Crypto Market Pulse - October 28, 2024

Crypto Market Pulse - October 28, 2024 | Kairon Labs
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Crypto Market Pulse

LAST WEEK RECAP:

  • Israel launched airstrikes on Iran in a retaliatory attack but spared oil and nuclear sites.
  • Wall Street Journal reported U.S. investigators are conducting a criminal investigation into Tether, but Tether CEO Paolo Ardoino said there is no indication that Tether is under investigation.
  • Hacker returns most of the $20 million back to drained US government address.
  • Tesla didn't sell any BTC holdings in Q3.
  • Stripe acquires stablecoin platform Bridge for $1.1 billion, which is crypto's largest acquisition.
  • Kraken plans to launch its own chain in early 2025.
  • Uniswap launched permissionless cross-chain bridging on 9 networks.
  • Binance Futures launched perps for meme coins GOAT and MOODENG.

LEGACY MARKETS – DXY

Crypto Market Pulse: October 28, 2024: Kairon Labs Crypto Market Insights - DXY

DXY still keeps strong. However, both crypto (mainly BTC) and equities are still trading near the highs while DXY is very close to range-high at this point.

LEGACY MARKETS – VIX

Crypto Market Pulse: October 28, 2024: Kairon Labs Crypto Market Insights - VIX

VIX is still to be kept on the radar with the whole Middle Eastern situation. It caused a quick sell-off last Friday.

BTC WEEKLY VIEW

Crypto Market Pulse: October 28, 2024: Kairon Labs Crypto Market Insights - BTC

BTC is still consolidating near ATHs. For now, it’s a waiting game until the ATHs get taken out and the market resumes the uptrend.

ETH WEEKLY VIEW

Crypto Market Pulse: October 28, 2024: Kairon Labs Crypto Market Insights - ETH

ETH is still in 2.4-2.7 range. With ETH/BTC still struggling to find any sort of relative strength.

ETH/BTC

Crypto Market Pulse: October 28, 2024: Kairon Labs Crypto Market Insights - ETH

ETH/BTC is still in a heavy downtrend and struggling to find any relative strength over BTC.

TOTAL3 USD MARKET STRENGTH

Crypto Market Pulse: October 28, 2024: Kairon Labs Crypto Market Insights - TOTAL3/USD

Alts are still very sensitive to any kind of BTC down moves. Ideally, this starts receding and the ALT/BTC ratios start to catch some serious strength. For now, however, it’s not the case just yet.

TOTAL3 BTC MARKET STRENGTH

Crypto Market Pulse: October 28, 2024: Kairon Labs Crypto Market Insights - TOTAL3/BTC

TOTAL3/BTC is still ranging. For a full “Altseason”, a range break to the upside would be the start of a massive trend of altcoin dominance over BTC.

SUMMARY

  • Altcoins are close but still fail to gain any significant traction relative to BTC. And still take massive drawdowns on the smallest BTC drops.

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.

This post was prepared by Kairon Labs Trader Patrick Li and Joshua Van de Kerckhove.

Edited by: Marianne Dasal

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