Major cryptocurrency tokens were trading higher on Tuesday ahead of the US Federal Reserve’s policy decision tomorrow.

Bitcoin was up 1.94% at $43,409, while Ethereum rose 1.8% to $2,305. Meanwhile, the worldwide cryptocurrency market capitalization increased by 2.3% to roughly $1.67 trillion in the last 24 hours.

Major events, such as the Fed’s interest rate decision and US January unemployment rate statistics, might have an impact on market sentiment in the following days.

If the widely anticipated rate decrease is finally announced, the bull-bear tug of war that has been going on for the past few weeks may finally see the bull emerge victorious.

Bitcoin surpassed $43,000 on optimistic enthusiasm fueled by fading grayscale selling pressure and new bullish wagers. Grayscale’s reduced BTC transfers to exchanges, together with projections for new long positions above $43,000, point to a probable surge to annual highs beyond $50,000.

Positive aspects include dropping GBTC sales, rising US stock markets, and Google’s Bitcoin ETF ad support. However, the impending Fed meeting poses a concern because good US economic data may delay rate reduction, thereby supporting the US currency and dampening crypto markets.

Other prominent altcoins increased in value during today’s exchange. Solana and Cardano gained 6.5% and 7.6%, respectively. Dogecoin, Chainlink, Polygon, and Shiba Inu all saw 2-3% gains. BNB, XRP, Internet Computer, and Avalanche are also up.

Bitcoin, the world’s largest cryptocurrency, has seen its market capitalization increase to $850 billion in the last 24 hours. According to CoinMarketCap, Bitcoin presently has a dominance of 51.15%. Bitcoin volume increased by 42% in the last 24 hours, reaching $22.4 billion.

To continue its pace toward $45,000, BTC must first breach and hold $43,500. We foresee a surge higher in the coming days, with Bitcoin reaching beyond $44,000 during this rally.

Bitcoin has been on a sustained rise for the previous week, gaining more than 12% while maintaining the trend line support of $38,500. Analysts estimate that this increase is largely owing to the Fed’s expectation to continue its rate pause, which will be disclosed this week.

The Financial Intelligence Unit has issued a show cause notice to nine offshore cryptocurrency exchanges for allegedly operating unlawfully in India by failing to comply with the country’s anti-money laundering statute.

In Short

• The FIU has served notice on nine offshore cryptocurrency exchanges.
• MeitY has been advised by the FIU to block the URLs of the nine bitcoin exchanges.
• The nine cryptocurrency exchanges were shut down for failing to comply with India’s anti-money laundering legislation.

The Indian Finance Ministry’s Financial Intelligence Unit (FIU) has issued a show cause notice to nine offshore cryptocurrency exchanges and asked the Ministry of Electronics and Information Technology (MeitY) to block their URLs in India. The action was taken due to apparent noncompliance with Indian anti-money laundering legislation. According to the FIU notification, these nine cryptocurrency exchanges, which include Binance and Kucoin, have been operating unlawfully in India. Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex are among the nine exchanges that have received the show cause notice.

“As part of compliance action against the offshore entities, Financial Intelligence Unit India (FIU IND) has issued compliance Show Cause Notices to following nine offshore Virtual Digital Assets Service Providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA),” according to the show cause notice.

While Bitcoin’s scarcity and decentralised nature correspond with the story of a store of value, its metaphorical link with gold testifies to its enduring properties.

In recent years, Bitcoin has distinguished itself as the pioneer who introduced the world to decentralised digital currency. Bitcoin’s reputation and utility have substantially changed, sparking arguments regarding its genuine nature. One such debate is whether Bitcoin is primarily a store of value or a digital equivalent of gold.

Bitcoin as a Value Store

Because of its limited supply and deflationary nature, the concept of Bitcoin as a store of value gained traction. The entire quantity of Bitcoin is limited to 21 million, a feature that matches precious commodities such as gold. Because of its scarcity, proponents say that Bitcoin is a reliable store of value, akin to gold’s historical significance.

Furthermore, Bitcoin’s decentralised nature, which operates on a peer-to-peer network with no reliance on a central authority, lends to its appeal as a store of value. Individuals and institutions may turn to Bitcoin as a hedge against traditional financial risks during periods of economic uncertainty, political instability, or hyperinflation.

Bitcoin as a Metaphor for Digital Gold

The analogy of Bitcoin to gold extends beyond scarcity to its perceived intrinsic value. For ages, gold has been used as a store of wealth because of its durability, divisibility, mobility, and fungibility. Bitcoin shares these characteristics, with the added benefit of being freely transferable and divisible into smaller pieces called as Satoshis.

As investors sought alternative assets with a buffer against inflation and a store of value, the idea of Bitcoin as digital gold gained traction. Bitcoin’s fixed quantity and decentralised nature are characteristics that have historically made gold a sought-after asset during times of economic turmoil.

Take Away

When it comes to gold, every ounce ever mined survives in some form or another. While gold is not a traditional portfolio asset, its role as a store of value is indisputable. Over time, gold has demonstrated its potential to outperform inflation, a feat that few other investments have achieved. Furthermore, the scarcity of gold contributes to its intrinsic value; regardless of mining efforts, only a limited amount can be extracted.

Surprisingly, Bitcoin exhibits these qualities. All Bitcoins, created within an unbreakable database, continue to exist, mimicking gold’s unrivalled excellence. The energy-intensive and sophisticated process of creating Bitcoin naturally limits its supply, which is enforced by a strict audit trail. Despite its volatility, Bitcoin has shown positive returns over time, cementing its position as a dependable store of value. Furthermore, Bitcoin’s ease of storage and transmission provides a contemporary advantage over its conventional gold counterpart.

The future of Bitcoin as a store of wealth or digital gold is a fluid debate that reflects the ever-changing nature of the cryptocurrency ecosystem. While Bitcoin’s scarcity and decentralised nature correspond with the story of a store of value, its metaphorical link with gold testifies to its enduring properties.

Bitcoin’s role in the financial landscape is likely to expand as the cryptocurrency ecosystem navigates new obstacles and developments. Ongoing advancements, including as the Lightning Network’s scalability update, growing institutional use, and evolving regulatory developments, indicate a shifting picture. Whether it becomes a mainstream store of value or digital gold, Bitcoin’s path is unquestionably one of finance’s most compelling stories.

Bitcoin rose back above $38,000 on Wednesday, fueled by hopes that the US Federal Reserve is getting closer to decreasing borrowing prices if inflation remains low.

The largest cryptocurrency by market capitalization surged up to 3.3% to $38,264 before paring the gains. On Friday, Bitcoin reached an 18-month high of $38,422. Lower interest rates, in general, boost investors’ appetite for risky assets like digital tokens.

“As interest rates begin to fall, investors will return to risk assets in search of higher returns,” said Michael Safai, a partner at quantitative trading firm Dexterity Capital. “This, coupled with the momentum that crypto has built in recent months with ETFs and putting FTX in the rear-view mirror, has traders feeling like the conditions for a new bull run are coming together.”

The current slowing of economic activity, according to Federal Reserve Governor Christopher Waller, may imply that the central bank’s policy is tight enough. He delivered the statements as part of planned remarks for an event at the American Enterprise Institute in Washington on Tuesday.

Bitcoin has risen more than 40% since the beginning of October on expectations that the US Securities and Exchange Commission will approve the first exchange-traded fund that invests directly in the digital commodity. Bitcoin is up over 130% this year after falling 64% in 2022.

The confidence has also boosted so-called crypto equities including Coinbase Global Inc., miner Marathon Digital Holdings Inc., and ETF proxy MicroStategy Inc. This year, the shares of all three companies have increased by more than 250%.

In Monday’s session, crypto tokens were trading mixed, with a negative tilt. Bitcoin, Ethereum, Solana, Polkadot, and Tron were all down, while XRP, BNB, Cardano, Dogecoin, Polygon, and Toncoin were all up.

Meanwhile, the global cryptocurrency market cap fell 0.14% in the last 24 hours to roughly $1.32 trillion.

As of 1:10 p.m., Bitcoin was down 0.6% at $34,915 and Ethereum was trading below $1,900. XRP increased by more than 9%.

Bitcoin has been trading near the $35,000 mark. This volatility could be due to traders cashing out their Bitcoin earnings and reinvesting them in altcoins. Another possible cause is that the United States added 150,000 jobs in October, falling short of the 180,000 projected by economists and falling short of September’s 297,000 total.

Meanwhile, prominent crypto coins have surged in the recent week as a result of the US Federal Reserve’s rate halt. Bitcoin increased by roughly 2%, while Ethereum increased by 5%. XRP, Solana, and Cardano all gained more than 17%.

The crypto fear and greed index has surged 4 points from yesterday to be within the greed zone with a score of 74/100, indicating that the recent rally from last week has boosted investor sentiment. While the price momentum may appear to be short-term, market watchers are finding indicators of long-term demand fueling the cryptocurrency uptrend.

The overall volume in DeFi is currently $4.31 billion, accounting for 11.28% of the entire 24-hour activity in the crypto market. The total volume of all stablecoins is now $32.74 billion, accounting for 85.76% of the total 24-hour volume of the crypto market.

Bitcoin’s, the world’s largest cryptocurrency, market cap has dropped to $682 billion in the previous 24 hours. According to CoinMarketCap, Bitcoin now has a 51.8% market share. BTC volume increased 29% in the last 24 hours to $12.4 billion.

BTC dominance fell by more than 1.5%, signalling possible openings for cryptocurrencies to shine. The dominance of ETH has also found support, possibly indicating a resurgence.

Quick analysis of the cryptocurrency pricing on October 18: The worldwide market capitalization fell to $1.26 trillion.
Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, began to fall early Friday morning. Popular altcoins such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) all ended up in the red. Floki Inu (FLOKI) went on to become the top gainer, gaining more over 27 percent in a 24-hour period. Bitcoin SV (BSV), on the other hand, became the biggest loss, falling more than 7% in a 24-hour period.
At the time of writing, the worldwide crypto market valuation was $1.26 trillion, a 1.33 percent drop in a 24-hour period.
Bitcoin Price Today
According to CoinMarketCap, the price of bitcoin was $34,088.58 after a 2.10 percent decline in the previous 24 hours. BTC was trading at Rs 29.25 lakh on the Indian market WazirX.
Ethereum Price Today
At the time of writing, the price of ETH was $1,790.97, representing a 1.07 percent 24-hour increase. According to WazirX, the current price of Ethereum in India is Rs 1.53 lakh.
Dogecoin Price Today
DOGE down 0.26 percent in a 24-hour period, according to CoinMarketCap statistics, and is now trading at $0.07156. According to WazirX, the Dogecoin price in India was Rs 6.12.
Litecoin Price Today
DOGE down 0.26 percent in a 24-hour period, according to CoinMarketCap statistics, and is now trading at $0.07156. According to WazirX, the Dogecoin price in India was Rs 6.12.
Ripple Price Today
The price of XRP was $0.5532 after a 0.89 percent decline in 24 hours. According to WazirX, the current price of Ripple is Rs 47.87.
Solana Price Today
Solana’s price was $32.35, representing a 1.15 percent drop in a 24-hour period. According to WazirX, the SOL price in India is Rs 2,798.89.

While Ethereum was also seen in red and was slightly lower, it stayed below the $1,800 level. Bitcoin had some profit booking as it dropped more than 1% but was still able to hold around 34,000 levels.

Bitcoin and other crypto took a breather on Friday ahead of the non-event weekend. However, the pause in the digital asset market was on the cards after a sizable rally in the last few days. However, analysts see the buying interest to remain in the digital asset market in the next few days.

Bitcoin saw some profit booking as the largest crypto token declined over a per cent but somehow managed to hold about 34,000-levels. However, its largest peer, Ethereum, was also seen in red, marginally lower, and remained below $1,800-level. Majority of the altcoins were trading with cuts.

The cryptocurrency market appears to be cooling off after a seven-day rise. With a score of 70/100, the cryptocurrency fear and greed index is likewise firmly into the greed zone, indicating bullish feelings among investors in the space. Following the surge, the larger cryptocurrency market appears to be cooling off in lockstep with its reaction.

In other developments, UDPN, a system that allows blockchain, stablecoins, and CBDCs to interact like SWIFT in traditional banking, is being tested by Deutsche Bank and Standard Chartered’s SC Ventures. UDPN integrates digital identification standards, creates a bridge between blockchains, and enables regulated transactions.

With a few notable exceptions, Friday’s trading saw a decline in most popular cryptocurrency tokens. Over 3% fell in Polkadot, while 2% fell in each of Polygon, Chainlink, and Toncoin. Dogecoin had a slight increase, but Solana and BNB added around 1% each among the gainers.

The market capitalization of all cryptocurrencies worldwide was trading much lower, dropping to $1.26 trillion after sliding more than 1% on the previous day. Still, overall trade volumes fell to $46.88 billion, or around 7% less than before.

While Ethereum fell by about two percent but stayed below the $1,800 barrier, Bitcoin experienced some profit booking as it fell by more than one percent while holding roughly 34,000 levels.

After the ticker for BlackRock’s (BLK) spot bitcoin ETF, IBTC, was taken down from the Depository Trust & Clearing Corporation’s (DTCC) website and then added back, the price of bitcoin and other cryptocurrencies fell on Wednesday morning. But profit booked from rash cryptocurrency purchases is nothing new.

Following a robust secular surge, Bitcoin experienced some profit booking. Despite declining more than 1%, the largest cryptocurrency held its ground around roughly 34,000 levels. Ethereum, its biggest rival, saw an almost 2% decline but managed to stay below the $1,800 mark. The majority of altcoins had decreased in value.

Following the unexpected debut of BlackRock’s spot bitcoin ETF (IBTC) ticker on the US Depository Trust & Clearing Corporation website, the value of bitcoin recently surpassed the $35,000 mark. But after the ticker briefly vanished and then reappeared, prices during the previous day stabilised back around $34,000.

Grayscale’s legal victory over the US SEC, in which the DC Circuit Court of Appeals ordered the agency to reevaluate its denial of Grayscale’s spot bitcoin ETF application, may also be connected to this positive trend. Market participants are optimistic that the Bitcoin spot ETF applications will soon be approved due to the combination of these factors.

With a few notable exceptions, the bulk of popular cryptocurrency tokens saw a decline in price on Wednesday. Toncoin, Polygon, Solana, and BNB all saw declines of two percent apiece, while Dogecoin and Polkadot fell by more than three percent each. Chainlink gained more than 11% of the gainers, and XRP gained almost 1%.

The market capitalization of all cryptocurrencies worldwide was trading much lower, dropping to $1.25 trillion after decreasing by almost 1% over the previous day. But at $69.61 billion, the total trading volume fell by more than 13%.

The temporary withdrawal of BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC, from the Depository Trust & Clearing Corporation (DTCC) website may have contributed to the declines in both Bitcoin (BTC) and Ethereum (ETH) over the last day. It’s crucial to remember, though, that the ticker was relisted a few hours later.

The main cryptocurrencies saw gains in trading on Thursday as the market was buoyed by confidence and bullish sentiments. In the past day, the value of the worldwide cryptocurrency market cap increased by 0.77% to over $1.27 trillion.

Bitcoin was up 1.47% at $34,626 while Ethereum, its biggest rival, increased 1.4% to break past $1,800.

The steady advances made by BTC have eclipsed the movements in price of ETH and other prominent altcoins. As a result, the dominance of BTC has reached a record 30-month high of more than 54%—the greatest level since April 2021. But when investors grow accustomed to the risk curve during this stage of the market, there could be a spike in interest in altcoins, which would mean a reversal of BTC’s dominance.

Dogecoin and Shiba Inu, two other well-known altcoins, saw increases of more than 6% apiece. Litecoin, Toncoin, Cardano, Solana, Polygon, and Polkadot all saw increases as well.

The largest cryptocurrency in the world, Bitcoin, saw a spike in market capitalization to $675 billion in the past day. Currently, 53.24% of the market is made up of Bitcoin, according to CoinMarketCap. The volume of BTC fell by 27.1% to $24.14 billion in the last day.

The crypto community is celebrating the decoupling of Bitcoin from stock indices. The asset is up 23 percent on a weekly basis and is attempting to break out towards $35,000, which is a crucial level to hold for future gains. The dominance of Bitcoin is at its highest level since April 2021, suggesting that traders are allocating their capital to the top cryptocurrency instead of altcoins.

Nonetheless, a few cryptocurrencies, such as memecoin Pepe (PEPE) and Layer-1 asset Solana (SOL), have seen significant gains this week. Short-term market weakness is probably in store, but the general direction is obvious as Bitcoin moves closer to a bullish Golden Cross, or the intersection of the 50- and 200-day moving averages.

There are two possible resistance levels in the current uptrending price of bitcoin: $36,507 and $38,579. Support levels for a bear market are $31,212, $29,172, and $27,956.

At present, the critical $34,705 level is being tested by Bitcoin. Buying interest may rise if it breaks over that level. In general, the trend of Bitcoin is bullish, with $34,700 acting as a key mark to keep an eye on.

Below is a direct excerpt from Marty’s Bent Issue #1243: “Is Bitcoin a new form of property in the eyes of the law? Subscribe to the newsletter here.

Preston Byrne makes a strong case that Bitcoin will eventually be labeled as a new type of asset and its understanding could be different in the US and England.

This is a very interesting blog post in which Preston Byrne expands on an idea he’s been publishing since 2018: Bitcoin represents a new type of property and it will eventually be recognized by a court sometime in the future. If you’re looking for something to poke at in this bear market, your Uncle Marty thinks it’s a very stimulating exercise in trying to understand how Bitcoin is and how it probably should be viewed in the eyes of the courts.

As you can see above, Bitcoin is truly unique as a type of asset because it doesn’t actually physically exist in any one place because the ledger is kept in an extremely distributed way and it doesn’t sit. neatly into any definition of property that has yet been established. Furthermore, the nature of control over a UTXO is determined by a private key that can be signed by the person who created it, by someone who gained access to it through dishonest means, or by someone who used a very powerful computer to guess it. . When these factors come together, it’s clear—as Preston points out—that we’re dealing with a special animal.

I’m not really sure how things like taxes will change if and when a court in the US or England sets a precedent that marks Bitcoin as a new type of asset, but I’m inclined to agree that it makes sense for Bitcoin to set a new precedent. Never before has humanity interacted with an asset of this type. Treating it the same as real estate, precious metals, or other types of physical assets never made intuitive sense to me. To be clear, I think this is a positive thing for Bitcoin. The fact that UTXOs don’t really exist in one place, but in a globally distributed ledger, and that you can store private keys in your head has always led me to believe that Bitcoin is simply information – specifically, speech.

If bitcoin is labeled as speech that is not performed in any particular place but everywhere at once, I think that could reduce the ease with which any individual court within a relatively fair legal system in any particular jurisdiction could try to declare bitcoin for taxable within its borders. . Defining this new type of property as something owned by someone but not in a specific location greatly increases plausible deniability, making it much more difficult to enforce local laws on bitcoin owners.