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The great Bitcoin mystery
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$100 million flows into Solana - Will this help SOL prices?
Key points:
Solana has witnessed a major inflow of funds into the network over the last week.
Solana’s network activity remained high last month as well.
News - According to an IntoTheBlock report, there seems to have been a large inflow of funds into Solana. Over $100 million has been bridged from other chains to Solana in the last seven days. This also included more than $70 million from Ethereum.
Did the funds impact Solana? Despite the new money flowing in, the network’s fee and revenue dipped, suggesting that the blockchain was not positively impacted. Separately, it was found that bears were in control of SOL prices.
At the time of writing, Solana was trading at $143, down over 4% on the 7-day chart. The bad news was that while SOL’s price dropped, its trading volume increased by over 40%, hinting at a continued price decline.
However, Solana’s daily active addresses have once again started to rise. Its daily transactions also remained pretty stable over the last 30 days, reflecting user engagement.
HBO documentary names Peter Todd as Bitcoin creator Satoshi Nakamoto
Key points:
The crypto community appears skeptical of HBO’s Satoshi Nakamoto claim.
BitMEX Research team called HBO’s claim that Peter Todd is Satoshi “ridiculous.”
News - A new HBO documentary, “Money Electric: The Bitcoin Mystery,” claims to have solved the long-standing mystery of Satoshi Nakamoto, the creator of Bitcoin. It has named former Bitcoin developer Peter Todd as Satoshi Nakamoto.
The documentary showed evidence that suggests Todd is Nakamoto, including that a 2010 post on BitcoinTalk by Satoshi Nakamoto was inadvertently made from Todd’s account.
What’s more? It was also found that Todd had left cryptic messages suggesting he had destroyed access to the 1.1 million BTC tokens held in Satoshi Nakamoto-linked wallets.
However, Peter Todd has already vehemently denied these accusations. Responding to the HBO documentary, Todd told the press “I’m not Satoshi.”
The news has left the crypto community debating on social media platforms, with a majority skeptical of HBO’s claims. And once again, the origins of Bitcoin remain shrouded in mystery.
U.S. to sell Silk Road Bitcoin: Will prices crater with 63K BTC entering the market?
Key points:
U.S. Supreme Court green lights the sale of over 69,000 Bitcoin confiscated by the government.
Bitcoin was trading at $62,111 at press time, down 0.34% in the last 24 hours.
News - The U.S. Supreme Court has declined to review an appeal over the ownership of 69,370 Bitcoin, originally confiscated from the covert web Silk Road marketplace. The U.S. government can now proceed with selling the seized assets.
The news comes at a time when Bitcoin has been struggling to cross the $70,000 resistance. The sale of seized BTC could further pressure the cryptocurrency market and impact Bitcoin’s price outlook.
A silver lining? Amidst this, an analyst has found that now is the best time to buy Bitcoin.
It was also found that Bitcoin’s current market position of negative Non-Realized Profit indicates that many traders are holding positions with little to no profit, suggesting the formation of a market bottom.
The addition of $4.4 billion worth of BTC to circulation could further strain the already struggling prices. However, the formation of a market bottom indicates that prices could potentially rise soon.
Assessing the odds of Ethereum hitting the $6k level soon
Key points:
Ethereum appears to be on the path to hit $6000, but there are challenges.
Holding above the $2,300 price zone is necessary for maintaining upward momentum.
News - Ethereum’s price movements are more closely watched as we enter the final quarter of the year. The most important price level for Ethereum now seems to be $2300, where 2.77 million addresses bought $52.65 million ETH.
This zone has attracted interest from prominent traders, who have been buying Ethereum, banking on historical trends that suggest a bullish run in Q4.
A look at the weekly charts showed that the price is in a long-term uptrend. This uptrend added confidence that holding above the $2300 support level could push ETH’s price higher.
If Ethereum stays above this critical level, a rally toward $6000 might be possible in the coming months.
Despite some traders expecting Ethereum to continue its upward movement, there’s noticeable sell pressure from some investors.
One whale, who received 150K ETH during Ethereum’s initial coin offering (ICO), has been selling portions of its holdings.
More stories from the crypto ecosystem
Interesting facts
Vitalik Buterin, the co-founder of Ethereum, was only 19 years old when he proposed the idea of Ethereum in a white paper. By the time Ethereum was launched in 2015, he was just 21 years old, making him one of the youngest influential figures in the cryptocurrency space.
It’s estimated that around 20% of all mined Bitcoins are lost forever, often due to forgotten private keys or users passing away without sharing access to their wallets.
Unlike many cryptocurrencies, XRP is not mined. All 100 billion XRP tokens were created at launch, with a portion held by Ripple Labs and the rest distributed to the market.
Top 3 coins of the day
Sui (SUI)
Key points:
SUI’s Open Interest was at an all-time high, suggesting that more traders are interested in the token.
At press time, SUI was trading at $1.9, down 5% in the last 24 hours.
What you should know - SUI saw a remarkable 100% increase last month, and the rally carried over into October. In addition, SUI drew more attention after surpassing Solana in daily transaction volume, further solidifying its growing presence in the market. SUI achieved over 1,000 transactions per second (TPS), surpassing Solana, which has long held the title of fastest Layer-1 blockchain. SUI price slipped at press time, but indicators showed that there is room for a big move up if the market conditions are good. SUI was also facing stiff resistance at $2, breaking which could propel the token to its all-time high.
XRP
Key points:
XRP’s performance reflects the currently neutral sentiment in the market.
On-chain data revealed that there was a surge in buy volume, but sell pressure persists.
What you should know - XRP has been struggling to find a directional footing after its bearish performance last week. XRP kicked off October on a bearish tone, which saw it tank by almost 20% in the first week of the month. The coin has since been moving sideways this week, within its $0.53 press time price level. RSI at 40 and the CMF in the negative zone confirmed the bearish state of XRP. For the past few days, the token has seen very less volume, this has been a concerning factor for short-term holders though. If bulls take the command, a move to $0.65 can’t be ruled out, but the upward movement will have to be backed by strong trading volume. For now, traders can expect sideways movement from the token.
Bonk (BONK)
Key points:
At press time, BONK was trading at $0.00002085, down nearly 2% over the past 24 hours.
BONK’s symmetrical triangle suggested a breakout.
What you should know - Bonk was consolidating within a tight range and was on the verge of a breakout at press time. The price has been following a symmetrical triangle pattern, a signal that typically suggests an imminent move. If a breakout occurs, it could lead to a bullish wave in the coming weeks. The RSI was hovering near 50, at press time. This could indicate renewed buying pressure, though the current downward trend suggested that the price may continue consolidating. An increase in both trading volume and open interest was recorded for the memecoin. This suggested that traders were positioning themselves in anticipation of a potential breakout.
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