Unsettling information has created a fascinating background.
After the most recent DailyCoin Bitcoin Regular, there has been a significant increase of 7.55% in BTC, indicating a potential recovery. However, as the weekend approaches, Bitcoin seems to be calming down.
When the news came in two weeks ago, the market did not move. News is plenty these days, and costs have increased. Our goal in examining this market is to identify noteworthy occurrences that could indicate a market turning point. We provide you with our expert, Kyle Calvert,’s Bi-Weekly DailyCoin Bitcoin Report in order to accomplish this.
News and Events: Comprehending Their Effects
BlackRock Bitcoin ETF Approval Discredited as Fake News
The crypto community was agitated by a mistake made by Cointelegraph, a crypto news source. They incorrectly stated that a BlackRock spot Bitcoin ETF had received SEC approval for the US market. However, it later emerged that the SEC hadn’t made a decision.
Tesla Maintains Strict Control Ahead of BTC ETF Approval
Tesla has published its third-quarter 2023 report. This most recent report demonstrates, much to the delight of cryptocurrency enthusiasts, that Tesla’s sizable BTC holdings are unaltered. As of the time of this report, the company had 9,720 Bitcoins in its possession, which had a market value of about $287,556,480.
Grayscale’s Spot Bitcoin ETF Case: SEC Won’t Appeal
Grayscale initially received a denial from the SEC when it applied to convert its Bitcoin Trust into a spot Bitcoin ETF. They filed a lawsuit, and in late August, the judge ruled in Grayscale’s favor, holding that the SEC erred in rejecting the application. Unexpectedly, the SEC decided against appealing.
Community Attitude
In the run-up to the surge, well-known cryptocurrency analyst Trader Jelle shared a post in which he expressed optimism for a price point of $30,000 in his analysis. Bitcoin is steadily but surely filling the wick. Let’s attempt the $30k tap. The same day, CrypNuevo, another trader, added to the suspense by declaring, “Today it’s going to be a very interesting day for trading… When they reached the exact $29400 mark, there were numerous liquidations. CrypNuevo supported its claim in a number of X posts by providing historical information on recent liquidations.
Present Situation
Bitcoin Regular on DailyCoin. Following a very eventful 24-hour period, Bitcoin surged past the $29,500 threshold on October 20. During this time, the price of Bitcoin experienced a remarkable upswing, surpassing $28,700 with a pronounced upward candlestick pattern. As a result, Bitcoin’s price rose to $30,100, its highest level in the past two months, before gradually declining to $29,540.
The value of Bitcoin has increased sharply as a result of several factors. First and foremost, Bitcoin was able to keep trading above the critical $28,000 level. Retail investors are simultaneously giddy with anticipation as a result of the narrative about the impending halving of the Bitcoin supply. This confluence of factors has influenced the impressive price increase of Bitcoin.
Greed and Fear
The cryptocurrency market is significantly influenced by how people feel. In order to manage these feelings, the Fear and Greed Index is essential. Two fundamental ideas serve as the foundation for this index:
Extreme fear may signal a good time to buy.
An overheated market is indicated by excessive greed.
The index has a range from 0 to 100, with 0 signifying the most extreme fear and 100 signifying the most extreme greed. The Fear and Greed Index for Today is 53, which represents a 3-point increase over the reading from two weeks ago.
On the other hand
Keep in mind that the cryptocurrency market is inherently unstable and that prices can change drastically.
The evolving regulatory environment for cryptocurrencies is highlighted by Grayscale’s legal victory in its quest for a spot in Bitcoin ETF. Although trader sentiment can have an impact, it’s important to understand that the crypto market is prone to abrupt changes brought.
