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Important data to watch this week:

Expectation The Previous Month’s Announced
30.10.2023 BTC Sharing of detailed reports related to the conference between Binance and the SEC with the public
31.10.2023 TON TON Blockchain Performance Test (Trial for transactions per second record)
01.11.2023 21:00 USD FED Interest Rate Decision

5,50%

5,50%

01.11.2023 21:30 USD FOMC Press Conference
02.11.2023 15:30 USD Unemployment Benefits Applications

210K

210K

03.11.2023 10:00 TRY Tüketici Fiyat Endeksi (TÜFE) (Yıllık)

61,53%

03.11.2023 15:30 USD Non-Farm Employment Data

188K

336K

03.11.2023 15:30 USD Unemployment Rate

3,8%

3,8%

03.11.2023 15:30 USD Average Hourly Earnings

0,3%

0,2%

In the last 24 hours, $60 million was liquidated from the cryptocurrency market, affecting more than 30,000 cryptocurrency investors. Short positions made up 62.82% of the liquidated positions, with Bitcoin experiencing the highest liquidation.

Last week, the tensions between Israel and Hamas saw a decrease in flows and news of the postponement of the ground operation somewhat relieved the markets. Bitcoin surged with hopes that the SEC would approve the Bitcoin exchange-traded fund. In total, we saw an increase of about 27% in October.

This week, we may witness another week of high volatility for Bitcoin and other cryptocurrencies. The most influential data this week seems to be the announcement of the FED’s interest rate decision. Half an hour after the FED’s interest rate announcement, remarks from FED Chairman Jerome Powell will be closely followed. These statements might provide hints about the FED’s future monetary policy. The price of Bitcoin and other markets will be influenced by these developments. It’s beneficial to keep track of these data when opening or holding our trades.

Expectations for an ETF drove Bitcoin’s price first to $30,000 and then to $35,000. Although there have been pullbacks, it has still outperformed many altcoins. Since October, it has appreciated by approximately 27%.

When we look at the Bitcoin chart, we can see that a Flag formation has formed. It will be beneficial for us to closely follow the news coming from the SEC.

Bitcoin dominance value is also increasing because the expectation is quite strong. Every development adds to the price of Bitcoin. If approval comes from the SEC, we can observe an increase in volatility.

Galaxy Digital estimates that spot Bitcoin ETFs awaiting approval in the U.S. could attract at least $14.4 billion to the market in their first year. After the approval of spot Bitcoin ETFs in the U.S., they suggest that Bitcoin’s price could increase by 74% within a year. Although this seems overly optimistic, it’s important to remember that markets price in expectations.

Cardano’s Performance Exceeds Expectations

Cardano has displayed tremendous performance in the DeFi sector, becoming one of the fastest-growing networks. The total value locked on the network has surpassed $250 million.

Standard Chartered-Backed Zodia Custody in Hong Kong

Zodia Custody, a digital asset custody firm backed by Standard Chartered, has announced its launch of services in Hong Kong. According to a report by CNBC, the UK-based company will enter the Hong Kong market following its recent expansion in other jurisdictions in the Asia-Pacific region. CEO Julian Sawyer mentioned in an interview with a media outlet that the significant demand from Hong Kong’s institutions makes the region an ideal market to target.

FTX Discusses with Three Bidders to Relaunch

According to Bloomberg on October 25th, FTX had been in talks with three bidders to relaunch and is expected to make a decision on how to proceed by mid-December. Currently, FTX is discussing potential binding details of an offer with investors. Among the possible options are selling the entire exchange, including a list of more than 9 million customers, or bringing in partners to assist in the relaunch. FTX is also considering relaunching the exchange on its own. The relaunch holds significant importance in terms of trust in the crypto sector.

The investment information, opinions, and recommendations contained in this research report are not within the scope of investment advisory.

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