Daily review and insights on the market: October 31

#BTC (daily timeframe). 14 years ago – on October 31, 2008, Satoshi Nakamoto published the White Paper of the first cryptocurrency, which is considered the birthday of bitcoin. In that time, the main cryptocurrency has come a long way, reaching a capitalization of $394 billion today (according to Tradingview). As suggested in yesterday’s review, the asset has rolled back to the 0.236 Fibonacci retracement level ($20,462), but while the buyers’ reaction is quite weak, there is a possibility that the tool will continue to decline.

The next potential reversal zone of the price movement is the Fibonacci correction level of 0.382 ($20,117). The dynamic support level of the exponential moving average EMA 55 D is also passing there, which increases the chances of the rebound from this area. Then I expect a consolidation of bitcoin above the lower boundary of the Ishimoku Cloud with a subsequent assault of the EMA 100 D and an update of the local price highs. The idea will lose its relevance with the fixation of the daily candle under $20,117.

#ETH. Ether has declined 0.75% over the past 24 hours in pairing with bitcoin. The asset failed to consolidate above the $1,640 mark, the instrument is consolidating under the $1,600 price level, the taking of which will make the $1,640 assault possible again.

Despite the current bearish phase of the cryptocurrency market, financial services giants Visa, PayPal and Western Union continue to work on integrating digital assets, as evidenced by the new trademark applications they filed last week related to cryptocurrencies and Web3-associated products and services. Visa has filed two trademark applications with the U.S. Patent and Trademark Office (USPTO) related to digital wallets, non-interchangeable tokens and the meta-universe. (1)

PayPal’s trademark application mentions the term “crypto” 18 times, ranging from defining a cryptocurrency wallet, a mechanism for interacting with stabelcoins, service tokens, and dealing with digitized assets. (2) PayPal already allows its customers to buy and make transfers in #BTC, #ETH, #LTC and #BCH, but so far the payment system has not acquired its own cryptocurrency wallet. Western Union’s application also covers all aspects of digital payments, including “managing and maintaining digital currency and e-wallets.” (3)

Understandably, trademark filings are often protective of litigation and do not guarantee that the products and services covered will eventually be created. I think this trend demonstrates that payment companies see a potential future market and want to be prepared to enter it. One way or another, the introduction of cryptocurrency services into the traditional financial system is going to be incremental.

Altcoins: Stader’s (#SD) strategic partnership with the InsurAce.io Protocol platform led to a 40% increase in the price of #SD (to #USDT).

Against the background of the upcoming launch of the blockchain game MonkeyLeague (#MBS), the value of #MBS increased by 36% (to #USDT).

The announcement that SafeMoon token (#SFM) will soon be added to the Angel Dust trading platform caused #SFM to increase by 20% (to #USDT).

Cryptocurrency market capitalization decreased by 1% over the past 24 hours, bitcoin dominance added 0.3%. On the evening of Wednesday, November 2, the Federal Reserve will meet to decide on changes to the interest rate, and the future of monetary policy in the United States is one of the key factors in the movement of financial markets. Closer to that date volatility will traditionally increase, if the rate change is within the forecasted 0.5-0.75%, the broad market will maintain the course of recovery in the medium term.

Mike Richards
Mike Richards

A like Crypto, Decentralize. I'm promoting the use of cryptocurrencies and decentralized technologies. I believe that these technologies have the potential to change the world for the better and I want to help people learn about them and adopt them into their lives.

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