Macro Overview
- US CPI: The US CPI year-on-year came in below 3.0% vs. the expected 3.1%, signaling easing inflation pressures. The lower-than-expected data was viewed as bullish for the market, leading to a positive reaction and price rise in crypto following the release.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a 4.59% rise, bringing the total market capitalization to $3.85 trillion. Notably, BTC saw a rise of 5.12% and ETH saw a rise of 4.61%. Bitcoin’s dominance stands at 59.81%, while Ethereum’s holds at 13.05%
- JPMorgan to Accept Bitcoin and Ethereum as Loan Collateral by Year-End: JPMorgan Chase is set to allow institutional clients to use Bitcoin and Ethereum as collateral for loans by the end of the year, marking another major step in Wall Street’s growing adoption of crypto. The program, expected to launch globally, will use a third-party custodian to hold the pledged assets securely. This move follows the bank’s earlier decision to accept crypto-linked ETFs as collateral, but now clients will be able to directly use BTC and ETH holdings—making it easier for institutions to unlock liquidity without selling their crypto positions.
- Mt. Gox Delays Creditor Repayments to October 2026: Defunct crypto exchange Mt. Gox has extended its repayment deadline by another year to October 31, 2026, just days before the previous deadline. The rehabilitation trustee said that while most repayments for eligible creditors have been completed, some remain pending due to incomplete procedures or technical issues. To allow more time for processing, the court has approved the extension. Mt. Gox, which collapsed in 2014 after losing hundreds of thousands of bitcoins, continues to work toward settling repayments to affected creditors.
- Trump Pardons Former Binance CEO CZ: President Donald Trump has pardoned former Binance CEO Changpeng “CZ” Zhao, signaling a major policy shift toward crypto. The White House said the move ends the Biden administration’s “war on cryptocurrency,” noting Zhao faced no fraud allegations. The pardon is seen as a positive signal for the broader crypto industry.
- Kyrgyzstan Launches Stablecoin on BNB Chain, Plans CBDC: Kyrgyzstan has introduced a new KGST stablecoin pegged 1:1 to the Kyrgyzstani som on the BNB Chain, while confirming plans for a central bank digital currency (CBDC) and a digital asset reserve. Former Binance CEO CZ Zhao, who advises the country’s crypto committee, said BNB may be part of the reserve.
- Aave Labs Acquires Stable Finance Team to Boost Consumer DeFi Push: Aave Labs, the team behind the leading DeFi lending protocol, has acqui-hired Stable Finance, bringing its entire engineering team onboard. Stable Finance founder Mario Baxter Cabrera will join Aave as Director of Product. The move aims to help Aave build consumer-friendly DeFi apps, leveraging Stable’s experience in creating simple, high-yield savings products that reportedly attracted $38 billion in deposits.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Oct-29 | 11:30 PM | US Federal Funds Rate | Actual’ less than ‘Forecast’ is good for crypto |
| Oct-30 | 12:00 AM | US FOMC Press Conference | More dovish than expected is good for crypto |
| Oct-30 | Tentative | US Advance GDP q/q | Actual’ less than ‘Forecast’ is good for crypto |
| Oct-31 | Tentative | US Core PCE Price Index m/m | Actual’ less than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bullish.
- BTC has bounced from a key support level and turned bullish following the recent positive CPI data. With the upcoming Fed Funds Rate decision, a rate cut is widely expected, which could further boost crypto markets. Considering both macro factors and technical structure, Bitcoin is likely to maintain a bullish sentiment in the coming days.
- Key support levels to consider are around $107,400 and $105,000. 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 Neutral to Bullish.
- ETH has performed well this week, but with Bitcoin dominance on the rise, it may underperform BTC in the near term. The overall direction will largely depend on the upcoming U.S. Fed rate decision, which could influence market sentiment. Technically, ETH looks poised for a sideways to mildly bullish momentum in the coming days.
- Significant support levels include $3860 and $3510, while resistance level to watch is at around $4250 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 Neutral to Bullish.
- SOL showed solid momentum this week and is currently trading just below the key resistance level at $205. A clear breakout above this level could trigger a strong upward move. However, with Bitcoin dominance rising, SOL may trade sideways in the coming days until broader market conditions turn more favorable.
- Key support levels to consider are around $177 and $156. On the upside, resistance level is at $205 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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