Cryptocurrency Market Overview 05.10.2023
News block
1. Central Banks Monitor Bitcoin transactions
Three major financial institutions are collaborating to develop a prototype monitoring system for actively tracking international bitcoin flows.
The Atlas project, a joint development of the Bank for International Settlements and the Central Banks of Germany and the Netherlands, aims to provide personalized data on cross-border flows for Central Banks and financial regulators.
The platform combines data from crypto exchanges and public blockchain and tracks the flows of crypto assets taking into account the geographical location of payers.
The initial results presented in the report show that, although the flows between cryptocurrency exchanges make up a relatively small part of the total network activity, they have a noticeable economic significance.
"Central banks and financial regulators need to get first—hand information about the cryptocurrency and DeFi markets, and there is not enough reliable and adapted data for such purposes," the Atlas team writes.
The Atlas interface has information panels that display a visual representation of the results of data aggregation and analysis. These dashboards display the total flow in the form of crypto assets converted into US dollars.
The monitoring system will be transferred to other Central Banks so that they can test it and present their options on how it can be improved.
2. Honda starts accepting payments in cryptocurrency
Honda has entered into a partnership agreement with FCF Pay, a blockchain-based payment system, to implement payments in cryptocurrency. This strategic alliance underscores Honda's commitment to innovation and customer care.
Honda's partnership with FCF Pay will allow the automaker to accept digital payments in Bitcoin, Ethereum, Ripple and even in meme coins such as Shiba Inu and Dogecoin.
Nissan, another Japanese automaker, is also exploring the possibility of accepting cryptocurrency payments.
3. The MEXC crypto exchange Invests an eight-figure sum in TON
TON, a decentralized blockchain platform originally developed by Telegram, received major funding from the venture division of the MEXC cryptocurrency exchange.
TON has attracted an eight-figure investment from MEXC Ventures, a subsidiary of the global cryptocurrency exchange MEXC. As part of the financing, MEXC and the TON Foundation have entered into a strategic partnership — the exchange will provide marketing services and promotion of projects based on TON presented on its platform. The firm also intends to launch the TON collateral lending service and eliminate the commission for trading the TON token.
In addition, MEXC Ventures will continue to finance mini-applications based on TON.
Overview of the crypto market
🔸 The current capitalization of the crypto market is $1.128 trillion
🔸 Trading volume for the last day is $33.41 billion
🔸 BTC dominance 47.8%
🔸 Fear and greed index:
- 48 today, 49 yesterday, 48 a week ago
where 0 is extreme fear (may be a sign that investors are too scared - often it's a good time to buy), and 100 is extreme greed (the market needs correction).
The largest cryptocurrency by market capitalization is trading at $27.7k, adding about 1% to its price over the past day.
The crypto market is likely to consolidate and continue to move sideways in October, which will expand the window for accumulation for long-term investors, says Vetle Lunde, senior analyst at K33 Research.
Traditional markets calmed down after a stormy session on Tuesday, as fresh employment data indicated a cooling of the US labor market.
PYUSD market capitalization growth
The market capitalization of PYUSD, a PayPal stablecoin, has reached a new record of 94 million. Back on September 29, 50 million PYUSD were minted at once, which were sent to the address of the Crypto com Exchange:
Trading volumes continue to fall
According to the CryptoRank agency, the volume of spot and derivative trades in the third quarter of 2023 on leading centralized exchanges fell to the lowest level since 2020:
New BTC hashrate maximum: where will the price go next?
On September 15, the hashrate of the Bitcoin network reached a new high. What does this mean for short-term price movement?
As you can see on the chart, the most common pattern is a price increase (no more than 10%) followed by a stronger sale:
The growth to the level of $28.4k has already occurred and according to this theory, we should expect that the price of BTC will decrease to the level of $24.0k in the next 3-4 weeks.
