Bitcoin’s first attempt in three years to overcome $14K failed. Sellers intensified as the first cryptocurrency approached $13,800 due to the storm on the European and U.S. stock markets. However, the larger the Bitcoin correction, the more impressive the rebound could be, as there is a clear demand for discounts.
Despite a 4% decline overnight, Bitcoin is growing by 3% over the week. The Bitcoin dominance index has also increased by more than a percentage point over the week. Thus, investors are responding to a series of positive news about investments in Bitcoin by large companies in the traditional sector. The latest was the news about $300 million investment in Bitcoin from BlockFi, which was made through Grayscale.
At the moment, market participants are expecting the upcoming expiration of $450 million in Bitcoin options on Friday. According to CoinTelegraph, the bull to bear ratio is currently 3:1. Nevertheless, the potential increase in volatility may provoke increased pressure from the least optimistic investors. If the positive news background outweighs this and Bitcoin closes the week and month near $14K, it will clear the path to $20K.
The positive scenario is also supported by the Grayscale survey, the results of which showed that 55% of interviewed U.S. investors are interested in buying Bitcoin this year. This is 19% higher than a year ago.
The two-trillion dollar support package currently under discussion is capable of reviving demand not only in the stock market but also in cryptocurrencies, which proved to be a very profitable source of diversification of savings in 2020. As the popularity of Bitcoin grows, so does the cost of transactions. Recently one of the largest transactions worth $1.3 billion was recorded in the network (94.5K BTC) with a fee of only $3.5. However, as interest and trading volume grows, transaction fees increased on average from $3.5 to $10. Despite this, Ethereum (ETH) miners still earn more with stablecoins and DeFi.
According to Messari, as of October 25, ETH miners earned $1.74 million per day, while BTC miners earned $1.54 million. Although commissions are increasing, they still cause slight confusion, as they are infinitely more profitable for users in terms of commission levels and transaction speeds in the banking sector.
ICOs | Rating | Days left | |
---|---|---|---|
1 | 2local | 5 | 32 |
2 | PointPay | 5 | 145 |
3 | Geco.one | 4.9 | 1 |
4 | Pawtocol | 4.9 | 1 |
5 | Ledder | 4.9 | 31 |
6 | DogData | 4.9 | 32 |
7 | Tycoon | 4.9 | 62 |
8 | SerenitySource | 4.9 | 62 |
9 | Curate | 4.9 | 92 |
10 | IdeaFex | 4.9 | 475 |
Сryptocurrency | CVIX | Price | Change, 24h |
---|---|---|---|
Bitcoin | 78 | $47 761.47 | 1.56% |
Ethereum | 68 | $1 502.73 | -0.22% |
Cardano | 87 | $1.37 | 29.09% |
Binance Coin | 83 | $234.16 | 2.62% |
Tether | 1 | $0.999700 | 0.01% |
Polkadot | 83 | $33.56 | 7.97% |
XRP | 71 | $0.441600 | 1.29% |
Litecoin | 72 | $176.19 | 1.21% |
Chainlink | 73 | $25.46 | 1.80% |
Stellar | 72 | $0.410800 | 6.74% |
Exchange | Volume change, 24h | ||
---|---|---|---|
1 | Binance | 0.65% | |
2 | Coinbase Pro | 11.29% | |
3 | Kraken | 8.05% | |
4 | Bitfinex | 6.32% | |
5 | KuCoin | 14.20% | |
6 | Venus | 5.12% | |
7 | Binance.KR | 17.13% | |
8 | EtherFlyer | 41.08% | |
9 | HBTC | 3.17% | |
10 | Dsdaq | 1.84% |