TruBit Crypto Weekly Digest (10/3-10/9)
Gear up for an exhilarating journey through the crypto cosmos from October 3rd to October 9th, 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!
📈 Last Week's Trending Tokens to Watch(10/3 -10/9)
💡Bitcoin Insights (10/3 -10/9)
- Performance Overview: BTC's movement this week aligns with market projections, witnessing an ascent and peaking at $28,550. This trend aligns closely with the forecast from the previous week before showing a slight retracement.
- Market Cycles: From the wave perspective, BTC has been adjusting for three months and has stabilized recently. On the other hand, gold and oil have been continuously falling, and U.S. stocks are also adjusting. BTC is relatively strong in the short term, standing above the short-term moving average, and the minor wave trend continues. There might be another upward push in the short term, but chasing the peaks isn't recommended; waiting for the opportunity to appear on the dips is wiser.
- Projections for the Upcoming Week: Watch the $27,000 mark, expected to be a significant support level for BTC. Dips might present favorable moments for opportunities. Conversely, a minor resistance is foreseen around the $28,900 threshold.
🔥 LATAM Blockchain Revolution (10/03 -10/09)
- Brazil is set to provide over 214 million citizens with digital IDs using blockchain technology, with initial rollouts in Rio de Janeiro, Goiás, and Paraná, powered by Serpro's b-Cadastros blockchain platform. This move aims to enhance security, prevent fraud, and streamline administrative processes. As a part of its broader digitization efforts, Brazil is working on a central bank digital currency named Drex to bolster businesses. It has also indicated heightened oversight on the crypto sector after noticing a 44.2% rise in cryptocurrency imports from January to August 2023.
- The Argentine capital, Buenos Aires, has launched QuarkID, a blockchain-based digital identity protocol using Matter Labs' zkSync Era rollup and domestic startup Extrimian's technology. From October, residents can use QuarkID to electronically authenticate documents like birth and marriage certificates, with plans to add medical and billing data. The initiative aims to give citizens control over their data, ensuring secure interactions with public services.
- Argentina's Central Bank has endorsed Sergio Massa's proposal for a Central Bank Digital Currency (CBDC) - a 'digital peso' - which is believed to offer various advantages in the face of the country's hyperinflation. The digital currency would utilize blockchain technology to support a new tax system, ensuring the traceability of transactions and broadening the tax base without necessarily raising tax rates. This CBDC program will initially run parallel to traditional fiat currency, with phased pilots in private and public sectors, before potentially replacing fiat currency. The move aims to counter the country's high inflation, which has exceeded 100%, and to bolster the peso's position to the United States dollar.
🌟 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%.
- Last week, on October 2nd, nine Ethereum-related futures ETFs officially launched in the U.S., bolstering investor confidence in the potential approval of a spot-based Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). However, 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? 👇
TruBit Crypto Weekly Digest (09/26-10/02)
Greetings from TruBit! This month is not just another month — it's a celebration of TruBit's glorious three years in the crypto universe! Join us in celebrating three years of unmatched achievements, milestones, and exceptional successes! Let’s toast to many more years of innovation, growth, and leading the crypto revolution together!
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