Like every week, we summarize the last few days with zondacrypto exchange analyst Sebastian Seliga.
Sebastian Seliga: bitcoin price is rising!
Bitcoin’s price has surpassed $61,000. This happened after the release of the FOMC minutes (and Jerome Powell’s speech) which indicated the possibility of an interest rate cut as early as September, which caused an increase in interest in the market, raising the value of open BTC contracts by $2 billion.
In addition, Robert F. Kennedy Jr. withdrew from the race for the White House and endorsed Donald Trump. It is advisable to follow further news regarding Kennedy Jr., as his support for Trump could affect investor sentiment, especially in the context of cryptocurrency regulation.
Investors Prefer Bitcoin ETFs, Ethereum ETF Problems
Bitcoin ETFs attracted $39.42 million (led by the Grayscale Mini Bitcoin Trust.) ETH ETFs saw further drawdowns.
It is worth watching the dynamics of capital flows between BTC and ETH ETFs, which may reflect changing investor preferences and potential risks for the Ethereum market. The increased concentration on BTC ETFs may be associated with the risk of sharp price movements in the event of unforeseen macroeconomic events.
FTX restructuring plan receives high support
FTX’s restructuring plan has garnered over 95% support from creditors, marking a step forward in the recovery process.
The FTX restructuring process should be monitored ahead of the upcoming court hearing on October 7 to assess its impact on other cryptocurrency platforms, especially those with legal issues. FTX’s success could boost market confidence, especially if it manages to fully satisfy its creditor claims.
Increase in transaction fees after BTC staking launch
Bitcoin transaction fees rose to $132. This happened after the launch of staking on the Babylon platform, which increased short-term transaction costs. High transaction fees can discourage smaller users, which could lead to the centralization of staking activity.
Technologies like the Lightning Network can help alleviate the problem of high fees, making it more accessible to a wider range of investors.
Trump Promotes ‘The DeFiant Ones’ Project
Donald Trump is promoting his family crypto project, “The DeFiant Ones,” which could impact his growing standing in the community. The politician’s influence on the DeFi sector could be significant, and it’s worth keeping an eye on how his involvement in crypto projects will affect the market, especially with the upcoming election. The project could draw mixed reactions due to its political ties, which could impact its development and reception in the community.
MetaMask and Mastercard launch debit card
MetaMask has partnered with Mastercard to launch a global debit card that lets users spend cryptocurrencies worldwide. The initiative could accelerate crypto adoption.
TON Ventures raises $40 million
TON Ventures has raised $40 million to support new projects that operate in the TON blockchain ecosystem. Investments in projects in the TON ecosystem can significantly impact the development of the network and attract new users, which will increase the value of the network.
Collaboration with renowned investors can attract more projects to the TON network, which will positively impact its development and adoption.
Summary
The cryptocurrency market has experienced a number of key events during the period under review. Further monitoring of macroeconomic and regulatory changes is important to understand the potential impact on future market developments.
