Volatile week incoming?
The Weekly Update - Week 44
Highlights from this week’s report
Bitcoin pushed to a new yearly high once again over the weekend, and finally touched the $14,000 level. We’re headed into an interesting, and potentially volatile, week across all markets, with the US election today and the significant increase in Covid-19 numbers worldwide.
Bitcoin was the big winner of October as most altcoins struggled and saw declining prices, especially DeFi tokens.
In dollar terms, the open interest in the BTC futures market has reached the highs of February and August, while in BTC terms, the open interest levels are fairly average.
The highest bitcoin price since January 2018 was seen this weekend, as the leading cryptocurrency continued to climb. The $14k level was lost again quickly and is important to reclaim for bitcoin to keep its upwards momentum.
The tremendous bull run in DeFi has lost all its momentum, and BTC has now outperformed the FTX DeFi index for the first time since the index launched.
The Bitcoin hashrate has seen a sudden sharp decline over the last weeks of 25%.
Bitcoin’s mining difficulty adjusted 16.05% today, the second largest decrease in history. This was the largest drop in 9 years, and comes after the sharp decline in hashrate lately.
This is just a short summary of the market report that we sent out to all paying subscribers today. If you want to read the full report, subscribe now.
Feel free to contact us if you have any questions or feedback!