The crypto market has struggled to maintain positive momentum this week. Meanwhile, following the release of the CPI data, the market continued its downward momentum, indicating that prevailing concerns reduced investors' risk betting appetite. Notably, the crypto market's Fear and Greed Index is at 40, indicating a sentiment of "fear" among market players
At the time of writing, the global crypto market capitalization lost 1.28% to stand at US$ 1.05 trillion, while its volume over the last 24 hours fell 3.05% to US$ 25.25 billion. Over the last 24 hours, Bitcoin dominance plunged 0.05% to 49.99%.
The largest cryptocurrency by market capitalization, Bitcoin led losses in the broader market. The price of Bitcoin fell 1.51% to US$ 26,802.12 on Friday (13/10) at 10.00 WIB, while volume rose 1.32% to US$ 12.24 billion from yesterday.
On the other hand, Ethereum price fell 1.50% to US$ 1,548.35 at the time of writing, with its volume down 11.96% to US$ 5.05 billion. At the same time, the price of XRP also decreased by 1.67% to US$ 0.4791, and its one-day volume jumped 4.92% to US$ 799.02 million.
US Inflation Announced to Remain High, This is the Reaction of the Crypto and Bitcoin Markets
The US Bureau of Labor Statistics has released the latest CPI data showing that US inflation rose 3.7% in September, more than market estimates. The price of Bitcoin (BTC) remained in the US$ 26,800 zone after the CPI data for September was released.
Meanwhile, global financial markets have recently been very volatile due to increasing concerns about the Israel-Hamas war and other macroeconomic events. Notably, the crypto industry has struggled to remain in positive territory, as investors continue to wait and see.
Investors eagerly await key economic data, for cues about the economy's upcoming direction. Meanwhile, the latest PPI data, another core metric of inflation, was released by the Labor Department on Wednesday
PPI data showed that inflation, although slowing compared to August, was higher than expected. This has raised concerns among investors, as this will give the Fed more room to announce further interest rate hikes at its upcoming meeting.
Most Fed officials are likely to raise interest rates again later in the year to support high interest rates until annual inflation stabilizes at 2%.
Following the CPI data, the US Dollar Index rose 0.21% to 105.790 on Thursday. On the other hand, the 10-year US Bond Yield at the same time strengthened 0.17% to 4,601.
Notably, the CME Fed Watch Tool now indicates a 92.5% probability that the Fed will pause its rate hikes at the end of its next meeting on November 1.
This Altcoin Has the Potential to Rise 1700 Percent? This is what the founder of Bitmex said
Arthur Hayes, co-founder of BitMEX, expressed positive sentiment towards crypto or altcoin projects in the form of decentralized data storage, arguing that demand for censorship-resistant artificial intelligence (AI) infrastructure will continue to grow in the future.
Hayes said in a new blog post that AI technology “requires decentralization” for the two things it requires: computing power and secure, easily accessible cloud storage.
Bitmex Founder: Decentralized Data Storage Altcoin Will Surge
According to the founder of BitMEX, the altcoin in the form of decentralized file storage network Filecoin (FIL), which is a “must-have for the growing AI economy,” could see an increase of around 1,730 percent from current levels if the current price-to-capacity ratio rises, quoted from
The FIL altcoin is currently worth around US$3.24 with a decrease of around 98.6 percent from its record high of US$236.24 reached in April 2021.
Meanwhile, Filecoin's price to capacity ratio has fallen from US$19.45 per EiB in April 2021 to the current value of around US$0.27 per EiB, or a decrease of around 99 percent.
The BitMEX founder said his bullish theory about Filecoin is also based on the idea that central banks will soon be forced to ease monetary policy, resulting in a “fiat liquidity boom.”
“AI is experiencing a moment of rapid adoption growth…,” says Hayes.
Equipped with free money in the tens of trillions, everyone from politicians, to hedge fund gentlemen from around the world, to people in the venture capital tech world will do everything they can to pour money into anything related to AI indirectly straight away," he added. [az]
Big Investors Begin to Divert Capital Flows to Chainlink (LINK)
With a 30% gain, Chainlink (LINK) emerged as one of the top gainers in September in the top 20 crypto rankings.
Successful tokenization trials with SWIFT, as well as the explosion in popularity in the Real World Asset (RWA) sector seem to be the main factors in LINK's recent rise. Additionally, on-chain data shows that crypto whales have been paying close attention to LINK.
As proof, the IntoTheBlock graph below highlights the increase in Whale Transactions from 30 transactions to 218 transactions during the period September 17 – October 2.
Notably, the 218 whale transactions recorded on October 2 were the highest recorded since July 24, 2023 As the name suggests, large transactions or Large Transactions are the amount of total confirmed daily trades that exceed US$100,000.
For several reasons, a persistent increase in whale activity like this usually signals a bullish signal for asset prices. This increases market liquidity, allowing spot market participants to execute their trades efficiently.
However, more importantly, when crypto whales make purchases, it encourages other strategic retail investors to maintain a positive outlook.
If the whale Chainlink continues to maintain this level of trading activity, the recent retracement below US$8 could recover soon. If these predictions are correct, LINK holders can expect similar gains in October, as they made last month.
Crypto Whales Again Push Bitcoin Cash (BCH) Price Up
The crypto whales have again succeeded in pushing Bitcoin Cash (BCH) up to the top gainer chart. This phenomenon is similar to the previous bullish price rally that saw BCH rise to an annual peak of US$329 in June 2023.
BCH price managed to breakout above the US$250 mark this week. Meanwhile, on-chain data shows that a group of crypto whales historically known for being astute in predicting prices, holding between 100,000 to 1 million BCH, has been one of the main driving factors behind this rally.
As depicted below, this whale acquired 150,000 BCH between September 21st and October 3rd.
This group of crypto whales spent the last week of September to increase their BCH balances. At the current price of US$240, the 150,000 BCH coins they just acquired are worth around US$36 million.
Then, what is noteworthy, this group of whales have accurately determined the timing of the June 2023 rally. They bought as much as 420,000 BCH between June 20 and July 6, when the price of BCH skyrocketed by more than 150%.
However, it remains to be seen whether whales will continue to buy Bitcoin Cash in October or choose to diversify into other altcoins with smaller capitalization as the bull market matures.
Bitcoin Sees US$20 Million Inflow, What Does This Mean for Crypto Markets?
In the ever-changing world of crypto, from September 22 to 28 the market has witnessed a significant shift as the digital asset experienced an inflow of funds for the first time in six weeks.
Bitcoin Gains Fund Inflow
According to the latest Digital Asset Fund Flows Weekly report from CoinShares, a European digital asset management company, this surge was led by Bitcoin, cementing its position as a dominant force in the crypto market.
Bitcoin, the world's largest cryptocurrency by market capitalization, stands out as the biggest gainer during this period.
It raised an impressive inflow of US$20.4 million, signaling renewed investor interest and confidence in the premier cryptocurrency. Bitcoin's comeback has once again strengthened its position as a key driver of market sentiment.
Orbs (ORBR) Market Value: US$ 55.27 million Token Opening Amount: US$ 10.61 million (19.19% of market capitalization) Date: October 2, 2023, 10:00 WIB
Agoric (BLD) Market value: - Token Opening Amount: US$ 3.88 million Date: October 2 2023, 13:00 WIB
Biconomy (BICO) Market Value: US$ 161.15 million Token Opening Amount: US$ 1.81 million (1.12% of market capitalization) Date: 2 October 2023, 15:00 WIB
Bifrost (BFC) Market Value: US$ 52.04 million Token Opening Amount: US$ 1.99 million (3.85% of market capitalization) Date: October 2 2023, 21:00 WIB
Sui (SUI) Market Value: US$ 414.49 million Token Opening Amount: US$ 16.68 million (4.02% of market capitalization) Date: October 3, 2023, 10:00 WIB
Near (NEAR) Market Value: US$ 1.12 billion Token Opening Amount: US$ 8.92 million (0.80% of market capitalization) Date: October 4 2023, 10:00 WIB
Mines of Dalarnia (DAR) Market Value: US$ 37.75 million Token Opening Amount: US$ 1.03 million (2.71% of market capitalization) Date: October 4 2023, 16:00 WIB
Findora (FRA) Market Value: US$ 17.80 million Token Opening Amount: US$ 2.04 million (11.49% of market capitalization) Date: October 5, 2023, 10:00 WIB
Galxe (GAL) Market Value: US$ 60.14 million Token Opening Amount: US$ 1.43 million (2.36% of market capitalization) Date: October 5, 2023, 15:00
WiFi Map (WIFI) Market Value: US$ 3.56 million Token Opening Amount: US$ 1.42 million (39.32% of market capitalization) Date: October 7, 2023, 10:00 WIB
ImmutableX (IMX) Market Value: US$ 703.99 million Token Opening Amount: US$ 10.90 million (1.55% of market capitalization) Date: 7 October 2023, 20:00 WIB
Myria (MYRIA) Market value: - Token Opening Amount: US$ 1.27 million Date: October 7, 2023, 10:00 WIB
ECOx (ECOX) Market Value: US$ 16.85 million Token Opening Amount: US$ 6.92 million (41.03% of market capitalization) Date: October 8 2023, 01:00 WIB
KAP Games (KAP) Market Value: US$ 5.63 million Token Opening Amount: US$ 5.45 million (97.05% of market capitalization) Date: October 8, 2023, 10:00 WIB