Preparing for a BTC rally?

October 28, 2024

Reading time: 5 minutes

Solana surpasses Ethereum in daily network fees amid increased activity

Key points:

  • Solana's daily network fees exceeded Ethereum's for the first time.

  • Increased trading on Raydium contributed to Solana's fee growth.

News - Solana, the third-largest blockchain by market capitalization, has temporarily outpaced Ethereum in daily transaction fees. This surge can be primarily attributed to a recent spike in memecoin activity on the Solana network.

In the past 24 hours, Solana generated over $2.54 million in fees, surpassing Ethereum's $2.07 million. This significant increase solidified Solana's position as the fifth-largest fee-generating protocol in the cryptocurrency market.

The primary driver behind this surge is Raydium, a leading decentralized exchange on the Solana blockchain. Raydium processed over $3.41 million in fees during the same period, contributing substantially to Solana's overall fee income.

It’s important to note that a significant portion of Solana's recent fee income is derived from memecoin-related activities. Pump.fun, a memecoin launchpad on Solana, contributed approximately $29.5 million to Solana's total monthly fees.

Bolivia's banking sector embraces crypto, offers Tether custody

Key points:

  • Banco Bisa has launched a custody service for Tether’s USDt in Bolivia.

  • The service allows secure buying, selling, and transferring of cryptocurrency.

News - Bolivia, a South American nation once wary of cryptocurrencies, has taken a significant step towards digital asset adoption. Banco Bisa, one of the country's leading banks, has launched a custody service for Tether's USDt stablecoin.

This move signifies a paradigm shift in Bolivia's stance on cryptocurrencies. Previously, the country had imposed a ban on cryptocurrencies, citing concerns about their unregulated nature and potential risks to the economy.

However, in recent years, the government has softened its stance, recognizing the potential benefits of blockchain technology.

The purpose - By offering Tether custody services, Banco Bisa aims to provide its clients with a secure and regulated platform to buy, sell, and store digital assets. The bank's verification process ensures that transactions are conducted transparently and safely.

The country's financial regulator, ASFI, has actively encouraged financial institutions to explore blockchain technology and offer crypto-related services.

November could ignite Bitcoin rally as ETFs near 1 Million holdings

Key points:

  • U.S. spot Bitcoin ETFs may soon surpass 1 million Bitcoin in total holdings.

  • Anticipated November events include the U.S. election and potential interest rate cuts.

News - U.S. spot Bitcoin ETFs are poised to reach a significant milestone of 1 million Bitcoin in holdings as early as this week.

This surge comes as traders anticipate favorable conditions in November, including the U.S. presidential election, the potential for Federal Reserve interest rate cuts, and Russia’s decision to lift its Bitcoin mining ban.

What’s the current position? Currently, U.S. spot Bitcoin ETF issuers possess 976,893 Bitcoin, valued at over $66.2 billion, representing nearly 5% of Bitcoin's total market capitalization of $1.34 trillion, according to data from Apollo and SoSoValue.

To hit the 1 million Bitcoin mark, these ETFs need to acquire an additional 23,107 Bitcoin, which would require $1.55 billion in net inflows at current prices.

Analyst Alessandro Ottaviani pointed out that $3 billion has flowed into these ETFs over the last two weeks, suggesting that if this trend continues into November, a new all-time high for Bitcoin prices could be imminent.

Hong Kong Stock Exchange set to launch Bitcoin and Ether price indices next month

Key points:

  • HKEX will launch its crypto price indexes on November 15 to provide benchmarks for Bitcoin and Ether.

  • The indexes aim to meet growing regional demand for cryptocurrency investment options.

News - Hong Kong Exchanges and Clearing Ltd. (HKEX) is set to introduce a new series of crypto price indexes on 15 November. This move is intended to provide a reliable benchmark for the burgeoning crypto asset class, particularly during Asian trading hours.

The “HKEX Virtual Asset Index Series” will offer reference prices for Bitcoin and Ether, calculated based on 24-hour volume-weighted average prices from top crypto exchanges. The indexes will be denominated in U.S. dollars and administered by CCData, a UK-based benchmark administrator.

What’s more? By launching these indexes, HKEX aims to foster greater transparency and facilitate informed investment decisions in the crypto market. The exchange hopes that these benchmarks will contribute to the growth of the virtual asset ecosystem and solidify Hong Kong’s position as a leading international financial center.

While HKEX has already listed Asia’s first spot Bitcoin ETFs, investor interest has been relatively subdued. The recent decline in daily trading volumes for these ETFs highlights the challenges in attracting significant investor participation.

Did you know?

  • BitConnect lured users with promises of high returns on unbeatable trading but turned out to be a $4 billion Ponzi scheme. Users lent crypto, received investment payments, and then watched it all crash. They even launched a second scam, BitconnectX, before disappearing.

  • Inspired by Squid Game, $SQUID promised play-to-earn riches. But like a real-life rug pull," creators cashed out, leaving investors with worthless tokens after a meteoric rise and crash. In merely seconds, the fraudsters ran away with $3.3 million.

  • Quadriga, Canada's once-trusted crypto giant, crashed amidst fraud accusations. Founder Cotten, holding sole access to $250M in user funds, died mysteriously in India. Most people don’t believe he died and accuse that he spread misinformation about his death.

Top 3 coins of the day

Solana (SOL)

Key points:

  • SOL, at press time, was trading at $174.

  • It was up 6.31% over the past week.

What you should know - At press time, Solana was trading at $174.20, showing a slight pullback after reaching a recent high of $178.59. The daily chart displayed a symmetrical triangle breakout, where SOL broke above the upper trendline near $160 in mid-October, signaling a potential bullish continuation. The recent price action suggests that SOL could be aiming for the $180 level, a psychological resistance point. However, the retracement could indicate short-term profit-taking or consolidation before a further move upward. The Simple Moving Average (SMA) was trending upwards, at the time of analysis, reinforcing bullish sentiment. Moreover, the Average True Range (ATR) showed moderate volatility, hinting at stable trading conditions.

Key points:

  • LINK, at press time, was trading at $10.86.

  • It was down by about 6.25% over the past week.

What you should know - At the time of analysis, LINK was trading at $10.86, facing resistance around the descending trendline near $11.20. The long-term downtrend remains intact, with the recent rejection confirming continued selling pressure. The horizontal support near $10 has held well over the past few months, indicating strong buyer interest at this level. The Stochastic RSI suggests oversold conditions, signaling a potential short-term rebound. However, LINK needs to clear the descending trendline resistance for any sustained bullish momentum. Failure to break above $11.20 could see another retest of the $10 support. Given the current market setup, traders should watch for a breakout above $11.20 to confirm a reversal, while a drop below $10 could signal further downside.

Pepe (PEPE)

Key points:

  • Pepe has suffered substantial losses in the last 7-days.

  • MACD, at press time, was approaching a bearish crossover.

What you should know - Pepe, at the time of writing, was trading at a bearish level, having recently broken below the ascending channel formed since mid-August. This breakdown suggests a potential bearish shift, with the previous support line of the channel now acting as resistance. The price action indicates that the $0.00000800 level could be the next support. The MACD shows a bearish crossover, with the MACD line crossing below the signal line, confirming increasing selling pressure. If the downtrend continues, PEPE could revisit lower support levels around $0.00000700. However, a recovery back into the channel could reinstate bullish momentum. Given the current market setup, traders should monitor for a potential retest of the broken channel line as resistance.

How was today's newsletter?

Login or Subscribe to participate in polls.