Weekly Crypto Market Wrap October 21 - 27, 2024
Boo! Even though Halloween is coming, we won’t scare you. Just sharing another pack of fresh news.
Overall, a negative week is over. Bitcoin, having dropped to $65,250 midweek, began to rise again. The price range of $69-70K is very tempting for it. Will it be able to reach this price before the U.S. elections? A good question. There’s a lot of uncertainty around the election outcomes.
This is indirectly confirmed by CFTC Chairman Rostin Behnam, who stated that the agency is "handcuffed" as crypto regulation talks have stalled in the United States. The future of the crypto market will be decided by the next U.S. administration.
Meanwhile, Nansen's CEO remains optimistic: "2025 will be the most powerful bull run in BTC history." Pure music to the ears.
But whether Bitcoin will dominate next year remains a question. For instance, the founder of Cardano believes, “In a few decades, Cardano will surpass Bitcoin, and most governments worldwide will operate on our infrastructure.” Optimism at 1000%.
BlackRock’s Bitcoin ETF ranks third in asset growth since the beginning of the year. It’s now the fastest-growing ETF in history. At this rate, Bitcoin is being “swept up” from the market so fast it's astonishing. Soon, individual holders may have none left.
It seems that CryptoQuant's CEO shares this sentiment: "Bitcoin’s volatility and investment appeal will decrease due to the growth of institutional involvement in the asset."
MetaMask, which might or might not go public, announced a collaboration with Space ID for digital identification, aimed at simplifying crypto transactions and wallet access.
Meme-oriented products boost any network’s metrics faster and more effectively than other marketing efforts, according to Andrey Grachev, founder of DWF Labs. We’ve always believed that meme-coins are not just a hype topic but a vital tool for developing the Crypto World.
RWA is seen as a trend for 2025. The British pension company L&G, managing assets worth $1.5 trillion, announced its plans to tokenize its funds. More to come, perhaps.
Crypto going mainstream: the Avalanche project released a Visa card for cryptocurrency payments. At the very least, it’s a step forward.
In case anyone has forgotten about DAOs: the Ras Al Khaimah region in the UAE announced the launch of a regulatory framework for DAOs, which will be implemented within the free zone RAK Digital Assets Oasis. This is excellent for regional development and for establishing a foundation for crypto startups.
Love football? The blockchain platform Matchain, specializing in AI, announced a partnership with Paris Saint-Germain to bring Web3 innovations to the global football community.
Another “dark horse,” SUI, is integrating with Google Cloud to enable real-time blockchain data transfers for AI and gaming applications. We feel that this coin still has more to show.
An odd piece of news: according to detectives Arkham and ZachXBT, about $20 million in cryptocurrency was allegedly stolen from the U.S. government. Later, it was reported that hackers supposedly returned $19 million.
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TIA: $900.6m (80.13%)
OP: $55.47m (2.50%)
SUI: $132.88m (2.32%)
IMX: $42.87m (1.98%)
ZETA: $34.69m (11.72%)
MEME: $45.53m (11.94%)
Enough for today! See you next Monday for a crypto news digest.
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
