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Daily Bitcoin and Crypto Analysis

October 4 Daily Crypto Update: Optimism all-round as BTC heads towards $50k

October 4, 2021

Justin d'Anethan

It’s an interesting time to look at the markets. We’re entering the fourth quarter, typically a good time for investors as people expect more spending and good year-end results.

But, there’s some overhang, namely the Fed tapering, rising interest rates (which last week touched 1.56%), and Covid-19, which will not disappear. However, investors seem to be bolstered by a new oral treatment for Covid—equity index futures rose in late-night trading yesterday.

Alongside it, crypto is feeling strong, and people are ok risk-buying. After the 10% up candle we saw on Friday, Saturday, and Sunday, BTC held up, and we’re currently sitting above $48,000. The question now remains whether we can push through 50K. Personally, I’m optimistic and think the lower 40K we rebounded from marked a short or medium-term bottom.

If you’re holding alts, you’re probably happy to see the BTC dominance edge down, from upper 42 to lower 42, with the potential to go lower. 

I’ve followed the wild ride that is DYDX and WOO, which both rose about 70% in the past week, which is massive considering the rest of the crypto space. UNI also gained, along with SOL and XTZ. 

While the above outperformers hint at the enthusiasm for decentralized exchanges, it was interesting to hear over the weekend that 1inch (a DEX aggregator) started blocking US trades, presumably to prepare a separate American platform that can then be the focus of regulators.

Speaking of regulators, it’s nice to hear Senator Gensler reiterate support for the futures-based BTC ETFs that could be coming through in the next quarter. 

We’ve seen more ETFs added in Canada with, last week, the first-ever multi-crypto ETF.

Last but I hope not least, there’s an interesting chart which you can see below, showing the increased OTC flows and the movement towards private/cold wallets, suggesting less supply of BTC and less selling pressure. Are we headed for another bullish quarter?

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