Crypto Market Pulse - October 28, 2024
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
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
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
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
ETH is still in 2.4-2.7 range. With ETH/BTC still struggling to find any sort of relative strength.
ETH/BTC
ETH/BTC is still in a heavy downtrend and struggling to find any relative strength over BTC.
TOTAL3 USD MARKET STRENGTH
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
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
Kairon Labs provides upscale market-making services for digital asset issuers and token projects, leveraging cutting-edge algorithmic trading software that is integrated into over 100+ exchanges with 24/7 global market coverage. Get a free first consult with us now at kaironlabs.com/contact