- Bitcoin is back above $67,000, and Ethereum above $2,600 on Wednesday.
- XRP holds on to gains at $0.54 on day 2 of the Ripple Swell 2024 event.
- On-chain data shows large volume transfers of USDT to Binance.
Bitcoin, Ethereum and XRP updates
- Bitcoin trades at $67,161 at the time of writing on Wednesday. The largest crypto by market capitalization recorded $371 million in inflows on Tuesday, signaling institutional investor interest returns.
- Ethereum is back above $2,600, gaining nearly 1% on the day. The second-largest cryptocurrency’s role could “grow dramatically,” according to BlackRock CEO Larry Fink’s recent statement.
- XRP holds steady above $0.54 on Day 2 of the Ripple’s annual flagship event, Swell 2024.
Chart of the day: Dogecoin (DOGE)
Dogecoin (DOGE) extends its upward movement for the sixth consecutive day and rises nearly 7%, trading at $0.1261 at the time of writing on Wednesday. DOGE could extend gains by another 5% and climb to the September 28 high of $0.1321.
Supporting the bullish thesis, the Moving Average Convergence Divergence (MACD) indicator shows green histogram bars, signalling DOGE price trend has an underlying positive momentum.
Additionally, the Relative Strength Index (RSI) indicator reads 67.95, close but below the overbought level of 70. DOGE is currently trading above its 10, 50, and 200-day Exponential Moving Averages (EMAs).
DOGE/USDT daily chart
A daily candlestick close under the 50-day EMA could invalidate the bullish thesis and send DOGE’s price to collect liquidity at Tuesday’s low of $0.1101.
Market updates
- On-chain data tracker Whale Alert identified several large USD Tether (USDT) transfers to the largest centralized crypto exchange, Binance. Typically, a rise in stablecoin reserves across exchanges is considered a bullish sign as it represents higher demand from traders.
- Donald Trump-backed World Liberty Financial’s token sale kicked off on Tuesday. The project raised $5 million in the first hour. However, owing to technical hiccups, token sales slowed down and remain far from its target of $300 million.
- Philip Gladwell, head of economics at Tether, reports that Tether has 330 million on-chain wallets.
Today I am launching Tether Insights: a regular series where you will learn how people use digital money
Three insights to start…
1⃣ USDT has 330M on-chain wallets and accounts, a proxy for users, as of Q3 2024, plus 10’s of M’s more who only use USDT on centralised platforms pic.twitter.com/4ermPvAdIi
— Philip Gradwell (@philip_gradwell) October 16, 2024
Industry updates
- Ripple President Monica Long says stablecoin RLUSD will work alongside XRP at Swell 2024. Long’s statement fuels hope for a positive impact on the altcoin’s price.
- Bloomberg reports that Italy plans to raise the capital gains tax on Bitcoin investments from 26% to 42%.
- OKX exchange announces delisting of several crypto trading pairs, including BLOCK/USDT, UTK/USDT, UTK/USDC, AST/USDT, AST/USDC, SIS/USDT, SIS/USDC, WXT/USDT, WXT/USDC, WIFI/USDT, WIFI/USDC on October 24, according to an official announcement.
