Bitcoin & Ethereum Rise, XRP Steady Before $1B Options Expiry

• Bitcoin experiences a 1.3% increase on Friday, climbing back above the $61,500 mark.
• Ethereum advances close to 1.5% for the day, remaining just under $2,400.
• XRP remains stable at over $0.5200 as traders assess the SEC appeal and anticipate Ripple’s next move.

Current Developments in Bitcoin, Ethereum, and XRP

• Bitcoin’s current price stands at $61,804, trading during the early American session on Friday. Despite losing over 6.0% since Monday, it is the largest cryptocurrency by market cap. Interestingly, Bitcoin has seen three days of continuous net outflows from Spot Exchange Traded Funds (ETFs), according to Farside Investors.
• Ethereum is priced slightly below $2,400 as of Friday, driven by a trend towards reduced transaction fees, which analysts at IntoTheBlock highlight as a significant factor in Ethereum’s current price struggles. The market seems to be discounting the concept of Ether as a form of money, as noted in a recent newsletter by the analysts.
• Ethereum Spot ETFs experienced $3.2 million in net outflows on Thursday.
• XRP investors are currently navigating the ongoing SEC appeal concerning the $125 million lawsuit outcome against Ripple. With a 14-day window from October 3 to file a counter-appeal, XRP traders are closely monitoring the situation.

Chart of the Day: Insights on Aptos (APT)

Aptos emerges as one of the cryptocurrencies that have experienced the most negative returns in the past 24 hours. Nonetheless, if the DeFi token extends its upward movement, APT is positioned for a considerable rally. The Moving Average Convergence Divergence (MACD) indicator presents a favorable impulse, suggesting a positive trend for APT.

The appearance of successive green histogram bars in the MACD bolsters a bullish outlook for Aptos. Resistance could occur at the upper boundary of the Fair Value Gap (FVG) between $8.60 and $8.91.

APT aims for the $10.41 benchmark, a level of resistance recognized by Aptos between May and October. This potential rise equates to a 16.89% increase in APT’s value.

APT/USDT daily chart

Should there be a downside correction, APT finds support in the FVG between $7.99 and $8.19.

Latest Market Insights

• Binance, one of the leading cryptocurrency exchanges, has reported a decline in its market share. According to Coindesk, Binance’s trading volume dropped by 20% from the previous month in September 2024.

• Kraken has received approval to launch a derivatives trading platform in Bermuda, potentially enhancing crypto adoption.
• The International Monetary Fund (IMF) has called upon El Salvador to rethink its Bitcoin policy during a press conference held on Thursday.
• Friday marks the expiration of over $1 billion in Bitcoin options, likely influencing BTC’s volatility.

Industry News

• A crypto data intelligence firm, Santiment, has identified a shift towards a bearish outlook among investors, noting a decrease in mentions of “Uptober,” a term that generally signifies optimistic returns for Bitcoin in October.

• Polymarket, a crypto platform, has unveiled a betting market focused on identifying Bitcoin creator Satoshi Nakamoto.

Bet on Satoshi Nakamoto’s identity

• Coinbase is preparing to discontinue its stablecoin-related offerings that fail to comply with the European Union’s MiCA rules by December 30, 2024, as reported by Bloomberg.

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