Cryptocurrency Market Overview: Price Predictions for Bitcoin, Bitcoin Cash, and FTT on October 29

Cryptonews Omar El-Sharif October 29, 2024

Cryptocurrency Market Overview: Price Predictions for Bitcoin, Bitcoin Cash, and FTT on October 29

On October 29, Bitcoin surged past $70,000, driven by investor interest linked to upcoming U.S. elections, while Bitcoin Cash nears a potential bullish move as positive on-chain metrics emerge. FTT faced challenges due to a $228 million settlement involving FTX’s creditor repayments. XRP remains stable, and regulatory insights from former SEC attorney Ladan Stewart highlight ongoing issues in the crypto landscape. Bitcoin also hints at possible new all-time highs despite recent fluctuations.

On October 29, Bitcoin exhibited remarkable strength, surpassing the $70,000 mark as anticipation builds around the forthcoming United States elections. According to Matthew Sigel, the Head of Digital Asset Research at VanEck, this bullish behavior is also accompanied by a growing interest from institutional investors in cryptocurrency Exchange-Traded Funds (ETFs), which have witnessed substantial inflows totaling $901 million last week. Meanwhile, Bitcoin Cash (BCH) has shown promising signs as it continues to maintain an upward trajectory, now closing in on its descending trendline. A successful breach above this line would further strengthen projections for potential rallying. The on-chain metrics, including a long-to-short ratio exceeding one and a positive funding rate, collectively suggest that BCH could experience an upward momentum soon. Conversely, the FTT token has suffered a decline as the now-defunct FTX exchange reached a $228 million cash settlement with Bybit. This settlement is aimed at aiding FTX’s efforts to return capital to its creditors, allowing the recovery of $175 million in assets currently held by Bybit and facilitating an acquisition of FTX’s BIT tokens worth $52.7 million by Bybit’s trading subsidiary, Miranda. In a separate event, the XRP token has stabilized at above $0.5100, witnessing no considerable fluctuations. Former SEC attorney Ladan Stewart has publicly critiqued the regulatory landscape for cryptocurrencies, emphasizing the intricacies of her experiences as both an industry participant and an overseer, highlighting the need for coherent regulation. Lastly, despite a slight decline of over 2% this week, Bitcoin’s price is still positioned to aim for a new all-time high projected at $78,900, buoyed by the momentum from significant inflows of $596 million to U.S. spot Bitcoin ETFs, registered before an uptick in profit-taking activity.

The article focuses on the current performance and future predictions of major cryptocurrencies, specifically Bitcoin, Bitcoin Cash, and FTT. It highlights the impact of external factors like U.S. elections on Bitcoin’s price movements and discusses institutional investments in crypto ETFs, which are fostering a positive sentiment in the market. Also addressed are the settlement developments concerning FTX, offering insights into the ongoing financial struggles faced by the now-defunct exchange and the implications for its creditors. This context provides a comprehensive view of the cryptocurrency market’s status and potential future trajectory.

In conclusion, the cryptocurrency market is exhibiting various dynamics, with Bitcoin showing robust price performance and an optimistic outlook amid external events such as the U.S. elections. Bitcoin Cash demonstrates encouraging technical indicators that may support its rally, while FTT’s decline underscores the ongoing challenges posed by regulatory issues and previous mismanagement at FTX. The market remains sensitive to investor sentiment and regulatory developments, highlighting the importance of thorough research prior to investment decisions.

Original Source: www.fxstreet.com