Crypto Market
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Bitcoin is
trading near $20.3K – just 0.5% below levels of a day ago, although the
range of fluctuations during this time has been quite significant. The initial
reaction to the Fed’s official comment sent BTC to $20.8K, but the press
conference that followed put double the pressure on the exchange rate, forcing
it to touch $20K.
The crypto
market has shown much more resilience to stock market distresses, adding 0.13%
overnight to $1.01 trillion. Some pressure on Bitcoin and Ether, firmly tied to
institutional sentiment, is balanced by altcoins shooting up one by one.
In addition
to Dogecoin doubling in price in just over a week, the rallying coins included
Litecoin (+13% over 24h) and Polygon (+15% so far today). Crypto investors are
tired of the year-long bear market and seem open to new ideas for a pump. This
could signal that the market is sufficiently cheap and rested.
Crypto News
background
Bitcoin’s hash
rate has set a new high, likely due to big energy players entering the
industry, suggested Charles Edwards, founder of Capriole Investments. According
to him, the rise in hash rate amid BTC stagnation doesn’t look like miners are capitulating.
According to Glassnode, the first cryptocurrency’s network processing capacity
was 272.4 EH/s as of November 1 (smoothed by the 7-day moving average).
Stablecoins
are increasingly used as collateral in DeFi services. This is according to a
report from CoinMarketCap and TokenInsight. Among DeFi-ecosystems, Ethereum
continues to dominate by a wide margin.
Money
transfer service MoneyGram has partnered with exchange Coinme to launch trading
and storage options for Bitcoin, Ethereum and Litecoin in its mobile app for US
users.
UnionBank,
the Philippines’ largest bank, has announced the pilot launch of Bitcoin and
Ethereum trading and storage services. The initiative is implemented in
partnership with Swiss custodian Metaco.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.
