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Daily Bitcoin and Crypto Analysis

Daily and Crypto Market Update: Large Funds Flow Into Crypto

October 26, 2021

Justin d'Anethan

Broadly speaking, I believe we're still in an uptrend in crypto markets, and we're seeing some outperformance from selected alts.

This is part of a broader risk-on tilt in macro markets, with equities rising while cash and bonds are ignored for a while. Good earnings from US companies is reassuring. It means investors are happy buying assets—even volatile ones like BTC and even more speculative ones like altcoins.

On the session, BTC rose 3.6% to now a tad above $63,000. It's very interesting to see data from CryptoQuant showing the taker-buy volume spike every time prices hit 60K, establishing it as a new base where investors are happy to buy.

While that was happening, the BTC Dominance index rose slightly, just above 45.

We saw a mixed performance from the alts. GRT pumped a healthy 10% on the session. LINK did about the same, along with AVAX. Then we saw tamer outperformance from DOT, MATIC, VET, and DYDX, which all gained around 5-6%.

Among the underperformers were yesterday's winners: STX, XTZ, ADA, and privacy coins like ZEC and XMR.

Away from price action, there's a lot of news and announcements one needs to pay attention to:

The Korea Teacher's Credit Union, which you've never heard of but manages $47 billion, is now investing in Bitcoin. This is big because it means that large and more traditional (and dare I say conservative) funds are taking BTC seriously and seeing the value.

A chart from CoinShares shows a massive influx of cash in its crypto-linked funds due to these types of news and, of course, the BTC Futures ETF in the US.

If that wasn't enough, Mastercard says any bank or merchant on its network can soon offer crypto services. This means one of the largest payment providers in the world is essentially giving the green light to all the satellite entities to also jump on the bandwagon.

You'll probably also have heard of Nigeria, set to launch its digital currency on Monday, according to its central bank. Now, this isn't BTC and isn't a decentralized cryptocurrency, as I understand, but rather highlights the value and use case of blockchain technology, which is still supportive for the space as a whole.

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