Bitcoin draws attention
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 27th October 2023.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
What’s up
All The World's A Stage And BTC Is Clearly Player
Bitcoin's brazen spurt to the mid-$30K range, briefly surpassing $35K, has cemented the legend of so-called "Uptober" while utterly captivating a huge global audience.
In the UK, online search queries have surged more than 800% in the past week.
Swiss-based Laevitas has tracked historic amounts of BTC options trading around the globe.
In fact, the combined notional open interest in BTC (and ETH) options listed on Deribit has topped $20 billion, or around the same level as recorded in November of 2021 when the largest crypto hit its all-time high of about $69,000.
Total assets under management for digital asset products increased 6.74% to $31.7 billion during October, which represents the first monthly increase since July, according to CoinDesk, citing CCData.
In Turkey and Nigeria, where fiat money has been dramatically devalued, BTC has hit all-time high prices.
Meanwhile, in a noteworthy memecoin development, Floki has launched a tokenization platform dedicated to the burgeoning real-world asset (RWA) segment. It’s an effort to position the project as a DeFi contender (CoinDesk).
FLOKI has gained 17% in the past 24 hours. The 102nd-largest token has surged more than 100% in the past seven days.
What's down
Uneasy Lies The DAO That Wears stETH Crown
It's a bittersweet time for Lido DAO, governance token for Lido's staking protocol. LDO is up 20% in the past week. But it shed 4% in the past 24 hours while total crypto declined 1%.
Earlier this week, wstETH, a wrapped version of Lido's massively popular staked ETH token, stETH, was integrated into the realm of LayerZero, a cross-chain compatibility project, creating a bridge between stETH and three additional chains – Scroll, a layer-2, as well as BNB Chain and Avalanche.
Except Team Lido didn't authorize this integration, and is not happy about it owing to security concerns. And now members of the Lido community are accusing the LayerZero team of front-running Lido DAO's governance process (Decrypt).
What's next
Stock Market Strategist Blurts Such Stuff As BTC Dreams Are Made On
No one can say Gareth Soloway has his head in the sand. In an interview with Kitco, Soloway, chief market strategist at InTheMoneyStocks.com, gave a sobering assessment of what he envisions for Q1 of next year: widespread bank failures, recession and a stock market plunge of 35%.
As for BTC, Soloway insists that, in a panic sell-off, it could sink to $15,000 or lower. Gadzooks.
At 9:30 a.m. (EST), BTC stood at $34,170 on a gain of 16% in the past week amidst hopes for widening mainstream demand.
Early 2024 will see the approval of spot ETFs, Soloway predicted.
Oh, one more thing, Soloway has a maximum upside target for BTC in this current bullish run. He thinks $47K "may be the next resistance level."
