According to a key industry leader, the Russian cryptocurrency sector has expanded to hundreds of billions of dollars despite the lack of adequate cryptocurrency legislation. On Wednesday, Sergei Khitrov, the creator of the Russian cryptocurrency events Blockchain Life and Listing.Help, presented a keynote lecture at the VII Blockchain Life Forum in Moscow on the condition of cryptocurrency regulation in Russia. Based on insights including local cash flows related to services like cryptocurrency mining, Khitrov estimated the Russian crypto market to be worth 20–40 trillion rubles ($280–$550 billion). He also claimed that Russian crypto businesses could generate as much as 284 billion rubles ($4 billion) worth of taxes per year, should the Russian government provide more comfortable regulations for the industry.
The price of Ether (ETH) nearly reached a new all-time high on Oct. 21 before dipping below $4,000 as a result of the $435 million options expiry on Oct. 22. The Altair update to Beacon Chain will push the Ethereum network one step closer to Ethereum 2.0 on October 27 at epoch 74240. Eth2 will be a completely proof-of-stake (PoS) network, for which the community has been preparing for over a year. Altair is an update to the Beacon Chain that brings support for light clients, pre-validator inactivity leak accounting, a rise in slashing severity, and clean-ups to validator rewards allowing for simplified stated management. This is the first scheduled upgrade to the Beacon Chain.
Bitcoin (BTC) is under pressure as bulls strive to convert the psychological threshold of $60,000 into support. Some analysts anticipate Bitcoin may see a drop as traders book gains following the successful launch of Bitcoin exchange-traded funds last week. Crypto market intelligence firm Decentrader said that “there are zero instances of Bitcoin breaking significant previous all-time highs and failing to continue higher.” They anticipate the Bitcoin bull run to continue with a possible target objective at $72,000 and then $88,000. The bulls will next seek to push the price over the overhead zone once more. If they succeed, the BTC/USDT pair may continue its upward path. The pair may then climb to its target price of $84,533.12.
After a 100%+ move to a new all-time high, profit-taking kicks in and Bitcoin traders brace for a possible retest of the $58,000 to $62,000 zone. An early morning 87 percent flash collapse in the price of BTC at Binance US saw the price momentarily reach $8,200, which may have tense the market, but it looks to have been an isolated incident. According to Cointelegraph Markets Pro and TradingView data, bears momentarily took control of the market, with the price presently ranging between $62,000 and $63,500. The rapid climb in Bitcoin over the past three weeks pushed the price back to the major resistance level it faced in April, a fact highlighted by independent crypto analyst ‘Rekt Capital.’
Cardano (ADA) has created a lethal “death cross” versus Bitcoin (BTC) on its daily chart – a market indicator that is typically seen as a warning of additional downside in the near future. When an asset’s short-term moving average closes below its long-term moving average, the ominous-sounding indicator activates. As a result, it encourages technically savvy traders to expand their negative bets in the market. On Tuesday, ADA’s 50-day exponential moving average (50-day EMA; the velvet wave) dropped below its 100-day exponential moving average (100-day EMA; the blue wave). This is owing in part to ADA’s previous pricing responses to death crosses. For example, after painting a 50–100 EMA bearish crossover in the market in September 2020, the Cardano token’s price plummeted about 38.50 percent versus Bitcoin.
Bitcoin (BTC) faces a pivotal weekly close on Oct. 17 with bulls scrambling to squash final resistance before all-time highs. Data from Cointelegraph Markets Pro and TradingView revealed that BTC/USD fluctuated during the weekend, but remained over $60,000. This week’s closure was always projected to be a game changer, perhaps the biggest ever – Bitcoin has only ever previously closed a weekly candle over the $60,000 level. Analysts were waiting for a potentially critical moment with hours to go, one that may pave the way for bulls into new territory.
ETH/BTC dropped below its 200-day exponential moving average for the first time since March 2020, raising risks of more downside. Ether (ETH), Ethereum’s native cryptocurrency, increased by more than 15% in the first 12 days of October. However, when priced in BTC, the second-largest cryptocurrency is now in a decline when compared to Bitcoin’s (BTC) 30 percent increases in the same period. So far in October (and the fourth quarter of 2021), the ETH/BTC exchange rate has dropped by more than 12%, reaching 0.060215 BTC on Oct. 12 for the first time in more than two months.
Bitcoin bulls buy up every dip as peak after peak falls to the widely anticipated Q4 bull run finale. According to Cointelegraph Markets Pro and TradingView data, BTC/USD is tracking $57,000 after touching $57,450 on Bitstamp – the highest level since May 10. By doing so, Bitcoin effectively neutralized the effects of China’s mining disaster and the following dispersion of hash rate throughout the world. Even at current prices, BTC/USD has only been higher 38 days in its lifetime.
Institutional investors are returning to digital gold, with Bitcoin (BTC) investment products seeing inflows for the third week in a row. According to CoinShares’ latest Digital Asset Fund Flows Weekly report, BTC investment products produced $68.7 million in inflows between September 27 and October 1, showing a 36% increase in exposure week over week. While products tracking BTC have now dominated inflows to digital asset products for two weeks in a row, the bullish turn comes fresh off a record streak of outflows that persisted for eight consecutive weeks until early September. Institutional investors also purchased a substantial quantity of Ethereum (ETH) investment products, totaling $20.2 million in inflows. For the week, BTC and ETH gained 7.4 percent and 3.2 percent, respectively.