On Wednesday, bitcoin continues to work out the resistances passed in May as supports, without abandoning the scenario of continuing positive dynamics at least until the SEC verdict on the ProShares ETF (October 18). The unrestrained dynamics (more than 25% growth since the beginning of October) on the eve caused an influx of 3,900 BTC to the exchanges, which at the moment pushed the rate to $ 54,000, but the market “digested” them and they did not change the picture.
Glassnode, Sentiment, Arcane Research, The Block gave additional confirmation of the participation of institutions in the current rally, for which there have been no reasons to exit yet. Bloomberg analyst Eric Balchunas on the eve again recalled the high chances of approval by the Commission of an exchange-traded fund based on bitcoin and noted that the lack of news should be perceived positively. Whales with 100-1000 BTC wallets have accumulated 85,700 BTC over the past two weeks. Long-term holders have been increasing their positions at a pace 13-15 times greater than miners mine coins. It is worth recalling that in addition to the SEC, Crypto Expo Dubai 2021 starts tomorrow. The list of speakers is impressive, we can expect positive comments and deals. At a previous conference in Miami, the President of El Salvador, Nayib Bukele, announced the legalization of the first cryptocurrency in this Latin American country.
Against the current background, many commentators began to pay attention to altcoins
Against the background of recent decisions and speculation about the plans of American regulators, at least the same institutions may approach the purchases of these assets more selectively. But the influence of the news has not been canceled. The day before, Binance announced the launch of a $1 billion fund for the development of the Binance Smart Chain ecosystem. In addition to supporting projects and developers, it is planned to allocate $ 100 million to stimulate liquidity. Binance CEO Changpeng Zhao expects to increase the audience from the current 100 million to 1 billion. The bitcoin exchange has money, incentives can be attractive. The market believed – Binance Coin and tokens of the most popular projects PancakeSwap, Venus, Alpaca Finance, Auto shot on the news.