Crypto Price Analysis 10-25 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, RIPPLE: XRP

Bitcoin (BTC) maintains its position above $67,000 despite a brief dip to the $65,000 range in the past 24 hours and is currently trading in the $67,000 level. Major altcoins such as Ethereum, Solana, and Ripple have experienced declines over the past 24 hours. 

Bitcoin has faced a volatile week ranging between two important levels – $65,000 and $69,000. BTC has been on a downward trajectory after failing to break above the $70,000 level on Monday, with major altcoins following its lead.

Despite price fluctuations sending BTC slip below $65,000 before recovering, Bitcoin appears to be stabilizing. Pauline Shangett, CMO at ChangeNOW, commented:

“Despite a volatile week, Bitcoin appears to be entering a stabilization phase. Market sentiment has improved, and indicators suggest that traders are comfortably in an accumulation period.” 

Ripple (XRP) CEO Predicts Crypto “Reset” After US Election

Ripple CEO Brad Garlinghouse recently shared his thoughts on the impact the US election could have on the crypto market. With both presidential candidates having made statements regarding crypto, albeit with very different approaches, Garlinghouse thinks there could be a reset for the crypto industry regardless of the outcome.

“I think no matter what happens, we’re going to see a reset,” Garlinghouse told CNBC’s Tanaya Macheel.

Adding;

“We’re going to see forward progress and I am certainly looking forward to that.”  

Former President Donald Trump vowed to end an “unlawful and un-American crackdown” on the US crypto industry and is also backing a crypto project called World Liberty Financial. On Wednesday, Garlinghouse said:

“Obviously, Trump came out early and very aggressively in pro-crypto and he’s the crypto president.”

Harris said her administration would encourage innovative technologies such as Artificial Intelligence and digital assets while protecting consumers. The Vice President said she “appreciates the ways in which new technologies can broaden access to banking and financial services.”

Ripple’s CEO also highlighted Vice President Kamala Harris’ technology connections, commenting:

“Kamala Harris is from Silicon Valley. She has generally been pro-technology over the years. She has been relatively quiet on the topic.” 

Spot Bitcoin ETFs Registers Continued Inflows

Spot BTC ETFs saw substantial inflows this week, with $294 million coming in on Monday, despite BTC’s price drop. BlackRock’s IBIT ETF attracted $329 million, which has generated significant attention from investors looking to gain access to Bitcoin. Bloomberg ETF analyst Eric Balchinas commented on X that IBIT’s surge in inflows has surpassed Vangaurd’s Total Stock Market ETF in year-to-date inflows. Fidelity’s FBTO Fund also saw significant inflows worth $5.9 million on October 22. While BlackRock, Vanguard, and Fidelity record massive inflows, some ETFs, including Bitwise’s BITB, ARK’s ARKB, and Grayscale’s GBTC, witnessed significant outflows. 

According to data from Sosovalue, spot crypto ETFs landed in positive territory on October 24. Across 12 Bitcoin spot ETFs, data reveals inflows worth $188.11 million. BlackRock again leads the charge with $165 million in inflows, while Bitwise’s BITB witnesses $29.63 million worth of inflows. Grayscale’s GBTC again saw outflows exceeding $7 million. 

Retail Demand for BTC is Up 13%

On-chain data shows a major surge of almost 13% in retail demand for BTC. Analysis by CryptoQuant reveals the jump in retail demand for those investing between $0 and $100,000, which notes a significant shift in market dynamics.

“Retail on-chain activity returns after 4 months. In the last 30 days, retail demand grew by about 13%, highlighting a scenario that was only seen in March, when we were close to the last historical high.”

Binance Connect Relaunches with Seamless Fiat-to-Crypto Integration for Web3

Binance announced the revamped Binance Connect, a dedicated fiat-to-crypto on-ramp designed to support Web3 projects. With user-friendliness and regulatory compliance in mind, Binance Connects has been tailored to the evolving needs of Web3. Binance explained that its solution directly integrates with its existing services, enabling users to effortlessly transition between fiat and digital currencies using their existing Binance accounts.

The original Binance Connect service ceased operations in August 2023 due to card payment service support issues. In a blog post, Binance explained that the revamped service supports over 100 fiat currencies, 300 cryptocurrencies, and 300 payment methods. It further explained that users can buy and sell cryptocurrencies directly from their existing Binance accounts through their DeFi wallets.

While explaining how Binance Connect addresses the challenges of integrating traditional finance with blockchain, Binance said:

“Binance Connect is built to adhere to applicable regulations, giving partners confidence in their operations while minimizing technical resources needed to comply.”

US Government Crypto Wallet Hacked for $20 Million

An attacker drained a wallet controlled by the US government on October 24 of $20 million. The wallet included funds seized from the 2016 Bitfinex hack.

On-chain analytics firm Arkham Intelligence reveals the attacker sent funds to a wallet beginning with “0x348”, which included USDC, UST, aUSDC, and ETH. Arkham said the attacker started converting stablecoins into ETH and laundered the funds through addresses likely associated with a money-laundering service.

Bitcoin (BTC) Price Analysis

Bitcoin and the altcoin market suffered a severe knock on Wednesday, with $BTC slipping below $65,000. The world’s largest cryptocurrency initially dropped over 2.50% before recovering and jumping back above $67,000.

Wednesday’s decline in the crypto market mirrors the decline in the stock market. BTC’s drop again highlights the volatility of the crypto market and its interconnectedness with traditional markets. The decline in the crypto market is likely associated with the drop in tech stocks. Tesla stocks suffered particularly as the company prepares to release its latest earnings and analysts predict a decline in share price. 

After an extremely bullish week prior, BTC has followed a downward trajectory since Monday. Substantial gains from last Monday and Tuesday had BTC’s price above $68,000 on Friday. After settling at $68,398 on Friday, the upward trend appeared to stall, with BTC declining marginally on Saturday, settling at $68,278. BTC, however, recovered on Sunday after a 0.72% increase, pushing the price to $67,773. 

BTC appeared to begin the current week on a strong note as buyers pushed BTC to a day high of $69,401. Buyers, however, lost momentum after encountering strong resistance, allowing sellers to step in. BTC recorded a 2.13% decline on Monday and settled at $67,307.

A volatile session on Tuesday saw BTC drop to a day low of $66,523 before covering and settling at $67,386. Intense selling pressure on Wednesday allowed sellers to drag BTC to a day low of $65,225. BTC, however, recovered from this level when buyers entered the market. The price eventually settled at $66,658, a marginal drop of 1.09%. Thursday’s session saw Bitcoin reach a high of $68,831 and a low of $66,510. Ultimately, BTC rallied to gain 2.29% and settled the session at $68,191. 

The current session sees sellers taking control as BTC dropped to a low of $65,664 before recovering slightly to trade in the $68,600 range. 

Ethereum (ETH) Price Analysis

Ethereum is battling intense selling pressure after spending most of the week in the red. ETH faced significant volatility during the previous week, with a sharp increase of 6.54% on Monday sending ETH to $2,630. Intense pressure during the week continued until the altcoin bounced back on Friday to gain 1.41% and settle at $2,641. After reaching a day high of $2,675, ETH attempted to push to the $2,700 level. ETH did not see much change on Saturday but managed a marginal increase before a rapid surge of 4% on Sunday allowed it to break through $2,700 and settle at $2,746.

The current week began with a substantial drop of almost 3%, which sent the price back below $2,700 to settle at $2,666 eventually. Momentum further declined on Tuesday as ETH dropped 1.73% to settle at $2,620. Wednesday saw the bearish sentiment intensify as sellers dragged ETH below its crucial support levels and the 20 and 50-day SMAs to a day low of $2,451. Buyers attempted a recovery, pushing the price back above $2,500 to close the session at $2,522. Throughout Thursday, ETH maintained its price above $2,500, gaining 0.39% to settle at $2,535. The current session sees buyers unable to keep ETH above the $2,500 level. With sellers controlling the session, ETH dropped below its crucial levels, dipping to a day low of $2,386. If sellers maintain their control, we could see ETH slip below $2,300. 

Solana (SOL) Price Analysis

Solana has been on a continued bull run after recovering from its day low of $147 on Thursday. SOL managed to gain nearly 3% on Friday, moving it beyond the 200-day SMA and settling at $154. Bullish sentiment continued on Saturday, allowing SOL to gain over 3% and settle at $159. A 5% surge on Sunday allowed SOL to move above $160 to close the week at $167.

SOL began the current week facing extreme volatility as buyers eyed the $170 resistance level. On Monday, buyers attempted to move SOL past $170 while sellers tried to drag the price below $160. Back-and-forth movement throughout the day saw SOL drop to a low of $161 and climb to a high of $171 before settling at $166. Volatility persisted on Tuesday, with buyers and sellers fighting for control. Buyers ultimately gained control and pushed SOL up by 0.80% to $167. SOL finally broke the $170 level on Wednesday after an increase of 1.96% pushed the price to $170.77. Buyers continued their momentum on Thursday, pushing SOL up by 3.65% to settle at $177.16. The current session, however, sees bears defend their position after thwarting buyers’ attempts to push the price above $180. SOL dropped to a day low of $160.13 before making a recovery. 

Polkadot (DOT) Price Analysis

Polkadot (DOT) registered a significant decline in recent days and lost all gains of the previous week. Bearish sentiment overwhelmed the market, resulting in a substantial drop in the altcoin’s price. The previous week saw buyers push DOT above the crucial $4.50 level to settle at $4.57. Polkadot (DOT) started the week with a substantial increase of 5.05% on Monday, which saw DOT climb above the 20 and 50-day SMAs to settle at $4.37. A battle between buyers and sellers resulted in a volatile session on Tuesday, with DOT dipping to a day low of $4.30 and reaching a high of $4.53 before eventually settling at $4.41. After taking control on Tuesday, buyers lost steam on Wednesday, resulting in a substantial drop to $4.32. Bearish sentiment continued Thursday, pushing DOT down by 3% and below its SMAs to close the session at $4.19.  DOT made a strong recovery on Friday, rising back above the 20 and 50-day SMA after an increase of 2.63%. Bullish sentiment continued over the weekend as DOT rose 2.84% on Saturday to close the session at $4.44. Buyers maintained the upward on Sunday, breaking through the crucial $4.50 level. DOT reached a high of $4.59 during the session before dropping back to $4.57, registering a 3.30% increase. 

DOT began the current week in the red. A substantial decline of 4.38% on Monday pushed DOT below its crucial $4.50 level to settle at $4.37.

A battle between buyers and sellers resulted in a volatile session on Tuesday,  with sellers eventually regaining control of the session, pushing $DOT down by 1.14% to $4.32. Continued selling pressure on Wednesday saw sellers drag the price down to a low of $4.10. $DOT, however, managed to recover and ended the session at $4.21. A volatile session on Thursday saw $DOT drop to a day low of $4.16. The altcoin registered a slight recovery before eventually closing the session with a marginal decline of 0.17% at $4.20.

The current session sees $DOT follow a similar trajectory as the previous two days. At the time of writing, sellers maintained control of the session, with DOT trading at $4.18.

Ripple (XRP) Price Analysis

Ripple is fighting to recover after a substantial decline during the week, which saw sellers push XRP below its moving averages. Monday saw XRP unable to move beyond its 50-day SMA as sellers eventually dragged the price down to close the session at $0.54. Intense selling pressure on Tuesday resulted in XRP declining by 2.24% and falling below its 20 and 200-day SMAs. The bears maintained their control on Wednesday, dragging XRP to a day low of $0.51. XRP recovered slightly and settled at $0.52, registering a decline of 1.39%.

Buyers stepped in on Thursday, pushing XRP up by 1.18%. XRP eventually settled at $0.53. The bullish momentum was fleeting as XRP is back in the red in the current session. Sellers have overwhelmed the session, dragging XRP to a day low of $0.49 before recovering to the $0.50 level. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.