Bitcoin remained steady above $65,500 on Tuesday, losing less than 1% of its value.
Ethereum and XRP prices fell slightly on the day, with traders anticipating important announcements from the Ripple swell event. The odds of pro-Bitcoin US presidential candidate Donald Trump winning the November election have skyrocketed on the polymarket.
Bitcoin, Ethereum, XRP updates
Bitcoin traded at $65,777, down less than 1% on the day. Larry Fink, CEO of asset management giant BlackRock, said Bitcoin is an asset class in its own right. The executive spoke about financial institutions allocating capital to BTC and said it reminded him of the early days of the mortgage market. Fink, who currently has a market capitalization of $11 trillion, does not think the outcome of the US presidential election will change BTC.
Here is Larry Fink’s complete quote on Bitcoin/Digital Assets during the Q3 earnings call: He notes that the Bitcoin asset class itself is in talks with institutions around the world for allocation, and that asset discovery is reminiscent of the early days of the mortgage market (currently at $11 trillion). the president doesn’t make a difference pic.twitter.com/McvpW7cCnB
— Eric Balchunas (@EricBalchunas) October 14, 2024
Ethereum is trading at $2,558, holding steady above the major support at $2,500. XRP is trading at $0.5357 even as Ripple’s annual flagship event “Swell 2024” takes place in Miami on Tuesday.
Today’s chart: STORJ
Storj, the decentralized cloud storage platform token, may rise another 7% and test the lower fair value gap (FVG) between $0.6835 and $0.5921 as resistance. The token broke out of the downtrend on September 16th and has been steadily rising ever since.
The relative strength index (RSI) is 79.87, above the overbought level of 70. While this typically generates a sell signal, another momentum indicator, the Moving Average Convergence Divergence (MACD), flashes a green histogram bar above the neutral line. STORJ’s price trend may potentially have positive momentum.
STORJ/USDT daily chart
The bullish theory could be invalidated if the daily candlestick closes below the 200-day exponential moving average (EMA) of $0.4496. STORJ may fall to support at the 50-day EMA of $0.4114.
Market updates
Earlier on Tuesday, Nansen and MetaStreet released an important report identifying crypto industries with high-yield opportunities such as artificial intelligence (AI) computing DePIN and NodeFi. The report highlights that the DePIN sector is a high-growth alternative to traditional DeFi yields for crypto investors. NodeFi, a crypto sector that licenses token-based reward protocols, has emerged as a significant source of high yields for cryptocurrency investors, according to a report. The company announced exchange partners for the Ripple USD (RLUSD) stablecoin at Ripple Swell.
Industry updates
Blockstream has closed a $210 million convertible note financing round to further its goal of accelerating the adoption of Bitcoin in global finance. This funding will be used for layer 2 development and expanding mining capabilities ahead of the next cycle.
Blockstream has completed a $210 million convertible note financing round led by: @FulgurVenturesfurthering our mission to bring Bitcoin to global finance.
This capital will accelerate Layer 2 development, expand mining ahead of the next Bitcoin cycle, and grow one of the largest Bitcoins in the world. pic.twitter.com/gi1ov0LCYU
— Blockstream (@Blockstream) October 15, 2024
Asset management giant BlackRock holds 369,640 BTC, or 1.46% of the Bitcoin supply, as of Tuesday, October 14th. Stellar (XLM) remains solid above $0.0932 as the company announced a partnership with web-based blockchain data analysis platform Dune. According to Polymarket, the probability of former President Donald Trump winning the November 2024 election has increased to 57.9%.
Polymarket on the winner of the 2024 US presidential election
