The markets are currently testing support levels after yesterday’s bull run, during which Bitcoin and Ethereum saw significant price increases. This Thursday is a calm day for cryptocurrencies, as evidenced by the 30% decrease in average daily trading volume for BTC and ETH over the previous 24 hours. Let’s examine recent global news that impacts markets and relevant crypto news.
Key Notes:
- The cryptocurrency markets test fresh support after experiencing strong positive momentum earlier in the week.
- According to a report from Yahoo Finance, Core Scientific may soon declare bankruptcy due to its inability to fulfill its financial obligations for October and November.
- To assist Ethereum developers, Google has introduced a cloud-based node engine that will support Ethereum projects and give developers access to a “fully-managed” node hosting service.
- The market value of all cryptocurrencies is down by 0.75% and has fallen back below $1 trillion. If current support continues to hold, we’ll probably see more bullish momentum the following week.
Global Market Update
One of the most important pieces of information for Bitcoin today is a report from Yahoo Finance highlighting that Core Scientific, the firm behind the largest bitcoin mining operation worldwide, will forgo debt payments due in October or November.
In the article, Core is said to be exploring options for its capital structure and working with financial and legal consultants but notes it may have to file for bankruptcy.
If Core Scientific declared bankruptcy, all stockholders would be essentially eliminated and lose all of their interests in the company.
One of Core’s biggest clients, Celsius, who declared bankruptcy a few months ago, hasn’t paid a portion of their outstanding debt. Core requests that the court order Celsius to pay its bill to avoid contract termination.
JUST IN – Worlds largest #Bitcoin miner Core Scientific stock is down over 70% today. pic.twitter.com/t6MhyH3DWG
— Bitcoin Magazine (@BitcoinMagazine) October 27, 2022
As a result, Core Scientific’s stock decreased by over 70% today, indicating that investors are losing confidence in the system.
Ethereum News Update
Decrypt also mentions Google’s announcement of a cloud engine for Ethereum developers and its ambition to become a leading Web3 infrastructure provider, both of which are more encouraging developments.
A developer-friendly “fully managed service” will be made available by Google’s cloud-based node engine for Ethereum projects. Because Google will participate in monitoring and restarting the nodes if any of them go offline, clients won’t need to engage teams to manage or monitor their nodes.
An extremely encouraging indicator for Ethereum and the cryptocurrency market as a whole is the fact that Google, one of the most powerful tech corporations in the sector, decided to take the lead and participate actively in blockchain.
There is no doubt that blockchain technology has enormous potential, and the more tech giants that invest in the sector, the more quickly new blockchain applications will be developed, and the market will see strong bullish momentum.
As the global cryptocurrency market tests recently discovered support levels, today’s price movement is mildly bearish. The market value of all cryptocurrencies is at $994 billion, down 0.75%. Ethereum is currently worth $1,500, while Bitcoin is trading above the $20,000 mark.
Ethereum will probably take the lead again next week, like it did last week if present support levels can hold.
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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