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Crypto Market Weekly Summary & Outlook: October 18 - October 26, 2021

Updated: Oct 29, 2021

Crypto Market Highlights

  • Second Bitcoin Futures ETF from Valkyrie Funds Starts Trading on NASDAQ

  • VanEck files to launch futures-based Bitcoin Strategy ETF

  • Binance Smart Chain May Clone Ethereum’s EIP-1559 Fee-Burning Update

  • ProShares Bitcoin ETF Already Approaching Limit on Futures Contracts

  • Australian Senate Report Recommends Crypto-Friendly Regulations

  • Shiba Inu Gets Listed by Robinhood Competitor

  • $2.21 Trillion Investment Manager Pimco Starts Exploring Crypto

  • AMC CEO says it may issue its own cryptocurrency

  • Iota launches zero-fee beta smart contracts to foster interoperability

  • Polygon Pays $2 Million Bounty to hacker who spotted $850M vulnerability

  • US Treasury acknowledges most crypto transactions are 'legitimate' but still anticipates additional sanctions

  • Associated Press partners with Chainlink to put its journalistic information on a blockchain

  • Algorithm Bug briefly Crashes Bitcoin to $8,200 on Binance.US

  • Reddit preparing to develop a platform for NFTs according to a new job posting

  • Polkadot Co-Founder Gavin Wood Announces 18.9 Million $DOT ($777M) Development Fund

  • Walmart Installs 200 Bitcoin ATMs in Stores As Retail Giant Launches New Crypto Pilot Program

*The crypto events from the past week, as well as many more were detected by Crowdsense hours or days before reaching the market…

Market Overview

The entire market value of all crypto assets has moved in a range from $2.44 trillion to $2.68 trillion over the past seven days (hitting a new high in the process) and as of this writing is sitting near the $2.46 trillion mark. In addition, DeFi TVL also recently hit a record high above $233B. Furthermore, the total number of cryptocurrencies has now broached 13,000.

The Heavy Weights

Bitcoin (BTC-USD) hit a new all-time high last week of $67,276 and had been in the process of consolidating before pulling back. It briefly fell under the $60K level and then recovered in the low $60K’s, but has currently fallen below $60K again and is now trading at $58,800, down 8% over the past seven days. Last week's move to all-time highs happened the day after the first Bitcoin futures-based ETF started trading, but according to JP Morgan, the real reason for the move is growing inflation concerns as investors switch out of gold for Bitcoin as a better hedge. Even famed investor Paul Tudor Jones recently stated that crypto is his preferred way of hedging inflation. The inflation narrative has quite a strong linkage to the Bitcoin narrative as Twitter CEO and Bitcoin-phile Jack Dorsey commented that “Hyperinflation will change everything, it’s already happening.” Most analysts still expect Bitcoin to finish the year much higher, but a pullback to the mid $50k’s is not out of the question. Strong support is present at the $58,700 area while resistance is present between $65K and $67K.

Ethereum (ETH-USD), unlike Bitcoin, did not reach a new all-time high over the past week, but it did come ever so close. In fact, it matched it's all-time high of $4,380 before quickly being repelled back to the support area. Since then, it has lost some of its gains - currently trading at $4,010, up only 4% on the week.

Binance Coin (BNB-USD) started off the past seven days on a high note, with the news that Binance Smart Chain may copy Ethereum's gas-fee burning mechanism. If confirmed, this BEP-95 proposal would add more deflationary pressure to BNB. However, after moving above $500 in response to the news, BNB has since fallen all the way back to the $450's - currently trading at $456, down 6% over the past seven days. Investors should pay attention to any updates related to this new proposal.

Cardano (ADA-USD) has fallen all the way to the 5th spot in the market cap rankings, as Tether has now overtaken ADA to claim the 4th spot. After consistently staying above the $2 support area, today ADA bears have battled to bring it under $2, currently trading at $1.97, down 7% on the week. However there was positive news last week in the announcement that InputOutput (Cardano's official software developer) will be working with Bondly to create an official cross-chain “bridge” that would bring NFTs from Ethereum to Cardano. Still, ADA didn't respond to the news. If the $2 level cannot be recovered, the bearish trend would be confirmed.

High Flyers

Shinba Inu (SHIB-USD) has been on a tear, hitting new high after new high, currently trading at $0.00005704, up 106%!!! over the past seven days. It has climbed all the way to #11 in the crypto market cap rankings to sit behind - you guessed it - Dogecoin! There are many possible reasons for the move, including rumors that Robinhood will soon list SHIB as well as continued whale purchases of the meme cryptocurrency. Who knows how much higher SHIB can go? Even the 20% fall from Elon Musk's tweet confirming that he owns no SHIB has been recovered with additional gains added. That being said, investors should be cautious as such tremendous gains in such a short time span aren't sustainable.

Another major winner is Secret (SCRT-USD). It's up 80% over the past week to sit at the current price of $8.07. The privacy focused crypto, formerly known as Enigma, has a mission of supporting a new ecosystem of decentralized apps (DApps) that protect users’ privacy. One reason for the move could be that Secret partnered with NFT powerhouse OpenSea to launch anonymous NFTs.

Thorchain (RUNE-USD) performed quite well this week, gaining 59%, currently trading at $11.92. The rally started last week as it was learned that trading interoperability with the Ethereum network was re-enabled with trading on THORSwap almost tripling following the return. RUNE has since pulled back from the $14 level it hurt earlier and has some support around the $11 level.

Other Altcoins To Watch

Iota (MIOTA-USD) shouldn't be ignored. It recently launched zero-fee beta smart contracts to foster interoperability. This is the territory of Ethereum and Cardano. The smart contracts will then pave the way for the launch of the upcoming feeless NFT marketplace which will allows users to mint NFTs without paying any transaction fees. Iota is flat for the past seven days, currently trading at $1.24.

XRP (XRP-USD) should also be on investors' radar, currently trading at $1.02, down 8% over the past seven days. Crypto analyst "Credible" says that "XRP is looking strong, despite Ripple’s legal battle with securities regulators in the US." Furthermore Mike Novogratz pointed out that the price of XRP token had nearly tripled since the SEC’s actions, highlighting its march forward despite the ongoing legal drama. This march forward can be seen in the continuing slew of positive news such as Ripple rolling out low-cost instant payments system for MENA region. XRP has been range-bound around $1, but a major move could be in the cards.

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