Cryptocurrencies ahead of the stock market

Digital assets continue to overtake the stock market. This follows from a report by investment company Canaccord.

Bitcoin is up about 140 per cent over the past year, Ethereum is up 60 per cent, while the S&P 500 index is up almost 30 per cent.

‘If bitcoin follows historical patterns, it typically rises 6-12 months after halving, meaning a potential rally could start between now and April,’ Canaccord noted.

Sigma crypto chad

#BTC Chads, I hope you listened to us and didn’t fall for optimism the last time! The market looks shaky and giving us better entries. It’s not time for longs yet, expecting to see the lower prices in the near future

The next weekly pivot is 21st of October and I don’t expect growth until then

https://www.tradingview.com/x/Gp0uVC39/

Sigma Crypto Chad

Gurbir Grewal steps down as director of the SEC's Division of Enforcement

Grewal's deputy, Sanjay Wadhwa, will become acting head of the division effective 11 October 2024. His position will be temporarily filled by General Counsel Sam Waldon.

Cumulatively, Grewal has opened 2,400 administrative cases involving securities law violations that have generated more than $20 billion in illicit gains recoveries, civil penalties and pre-trial settlement payments. The Commission also awarded more than $1 billion in whistleblower rewards.

However, Grewal's departure won't change the Commission's aggressive approach to regulating the industry, experts say.

Sigma crypto chad

Don’t want to scare you but the chances to go below 50K$ in this market structure are extremely high

New Binance report on Ethereum issuance growth

The rise in issuance to 0.74% p.a. calls into question the cryptocurrency's deflationary prospects and its hard money status.

Experts have pointed to a shift of network activity to L2, resulting in fewer transactions at the base level and lower burn rates.

Sigma crypto chad

In the new year, banks in North America, Europe and Asia will begin testing transactions with digital assets through the SWIFT network

The international payments system will provide financial organisations with tools for cross-border payments in cryptocurrencies and CBDC, according to a press release.

"For digital assets and currencies to succeed globally, the ability for them to seamlessly coexist with traditional forms of money is critical," said Tom Zschach, director of innovation at Swift.

Sigma crypto chad

There is a sharp trading volume of fan tokens

The indicator reached $1.2 billion with the segment capitalisation of $317 million.

OG Fan Token (OG), a coin of the cyber sports organisation OG, was among the first to show positive dynamics.

Its share of daily trading volume accounted for $625 million.

The asset has added 160% in the past week. Fans use OG to vote in official team polls, influencing game strategies, jersey designs and other decisions.

Sigma crypto chad

#BTC the market is weak and we are holding short positions for now. Not much to add since the last reviews, unless we flip 64,300$ the market remains dangerous for longs.

Keep your cash safe and trail short stops. The next weekly pivot is 21st of October.

https://www.tradingview.com/x/y2KPlqDC/

Sigma Crypto Chad

Another Bitcoin whale has woken up after 14 years of inactivity

The unknown person that bought bitcoins at a price of $1.04 sent 1 BTC to another address. He did not transfer bitcoins for 13 years and seven months.

The user received 121 BTC on 15 February 2011. At that time, the assets were valued at $126.

Sigma crypto chad

The option of a 50bp cut in the Fed Funds rate is valued at almost zero

US inflation fell to 2.4% in September against a forecast of 2.3%. Previous strong labour market data and a slower decline in inflation give the Fed a reason to cut rates in November with a minimum step of 25 bps.

Investors are even laying down a 13% probability of keeping the rate unchanged in November.

Sigma crypto chad

Arkham Intelligence will launch a derivatives exchange in November 2024

This platform will target retail investors.

Arkham Exchange intends to compete with Binance.

Sigma crypto chad

Axel Adler Jr. analysed the behaviour of bitcoin kits

According to his observations, users with balances over 1,000 BTC have accumulated an additional 1.5 million coins over the past six months, while smaller investors, on the contrary, have been selling.

The source for the purchases was panic selling by short-term holders who capitulated at a loss amid the drawdowns. In the last 24 hours alone, ~24,100 BTC sold at a minus.

Sigma crypto chad

ETH at $6,000?

According to the analyst, each time Ether bounced from the lower boundary of the channel, it grew by an average of 130%. If this pattern continues (lower support of $2,300), the next target could be a new high of $6,000.

Sigma crypto chad