As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the recent developments in the cryptocurrency landscape.
U.Today has summarized the top three important news over the past day, check them out!
BlackRock’s IBIT records highest trading volume in nearly six months
Based on recent data from blockchain analysis, BlackRock’s IBIT ETF experienced approximately $600 million in daily investments on October 28th. Remarkably, this product also recorded a trading volume of $3.3 billion, the highest in six months. Eric Balchunas, a senior ETF analyst at Bloomberg, noted that such high trading activity is unusual because ETF activity typically escalates during market downturns. Balchunas suggests that the recent surge might be fueled by a fear of missing out (FOMO), considering Bitcoin‘s price increase over the past few days. As a result, investors may expect more investments flowing into this ETF this week. Currently, Bitcoin is being traded at $72,074, marking a 0.35% rise over the last 24 hours. On October 30th, spot Bitcoin ETFs recorded inflows worth $870 million, which represents the third-highest daily inflows on record, as per analyst Nate Geraci.
Dogecoin (DOGE) bull rally may end soon, here’s why
As a researcher delving into the cryptocurrency market, I’ve noticed an intriguing development: Dogecoin (DOGE) has been one of the most significant beneficiaries of this week’s market surge. According to CoinMarketCap, its price surged by 4.93% on Wednesday, reaching $0.1729. However, certain technical indicators hint that this rally might not be long-lasting in the immediate future.
Bitcoin to face Godzilla, then Omega candles – Samson Mow shares crucial reason
After Bitcoin broke through the $72,000 barrier, Samson Mow, a well-known Bitcoin advocate and CEO of JAN3, expressed his views on Bitcoin’s price fluctuations and future predictions via X platform. According to Mow, Bitcoin’s price actions could become “extremely volatile,” leading initially to the emergence of a ‘Godzilla’ and then an ‘Omega Bitcoin candle.’ Mow believes that Bitcoin’s imminent and powerful surge, accompanied by the formation of large green candles, is due to the fact that “Bitcoin has been tightly wound for such a long time.” At present, while the market is still in awe of BTC‘s rally, Quantum Capital Partners have identified key reasons for its sudden increase – “strong inflows into Bitcoin ETFs” and “recent monetary easing cycles in major economies.” Additionally, the upcoming U.S. elections in November are also being closely watched by many Bitcoin enthusiasts.
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2024-10-31 18:20