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TruBit Crypto Weekly Digest (10/24-10/31)
TruBit Crypto Weekly Digest (10/24-10/31)
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Written by Hugo
Updated over a week ago

Bitcoin Tops $35k with Renewed Institutional Interest | TruBit Pro

Gear up for an exhilarating journey through the crypto cosmos from October 24th to October 31st, 2023! We have a special surprise for you. Starting this week, you can use your TruBitCard without making a deposit. Click here to start earning Bitcoin cashback.

1. 📈 Last Week's Market Cap Overview (10/24-10/31)

  • Crypto Market Cap 7D Change (+1.6%)

  • Bitcoin Dominance 7D Change (+0.132%)

  • Crypto Market Volume 7D Change (+104.4%)

  • DeFi Market Cap 7D Change (+1.475%)

2. 📈 Last Week's Trending Tokens to Watch(10/24-10/31)

3. 💡Bitcoin Insights (10/24 - 10/31)

1. Based on recent technical analysis, Bitcoin price held strong last week without any major drops. The encouraging news about Bitcoin ETFs boosted its performance. Even after a notable rise early this week, it remains steady. Meanwhile, Ethereum prices adjusted a bit due to its recent increase. 2. Considering the swift appreciation of prices recently, we might anticipate potential technical pullbacks shortly. Furthermore, we are attentively tracking upcoming announcements about BTC ETFs, which may impact market behavior. 3. From a strategy perspective, it's wise to be cautious in the upcoming period. Acting at peak market values may not yield the best results. It's beneficial to monitor market changes and capitalize on favorable moments when values getting lower. 4. According to technical analysis, Bitcoin might find support between $32,000 and $32,500 next week, while Ethereum is expected to stay stable around $1,700. Those are the support price points we need to pay extra attention to.


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

  • Users show clear patterns in Latin America's cryptocurrency market. The uptake is remarkable regarding stablecoins, known for their price consistency typically anchored to conventional fiat currencies. Argentina sees 60% of its users opting for them, while both Brazil and Colombia register a preference of 70%. Mexico has a 50% rate, and Venezuela leads at 80%. Regarding altcoins, the purchase volumes exhibit variability: Argentina accounts for a 30% volume, Brazil and Mexico each have 20%, while Colombia and Venezuela are on par at 15%. These varied preferences highlight the spectrum of strategies and priorities of cryptocurrency enthusiasts throughout the region.

    Chart by Chainalysis
Chart by Chainalysis

Chart by Chainalysis

  • As the Argentinian peso devalued, cryptocurrency acquisitions noticeably surged. This uptick was particularly evident in mid-May when Argentina confronted a staggering 100% inflation rate. By July, the momentum of cryptocurrency purchases had further intensified. The economic situation tied to the Argentinian peso doesn't just hinder individuals' ability to save; it also complicates routine transactions, with prices potentially varying in a matter of hours.

    Chart by Chainalysis

Chart by Chainalysis

5. 🌟 What to Expect

  • Upcoming Fed Announcement: Potential Break in Rate Increases on 11/2

    On October 19th, Federal Reserve Chairman Jerome Powell signaled a potential pause in interest rate hikes for the upcoming November meeting, but he didn't rule out future increases. He highlighted the unclear effects of previous hikes and the challenges of determining the appropriate rate adjustment due to economic uncertainties and rising U.S. debt. Currently, the primary interest rate is between 5.25% and 5.50%. Projections indicate a possible slight increase, but rates are expected to decrease to around 5.125% by 2024. As rate hikes decelerate, it could pave the way for increased economic growth.

  • Argentina's Presidential Election: No First-Round Victory, and the Bitcoin-Supporting Candidate's Potential in the Second Round

Another thing worth mentioning is the election polls in Argentina. So far, Massa leads with 36.69% of the votes, followed by Milei at 29.99% and Patricia Bullrich at 23.84% in the first round. For a presidential candidate to win in the first round in Argentina, they must secure over 45% of the votes, or at least 40% with a 10-point lead. Therefore, no one won in the first round, setting the stage for a second-round election on November 19. Although Milei received fewer votes in the first round, he is known to support Bitcoin. Given the significant inflationary economic environment, the final results of the next Argentine presidential election could be both different and intriguing.

6. Join TruBit Pro Telegram Group

This exclusive group aims to provide its members with privileged access to the exciting world of perpetual contracts, offering trading signals, education, personalized advice, and a series of special benefits that will enhance their success in the financial markets.


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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