain a minimum of 3 testing centers in the country's largest cities. Importantly, the plan also calls for Vietnamese institutions to be among the top 10 blockchain-related education and research institutions in Asia.

To achieve the goals, the government has developed a 5-year plan that includes improving the legal framework, building infrastructure for the blockchain ecosystem, developing human resources and international cooperation. Various ministries will participate in the implementation of the program.

These include the Ministry of Information and Communications, the Ministry of Education and Science, and the Committee of Cryptographic Technologies, which emphasizes the inter-ministerial nature of the project.

The Vietnam Blockchain Association (VBA) has a special role to play in the development of the blockchain industry, which will promote platforms and solutions created domestically. The organization plans to attract local technology companies, encourage information sharing and strengthen international competition. According to Phan Duc Trung, vice chairman of the VBA, the strategy will be an important step in building a transparent, secure and sustainable digital economy, which is in line with the government's long-term goals.

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GOAT cryptocurrency has risen sharply

Goatseus Maximus, Pump.fun's new meme coin, has risen in value by more than 50% after being added to several exchanges and its volume increased.

The Goatseus Maximus (COZEL) exchange rate rose to a record high of $0.6794, well above last week's low of $0.045. Its market capitalization jumped to $668 million from about $48 million during the period to $668 million from $668 million.

This jump was due to three main factors. First, the futures contract was added to Bybit, one of the largest cryptocurrency exchanges in the industry. The listing gives users the ability to trade with up to 12.5x leverage.

GOAT will also be featured on Woo, another popular exchange. Other exchanges where it is listed on the spot market are BitMEX, Bitget, Gate.io, HTX and Crypto.com. According to CoinGecko, most of its volume is on Orca, the second largest DEX in the Solana ecosystem (SOL).

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Cryptocurrencies often rise in value after listing on some of these tier-one exchanges because it's often seen as a sign of recognition. The listing also helps bring the token to the attention of millions of crypto investors. That explains why its daily volume rose to more than $384 million on Tuesday.

The GOAT token has also increased in value due to increased whale activity. For example, according to Lookonchain, one trader withdrew $5.4 million worth of Solana tokens and invested $3.39 million in GOAT. Another trader withdrew $2.4 million worth of Solana tokens from Binance and bought GOAT.

In most cases, such large purchases and surges in token popularity cause traders to fear missing out on the gains and the token rises in value.

GOAT's rise made it the most popular token in the Pump.fun ecosystem. It has also helped increase the total market capitalization of the ecosystem to more than $2.1 billion. Other popular tokens in the ecosystem include Fwog, Michi, and Moo Deng.

GOAT token overcame key resistance

On the hourly chart, the GOAT token jumped from a low of $0.1695 on Monday to a high of $0.7335. As it rose, it turned an important resistance point at $0.5705 into support, canceling a double top pattern that was forming.

The token also rose above the 25-period moving average. Therefore, despite likely further gains, GOAT could fall and retest support at $0.5705 and then resume the bullish trend. This is called a “breakout and retest”.

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Scroll (SCR) fell 19% one day after going public

Over the last 24 hours, the Scroll (SCR) token has lost almost 20% in value. The bearish mood is intensifying: more losses are ahead

The Ethereum layer-2 (layer-2) Scroll network has launched the SCR token. The long-awaited airdrop took place on October 22. However, many participants were dissatisfied with the amount of SCR received, which provoked a token sell-off.

The Scroll airdrop was the cause of the problems

The team's blog states that the Scroll airdrop distributed 5.5% of the total SCRs - 55 million out of 1 billion tokens - to early participants in the ecosystem. However, many users of the L2 network were disappointed with the amount of coins received and dissatisfied with the token distribution strategy. Many were angered that the project put Binance customers ahead of its loyal user base.

One user, Joshyy, described it as “the worst airdrop to date.” He “invested $60 in farming Scroll, only to receive $973 $SCR.” Another user stated that he dumped the tokens he received through Airdrop and withdrew all his assets from this blockchain network.

SCR owners are selling assets

Since the launch of SCR, there has been a surge in sales, which has led to the token value plummeting by double digits. The picture on the hourly chart predicts a possible further decline.

The bearish mood towards the altcoin is intensifying. This is evidenced by the negative value of the Bull Bear Power (BBP) indicator, which reached -0.10. It shows the balance of power between buyers and sellers in the market. The negative value of BBP indicates that the market is under the control of bears.

In addition, the price of SCR approached the lower boundary of the Bollinger Band (BB). This usually indicates a downtrend or selling pressure. Although the lower boundary usually serves as a support level, sustained trading in this area usually indicates bearish momentum.

SCR outlook: the coin is at risk of falling to new lows

SCR is now trading just above the $0.99 support level, an all-time low since launch. Further selling could push the price below this level as soon as possible.

However, if the market mood changes from bearish to bullish and the demand for SCR grows, the price will start growing towards the resistance at $1.55. Successfully overcoming this level will bring into play the next resistance at $1.72.

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Ethereum (ETH) price could soar to $10,000, analyst predicts

According to cryptocurrency analysts using technical analysis, the price of Ethereum could soar to $10,000 per ETH, up from the cryptocurrency's current price of $2,570.

In a post on microblogging platform X (formerly known as Twitter) to more than 60,000 followers, analyst Trader Tardigrade predicted that the price of Ethereum could hit a high of $10,000 after breaking out of an ascending pattern formed by symmetrical triangles.

The trader noted that the first time the Ethereum price broke out of such a structure, it rose 70%, and the second time it rose 140%. If there is a third breakout, the analyst wrote that based on previous upside and growth at each upside, the price could rise 280% to $10,000 per ETH.

A symmetrical triangle pattern is formed by drawing trend lines, one descending and one ascending, along a converging price range. To confirm a valid and not a false breakout, traders should look for rising volume and at least two consecutive closes outside the trendline, according to Investopedia.

Symmetrical triangles usually indicate that price will continue to move in the same direction as it did before the triangle formed. Therefore, traders expect price to break upwards if a symmetrical triangle follows an uptrend.

As CryptoGlobe reported earlier this month, Matthew Siegel, head of digital asset research at global investment firm VanEck, noted that the company's $22,000 target price for ETH is set for 2030, but acknowledged that Ethereum's changing fundamentals indicate that their valuation model needs to be updated.

Siegel explained that their original model assumed a 50:50 split of total blockchain value (TVL) between Ethereum and L2, and a 50:50 split of maximum extractable value (MEV), which they estimated at 0.10% of TVL per year.

According to him, there is a serious discrepancy in the distribution of transaction revenue between Ethereum and L2. While the original model suggested a 90:10 distribution in favor of Ethereum, the actual distribution over the past four months has been 10:90 in favor of L2.

Siegel said that this shift demonstrates that L2 tokens are receiving significantly more from Ethereum than originally expected. He went on to say that if this 10:90 split continues, VanEck's target price for ETH will drop by two-thirds.

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Brad Garlinghouse makes a statement about the XRP ETF

Ripple Labs CEO Brad Garlinghouse believes that it is only a matter of time before the company launches an exchange-traded fund for XRP.

In an interview with Bloomberg Television, Garlinghouse expressed confidence that the XRP ETF will eventually be approved, which would be a major milestone for Ripple amid its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

“It's inevitable,” Garlinghouse said, noting the growing demand for cryptocurrency-backed ETFs and the massive influx of funds into bitcoin ETFs following their approval earlier this year.

“Since bitcoin-backed funds were first approved in January, $17 billion has flowed into the fastest-growing ETF in history,” Garlinghouse said. - This clearly shows that there is demand from organizations and retailers to access this asset class.”

Earlier in October, Bitwise Asset Management Inc. became the first firm to file with the SEC for an ETF tracking XRP, currently the world's seventh-largest cryptocurrency. Shortly afterward, Canary Capital Group, a digital asset-focused investment firm founded in September, also filed for a similar product, the Canary XRP ETF.

Garlinghouse said the approval of cryptocurrency ETFs signals a trend toward greater institutional participation in the digital asset space: “It puts upward pressure on the prices of a lot of different cryptocurrencies, including XRP,” he said. * Not investment advice.

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XRPLedger is now available on MetaMask with Snap

In a major development, MetaMask users can now easily access XRP Ledger with a single click. In a new tweet, Peersyst, the Ripple partner developing the XRP Ledger EVM sidechain, announced the launch of XRP Ledger Snap for MetaMask. MetaMask Snaps are modular extensions that allow developers to extend the functionality of the MetaMask wallet.

This extensibility means that Metamask's 30 million monthly active users are now just one click away from creating an XRP Ledger account, creating a unique opportunity to accept and manage XRP Ledger assets in the Metamask crypto wallet.

XRP Ledger Snap will allow users to interact with XRP Ledger (XRPL) using their MetaMask wallets. Users will be able to manage XRP and other tokens on XRPL, execute transactions, and interact with XRPL-based decentralized applications (dApps) without leaving the MetaMask interface. Snap fills the gap between MetaMask and the XRP Ledger, bringing the benefits of XRPL to the popular Ethereum wallet.

Snap also includes all the current features available in XRPL mainnet and testnet and can be used by any dApp to connect and sign transactions. Other features include a web wallet that allows users to manage their XRP Ledger accounts, tokens and trust lines, and Transak on-ramp.

XRP Ledger compatibility at work

Ripple's engineering team is working closely with Peersyst to extend XRP Ledger interoperability through the XRPL EVM Sidechain, which will open new opportunities for XRPL developers in decentralized finance (DeFi) and real-world asset (RWA) tokenization, driving innovation and expanding the utility and reach of the network.

Connecting the XRPL EVM Sidechain to the XRPL mainnet will involve the use of a bridge, with the wrapped XRP (eXRP) serving as the native asset and gas token. This bridge facilitates the transfer of assets between XRPL and EVM Sidechain EVMs, ensuring interoperability.

The XRPL EVM Sidechain will be launched with Axelar acting as the exclusive bridge to the native sidechain gas token (eXRP) from XRPL. Axelar can also be used to bridge additional interoperable tokens to and from the main XRPL network, as well as from the more than 55 blockchains in the Axelar network.

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Chainlink has introduced a new CCIP Private Transactions feature for financial institutions

Chainlink has launched CCIP Private Transactions, a new privacy feature powered by blockchain technology and aimed at enabling financial institutions to maintain data confidentiality, integrity and compliance in cross-chain transactions. In its announcement, Chainlink said this development addresses pressing privacy concerns that have so far limited institutions' participation in blockchain ecosystems due to the need for secure, private transactions.

One of the first users of the technology is the Australia and New Zealand Banking Group (ANZ), which will pilot the capability as part of the Monetary Authority of Singapore's (MAS) Project Guardian. This project focuses on cross-chain settlement of tokenized real-world assets (RWAs), highlighting a use case that complies with regulatory standards such as GDPR and MiFID II.

Previously, financial institutions have been hesitant to interact with blockchain due to a lack of privacy solutions for cross-chain transactions. The rules require end-to-end privacy for interactions between private blockchains, as well as limiting data disclosure when transactions involve public blockchains. Chainlink said its CCIP Private Transactions aims to address this issue by providing a new encryption and decryption protocol that keeps transaction details private, including data, token amounts and involved counterparties.

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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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