The price of Bitcoin (BTC) reached a high of $34,911.49 during the last seven days.
As “Uptober” comes to a conclusion, Bitcoin (BTC), the oldest and most valuable cryptocurrency in the world, easily managed to stay over $34,000. The strong market mood surrounding Bitcoin Spot ETFs and the increasing number of corporations eager to get on board the bandwagon could be largely responsible for the continuous rally. Naturally, the prices have risen as of this writing and are still showing dividends after the US Securities and Exchange Commission (SEC) decided not to contest the Grayscale ETF application last week. As usual, it’s unclear how long this most recent rise will last.
Readers should be aware that coin prices and the cryptocurrency market as a whole are very erratic before continuing. It is impossible to predict with certainty how cryptocurrencies will perform in the future. The purpose of this article is to assist investors in staying abreast of the most significant events that have already occurred, as well as some noteworthy forthcoming events and current market circumstances. Before taking any calls, investors are recommended to conduct their own research.
Crypto Prices Over The Past Week
The value of the entire cryptocurrency market was $1.16 trillion. The price of ETH was around $1,700, and the price of BTC was over $30,700.
The market capitalization increased to $1.26 trillion one week later.
With a total volume of $2.68 billion, DeFi accounts for 9.85% of the market’s 24-hour volume. Stablecoin volume as a whole is $23.77 billion, or 87.32 percent of the 24-hour market volume. The entire market fear and greed index, according to CoinMarketCap, was at 72 points (out of 100) on Monday, indicating a considerable increase in investor confidence from the previous Monday.
The dominance of BTC was 52.97 percent at the time of writing.
Bitcoin reached a high of $34,911.49 on October 02 and a low of $30,500.93 on September 29 in the last seven days.
In contrast, Ethereum experienced a high of $1,852.53 on September 26 and a low of $1,665.73 on September 22.
Crypto Events To Note
ProShares Bitcoin Strategy ETF and VanEck Bitcoin Trust are two notable recent advancements in the cryptocurrency investment field.
Launched in October 2021, the ProShares Bitcoin Strategy ETF trades Bitcoin futures contracts in an attempt to produce returns emulating those of the cryptocurrency. Interestingly, the Fund doesn’t actually invest in bitcoin. According to the most recent data, the ETF has performed well year to far, up 80%, but it’s important to remember that it has also had a 36% loss since its launch.
ProShares Bitcoin Strategy ETF and VanEck Bitcoin Trust are two notable recent advancements in the cryptocurrency investment field.
Launched in October 2021, the ProShares Bitcoin Strategy ETF trades Bitcoin futures contracts in an attempt to produce returns emulating those of the cryptocurrency. Interestingly, the Fund doesn’t actually invest in bitcoin. According to the most recent data, the ETF has performed well year to far, up 80%, but it’s important to remember that it has also had a 36% loss since its launch.
CoinDesk stated in a recent market update for cryptocurrencies that there has been a noticeable increase in the bullish momentum of Bitcoin (BTC). In just one week, Bitcoin saw an incredible increase of more than 14%, finally levelling off at over $33,700. This increase came after Bitcoin recently reached its yearly high of $35,000. Despite this, it was unable to surpass that significant price point. It is noteworthy that the performance of Bitcoin closely resembles the 14% gain shown in the CoinDesk Market Index (CMI).
Moreover, the cryptocurrency market shown noteworthy resilience in the CoinDesk Computing Sector (CPU), an indicator intended to track protocols devoted to creating and maintaining the Web3 and distributed computing infrastructure. With tokens like Chainlink (LINK) and Fetch.AI (FET) exhibiting remarkable success, the CPU index saw significant gain of more than 17%. These developments in the computing industry highlight the increasing interest in initiatives pertaining to the creation of Web3 and distributed computing systems in the context of cryptocurrencies.
Finally, Zodia Custody, a cryptocurrency security firm owned by the well-known British financial behemoth Standard Chartered, has revealed that it will soon begin offering services in Hong Kong, as CNBC reported. This initiative represents the company’s most recent strategic expansion into the Asia-Pacific area. The company is situated in the United Kingdom. Zodia Custody was founded in 2020 and specialised in offering financial institutions safe bitcoin storage options.
Zodia CEO Julian Sawyer highlighted that the Hong Kong market has a distinct demand profile, originating more from institutional sources than from individual retail clients. He claimed that Zodia’s service offerings easily meet this kind of institutional need. Julian Sawyer also emphasised how the government and regulatory agencies in Hong Kong have taken the initiative to acknowledge the role that digital assets will play in determining the direction of the financial sector in the future. Their goal is to establish Hong Kong as the epicentre of the rapidly expanding bitcoin sector.
