Bitcoin is hovering around the $35,500 mark as investors await the October NFP report from the United States. The Nonfarm Payrolls figure is important for market participants because it can considerably impact traders’ expectations of whether the US central bank would maintain interest rates higher for a longer period of time, or even raise rates further.

Bitcoin dealers anticipate a tumultuous market with the release of the US NFP report

The release of the US NFP is critical for market participants in determining the direction of Bitcoin’s price trend. In response to recent macroeconomic developments, BTC has witnessed volatility; the US Federal Reserve’s decision to keep interest rates unchanged aided Bitcoin’s price surge. On Binance, BTC remained over the $35,500 mark.

The US Federal Reserve has repeatedly said that the decision to raise interest rates is data-driven. This suggests that the Nonfarm Payrolls report could influence whether interest rates are kept higher for longer or raised before the end of 2023.

The market anticipates that the US economy added 180,000 nonfarm payrolls in October. The September report came in roughly double the market’s estimates, with 336,000 new jobs added.

In the case of a positive surprise in October’s NFP data, the price of bitcoin may fall. Traders can expect BTC to rebound from the fall in the short term, as market mood was mostly driven by the potential of a spot Bitcoin ETF clearance by the US Securities and Exchange Commission (SEC) throughout October.

Bitcoin Price Today
If the employment data outperforms forecasts, the price of bitcoin is expected to fall. Bitcoin price is anticipated to find support at the 10-day Exponential Moving Average (EMA) at $34,028 as shown in the BTC/USDT price chart below. BTC may rebound from this level and restart its upward trajectory.

Once the BTC price restarts its advance, the lower border of the Fair Value Gap (FVG) between $36,671 and $37,670 is anticipated to act as barrier for the asset.

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.

Quick analysis of the cryptocurrency pricing on October 11: The worldwide market capitalization increased to $1.27 trillion.

Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, stayed stable in the $34,000 range early Thursday. Ethereum (ETH), which fell below $1,800 yesterday, was able to reclaim the level today. Other prominent altcoins, including as Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), performed well across the board. Memecoin Pepe (PEPE) has been on an incredible rollercoaster ride, being the highest gainer on Tuesday, then the biggest loser on Wednesday, and then becoming the biggest gainer again today, demonstrating a textbook case of severe crypto volatility.

At the time of writing, the worldwide crypto market valuation was $1.27 trillion, up 1.33 percent in 24 hours.

Bitcoin Price Today
According to CoinMarketCap, the price of bitcoin was $34,792.09, representing a 2.27 percent gain in a 24-hour period. BTC was trading for Rs 29.51 lakh on the Indian exchange WazirX.

Ethereum Price Today
At the time of writing, the price of ETH was $1,811.83, representing a 1.29 percent 24-hour increase. According to WazirX, the current price of Ethereum in India is Rs 1.53 lakh.

Dogecoin Price Today
DOGE gained 8.39 percent in a 24-hour period, according to CoinMarketCap data, and is currently trading at $0.07167. According to WazirX, the Dogecoin price in India is Rs 6.13.

The 2008 white paper “Bitcoin: A Peer-to-Peer Electronic Cash System,” written under the pseudonym Satoshi Nakamoto, claims that Bitcoin was developed in reaction to the shortcomings of the established financial system. The main goal of Nakamoto’s project was to create a peer-to-peer digital currency that is decentralised and runs on a network without the need for middlemen like governments or banks. In addition to solving issues with the “double-spending problem,” which refers to the situation when the same digital token is spent more than once, Bitcoin seeks to facilitate safe, transparent, and international transactions.
Whatever your opinion on Bitcoin, it’s difficult to deny that it has become a huge success and that Nakamoto never could have imagined it would. For instance, the first known Bitcoin exchange for dollars occurred in late 2009, with the value of one Bitcoin set at $0.00099. Currently, the price per coin has skyrocketed to almost $35,000. If Bitcoin were a stock, its market capitalization would rank in the top 10 at $668 billion USD. We will try our best today to present objective justifications and supporting evidence for Bitcoin as a medium of exchange or store of value:
Justifications for using bitcoin as money
Bitcoin proponents emphasise that their currency has the ability to completely transform the established banking industry. In contrast to conventional banking systems or cross-border money transfers, they contend that Bitcoin transactions are quick, seamless, and offer cheap transaction fees. There is growing evidence that people adopting Bitcoin as an alternative currency are living in nations where hyperinflation is rife. Did you know that, relative to three countries suffering from hyperinflation, the price of Bitcoin recently reached an all-time high? (Nigeria, Turkey, Argentina) Considering that Bitcoin is well below its peak of $69,000 in relation to the US dollar, this is impressive.
At the moment, it is difficult to contest that Bitcoin serves primarily as a medium of exchange. Nevertheless, desperate people are turning to Bitcoin as a means of escape the financial jail that is persistent inflation in nations like Argentina, Turkey, and Nigeria. Bitcoin is not a sensible currency to use in nations like the US since the US dollar is far more stable.
Reasons to Support Bitcoin as a Valuation Store
Supporters of bitcoin contend that it functions as a store of value similar to gold. One of Bitcoin’s advantages over traditional currencies is that its supply is limited (only 21 million coins will ever be created), which prevents inflation. Additionally, proponents contend that the decentralised nature of blockchain technology and the scarcity of Bitcoin make it a trustworthy store of wealth. In 2023, Bitcoin has increased by more than 100% despite global inflation, escalating geopolitical tensions, and stock market instability. In the past, at times like the 2008 Global Financial Crisis and the 2020 Covid-crash, Bitcoin has not only survived but flourished. Gold and Bitcoin, which are often regarded as the primary stores of value, have gained momentum and separated from the equities markets in recent months.
In light of the US National Debt’s approaching $50 trillion (and projected to rise owing to geopolitical tensions in the Middle East and Europe), it’s difficult to argue against a substitute that is scarce and has maintained its worth since its introduction in 2009. More proof is given by the gold against bitcoin comparison chart.
The excitement surrounding the possible establishment of an ETF is just one aspect of the recent surge in Bitcoin prices. There is growing evidence that Bitcoin is more than just a trading platform; it’s also developing into a true currency and a store of value.

Zipmex, a cryptocurrency exchange focused on Southeast Asia, has filed for bankruptcy protection in Singapore to protect itself from legal threats from creditors.

Take advantage of London’s biggest financial event. This year we expanded into new verticals in online trading, fintech, digital assets, blockchain and payments.
The exchange filed for bankruptcy protection in a Singapore court on July 22, just days after it suspended withdrawals from its platforms.

“This helps protect Zipmex from third party actions, claims and proceedings while it is active and allows the team to focus all of our efforts on resolving the liquidity situation without having to worry about defending potential claims or adverse actions while we do so. ” said the crypto exchange.

The exchange’s attorneys filed five requests for relief from the moratorium, each for a different Zipmex entity. While two entities are registered in Singapore, the rest are from Australia, Indonesia and Thailand.

Read on

The filing automatically granted the exchange a 30-day moratorium period or until the application is decided by a Singapore court.

“It is important to note that the moratorium is not the liquidation of any company,” the exchange added.

Another collapsing crypto exchange?
Zipmex is the latest worrisome cryptocurrency platform after Celsius, Voyager Digital and Three Arrows Capital. Another troubled crypto startup, Vauld, has filed for protection from its Singapore creditors.

In suspending withdrawals, Zipmex cited a combination of circumstances, including market volatility and the financial difficulties of its trading partners. Now, the exchange’s troubles appear to be murkier.

Coinbase was previously interested in acquiring Zipmex, but the American exchange ended up investing only in the Southeast Asian counterpart. The investment came as part of the crypto exchange’s Series B+ funding round, which valued it at $400 million.

Among all the markets it operates in, Zipmex’s user base is concentrated in Thailand. Thailand’s Securities and Exchange Commission (SEC) is also working with law enforcement to assess customer losses after Zipmex suspended withdrawals.

Zipmex, a cryptocurrency exchange focused on Southeast Asia, has filed for bankruptcy protection in Singapore to protect itself from legal threats from creditors.

The exchange filed for bankruptcy protection in a Singapore court on July 22, just days after it suspended withdrawals from its platforms.

Take advantage of London’s biggest financial event. This year we expanded into new verticals in online trading, fintech, digital assets, blockchain and payments.
“This helps protect Zipmex from third party actions, claims and proceedings while it is active and allows the team to focus all of our efforts on resolving the liquidity situation without having to worry about defending potential claims or adverse actions while we do so. ” said the crypto exchange.

The exchange’s attorneys filed five requests for relief from the moratorium, each for a different Zipmex entity. While two entities are registered in Singapore, the rest are from Australia, Indonesia and Thailand.

Read on

The filing automatically granted the exchange a 30-day moratorium period or until the application is decided by a Singapore court.

“It is important to note that the moratorium is not the liquidation of any company,” the exchange added.

Another collapsing crypto exchange?
Zipmex is the latest worrisome cryptocurrency platform after Celsius, Voyager Digital and Three Arrows Capital. Another troubled crypto startup, Vauld, has filed for protection from its Singapore creditors.

In suspending withdrawals, Zipmex cited a combination of circumstances, including market volatility and the financial difficulties of its trading partners. Now, the exchange’s troubles appear to be murkier.

Coinbase was previously interested in acquiring Zipmex, but the American exchange ended up investing only in the Southeast Asian counterpart. The investment came as part of the crypto exchange’s Series B+ funding round, which valued it at $400 million.

Among all the markets it operates in, Zipmex’s user base is concentrated in Thailand. Thailand’s Securities and Exchange Commission (SEC) is also working with law enforcement to assess customer losses after Zipmex suspended withdrawals.

Market capitalization as a term has also entered cryptocurrency investing conversations over time. Its definition and application in cryptocurrencies are not exactly the same as in the traditional stock market. Cryptocurrency market cap is broadly defined as a metric that measures the total value of a particular cryptocurrency in the current market.

The market cap of a cryptocurrency is determined by dividing the total coins that have ever been mined by the price of one coin at a particular time. Market capitalization can be used as a valid measure of how stable an asset is likely to be.

This feature provides a brief introduction to cryptocurrency market capitalization, why it’s important to understand, and what it means for investors.

What is cryptocurrency market cap and how does it work?

Since the inception of Bitcoin, the first cryptocurrency, more and more cryptocurrency projects have entered the scene, each promising a different benefit or use to investors. Some altcoins boast unmatched transaction speeds, while others claim to offer the lowest fees.

Other coins, such as the privacy-focused altcoin Monero (XMR), offer airtight security and complete privacy. XMR transactions made through a specially encrypted Monero wallet are said to be completely anonymous and untraceable, making Monero an ideal coin for users with extreme cybersecurity concerns.

There are currently thousands of active cryptocurrency projects available for traders to invest in. Naturally, each of these coins will be valued differently in the market, and this is what cryptocurrency market capitalization is meant to measure.

The market capitalization of a particular coin is meant to give investors an idea of ??how big the project currently is and how well it is doing.

The market capitalization of a cryptocurrency is calculated by multiplying the current market price of the coin by the total circulating supply. For example, if a certain coin is trading at $5 per unit and there are approximately 10,000,000 coins in circulation, its market cap would be $50,000,000.

Many cryptocurrency experts consider market capitalization to be the most important factor in determining a cryptocurrency’s viability as an asset. There are now a number of websites and online indexes that calculate and track market capitalization for various cryptocurrencies, as well as other important financial metrics. These sites allow crypto investors to track the dominance and popularity of their chosen coins.

Why does market capitalization matter?

The market capitalization of a crypto project can provide valuable insight into the relevance of that project, especially for investors looking to gauge the popularity of a particular coin over the long term.

For example, most cryptocurrency experts will agree that coins with large capitalizations above $10 billion are relatively safe investments. Investing primarily in such coins is usually considered a conservative strategy, as these cryptocurrencies are likely to be less unpredictable investments than other coins.

However, it is worth noting that even the most stable cryptocurrencies will still be more volatile in terms of their value than traditional investment products such as stocks or bonds.

Mid-cap cryptocurrencies are those with a market capitalization between $1 billion and $10 billion. Unlike large-cap cryptocurrencies, these cryptocurrencies are typically much more volatile, but may have more upside potential. Meanwhile, small-cap cryptocurrencies are those with a market capitalization of less than $1 billion. They are often subject to extreme price volatility, with their value often rising or falling significantly within hours.

Thus, small-cap cryptocurrencies are considered the riskiest investments one can make in cryptocurrencies, even though their growth potential is expected to be good in the short term.

How can market capitalization affect your investment strategy?

One viable way investors can apply their knowledge of market capitalization is by following a market capitalization weighted investment strategy. Under this strategy, the amounts that traders invest in their chosen cryptocurrencies are proportional to the current market capitalization of those coins.

To illustrate, this means that an investor looking to put $100 into total crypto investments should allocate the largest portion of that amount to coins with the largest market capitalization and smaller portions to other less popular cryptocurrencies.

However, it is important for novice crypto investors to keep in mind that the market is prone to dramatic price swings, even for large-cap coins. Therefore, the market capitalization of even the biggest and most popular coins is constantly changing. Since cryptocurrency is a relatively new asset compared to traditional assets such as stocks, there are currently few ways to predict how a particular coin’s value or growth trajectory is likely to change over time.

The unpredictability of cryptocurrencies is the main reason why financial experts encourage new traders to invest cautiously even in large crypto projects. It is always a good idea for novice investors to do their due diligence before committing to any investment and only put in as much money as they can afford to lose.

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“Dreams and dedication are powerful combination.”

William Longgood

Set a bigger goals and chase them everyday

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Summary

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“Dreams and dedication are powerful combination.”

William Longgood

Set a bigger goals and chase them everyday

Music can help you get into a “flow state” — losing yourself in the task at hand. Even repetitive tasks or mundane assignments seem more bearable, or even fun, when your favorite tunes are in your ears. Plus, your eyes won’t be so prone to checking the time. Check out these and more reasons to bring your music to work in this Zing Instruments infographic below. A great piece of music is an instant mood lifter. Plenty of scientific evidence backs this up – we`re happier bunnies when listening to music.

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Summary

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