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The Market Value of BTC Returned to $1 Trillion & TikTok is Ready to Flood the NFT Market with Influencers
The Market Value of BTC Returned to $1 Trillion & TikTok is Ready to Flood the NFT Market with Influencers
08 October 19:52
Market trends? Latest headlines? What’s happening in the financial markets? Global news? Everything you need to know can be found here with our Gate.io Weekly Newsletter.
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Cryptocurrency Market
The cryptocurrency market had a strong performance this week. The prices of major cryptos like BTC and ETH rose significantly. The price of BTC broke through the $50,000 mark again on October 5th, which was the second time since September 5th.
The negative effects of the Chinese authority's regulation for major centralized platforms is gradually fading.
From a technical point of view, the BTC spot price ascended above the 20-day SMA on October 1st. The upward momentum caused a widening of the Bollinger band with price continuing to move towards the upper bands.
From the 3rd to the 6th of October, the BTC spot price showed a continuous increase. Momentum indicators like the ROC and CCI both increased significantly. The spot price also broke through the upper bands of the 20-day Bollinger band. After breaking through the upper bands, BTC ended this particular upward cycle and entered an adjustment phase on the 7th.
The BTC spot price on the 7th and 8th consolidated sideways and is still in the accumulation phase. From a price movement perspective, the upward movement of ETH was weaker than BTC. Momentum indicators on ETH also appear to be weaker than BTC, although the movement generally correlates with the rise of BTC prices.
It is worth noting that some of the smaller cryptocurrencies also performed splendidly this week, with SHIBA INU rising by more than 60% in a single day! Exchange platform tokens such as GT were also heavily influenced by BTC and ETH movement and saw different degrees of gains.
Crypto News
Axie Infinity co-founder Jeff Zirlin revealed in a podcast with Frank Chaparro that plans for a decentralized exchange are in the making. Axie Infinity has recently surpassed the $2 billion mark in NFT sales, making it the second-largest project behind OpenSea, the most well-known NFT exchange. In addition, SkyMavis, the developer behind Axie Infinity is amid a Series B funding round of approximately $150 million led by a16z. After the funding round, Axie now has a market million with a valuation of $3 billion. led by a16z, as reported by The Information.
TikTok plans to launch an NFT series, with top content creators from the platform collaborating with NFT artists. The newly released TikTok Top Moments will include six "culturally significant TikTok videos" from creators such as Lil Nas X, Rudy Willingham, Bella Poarch, Curtis Roach, and Brittany Broski among others. According to TikTok, proceeds from the NFT sales will mostly be given to the creators and NFT artists involved.
Ripple has partnered with QNB Group, the national bank of Qatar, to launch a new money transfer service for the country's central bank. QNB is the largest banking institution in the Middle East and North African region. Details of the service include a plan to implement a global strategy to improve the efficiency of cross-border payments and to launch a new remittance platform based on Ripple technology. An agreement has been signed for QNB to pilot RippleNet with QNB Finansbank in Turkey. QNB will offer near real-time remittances and payments for multiple countries and include the technology for other remittance channels.
Public, a commission-free stock trading app similar to Robinhood, announcedRobinhood announced that it will allow users to buy and sell up to 10 cryptocurrencies in the coming weeks. This includes Bitcoin, Bitcoin Cash, Ether, Ether Classic, Litecoin, Dash, Stellar, ADA, Zcash, and Dogecoin. However, New York users will not be able to trade cryptocurrencies immediately because Public has not yet obtained a BitLicense in the state of New York. Operations of Public's new crypto product will be managed by Apex Crypto. In addition, the company says it is working to offer its own crypto wallet in the future.
Financial Market News
On October 6th, Russian President Vladimir Putin was reported stating that Russia plans to send more natural gas to Europe via Ukraine, even more than the contracted amount. The announcement triggered volatility in the futures markets in Europe and the United States. British and U.S. natural gas futures prices plunged. International oil prices were also impacted and prices continued to retrace sharply.
Bolsa Mexicana de Valores (BMV) CEO José-Oriol Bosch has publicly stated that BMV is considering listing cryptocurrency futures on its derivatives exchange, MexDer. It is currently in the process of obtaining authorization to list cryptocurrency futures, but local financial authorities appear to have a conservative stance on the proposal.
The U.S. Securities and Exchange Commission (SEC) has approved the 'Volt Crypto Industry Revolution and Tech ETF,' which allows investors to easily invest in Bitcoin-centric companies. According to the SEC filing, these companies are defined as entities that have a majority of their net assets in BTC or derive a majority of their revenue from Bitcoin mining, lending, or trading. The prospectus says 80 percent of the fund's holdings will be allocated to such stocks. The new ETF will be listed on the New York Stock Exchange Arca under the ticker symbol BTCR.
Big News
Ukraine's parliamentary body, the Verkhovna Rada, approved a crypto bill on September 8th and sent it to President Volodymyr Zelensky for his signature, but it was recently rejected by the president's office. The president's office declared that the main problem of the bill was the proposal on the establishment of a new crypto regulator because such a plan would be expensive. The statement also reads: "According to the provisions of the law, the creation of the new agency will require significant expenditures from the state budget. That is why the president proposed to include the regulation of the circulation of virtual assets within the scope of the National Securities and Stock Market Commission."
The Brazilian Solidarity Party representative Aureo Ribeiro has proposed a new draft bill that would legalize Bitcoin as a "payment currency" in the country. The bill is expected to be submitted to the Chamber of Deputies for debate in the coming days. Ribeiro's bill would replace draft bill 2.303/15, which was approved by the Brazilian legislature recently to regulate digital currencies. The Brazilian lawmakers' plan creates a regulatory framework that helps make investing in Bitcoin and other cryptocurrencies easier while also providing tougher regulations and penalties for scammers and hackers.
The Hong Kong Monetary Authority officially released a white paper on e-HKD technology this week. In June this year, the HKMA announced its 2025 FinTech Strategy, which includes enhanced research on the central bank's digital currency. The white paper builds on the retail-level central bank digital currency model jointly researched by the HKMA and the BIS Innovation Hub Centre to explore potential technical solutions for issuing a retail-level central bank digital currency.
Gate.io Weekly Blogs:
Author: Gazer. C & Charles. F & Bryon. B(Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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