Kripto Hírlevél: Alacsonyan kezdik a hetet a főbb kriptopiacok (Angol hír)

• Bitcoin price failed to stay above $49,000 level
• SEC extends four Bitcoin ETF deadlines until November
• Polkadot is one of hedge funds’ favorite altcoins

The past week was a very positive one for the major cryptocurrencies. The weekend gains for Bitcoin come following a volatile week that began with the markets struggling for momentum after a renewed regulatory crackdowns in China weighed on the market's sentiment. However moods improved in the second part of the week after Fed chair  Powell confirmed that the central bank has no intention of banning cryptocurrencies. Altcoins widely followed the uptrend, and added fuel to the rally. However during today's session we can observe a pullback which signifies that the crypto market may face a local correction. Bitcoin's market dominance increased slightly to 42.5%. The capitalization of all digital assets in circulation rose to 2.10 trillion, while an average daily trading volume is registered at $90.80 billion.

Bitcoin:

• Last week, Nayib Bukele, President of El Salvador, revealed the latest updates on the Volcano node. The country recently launched its state-owned geothermal Bitcoin mining facility and mined nearly $ 500 worth of Bitcoin. The Salvadoran government intends to increase Bitcoin mined over time, as the node is currently undergoing tests.
• President Bukele has also announced that local consumers can enjoy a $0.20 per gallon reduction in petrol prices when paying using the government-backed Bitcoin wallet, Chivo.
• Tesla CEO Elon Musk stated that the cryptocurrency space must be left alone during a recent interview. He added, "It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement"
• The Iranian government will allow licensed cryptocurrency miners to resume operations today following a three-month ban imposed by former President Hassan Rouhani on May 26th, 2021. An estimated 4.5% to 7% of the world’s cryptocurrency mining is done in Iran. According to some analysts, the recent move suggests that Iran looks favorably on Bitcoin mining as a way to evade sanctions from the US.
• The Securities and Exchange Commission (SEC) has extended the deadline of four Bitcoin exchange-traded funds (ETFs) on Friday for 45 days, citing the requirement for additional time to decide whether to accept the applications. According to Cointelegraph, the odds are on for some sort of Bitcoin exchange-traded fund (ETF) to get U.S. regulatory approval this month, which could lift market sentiment further. The consensus in the crypto market is that an ETF would become the most important source of demand from yield-hungry institutional and traditional market investors. 

Bitcoin ETFs and funds currently own around 801,000 BTC, amounting to 4.3% of the total supply. Recently Morgan Stanley filed a report with the Securities and Exchange Commission (SEC), confirming that it had increased its stake in Grayscale Investments - the largest crypto asset management firm in the world. Source: ByteTree

• Less than five months after China initiated a regulatory crackdown, Bitcoin’s hash rate has managed to recover most of the losses.

Bitcoin 7-day average hash rate chart. According to some analysts the hash rate may have even hit 200 exahashes per second (EH/s) in recent days, which would be a new all-time high. Source: Blockchain.com

Bitcoin price rose 13% in the first three days of October, igniting a bullish market outlook. Price tested $49,000 level on Sunday, however buyers failed to uphold momentum and price pulled back. The nearest major support is located around $46,200 and is marked with an earlier broken upper limit of the 1:1 structure and 200 SMA ( red line). On the other hand, if buyers manage to regain control, then the next target is located at the psychological $50,000 level. Source: xStation5

Ethereum: 

• Last week Visa revealed an outline of what it calls a "universal payment channel" that will facilitate transactions between different stablecoins and central bank digital currencies (CBDCs). As part of this project, Visa also implemented its first-ever sample smart contract on Ethereum's Ropsten testnet. Smart Contract shows a payment channel that accepts both ether (ETH) and USDC stablecoin. Company aims for UPC to act as "network of blockchain networks" to transfer digital currencies

Polkadot:

• Polkadot is the most commonly held altcoin by hedge funds, according to crypto data platform Messari. Polkadot staking rate is steady, and development activity is rising, confirming a bullish breakout in DOT.

Cardano:

• A large number of Japanese cryptocurrency investors, especially those who profited from trading Cardano (ADA), have failed to pay taxes this year. The Japanese government stated that there were $6 million in underreported taxes. Cardano, known as the "Ethereum killer," also gets the name “Japanese Ethereum” in the country, as over 90% of the participants in the initial coin offering (ICO) of ADA were from Japan.
• One of Cardano developers - IOHK confirmed that it had partnered with Coti - Cardano’s payment gateway provider - to launch a stablecoin on the blockchain. The stablecoin is called Djed and aims to optimize price stability and reduce transaction fees, offering an interesting method of paying for DeFi transactions.

Cardano price failed to break above the upper limit of the triangle formation during yesterday’s session and another downward impulse have been launched. Currently price is testing 50 SMA ( green line), however should break lower occur, then support at 2.1230 may be at risk. This level coincides with the lower limit of the triangle formation, and 61.8% Fibonacci retracement of the last upward wave. Source: xStation5