Steady Progress: Bitcoin Holds Ground Above $34,000

Latest Updates

As of October 31, 2023, Bitcoin (BTC) has continued its positive momentum, following a 15% surge in the previous week. The world's largest cryptocurrency has maintained its position above $34,000 during Asian and European trading hours, currently standing at just over $34,500—a 1% increase in the last 24 hours. This upward trend in the crypto market is attributed to the growing optimism surrounding the potential approval of a BTC spot ETF in the U.S. However, this week, attention may shift towards the Federal Reserve's interest-rate decision.Simon Peters, a markets analyst at eToro, noted, "While a pause seems the most likely scenario, with cuts seemingly still a while away, crypto watchers will no doubt be seeing this as another pivotal milestone as the crypto winter continues to thaw." If the crypto rally remains robust in the face of a neutral Fed announcement, it could signal further thawing and heightened resilience in digital assets.

According to data from Coinglass, the Chicago Mercantile Exchange (CME) has now become the second-largest bitcoin futures exchange, with Binance holding the greatest market share. Notional open interest (OI) on CME, representing the value locked in active contracts, has reached $3.54 billion, compared to Binance's $3.83 billion. CME's open interest in cash-settled futures contracts has surpassed 100,000 BTC for the first time, and the exchange's share in the BTC futures market has reached a record high of 25%. This ascent of a regulated, mainstream financial exchange is viewed by some as a sign that the recent crypto market rally is being driven by institutional involvement.

Thai bank Kasikorn, also known as K-Bank, has announced the acquisition of a 97% stake in the crypto exchange Satang, valuing the exchange at 3.705 billion Thai baht ($102.8 million). This move comes a month after the establishment of K-Bank's $100 million fund, which is focused on Web3 and fintech investments. Following the completion of the deal, Satang will be rebranded as Orbix, along with the introduction of three new subsidiaries: Orbix Custodian, fund manager Orbix Invest, and blockchain tech developer Orbix Technology. K-Bank's rival, Siam Commercial Bank, has also been actively seeking opportunities in the digital asset industry, recently entering into a partnership with Hashed, one of Thailand's major Web3 investors.

Source: Game of Trades 

• The year-on-year percentage change in the U.S. consumer price index from 2013 to the present day bears a striking resemblance to the inflation trends of the 1970s.
•  If history is any indication, inflation may see an upswing in the coming months, potentially driving demand for assets perceived as stores of value.
•  Bitcoin, often hailed as digital gold, is poised for its fourth mining-reward halving in April of the following year. Historically, these reward halvings have foreshadowed significant bull runs.
• Source: Game of Trades

Read more: Web3Ease