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ETF approval drives Bitcoin towards all-time high at $65K – Crypto Weekly Roundup, October 18, 2021

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ETF approval drives Bitcoin towards all-time high at $65K - Crypto Weekly Roundup, October 18, 2021

New eToro additions Polkadot and Solana lead altcoin rally with double-digit gains

 Bitcoin has soared above $60K, getting tantalizingly close to all-time highs on reports that the first Bitcoin futures exchange-traded fund (ETF) has been approved by the U.S. Securities and Exchange Commission (SEC).

This bombshell blasted Bitcoin 8% higher over the last week, boosted further by Russian President Vladimir Putin who told CNBC on Wednesday that he believes crypto has value. Meanwhile, JPMorgan CEO Jamie Dimon took the opportunity to assert his own view that “Bitcoin is worthless”, two weeks after his bank released a note that said institutions are replacing gold with Bitcoin.

Elsewhere, recent eToro additions Polkadot, Polygon, and Solana pushed ahead of the market with double-digit gains all round. Shiba fell down in exhaustion with 11% weekly losses after a mega rally, and Dogecoin made a half-hearted attempt to catch up with 4% gains.

This Week’s Highlights

  • Bitcoin celebrates ETF approval
  • Polkadot pushes towards $50 on parachain milestone
  • eToro adds Solana to investment platform

Bitcoin celebrates ETF approval

In a monumental victory for crypto, the Securities and Exchange Commission (SEC) is set to let the first U.S. Bitcoin futures ETF launch on Monday after years of rejected applications.

Sources said to be familiar with the matter told CNBC that the SEC isn’t likely to block the ETFs proposed by ProShares and Invesco, triggering a rally that saw Bitcoin break through $60K, for the first time since April of this year.

Although these ETFs have attracted criticism for being backed by futures contracts and not the underlying asset, they could still have big implications for Bitcoin — allowing tax-sheltered and retirement accounts to easily get exposure, and potentially opening the cryptoasset to a much broader audience.

Polkadot pushes towards $50 on parachain milestone

While all eyes were on Bitcoin, Polkadot quietly surged more than 20% as the blockchain platform announced it was ready to roll out the final piece of its roadmap.

On Wednesday, the team announced a date for the launch of parachains. These are independent chains that can issue their own tokens and be tailored to a specific use case, while still connecting back to the main Polkadot chain.

Slots for parachain development will be sold via auctions starting on November 11th, and are expected to reduce the circulating supply of Polkadot by requiring participants to lock up the asset for the duration of the parachain lease.

eToro adds Solana to investment platform

eToro has added Solana (SOL) to its selection of cryptoassets. The SOL token powers a blockchain platform that claims to be able to support 50,000 transactions per second without sacrificing decentralization.

Solana joins the recent additions of Filecoin (FIL) and Polkadot (DOT), bringing the total number of cryptoassets available on eToro to 32.

Week ahead

The last time Bitcoin approached all-time highs at $20K, it was beaten back fiercely for weeks before it finally broke though.

This time however, the amount of Bitcoin held on exchanges is approaching all-time lows — suggesting traders have no intention of selling and could be moving funds to wallets for long-term storage.

On the bearish side, Pantera Capital CEO Dan Morehead anticipates that the ETF launch could be a classic “sell the news” moment, and trigger a similar dump to that seen after the CME’s listing of Bitcoin futures in December 2017.

 

Image by Niek Verlaan from Pixabay

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Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $60K

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Bitcoin gained pace and climbed above $58,000 against the US Dollar. However, BTC is still struggling to gain pace for a move towards the $60,000 level.

  • Bitcoin started a fresh increase above the $57,000 and $58,000 levels.
  • The price is now trading above $57,000 and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $58,000 resistance to continue higher in the near term.

Bitcoin Price is Consolidating Gains

Bitcoin price started a fresh increase above the $55,000 and $57,000 resistance levels. BTC even climbed above the $57,000 level and the 100 hourly simple moving average.

The price even broke the $58,000 resistance and traded close to the $59,000 level. A high is formed near $58,890 and the price is now correcting gains. There was a break below the $58,500 support level. The price declined below the 23.6% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high.

It is now trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $58,000 level.

Source: BTCUSD on TradingView.com

There is also a key contracting triangle forming with resistance near $58,000 on the hourly chart of the BTC/USD pair. A clear break above the $58,000 resistance zone could open the doors for more upsides. The next key resistance is near the $58,500 level. Any more gains might push the price towards $60,000. If there is a close above the $60,000 level, the price could accelerate higher.

Fresh Decline In BTC?

If bitcoin fails to clear the $58,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $57,400 level.

The first major support is now forming near the $56,200 level. The next major support is near the $56,200 level. It is close to the 50% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high. Any more losses may possibly push the price towards $55,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.

Major Support Levels – $57,000, followed by $56,200.

Major Resistance Levels – $58,000, $58,500 and $60,000.

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Top Gainers of the Day: Shiba Inu (SHIB), Tezos (XTZ) and Stacks (STX)

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Top Gainers of the Day: Shiba Inu (SHIB), Tezos (XTZ) and Stacks (STX)
  • Shiba Inu has flipped Avalanche (AVAX).
  • On multiple occasions, SHIB has surpassed DOGE.

Let us take a look at the top crypto gainers of the day.

Shiba Inu (SHIB)

On Tuesday morning, Shiba Inu (SHIB), a meme currency and Dogecoin competitor, achieved an intraday high of $0.00005097, up 31.4 percent. According to CoinGecko, Shiba Inu hadn’t traded over $0.00005100 since November 19, when it went above $0.00003660. The meme currency has gotten a lot of attention recently, thanks to the indirect help of Vitalik Buterin, co-founder of Ethereum.

SHIB/USDT: Source: TradingView

Shiba Inu has flipped Avalanche (AVAX) to become the 11th biggest cryptocurrency by market value. On multiple occasions, SHIB has surpassed DOGE in terms of the total market cap on CoinGecko. According to CoinMarketCap, the SHIBA INU price today is $0.000052 USD with a 24-hour trading volume of $9,108,222,166 USD. SHIBA INU is up 34.77% in the last 24 hours.

Tezos (XTZ)

Tezos is a smart contract-based blockchain network similar to Ethereum. But there’s a key difference: Tezos intends to provide the more sophisticated infrastructure to develop and improve without risking a hard fork.

1638277046 740 Top Gainers of the Day Shiba Inu SHIB Tezos XTZ
XTZ/USDT: Source: TradingView

This has been a problem for both Bitcoin and Ethereum since its creation. Tezos holders have the ability to vote on protocol modifications suggested by the Tezos team. According to CoinMarketCap, the Tezos price today is $5.47 USD with a 24-hour trading volume of $809,631,184 USD. Tezos is up 16.22% in the last 24 hours.

Stacks (STX)

Stacks is a layer-1 blockchain system aimed to introduce smart contracts and Dapps to Bitcoin (BTC). These smart contracts are added to Bitcoin without compromising its great qualities, such as security and stability.

1638277047 737 Top Gainers of the Day Shiba Inu SHIB Tezos XTZ
STX/USDT: Source: TradingView

Unlike typical applications, Dapps are open and modular, allowing developers to build on top of each other’s apps. Because Stacks is built on Bitcoin, everything is settled on the most extensively used and secure blockchain. According to CoinMarketCap, the Stacks price today is $2.47 USD with a 24-hour trading volume of $384,010,631 USD. Stacks have been up 13.13% in the last 24 hours.

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Cardano Active Addresses Shoots To New Highs Amid Downtrend

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Picture of a Cardano coin in front of a market chart

Cardano has recorded a significant uptick in active addresses in recent days. This comes despite the negative news that has surrounded the digital asset following news of mid-sized crypto exchange eToro demising the altcoin for U.S. users. This has sent the price of the asset barreling downwards towards points that had not been touched in the past three months.

The downtrend in the cryptocurrency had opened up an opportunity for investors to snatch up ADA at discounted prices before the expected bounce back. In addition to expected releases of decentralized applications (DApps) on the blockchain, activity has ramped up among investors.

Related Reading | Cardano Founder Addresses Liquidity Concerns Over eToro Delisting

Active Cardano Addresses Hits New High

Activity on Cardano has gone up significantly in just the past few weeks, showing an inversely correlated pattern with the price of the digital asset. The number of active addresses had maintained just a little above 200K as the peak for most of the year. However, this changed in the fourth quarter of the year.

As the price of ADA had taken hit after hit in the market, the number of active addresses had shot up in the meantime. Towards the end of November, this number had surged drastically as the number grew about 80% from its previous all-time high.

Cardano active addresses hits new all-time high | Source: IntoTheBlock

The number had hit its highest point back in October when the number of active Cardano addresses broke towards 250,000. Then in mid-November, the number had broken through 250,000 but had subsequently declined. The recovery from this point would prove to be even more momentum as the number of active addresses had broken above 400,000 for the first time ever.

Number Of New Addresses Surge

Active addresses were not the only metric that saw a significant uptick. Data from IntoTheBlock shows that Cardano also saw an increase in the number of new wallets on the blockchain. It followed basically the same pattern as the number of active addresses, maintaining a strong correlation all through October and November.

Related Reading | Cardano Increases Block Size By 12.5%, What This Means

Over 100,000 new wallet addresses were added to the Cardano network in the month of November, eventually peaking at approximately 300,000. A significant percentage of these new addresses were added after the price of the digital asset had dropped below $2.

Cardano price chart from TradigView.com

ADA falls to three-month low | Source: ADAUSD on TradingView.com

Despite the price of ADA suffering, adoption has not slowed down on the network. Investors have always been vocal about their investments being towards the future of the project and not for the short-term and have demonstrated this in the past week.

Featured image from Finbold, chart from TradingView.com
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