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TruBit Crypto Weekly Digest (09/19-09/25)
Welcome to this week's digest from TruBit, covering September 19th to September 25th, 2023! We delve into the most significant happenings in the crypto world and offer unique insights. We aim to keep you at the cutting edge of the crypto universe with the most up-to-date information. Stay tuned, and let's navigate the crypto world together.
📈 Last Week's Trending Tokens to Watch(09/19 -09/25)
1. IMX/USDT 7D Change (+31.51%) 2. TON/USDT 7D Change (+17.09%) 3. AAVE/USDT 7D Change (+17.06%) 4. CRV/USDT 7D Change (+13.74%)
💡Coin Insights (09/19 -09/25)
- Bitcoin: Insight for This Week
- Bitcoin saw a substantial rise, nearly hitting the $27,500 mark, but then faced a drop. It couldn't break through this fundamental price level. Additionally, movements in U.S. stocks, particularly Nasdaq's performance, hint that Bitcoin could experience further price changes.
- Short-Term Perspective:
- Bitcoin's price remains unpredictable. If it nears $27,500, we could consider reducing some positions. On the other hand, if it drops and finds stable ground at a certain level, it might be a strategic point to purchase more.
- Medium-Term Outlook:
- From an Elliott Wave Principle lens, Bitcoin experienced its first major increase, moving from $15,000 to $31,000. We're in the second adjustment phase, with prices possibly settling between $25,000 and $26,000. After this adjustment, we might consider holding onto some Bitcoin and looking for potential buying opportunities as we expect another significant rise.
- Bitcoin: Projected Stance for Next Week:
- For the upcoming week, Bitcoin has a support level proximate to $25,500, with resistance anticipated around $27,200. Maintaining levels above $27,200 would be indicative of robust performance.
- Bitcoin Contract Short Strategy:
- Potential entry points might be evaluated near the $27,200 mark for those considering a short position in BTC Contracts, with a recommended stop-loss marginally above, at approximately $27,500. Given the impending close of both the month and the quarter, heightened volatility is anticipated.
🔥 The Hot News in Crypto Market You Need To Know (09/19 -09/25)
- On Wednesday, the Federal Reserve's rate-setting committee declared that it would maintain its baseline interest rate range, marking the first time it has done so since January 2022. The Fed funds rate will continue to stand between 5 and 5.25 percent, a level unseen since 2008.
- Banking Giant Citigroup Launches Private Blockchain To Transform Client Deposits Into Digital Tokens
- The big bank, Citigroup, is said to be starting its unique blockchain for its customers. They've introduced "Citi Token Services," which turns customer deposits into tokens. This service mainly helps manage money better and speeds up trades and transactions.
- Toncoin (TON), from The Open Network, has secured a spot among the top 10 digital currencies by market value. Following the announcement of a new digital wallet on the Telegram app, TON's value surged by over 31% within a week. TruBit Pro, with its keen insight into emerging crypto trends, has already added TON/USDT to the spot market. Now, you can trade TON/USDT and benefit from one of the top 10 assets in the TruBit Pro.
- In Brazil, lawmakers are discussing a law protecting many people's savings from creditors. Now, there's also an effort to make sure this protection includes cryptocurrencies in the new law. Cryptocurrencies might soon be protected from being taken away if you owe someone money.
- The US Securities and Exchange Commission (SEC) is looking at applications for Ethereum-based ETFs from ARK Invest and VanEck. On September 21, the SEC shared that they wanted the public's opinions on the pros and cons of these ETFs. They've given the public 45 days to share their thoughts on both applications.
🌟 What to Expect
- Polygon shared three ideas about the first step of its significant 2.0 changes. They want to switch from MATIC to a new token named POL. This new token, POL, will be used all over the Polygon system for things like staking. They also plan to add a new staking level for Polygon networks.
- WHY IS THIS IMPORTANT? Many teams are racing to improve Ethereum, like Matter Labs, Base, Arbitrum, Optimism, Starknet, and Polygon. Polygon wants to finish changing its token this year, preparing for its PoS Chain and ZkEVM to join.
