Spot Trade Volume Increases
Spot trading volume on centralized exchanges rose for the first time in four months in October, CCData reported. The total transaction volume for the month amounted to 632 billion dollars, up 87.2% compared to September. The Block’s Data Dashboard for October data also showed that monthly spot trading volume increased for the first time in four months. However, The Block recorded lower figures. Total spot trading volume on centralized exchanges rose by almost 60% from a low of $323.76 billion in September to $516.43 billion in October.
Bitcoin Open Interest Exceeds $15 Billion
Current levels are about $15.5 billion, according to data from CoinGlass. James Van Straten, research and data analyst at crypto analytics firm CryptoSlate, said that the CME exchange, which is preferred by institutional investors, set a new record with 105,380 BTC contracts worth $3.68 billion in open positions, while Binance surpassed it with an open position rate of about 113,500 BTC. This trend points to growing interest in Bitcoin futures and signals a positive shift in market sentiment, or a shift in traders’ inclination towards hedging strategies.
Bitcoin Fees Increased 1000% Since August
Network fees in Bitcoin have risen to around $7 amid a resurgence of Ordinal inscriptions. Bitcoin overtook Ethereum in NFT sales volume on Wednesday, according to CryptoSlam data. According to BitInfoCharts data, the average transaction fees for using the Bitcoin blockchain, which stood at $6.84 on Wednesday, are currently up nearly 970% from a low of $0.64 in August. Digital asset management firm 21Shares said in a report published on Wednesday that the increase was due to an increase in Ordinal minting, with about 1.9 million inscriptions uploaded to the blockchain in the last two weeks.
CFTC Chairman Rostin Behnam Calls for Crypto Regulation
CFTC Chairman Rostin Behnam urged Congress to take a more prominent role in guiding federal agencies on the future regulatory framework for cryptocurrencies. The CFTC and the Securities and Exchange Commission have a solid history of working together, but digital assets are unique, Behnam said at DC Fintech Week on Wednesday.
Partnership between HSBC and Ripple-owned Metaco
Major global banking company HSBC plans to launch an institutional custody platform for tokenized securities, also known as securities tokens. HSBC announced on November 8 that it has partnered with Ripple-owned technology firm Metaco to integrate its enterprise platform Harmonize with HSBC’s new custody service for digital assets.
Arbitrum DAO Votes on ‘Back Funding’
The Arbitrum DAO is currently voting on a proposal for the Short Term Incentive Program that could inject 21.4 million ARB tokens ($24 million) into projects that were approved in the first round of grants last month but fell short of the 50 million ARB total funding cut. This initiative aims to develop and promote the use of projects’ applications on the Ethereum Layer 2 network.
SEC’s First Window to Approve All 12 Spot Bitcoin ETFs to Begin Today
The United States Securities and Exchange Commission could approve all 12 pending spot Bitcoin exchange-traded fund (ETF) applications within the next eight days. Bloomberg ETF analysts James Seyffart and Eric Balchunas wrote that in the United States, as of November 9, the SEC has a “window” to approve all 12 spot Bitcoin ETF applications.
Polygon Labs and NEAR Foundation Collaborate
Polygon Labs and the NEAR Foundation recently announced their collaboration on the development of a zero knowledge prover for the WebAssembly (Wasm) blockchain. The collaboration aims to “bridge the gap” between Wasm-based chains and the Ethereum ecosystem by providing customization and options for developers with the Polygon CDK (Chain Development Kit).
Bitcoin is priced at $ 36,700 with a 3% gain in value as of today morning hours. Continuing its rising channel movement after exceeding 30,000, Bitcoin reached the upper part of the channel, namely the $ 36,000 region, after testing below the channel again after reaching its peak level last week. If there is a retracement from here, a retracement to the middle of the channel, i.e. $ 36,000, can be seen. In the continuation of the upward movement, the first target is likely to be 37,500 and then 39,000 dollars.
ETH, which gained 1.71% as of morning hours, is priced at $ 1920. We can see that the downtrend structure is now broken. After a successful retest, he continued his ascent. 1950 dollars and then 1975 dollars may appear as resistance. It is quite possible to see the 2000 dollar region with the exceeding of these levels. In case of a pullback, $ 1900 can now work as support, then we can see that $ 1875 will work as support.
XRP is priced at $0.6932 with a 0.92% gain as of morning hours. When we examine the daily chart, we can see that $0.6740 is an important level and works as support. In case of a reaction from this level, 0.75 will be the first target if the upward movement continues. Persistence above $0.75 could take the price back up to $0.80. If 0.6740 does not work as support and a downward break comes, the first support zone seems to be between 0.64 and 0.63 dollars.
AVAX is priced at $ 13.26 with a 2.08% gain as of morning hours. We can now see that the $12.35 zone is working as support. Persistence above $ 13 is very important and with the exceeding of $ 13.80, we can see the price in the $ 17 18 regions. In case of a retreat, 12.35 and then 11.87 dollars seem appropriate as support.
SOL is priced at $ 43.94 with a gain of 1.92% as of morning hours. Priced above the $ 42 resistance level, it is important for SO to maintain its permanence above this level. When we examine the support and resistance levels, we come across the $ 37 level. If it falls below this level, a retreat to $ 34.35 may be possible. At the resistance levels, $46.70 and then the $47 level could work as resistance levels for SOL.
As of morning hours, LINK is pricing at 14.530 with a 2.58% gain in value. LINK, which rose above $ 13 yesterday with the upward break of the $ 12,500 resistance level, rose above $ 14 by providing permanence above this level. The 15.300 region appears as a resistance level. With the crossing of this resistance zone, it can rise up to $ 16. When we examine the support points, it seems that the $ 13 and lower $ 13,500 levels are important.
BCH is pricing at 250.3 with a 1.96% gain as of morning hours. When we examine the daily chart, we see that there is an ascending channel movement. If the middle band level of this channel, which is $260, is exceeded, it may be possible to rise to the upper band of the channel, which is $285. When we examine the support levels, we see the 240 dollar level, which is the lower band of the channel. If this level breaks downwards, there may be a retreat to the level of 220 dollars.
DOT is priced at $ 5,119 with 1.71% as of morning hours. When we examine the daily chart, DOT, which is priced above the $ 5 level, can maintain its strong outlook if it can persist above this region. When we examine the support levels, we come across the 4.70 zone and the 4.50 zone below it. In case of a pullback, the reaction of these levels seems to be important. The 5.53 region appears as the resistance level.