Like every week, we summarize the last few days with Zondacrypto stock market analyst Sebastian Seliga.
Sebastian Seliga: Bitcoin price is rising!
Bitcoin price has crossed the $61,000 mark. This happened after the release of the FOMC minutes (and Jerome Powell’s speech) that hinted at the possibility of a rate cut back in September, which led to increased interest in the market and increased the value of open BTC contracts by $2 billion.
In addition, Robert F. Kennedy Jr. withdrew from the race for the White House and endorsed Donald Trump. It is wise to follow further news related to Kennedy Jr. as his support for Trump could affect investor sentiment, especially in relation to cryptocurrency regulation.
Investors prefer Bitcoin ETFs, problems with Ethereum ETFs
Bitcoin ETFs attracted $39.42 million (led by the Grayscale Mini Bitcoin Trust). ETH ETFs saw further declines.
It is worth monitoring the dynamics of capital flows between BTC and ETH ETFs, as they may reflect changing investor preferences and potential risks to the Ethereum market. The increasing focus on BTC ETFs may be associated with the risk of sharp price fluctuations in the event of unforeseen macroeconomic events.
FTX’s restructuring plan receives strong support
FTX’s restructuring plan received over 95% approval from creditors and represents progress in the recovery process.
FTX’s restructuring process should be monitored ahead of its upcoming court hearing on October 7 to assess its impact on other cryptocurrency platforms, especially those with legal issues. FTX’s success could boost market confidence, especially if the company manages to fully meet its creditor demands.
Increase in transaction fees after introduction of BTC staking
Bitcoin transaction fees rose to $132. This happened after the introduction of staking on the Babylon platform, which increased short-term transaction costs. High transaction fees can deter smaller users, which could lead to centralization of staking activities.
Technologies like the Lightning Network can help alleviate the problem of high fees and make it accessible to a wider range of investors.
Trump promotes the project “The DeFiant Ones”
Donald Trump is promoting his family’s crypto project, “The DeFiant Ones,” which could impact its growing reputation in the community. The politician’s influence on the DeFi sector could be significant, and it’s worth keeping an eye on how his involvement in crypto projects will affect the market, especially with the upcoming election in mind. The project could attract mixed reactions due to its political connections, which could impact its development and reception in the community.
MetaMask and Mastercard introduce debit card
MetaMask has partnered with Mastercard to launch a global debit card that will allow users worldwide to spend cryptocurrencies, an initiative that could accelerate cryptocurrency adoption.
TON Ventures raises $40 million
TON Ventures has raised $40 million to support new projects operating on the TON blockchain ecosystem. Investing in projects in the TON ecosystem can significantly impact the development of the network and attract new users, which will increase the value of the network.
By working with renowned investors, additional projects can be brought into the TON network, which will have a positive impact on its development and acceptance.
Summary
The cryptocurrency market has witnessed a number of important events during the review period. Further monitoring of macroeconomic and regulatory changes is important to understand the potential impact on future market developments.
