As long as Bitcoin and Ethereum hold support, cryptocurrency markets will continue to move sideways this week. Bitcoin is holding support reasonably well after increasing by more than 6% this week, with today’s trade volume up by more than 40%. Let’s examine recent news that has a bearing on the values of Bitcoin and Ethereum this week.
Key Notes:
- Even if they are trading sideways today, cryptocurrency markets continued to hold support from the bull run last week.
- In the most recent development in Ripple’s conflict with the SEC, Coinbase submits an Amicus Brief in support of Ripple.
- Regarding cryptocurrency businesses and projects looking to attract institutional funding, Vitalik tweets his opinions.
- The top 10 non-exchange addresses for Ethereum are still accumulating a lot of ETH.
- Today’s trading volume has increased dramatically overall, leading to another bull run later this week.
General Market News
In the most recent Ripple vs. SEC litigation development, Coinbase officially supports Ripple Labs. In contending that the SEC’s case poses a threat to the sector as a whole, Coinbase joins a trade group and other organizations, according to a Coindesk report.
To shed light on many aspects of the dispute and influence the court’s decision, Coinbase has asked the court for permission to submit an amicus brief. This is not the first amicus brief that Coinbase has sent; most recently, they submitted one in favor of the Grayscale Spot ETF case against the SEC.
It’s obvious that Coinbase is taking a stand against the SEC’s overbroad laws, which appear to be treating the cryptocurrency industry unfairly in their most recent attempts to safeguard investors against crypto fraud and investment schemes. Cryptocurrency is well recognized for being the wild west. Therefore, investors should see any investments in the sector as high-risk bets.
In other news, Vitalik Buterin, the creator of Ethereum, expressed his opinions on Twitter on the speedy pursuit of institutional financing by cryptocurrency firms. On October 29th, Vitalik tweeted the following:
“Another maybe-controversial take of mine is that I don’t think we should be enthusiastically pursuing large institutional capital at full speed. I’m actually kinda happy a lot of the ETFs are getting delayed.”
Another maybe-controversial take of mine is that I don't think we should be enthusiastically pursuing large institutional capital at full speed. I'm actually kinda happy a lot of the ETFs are getting delayed. The ecosystem needs time to mature before we get even more attention.
— vitalik.eth (@VitalikButerin) October 30, 2022
When it comes to charging full speed at institutional and retail investors who bring capital and regulators who will try to more rigidly manage the markets and prevent big volatility, it’s always best to be cautious.
While many on Twitter concurred with Vitalik, some also pointed out that institutional money might be wishful thinking. Whether on purpose or not, the fact that Ethereum switched to a Proof-of-Stake mechanism exposed ETH transactions to regulation.
A year-long bear market that has caused investors and new traders to lose a sizable portion of their investment and authorities targeting the cryptocurrency industry make it evident that the sector is currently experiencing some difficult times.
Since its steep decrease before the September merging, Ethereum’s top 10 largest non-exchange addresses have been collecting the assets, according to statistics from Santiment; they have now added 6.7% more $ETH.
🐳 #Ethereum's top 10 largest non-exchange addresses have been accumulating assets after their big drop-off leading up to September's merge. They have added 6.7% more $ETH. Meanwhile, the top 10 exchanges are standing pat with just an 0.2% rise. https://t.co/h5CxDwOphX pic.twitter.com/msrrzvhB4P
— Santiment (@santimentfeed) November 1, 2022
Although the markets have been difficult, Bitcoin and Ethereum have had a very positive week, with BTC’s price rising by over 7% and ETH by 18%. A second bull run this week, with Bitcoin aiming to touch $21,000 and ETH aiming for $1,600, may also be hinted at by the rise in trade volume today.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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