Introduction

For three weeks in a row, we have seen incredible growth from the first cryptocurrency. On Tuesday, BTC again set a new record and crossed the $69k mark. And on Friday it returned to $62k. In fact, this week Bitcoin held positions, keeping all October profits.

And yet, a question hangs in the air: Is the growth of cryptocurrencies another bubble that will burst?

You’ve probably heard this statement. Many crypto-optimists deny this thesis due to the future of blockchain technology. But it is interesting to see the opinion from the economic side. Billionaire investor and CEO of Duquesne Family Office LLC Stan Druckenmiller commented on this:

“Сrypto, meme stocks, art, wine, equities… This bubble is in everything, every asset on the planet.”

Meanwhile, the capitalization of the crypto market for the first time in history exceeded $3 trillion.

Bitcoin price analysis

At the beginning of the week, Bitcoin started at $61k. At the time of writing, BTC is holding at $62k with a 24-hour trading volume of $38,592,463,047.87. Bitcoin has had a remarkably strong week, consolidating between $59,743 and $64,242. The dominance of BTC in the market is 43.13%.

ATH Bitcoin, new correction, flight to the moon, crypto Reddit – the top weekly crypto news

Long-Term Holders have distributed a very small fraction of their holdings compared to what has been typically observed in all prior cycles. However, despite hovering just below ATHs, on-chain activity remains only marginally above bear market levels. Additionally, exchange balances continue to deplete, and miner hashrate and USD revenue are approaching new highs.

This combination of strong supply dynamics, mining network recovery, and relatively low network activity points to a fairly constructive outlook for Bitcoin over the coming weeks.

As a result of continued exchange outflows, the aggregate BTC exchange balance has fallen to multi-year lows of 12.9% of circulating supply. Even as Bitcoin consolidates below ATHs, exchange reserves continue to deplete.

ATH Bitcoin, new correction, flight to the moon, crypto Reddit – the top weekly crypto news

There are different ways to feel about the bull market. From the technical side, we already know that long-term holders (experienced investors) give us signals for further growth in demand and interest in the first cryptocurrency. But also experienced traders and popular bloggers are set for further growth.

In a new report, Kraken analysts said that November could be the most volatile and profitable for BTC – if the current trend continues, then by the end of the year Bitcoin will reach $96,355. Also, experts noted that in October Bitcoin began to repeat the trajectory of the fourth quarter of 2017 – that period became the third highest in history in terms of growth rates with an indicator of + 220%. 

Also, the founder of the Stock-to-Flow (S2F) PlanB model on Thursday not only confirmed the relevance of the close of the calendar year at levels above $100.000, but also stated that, according to S2FX, the price of the first cryptocurrency should reach $288,000 in this bullish cycle.

ATH Bitcoin, new correction, flight to the moon, crypto Reddit – the top weekly crypto news

Ethereum price analysis

At the beginning of the week, the price was $4485, and at the time of writing, it’s $4621 with a 24-hour trading volume of $20,047,633,848.27. Meanwhile, the current market dominance of ETH is 19.69%. 

ATH Bitcoin, new correction, flight to the moon, crypto Reddit – the top weekly crypto news

Analysts at CryptoQuant said the ETH supply is no longer increasing after the London update.

At the moment, 850,000 ETH worth $4 billion has been burned. The NFT marketplace OpenSea (98,100 ETH) destroyed the most, transfers on the Ethereum network burned 81,000 ETH, and the Uniswap V2 exchange burned more than 72,000 ETH.

Like Bitcoin, Ethereum is now a scarce asset with limited supply.

ATH Bitcoin, new correction, flight to the moon, crypto Reddit – the top weekly crypto news

And now the top news for the week!

TOP CRYPTO NEWS

  1. Apple CEO Tim Cook admitted that he owns cryptocurrency and believes it is a smart move to diversify your portfolio. However, Tim Cook said that his interest was from a “personal point of view” and dismissed suggestions that Apple might take cryptocurrency in exchange for products as tender.
  2. The data of 7 million Robinhood users leaked to the network. “Based on our investigation, the attack has been contained and we believe that no Social Security numbers, bank account numbers, or debit card numbers were exposed and that there has been no financial loss to any customers as a result of the incident”, said the company.
  3. Reddit plans to bring 500 million new users to the crypto industry – according to a Reddit spokesman, the world’s largest forum is considering converting users’ karma into Ethereum-based tokens. Back on January 27, Reddit announced a partnership with the Ethereum Foundation to jointly create a blockchain scaling solution. Therefore, there is every reason to expect an incredible growth in the popularity of the platform as a main cryptocurrency conglomerate
  4. DOGE-1, the first crypto-funded mission to the moon, is set to launch early next year onboard SpaceX’s Falcon 9 following a new partnership between two blockchain companies and manufacturer Geometric Energy Corporation, also known as GEC. The Dogecoin-funded project was first introduced in May of this year, with a planned launch date as early as the first quarter of 2022. At the time, SpaceX vice president of commercial sales Tom Ochinero said the “mission will demonstrate the application of cryptocurrency beyond Earth’s orbit and set the foundation for interplanetary commerce.”
  5. NewYorkCityCoin is launching this week with Mayor-elect Eric Adams’ blessing. NYCCoin will be launched tomorrow as an initiative of the city community – a new cryptocurrency primarily aimed at supporting city initiatives and funding events. Tokens will be available for mining, and NYCCoin-based developers will create applications for trading, lending, and the execution of smart contracts. Holders of the digital asset will earn BTC simply by holding tokens on their balance sheet. By the way, earlier, the mayor of NYC suggested the study of blockchain and cryptocurrencies be available in schools.
  6. The National Ulema Council, or MUI, has deemed cryptocurrency as haram, or banned, in Indonesia as it has elements of uncertainty, wagering and harm. Asrorun Niam Sholeh, head of religious decrees, declared this on Thursday after the council held an expert hearing. He added that if cryptocurrency as a commodity or digital asset can abide by Shariah tenets and can show a clear benefit, it can be traded.
  7. Yesterday it became known that one of the largest P2P exchanges, Chatex, was included on the sanctions list of the US Treasury. They were accused of laundering $17 million in criminal assets, including Hydra, Finiko, and other fraudulent projects. On Wednesday, Chatex suddenly closed all withdrawals and blocked users’ funds. Representatives of the site say that users’ funds are “safe, but are under a ban on movement” due to a claim by the US authorities against the company’s investor. Remember, your keys are your coins. So if you store your crypto on exchanges, bots, or other services, be prepared to lose them forever.
  8. In the future, Apple will inevitably allow payments in bitcoin and other cryptocurrencies. This opinion was expressed by the co-founder of Morgan Creek Digital, Anthony Pompliano, commenting on the recognition of CEO Tim Cook about investing in digital assets. During the release on his YouTube channel The Best Business Show, Pompliano predicted that all technology giants will sooner or later integrate Web 3 solutions and new technologies into their products. Lack of plans is also a plan. Discord CEO Jason Citron said there are no plans to integrate with Ethereum. It’s a pity.

This is all the news, for now. We will continue to keep you informed of all the main events of the crypto market. This article is for informational purposes only and does not provide any financial advice. Stay tuned to our wallet, enjoy the usable interface and transaction security, and check back for updates and news on Twitter, Telegram, Facebook, TikTok and LinkedIn. Let’s learn the cryptocurrency market together step by step!