Crypto Weekly Roundup: Bitcoin Surge Pulls Up Altcoins And More

On Oct 29, 2023

Early on Tuesday, BTC crashed through the major resistance at $32,000. This gives the king of the cryptocurrencies a chance at breaking the current resistance at around $34,300 and the possibility to climb to $40,000. Let’s find out more.

Bitcoin

According to Deribit, the combined notional open interest in Bitcoin and Ether options listed on the platform has surged to a historic high of $20 billion.

According to CoinShares, Bitcoin products saw the largest share of inflows, while Solana saw the largest share of altcoin inflows.

Bitcoin announces its bull market is well and truly on after making a new high for the year at $35,000.

Microstrategy, the largest corporate holder of Bitcoin, is sitting on unrealized gains of well over $100 million for its Bitcoin holding position.

BlackRock’s proposed spot bitcoin ETF, the iShares Bitcoin Trust, has appeared on a list maintained by the Depository Trust and Clearing Corporation (DTCC) under the ticker IBTC.

After rising a healthy 18.6% since the previous Friday, Bitcoin is currently moving sideways into a bull pennant.

Ethereum

$ETH is currently traversing a large upward-sloping channel, and last touched bottom around two weeks ago at a price of just over $1,500.

DeFi

Decentralized cryptocurrency exchange dYdX has announced the launch of its layer-1 blockchain after the successful creation of its genesis block.

Solana’s largest DeFi protocol, Marinade, is reportedly blocking all users in the United Kingdom over compliance concerns regarding the FCA’s rules.

Altcoins

Vodafone’s Digital Asset Broker (DAB) has joined forces with Chainlink Labs to demonstrate that global trading operations can be conducted successfully on the blockchain.

Altcoins like Injective ($INJ) and Solana (SOL) are surfing the Bitcoin surge in order to make even better gains than the big daddy itself.

Decentralized blockchain oracle network Chainlink has announced the next big step in its staking journey by unveiling Chainlink Staking V0.2.

Technology

The Fantom Foundation has announced the launch of testnets for its revamped tech stack, Sonic.

Polygon Labs has announced it has deployed contracts for its next-generation cryptocurrency, POL, on the Ethereum mainnet.

Coinbase’s layer-2 network Base has made its code repositories and smart contracts accessible to the public.

Business

Former FTX CEO Sam Bankman-Fried finally took the stand in his criminal fraud trial this week, as his defense team looked to pose questions that aimed to justify his actions in running FTX.

In a bid to expand its ecosystem and attract founders to its blockchain, Solana Labs has launched its first startup incubator.

Ripple has partnered with crypto exchange Uphold and is giving away 20,000 XRP for eligible trades in the US for a minimum of $20.

Grayscale Bitcoin Trust (GBTC) shares have shot up a whopping 220% in value since the beginning of the year, overtaking even tech giant Nvidia.

BlockFi, the crypto lending platform that faced bankruptcy following a tumultuous period, is back on its feet and ready to fulfill its obligations to its creditors.

Around 100 employees have been laid off by Polkadot blockchain developer Parity Technologies as a part of its recent restructuring efforts.

Security

Coins.ph, the Philippines’ top crypto exchange by volume, is reported to have lost roughly 12.2 million XRP (Ripple) tokens to a recent exploit.

CBDC

Spain’s central bank, Banco de España, joins a host of European banking institutions preparing its customers for the potential benefits of the EU’s CBDC – the digital euro.

Shanghai Petroleum and Natural Gas Exchange (SHPGX) has confirmed using China’s Central Bank Digital Currency (CBDC) for cross-border trade.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.