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TruBit Crypto Weekly Digest (10/17-10/23)
TruBit Crypto Weekly Digest (10/17-10/23)
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Written by Hugo
Updated over a week ago

Gear up for an exhilarating journey through the crypto cosmos from October 17th to October 23th, 2023!

1. 📈 Last Week's Market Cap Overview (10/17-10/23)

Global Crypto Market Cap 7D Change (+0.92%)

Bitcoin Dominance 7D Change (+0.57%)

Crypto Market Volume 7D Change (+14.23%)

DeFi Market Cap 7D Change (-0.12%)

2. 📈 Last Week's Trending Tokens to Watch(10/17-10/23)

1. BSV/USDT 7D Change (25.62%)

3. INJ/USDT 7D Change (+14.11%)

2. SOL/USDT 7D Change (+17.5%)

4. RNDR/USDT 7D Change (+12.09%)

3. 💡Bitcoin Insights (10/17 -10/23)

  1. Last week, BTC underwent wave and short-term adjustments. By Monday, there was a notable surge in volume because of Cointelegraph's fake news about ETF, surpassing both the wave adjustment and short-term downtrends. After hovering around $28,000 for three days, it began to swing around the $30,000 mark.

  2. In recent weeks, the dominant mood for the mid-term strategy has been bullish, and maintaining a position during this period aligned with expectations. The swift ascent beyond $30,000, marked by significant momentum, was a bit surprising. Looking ahead, if BTC maintains above $28,500, it's indicative of its robustness. Continuation of this strong direction implies a positive outlook with minimal anticipated resistance.

  3. For a short-term strategy, it's wise not to pursue elevated prices. BTC's support is currently in the range of $28,500 to $29,000, which may present potential entry points. If BTC remains stable over $28,500, it might lead to a positive shift bull signal for ETH. Time to pay close attention to ETH as well. Remember, the foundational short-term support for BTC stands at approximately $29,000.

  4. The U.S. Securities and Exchange Commission (SEC) is anticipated to approve a Bitcoin exchange-traded fund (ETF) soon. A Bitcoin ETF would allow investors to have a stake in Bitcoin without buying it directly from an exchange, making it attractive for retail investors who want Bitcoin exposure without owning the actual asset. Some experts believe that the approval of a Bitcoin ETF could boost the cryptocurrency market by up to $1 trillion in the coming months.

4. 🔥Crypto Trends in Latin America: Navigating Economic Waves

  1. Latin American countries, including Argentina ($85B), Brazil ($85B), and Mexico ($65B), have significant and swiftly growing crypto market caps. Brazil, Argentina, and Mexico are ranked among the top 20 countries in this domain. In regions where local currencies are facing depreciation, cryptocurrencies are progressively becoming an integral part of daily life.

chart by chainalysis

Chart by chainalysis

  1. In countries like Argentina (63.8%), Brazil (60.7%), Colombia (74%), and Mexico (46.6%), a significant portion of the population prefers centralized crypto exchanges. TruBit is notably a leading centralized exchange in Latin America, boasting features such as the Earn+ Product, P2P, Spot Trading, and Perpetual Contract. Through these offerings, they've established trust and motivated a considerable number in the region to explore the world of cryptocurrency.

    Chart by chainalysis

🌟 What to Expect

  • Coinbase's chief legal officer, Paul Grewal, is optimistic that the U.S. Securities and Exchange Commission (SEC) will approve Bitcoin spot exchange-traded fund (ETF) applications. Unlike futures-based ETFs, a spot Bitcoin ETF would track the actual price of Bitcoin, offering investors a direct link to the cryptocurrency without having to own it. An approval would mean asset managers handling these ETFs would buy and store digital assets for their clients. This could drive up the price of Bitcoin and positively impact the entire cryptocurrency sector.

  • Fidelity Investments, a major global asset manager, has updated its application for a proposed Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). This revised application highlights key areas like safely storing customers' Bitcoin and explaining the risks tied to cryptocurrency regulations. Fidelity's move mirrors recent actions by Ark Invest and Invesco, who also updated their Bitcoin ETF applications. Such actions suggest an ongoing dialogue between the SEC and ETF providers, sparking optimism among traders and market watchers.

If you have questions regarding this information, please contact the TruBit Team via our chat channel or email us Here and we'll be in touch!

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