BTC Reaches $50K, Market Situation

BTC Reaches $50K, Market Situation


2021-10-30 20:22:12

Market situation

Bitcoin is currently still hovering around $49,000 and the on-chain situation has not changed noticeably.

Although there were times when a large amount of BTC pushed to the floor in the past day, there was a strong buying force to buy BTC. Along with BTC being put on the exchange, there is also a relatively large amount of stable coins being pushed onto the exchange. Deposits and withdrawals on exchanges are still roughly the same.

A share on CryptoQuant by Jan Wuestenfeld about the positive and negative sides of the current market.

On the plus side, the amount of BTC stored by miners has reached a high similar to the peak in May 2021 (figure 1-blue line) and they continue to accumulate to this day. The number of stable coins on exchanges is also at a high level (Figure 2-blue line).

In the situation of positive indicators of miners as well as stable copper, some not-so-good signs were also given. The growth of BTC regular active wallet addresses has not been strong and is even lower than in May (figure 3-blue-red line). Along with that, the number of BTC transactions on the network also did not grow (figure 4-blue-red line). A regular increase in the number of transactions is also a sign of newcomers to the market.

CryptoVizArt’s share shows that the number of BTC on derivatives exchanges decreased similar to the end of 2020 before BTC surged. This shows that BTC shorts are down and the market is more bullish. At the same time, the Funding rate also increased, showing that the number of Long orders has increased more than Short orders.

Although not seeing many BTC pushed to the exchange to take profits, but according to CryptoQuant, the number of profitable BTC is at 86% higher. So in the short term, after BTC rises, a correction is quite possible.

SEC Responds to Crypto Laws

After much back and forth regarding crypto laws, the SEC Chairman responded to Senator Elizabeth Warren’s letter on Crypto. Some important points were mentioned as follows:

With the SEC, it is important for Congress to make laws so that the SEC can regulate the crypto market. The next new information will be updated.

El Salvador deploys BTC cryptocurrency

El Salvador has officially announced the time when people in this country can start using BTC wallets as fiat currency in parallel with the USD. President Nayib Bukele tweeted on Sunday that the Chivo wallet will be available for download on September 7. Downloaders will receive 30 USD in bitcoin on the first wallet setup.

In announcing his tweet thread, President Bukele reiterated several times that any use of the Chivo wallet is optional. Citizens will not have to engage in digital commerce, but for those interested, the wallet will allow payments in bitcoin or USD between individuals and businesses no matter where they are in the world.

The Chivo wallet will have a function that allows citizens to automatically convert bitcoin transactions into USD. Users can also keep their bitcoin and then withdraw it for cash at 200 ATMs of El Salvador.

Some other information:

  • Starting this week, UK residents will be able to buy, hold and sell crypto via PayPal. Paypal supports Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

  • Visa used 49.5 ETH (equivalent to 150 thousand USD) to buy NFT CryptoPunk #7610. “We think NFT will play an important role in the future for social media, entertainment and commerce” – Visa. This information pushed a series of other people to buy and push up the price of this NFT.

  • The 2nd largest real estate mortgage lender in the US, United Wholesale Mortgage will soon start accepting payments in cryptocurrencies. They will allow homebuyers in the United States to pay off their mortgages in Bitcoin. It is expected that the acceptance of cryptocurrency payments will take place from the end of the year, with this trend gradually becoming mainstream.

  • The new partnership between Worldline and Bitcoin Suisse enables crypto payments to over 85,000 merchants across Switzerland. Currently, payments are limited to BTC and ETH only. Switzerland has long been understood as the paradise of the crypto industry. Switzerland is home to a host of crypto startups, it is even known as the “Crypto Valley” – the equivalent of Silicon Valley.

  • Deloitte’s 2021 Global Blockchain Survey shows that over 76% – executives globally think digital assets will be a “powerful alternative or alternative” to fiat money in the future. next 5 to 10 years.

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