Bitcoin Fear and Greed Index Rises to 2-Year High
The Crypto Fear and Greed Index has risen to levels seen in November 2021, when Bitcoin (BTC) hit an all-time high above $69,000. When the market is rising, people tend to be greedy and fear of missing out (FOMO) arises. This leads to impulsive buying and selling of crypto assets. The Fear and Greed Index is now at 71, a sign that investors are becoming more confident in the future of cryptocurrencies, especially BTC.
“Buy Bitcoin” Searches Increased by 826% in the UK
Searches for “buy Bitcoin” on Google have surged amid a massive crypto rally around the world, with searches in the UK increasing by more than 800% in the last week. According to Google Trends data, users in the US are searching for “Should I buy Bitcoin?”. Niche searches such as “Can I buy Bitcoin from Fidelity?” saw an increase of more than 250%. It rose by over 3,100% last week. Going further afield, the search term “Is it a good time to buy Bitcoin?” saw a 110% increase worldwide last week. By comparison, the “BlackRock Bitcoin ETF” rose 250%, indicating a wider interest in information about BlackRock’s Spot Bitcoin Exchange Traded Fund (ETF), which is currently awaiting approval.
dYdX Cosmos Launched on Main Network as Layer 1
dYdX version 4 and the independent Cosmos blockchain have launched the alpha mainnet phase. Charles d’Haussy, CEO of the dYdX Foundation, said: “After years of development, 60 test networks involving over 5 validators and top trading firms, the dYdX Chain has been officially launched by the community and the DAO. This marks a tremendous leap forward for the dYdX ecosystem, representing a new chapter defined by complete decentralization.”
Interest Rate Decisions Announced in Turkey and Europe
The Central Bank of the Republic of Turkey and the European Central Bank announced their interest rate decisions yesterday. CBRT raised the 1-week repo rate by 500 basis points to 35% from 30%, while the European Central Bank left the interest rate at 4.50%.
Circle’s New Partnership with Taiwanese Companies
Circle, the issuer of the USDC stablecoin, has partnered with Taiwanese crypto exchange BitoGroup and Taiwan FamilyMart to expand its presence in the market. Circle said today that the trio has launched a “points-to-crypto” service to allow users to convert FamilyMart points into cryptocurrencies such as USDC.
Arbitrum to Integrate Orbit Software with Celestia for Data Availability
The Arbitrum Foundation announced that Celestia is the first modular data availability network that Arbitrum will integrate into its software, known as Orbit and Nitro. This integration, which will be completed after Celestia’s mainnet launch, will give developers the option to publish data on Celestia in addition to the existing Arbitrum One and Nova blockchains.
Solana Labs Launches Web3 Incubator Offering Development and Fundraising Support
On October 26, Solana Labs introduced a brand new incubation program for project development on the Solana blockchain. The program, called “Solana Incubator” for short, will offer fundraising, development, networking and marketing support for web and blockchain projects that want to build on Solana’s platform. Solana Incubator will accept applications until November 30th.
Ryder Ripps to Pay Yuga Labs $1.5 Million for Bored Ape Trademark Infringement
A U.S. District Judge in California issued a ruling on Wednesday in favor of Yuga Labs, creators of the popular Bored Ape Yacht Club, and against Ryder Ripps (“Ripps”) and Jeremy Cahen (“Cahen”). Ryder Ripps, who the court said infringed on Yuga Labs’ trademark, suffered over $1.5 million in damages from the sale of the Bored Ape Yacht Club, the amount Ripps and Cahen say he profited from.
Bitcoin is priced at $ 34,025 with a 0.37% loss in value as of today morning hours. It was rejected from a very important level in the weekly picture, the instability zone. Above 33,500 would still be positive for Bitcoin. If the pullbacks deepen, $ 32,900 and then $ 31,000 can work as support. In the continuation of the upward movement, it would be good for the price to move upwards in the future, first above $ 35,000 and then above $ 37,500 for a while.
ETH, which lost 0.87% as of morning hours, is priced at $ 1787.80. After being rejected at a critical level of $1850, it seems to have found support around $1780. 1750 dollars will be quite critical. Above this level would take it back to the $1880 level and then to the $1900 level. In the loss of $ 1750, $ 1715 and then $ 1650 levels can work as support.
XRP is priced at $0.5488 as of morning hours, down 0.85%. It seems to be supported by the upper part of the horizontal band. The 0.55 level is very important and it needs to remain above this level for the upward movement to continue. If it re-enters the horizontal band, it may first test 0.5384 and then 0.52 dollars.
As of morning hours, AVAX is priced at 10.65 dollars with a 3.62% depreciation. After being rejected at $11.50, it seems to have received support at $10.50. In the continuation of the downward movement, there may be a decline up to 10.20 dollars. If the upward movement continues, it would be positive for the price to stay above $ 11 and then above $ 11.50.
SOL is priced at $ 32.20 with a 1.74% loss in value as of morning hours. SOL, which is consolidating at the resistance level of 32.13, seems to be able to try the up levels again if it is permanent here. The resistance level of $34, which we follow as a resistance level, may be important for the continuation of the upward movement. In retreats, the 29 – 29.60 zone, which we follow first as $ 30 and then as a support level, stands important in terms of reaction points.
As of morning hours, LINK is pricing at 10.856 with a 0.67% loss in value. LINK, which has experienced a good rise this week, seems to be trying to hold above the $ 11 level. The $11 level is a critical level for the continuation of the upward movement. If it persists above this zone, it may be possible to see an upward movement up to 12 and then 12.50 levels. The closest support level is 10.60. LINK, which retreated to these levels yesterday, may test $ 10 levels if it falls below this level.
MKR is pricing at 1385 with a 2.26% depreciation as of morning hours. When we examine the 12-hour chart, it moves above the support point at $ 1347. MKR, which saw selling pressure from the 1580 level, which we follow as a resistance point, continues its horizontal movement between these two regions. If the support level breaks down, it may retreat to $ 1265. If the resistance level is broken upwards, it seems that it may rise up to the level of 1700 dollars.