Bitcoin up despite cooling Market. It left the Market Leader Trading firmly above the key level of $28K.

Is Crypto up or down?

• Bitcoin continues to gain ground and is trading for roughly $28.6K, up 1.9% over 24 hours and more than 5% over seven days. Ethereum (Ether) is down by 0.9% on the day but is clinging to its 1% gains over a seven-day period.
   
• The frantic trading activity in the Bitcoin market over the last few days has calmed but it’s left the market leader trading firmly above the key level of $28K. 

• Among the alt-coins, Uniswap (UNI) has seen a notable sell-off over 24 hours, slipping 4% in the last day

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Newsmaker

Ethereum co-founder Vitalik Buterin says he’s not selling, just donating to charity  

• “I haven’t “sold” ETH for personal gain since 2018,” Vitalik Buterin posted on WarPost, a decentralised social media platform.
   
• The clarification follows reporting of the Ethereum co-founder having moved more than $14 million worth of USDC to a crypto exchange on 16 October, among other large ETH transfers earlier in October and September.
   
• “If you see an article saying “Vitalik sends XXX ETH to [exchange]”, it’s not actually me selling, it’s almost always me donating to some charity or nonprofit or other project, and the recipient selling because, well, they have to cover expenses,” Buterin explained on the Warpost platform.

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What they said yesterday

The Data 

Total crypto market cap

🔵 $1.09 trillion

🔺 0.78%

What Bitcoin did yesterday

🔺 Daily high $28,608

🔻 Daily low $28,096

Bitcoin market capitalisation

🟠 BTC $559.946 billion

🟡 Gold $12.87 trillion

💳 Visa $501.64 billion  

Bitcoin volume

🪣 Total spot trading volume $15.346 billion

🔻 41.81%

Ethereum staking entry queue

💎29 minutes

CoinDesk Large Cap Select Index 

🔻 1.22%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies. 

SP500

🔺 0.009%

FTSE/JSE Top 40

🔺🔻 0.00%

Fear and Greed Index

Bitcoin’s market dominance

📊 52.21

Relative Strength Index (RSI)

💪 64.54

Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

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17/10/2023

Is Crypto up or down?

• Bitcoin was up 7% at one point yesterday, trading above $30K on some exchanges, only to retrace back to $28K. The market leader is hovering around the $28.2K level this morning, in the green by 1.3%.
   
• Ethereum (Ether) is up by less than a percentage point, still trading below the key threshold of $1.6K. Solana (SOL) is another noteworthy mention, having gained 6% in the last 24 hours. 

• The Bitcoin spot trading volume jumped 117% in the last day, a spike which many analysts have connected to a false statement on X (formerly Twitter) about the approval of a BTC spot ETF. 

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Newsmaker

Fake news around BTC spot ETF has markets in a flurry 

• A since-deleted tweet on X yesterday noted that the long-awaited Bitcoin spot exchange-traded fund (ETF) had been approved.
   
• The price of Bitcoin spiked to above $30,000 on certain exchanges before investors realised that the reporting was false.
   
• Steve Larsen, Founder of Columbia Advisory Partners and financial professional, pointed out how the sudden reaction to this fake news indicates the high anticipation and speculation surrounding this event.

 What they said yesterday

....................................................................................................................................................................................................

The Data 

Total crypto market cap

🔵 $1.09 trillion

🔺 0.64%

What Bitcoin did yesterday

🔺 Daily high $29,969

🔻 Daily low $27,119

Bitcoin market capitalisation

🟠 BTC $551.536 billion

🟡 Gold $12.75 trillion

Visa $499.29 billion  

Bitcoin volume

🪣 Total spot trading volume $25.594 billion

🔺 117%

Ethereum staking entry queue

💎2 hours 43 minutes

CoinDesk Large Cap Select Index 

🔺 1.11%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies. 

SP500

🔺 1.06%

FTSE/JSE Top 40

🔺 0.69%

Fear and Greed Index

Bitcoin’s market dominance

📊 51.77

Relative Strength Index (RSI)

💪 64

Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

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* Investing in cryptocurrency may result in the loss of capital as the value can fluctuate. This information should not be construed as a solicitation to trade. All opinions, news, research, analysis, prices or other information is provided as general market commentary for information purposes only and is not investment advice or recommendation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

Is crypto up or down?

• Bitcoin is up 3.8% in the last day, trading just shy of $28K. The Relative Strength Index has shot up to 61, reflecting the sudden increase in trading activity in the markets. The market leader has clawed back its gains over 7 days with this latest move. Bitcoin spot trading volume jumped 140% in the last day. 
   
• Ethereum is also in the green by 1.7% over 24 hours. Many of the third-generation smart contract cryptos have been buoyed by the market leaders. Solana (SOL) is up by more than 4%, while Cardano (ADA) is in the green by 1.9%, and Polygon (MATIC) is up by 1.6%. 

• In crypto news, the Securities and Exchange Commission (SEC) decided not to appeal Grayscale’s plans to convert its trust into an ETF. The SEC had until Friday to appeal. 

Cryptocurrency is for everyone

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NB. We always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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About: Andries vanTonder

Over 40 years selfemployed 

He is a Serial Entrepreneur, an Enthusiastic supporter of Blockchain Technology and a Cryptocurrency Investor

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