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TruBit Crypto Weekly Digest (10/10-10/16)
Gear up for an exhilarating journey through the crypto cosmos from October 10th to October 16th, 2023! Dive deep into the heart of the most groundbreaking crypto insights with us. With TruBit, you're always in the loop with the freshest and most relevant crypto intel. Don't just stay tuned; become a crypto pioneer with us! Together, let's soar to new crypto heights!
1. 📈 Last Week's Market Cap Overview (10/10-10/16)
Global Crypto Market Cap 7D Change (+2.752%)
Bitcoin Dominance 7D Change (+0.06%)
Crypto Market Volume 7D Change (+0.28%)
DeFi Market Cap 7D Change (-2.254%)
2. 📈 Last Week's Trending Tokens to Watch(10/10 -10/16)
💡Bitcoin Insights (10/10 -10/16)
- This week, Bitcoin's price moved upwards and took a step back. It hovered around the $27,000 mark, showing it's still settling. This kind of movement is a common part of how markets behave. Some recent news did have an effect, but the closest the price got to that $27,000 mark shows the news wasn't too impactful. As we progress, these effects should become less noticeable, and prices will follow their usual patterns.
- Other markets have been steady, like the Dow Jones, Nasdaq, Standard & Poor’s 500 Index, Gold, and Oil. Prices are moving within a certain range and aren't making big jumps either way. This suggests a calm period in these markets for the time being.
- Bitcoin is currently adjusting. There's a noticeable point around $27,300 that it approaches. It might hover at a similar level or shift slightly if it doesn't break through this point. Another level to keep an eye on is around $26,300.
- For anyone keeping an eye on these movements, patience is key during such times. It's wise to observe when prices approach high points (resistance) and when they get closer to lower points (support).
🔥Stablecoin Dominance & Crypto's Global Impact in Latin America (10/10 -10/16)
- According to several professional analysis institutes, worldwide cryptocurrency remittances will hit a hundred billion. Mexico stands out as Latin America's top receiver of these crypto payments. Notably, this area is vital for Mexico, as they receive more than 10% of the global total. TruBit understands the needs and expectations of the Mexican people and offers a convenient way for them to buy crypto, such as Doge, XRP, BTC, or MMXN, supporting the local population.
- Many experts said that Argentina leads in cryptocurrency trades in Latin America, with trades worth about a hundred billion. The frequent drop in the value of the Argentine peso is causing many in Argentina to use cryptocurrencies as a safety net for their money. High inflation and strict rules on buying foreign money make cryptocurrencies even more appealing. TruBit realizes the challenges faced by Argentinians using their local currency. That's why we offer an easy way for them to buy stable coins like USDT/ARS and USDC/ARS to keep their money's value stable.
- In Brazil, $USDT represents roughly 52% of the demand from exchange investors. Additionally, the combined adoption of Tether, Bitcoin, and Ethereum is a significant 83%. This data, highlighted by multiple esteemed research organizations, underscores Brazil's robust interest in cryptocurrencies. If this momentum persists and the market remains on an upswing, there's potential for Brazil's institutional actors to elevate their participation, possibly outpacing prior engagements. Recognizing such potential, TruBit has expanded its services in Brazil. We offer a secure and intuitive platform for Brazilians, enabling smooth cryptocurrency transactions in pairs like BTC/BRL, ETH/BRL, and USDT/BRL, ensuring they're well-positioned in this burgeoning market.
- Venezuela faces severe hyperinflation, causing a substantial decline in the bolívar's value. In response, many Venezuelans are turning to cryptocurrencies, especially stablecoins like USDT and USDC, as they strive to protect their savings. With significant population movements and the nation's pressing economic woes, remittances have become crucial economic support systems. Consequently, stablecoins are rapidly becoming the favored method for sending and receiving remittances in Venezuela.
- Brazil recently achieved a significant milestone by executing its first-ever commercial transaction using a Central Bank Digital Currency (CBDC) - the Digital Yuan. This transaction was facilitated between Banco da China Brasil SA and a pulp manufacturer, Eldorado Brasil, which exported its products to China. This groundbreaking operation aligns with ongoing processes in China and BRICS countries to transition away from dollar-centric economies and foster digital payments between nations.
- Paul Tudor Jones, a renowned hedge fund billionaire, has voiced concerns about the prevailing geopolitical risks and the rising U.S. government debt. He believes these elements are making stock investments less attractive. Jones highlighted the potential financial turmoil that could ensue from increasing interest rates, emphasizing the spiraling cycle of debt issuance followed by bond liquidation. Despite his skepticism toward stocks, Jones has clearly preferred Bitcoin (BTC) and gold. Notably, Jones's stance on Bitcoin has shifted over time. He initially disclosed a 1%-2% asset allocation to cryptocurrency in May 2020 and later expressed an interest in increasing that to 5% the following year.
🌟 What to Expect
- The Federal Reserve's next meeting is on November 2, 2023. Three crucial CPI releases in Q4 2023 will guide their interest rate decisions. These releases are slated for October 12, November 14, and December 12. Most analysts predict The Fed intends to raise rates once more at the end of 2023, possibly cutting them twice in 2024, settling the funds rate around 5.1%, and the 2025 federal funds rate forecast is now revised to 3.9% from 3.4%.
- The SEC has delayed decisions on bitcoin ETFs from firms, including BlackRock and Fidelity, until mid-October. Despite this, analysts in the cryptocurrency industry and ETF professionals anticipate that the SEC will fully greenlight a Bitcoin ETF product early next year.
What happened last week? 👇
Most read of the week ✅
- TruBit Crypto Weekly Digest (10/10-10/16)
- 1. 📈 Last Week's Market Cap Overview (10/10-10/16)
- 2. 📈 Last Week's Trending Tokens to Watch(10/10 -10/16)
- 💡Bitcoin Insights (10/10 -10/16)
- 🔥Stablecoin Dominance & Crypto's Global Impact in Latin America (10/10 -10/16)
- 🌟 What to Expect
- What happened last week? 👇
- Most read of the week ✅