Macro Overview
- US vs China Tarrifs War: President Donald Trump confirmed that the U.S. will move ahead with a 155% tariff on Chinese goods starting November 1, despite expressing his desire to maintain friendly ties with Beijing. Trump stated the move was necessary after years of “one-sided” trade practices, emphasizing that previous administrations allowed China to take advantage of the U.S. He added that tariffs have been a key part of his trade strategy with allies like the EU, Japan, and South Korea, calling them essential for “national security.”
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a -3.83% fall, bringing the total market capitalization to $3.61 trillion. Notably, BTC saw a fall of -3.56% and ETH saw a fall of -5.54%. Bitcoin’s dominance stands at 59.71%, while Ethereum’s holds at 12.84%
- Hong Kong to debut first spot Solana ETF on Oct. 27: Hong Kong’s regulator has approved the launch of the region’s first spot Solana ETF, set to start trading on Oct. 27. Managed by ChinaAMC, the fund marks another step in expanding institutional access to Solana and strengthening Hong Kong’s position as a leading digital asset hub.
- Strategy adds to Bitcoin holdings with new $18.8 million purchase: Bitcoin treasury firm Strategy (formerly MicroStrategy) purchased an additional 168 BTC for $18.8 million, bringing its total holdings to 640,418 BTC — over 3% of Bitcoin’s total supply. The company’s total Bitcoin stash is now worth about $71 billion, reflecting roughly $23 billion in unrealized gains.
- Kadena winds down operations, KDA token drops 60%: Kadena (KDA) is winding down operations, causing the token to drop around 60% to $0.08. The blockchain will continue running as long as miners maintain it, but the team has ceased all business activity and support, leaving the project effectively inactive. Traders should avoid buying, and current holders may consider exiting to limit losses, as the token’s growth potential and utility are effectively gone, though minor price movements could occur due to ongoing mining activity.
- SharpLink Gaming Adds $75M in Ethereum, Total Holdings Near 860,000 ETH: Minnesota-based company SharpLink Gaming has bought another 19,271 ETH, bringing its total Ethereum holdings to nearly 860,000 ETH. Despite recent price drops, the company’s crypto stash is worth about $3.5 billion. Since starting its Ethereum treasury strategy, SharpLink has also earned over 5,600 ETH in staking rewards.
- Polychain Capital leads $110M funding to boost Berachain treasury: Polychain Capital has led a $110 million investment to build a crypto treasury for Berachain, holding its native token BERA. Other investors like Blockchain.com, Kraken, and dao5 also joined. Nasdaq-listed Greenlane Holdings will buy $110 million worth of BERA and make it a key reserve asset for the company.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Oct-24 | 6:00 PM | US CPI y/y | Actual’ less than ‘Forecast’ is good for crypto |
| Oct-24 | 7:15 PM | US Flash Services PMI | Actual’ less than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Mixed.
- Bitcoin traded choppy last week following mixed comments from Trump on China tariffs. The price action currently looks uncertain with no clear direction, so sideways movement is likely to continue in the short term. However, more clarity on macro conditions and potential rate cuts in the coming weeks could trigger the next bullish leg upward.
- Key support levels to consider are around $105,000 and $100,700. On the upside, resistance level is at $117,000 and $126,000
It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent. - For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Mixed.
- Ethereum remained choppy last week but is still holding above the 200 EMA on the daily chart and the 20 EMA on the weekly chart, which is a positive sign for the higher time frame. Short-term price action looks uncertain, so sideways movement may continue in the coming days.
- Significant support levels include $3500 and $3400, while resistance level to watch is at around $4025 and $4764.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
Solana Technical Analysis
Summary:
- The current sentiment around SOL is Mixed.
- Solana remained choppy last week and is currently maintaining its position above a key support level, which is positive. Short-term direction looks uncertain and will largely depend on the overall market.
- Key support levels to consider are around $177 and $156. On the upside, resistance level is at $207 and $246.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
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