The Bitcoin bulls get a run at $60,000 thanks to a positive morning. However, avoiding a drop below $55,000 will be critical. The enormous increase on Wednesday had reached $55,800. Its market capitalization has surpassed the coveted $1 trillion thresholds, and its dominance over altcoins has expanded marginally.
According to Bitcoin’s technicals, the flagship cryptocurrency’s next significant obstacle sits close to its all-time high value of roughly $64,000 if it can break out of its current multi-week price range.
The market mood in the crypto industry was in the “fear zone” just over a week ago, but owing to this continuous rally, investor sentiment has shifted back to “greed,” indicating the likelihood of additional bullish activity in the coming weeks.
Valkyrie Investments CEO suggests price surge for Q4:
Bitcoin (BTC) might see a significant price spike for the remainder of 2021, according to the CEO of Valkyrie Investments, if it can sustain a support level over $50,000.
In a new interview with Bloomberg Quicktake, Leah Wald, CEO of Bitcoin, thinks that the $50,000 mark is a critical level for the cryptocurrency and that crossing it might ignite a bull run.
That $50,000 price point is the true psychological stumbling block. They predict this bull run to propel BTC to near highs in the fourth quarter if it can push beyond $50,000 and hold this price.
Their analysts believe that if BTC continues to face resistance at $50,000 and is unable to break through or establish support, it will likely fall to $45,000 before consolidating ahead of another push to $50,000.
Bitcoin Price broke beyond the $50,000 barrier on October 5th and is currently trading at $55,490.
Wald, on the other hand, said she couldn’t say with certainty what BTC’s price would be if it held support at $50,000.
“I’m Not Sure [What The Price Might Be], But I’m Extremely Thrilled For October, And I’m Absolutely Excited For Q4,” She Says.
MATIC Price Approaching $2 Level! New ATH is Imminent This Week?
After slashing past severe opposition, Polygon’s native token, MATIC, appears to be catching up with the rest of the market. Technical indications and on-chain data now indicate that prices may be on their way to a new all-time high.
Polygon has broken through key resistance and now appears to be on the verge of setting new all-time highs.
MATIC Price has gained more than 22% in market value in the last four days, indicating bullish momentum. Prices have risen from a low of $1.52 on October 23 to a high of $1.86 recently. The altcoin is currently trading around $1.8370 up 10.33 percent against the US dollar in the last 24 hours. The year-to-date return-on-investment for $MATIC is an astounding +10337 percent.
Why MATIC Price can Hit New ATH soon?
This technical pattern indicates a 150 percent increase, which may be confirmed by measuring the distance between the original swing peak and the low one, then multiplying by $1.73 (breakout point) to arrive at a $4.32 goal.
Though Polygon’s strategy sounds simple, the alt will face two significant roadblocks at $2.04 and $2.22 before retesting the ATH at $2.70. If MATIC overcomes these obstacles, the crypto will rise to $4.32.
As Polygon approaches the $2 mark, Traders may try to break their long positions. The potential increase in selling pressure could slow down the uptrend, preventing MATIC from slicing through this barrier and achieving its upside potential.
As per the above IOMAP chart, Bulls holds the upper hand. The only considerable interest area sits at the $2 mark, where 1,280 addresses have purchased more than 35.5 million MATIC. the major support level underneath Polygon sits at $1.75.
Strong Fundamentals add to the bullish bias
The MATIC ecosystem has seen an increase in daily addresses over the last three months, indicating that the major rise is on the way. The increase in active wallets’ 7-day MA suggests that additional capital and investors are entering the market, which supports the optimistic narrative.
According to data from blockchain analytics firm IntoTheBlock (ITB), over 92 percent of all $MATIC addresses are currently profitable:
Polygon has a single resistance, according to the GIOM model, which might impede upsurges at $1.87. Around 17.54 thousand crypto addresses purchased 135 million tokens at this point. A significant close over $1.87 will therefore draw sidelined investors, easing selling pressure. MATIC would be able to extend its surges without difficulty as a result of this. The alt will then soar to an all-time high of $2.7 or higher.
Polygon PoS Just crossed 1 BILLION transactions processed
October has been nothing but great for Polygon and MATIC holders, starting off with MATIC pumping by more than 30% so far, and today as per the Reddit discussion MATIC crossed 1 Billion transactions processed on the Polygon PoS chain.
Tether trials Notabene’s new travel rule technology to combat financial crimes
Tether Operations Limited, the firm operating Tether (USDT), announced on Tuesday that it will use Notabene, an end-to-end solution for cryptocurrency Travel Rule compliance.
Tether will begin testing Notabene’s cross-border transaction monitoring system for virtual asset service providers (VASP) to combat financial crimes such as money laundering.
Notabene is a new technology for monitoring cryptocurrency transactions in real-time, making the blockchain more transparent and allowing regulators to keep better track of cash flow.
The Know Your Customer infrastructure stack at the firm is built to span jurisdictions with little or no regulation of financial services.
In order to assist cryptocurrency exchanges, digital wallet providers, and financial institutions with the new FATF Travel Rule requirement, #Tether will begin testing the Notabene platform.⬇️https://t.co/9gUpq15As6— Tether (@Tether_to) October 26, 2021
Notabene claims to offer a low-risk environment to test sophisticated crypto use cases. Tether will use Notabene’s technology to determine whether it can securely transmit identifying data for clients in other VASPs. In particular, as it pertains to transactions conducted by VASPs, Notabene’s solution will help Tether protect its consumers.
The Financial Action Task Force, a worldwide group that sets Anti-Money Laundering standards, has determined that VASPs should adhere to the same rules as regulated financial institutions. The “Travel Rule” advises VASPs to exchange specific client information between counterparties for transactions worth more than a certain amount.
These procedures are meant to assist nations and service providers in preventing money laundering, terrorist financing and complying with sanctions laws. Commenting on the new development, Tether chief compliance officer Leonardo Real stressed the importance of working with other VASPs, stating:
“As pioneers of blockchain technology and leaders in transparency, we are dedicated to not only keeping up with new rules but helping shape them. Because the Travel Rule traditionally applies to financial institutions, we see this as an opportune moment to foster cooperation across traditional and digital channels in order to create better services for customers globally. We are proud to lead the charge.”
According to a recent report from Cointelegraph, the United States Securities and Exchange Commission will be in charge of U.S. stablecoin regulation and enforcement. In 2021, the stablecoin market has seen tremendous development, and Tether’s market capitalization has soared this year, increasing by 229% since the start of the year to $69.6 billion.
Bank of Spain issues registration guidelines for crypto services
The central bank of Spain is introducing new registration guidelines for local virtual currency service providers, or VASPs, including banking institutions.
The Bank of Spain has issued instructions on VASP registration for Anti-Money Laundering, or AML, purposes, requiring institutions to submit their registration requests through an electronic registry, Cointelegraph en Español reported Oct. 25.
Issuing the guidelines on Oct. 19, the Spanish central bank noted that the obligation to sign up in the registry applies to “all individuals and institutions providing virtual currency exchange services” like cryptocurrency trading and custody services.
The regulator stressed that VASPs will have to register “regardless of whether they are also registered in other administrative records in the Bank of Spain or other related authorities.”
According to the official statement, institutions are required to proceed with the registration even if their end customers are not located in Spain. Individuals are also recommended to use the electronic registry form but may also proceed via other channels like mail, the central bank said.
The instructions specifically require both legal entities and individuals to issue reports on their measures for preventing illicit activity like money laundering and terrorism financing, including certain information on their clients.
According to the statement, the Bank of Spain will analyze data and evaluate potential risks while taking into account VASPs’ types of clients, operated countries, products, business relationship purposes, operated volumes and others.
According to the local news agency El País, the Bank of Spain initially announced plans to establish AML procedures for VASPs in June 2021. In August, Spanish lawmakers backed a legal initiative to legalize the usage of cryptocurrency for mortgage and insurance purposes.