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Ethereum Stands at Significant Support Based on the Purchase of Over 10 Million ETH

More than 10 million Ethereum was bought between $3,426 and $3,536, which is a very significant supply wall for support.

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Ethereum (ETH) continues to witness a surge in activities as the second-largest cryptocurrency was up by 4.35% to hit $3,517 during intraday trading.

At this level, ETH sits on significant support.

Market analyst Lark Davis explained:

“More than 10 million Ethereum has been bought between $3,426 and $3,536. This is a very significant supply wall for support, but also it is critical to note there is very little supply bought above this level to be dumped when the price starts running.”

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Ali Martinez echoed these sentiments and noted that Ethereum was edging closer to a breakout, which could see the $3,750 or $4,000 level hit. The on-chain analyst stated:

“Ethereum is a few dollars away from breaking out! The IOMAP shows Ethereum faces only one supply barrier. Roughly 500K addresses had previously purchased 8.50M ETH between $3,475 and $3,577. Slicing through this resistance wall could push ETH to $3,750 or even $4,000.”

Meanwhile, burnt Ether recently inched closer to a billion-dollar value, given that scarcity was introduced every time ETH was burnt after being used in transactions. This feature was introduced by the London Hardfork or EIP 1559 upgrade that went live on August 5.

Ethereum leaving exchanges set a new record

According to data analytic firm IntoTheBlock:

“The net amount of ETH leaving exchanges just hit a new record. Over $1.2B worth of ETH left centralized exchanges yesterday. Last time $1B+ left CEXs, Ethereum increased by 60% within 30 days.”

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This is a bullish sign because it illustrates a holding culture. Furthermore, a drop in ETH supply on exchanges is usually correlated with a price increase.

On the other hand, the total value locked (TVL) in Ethereum 2.0 deposit contract reached an all-time high of 7,683,394 ETH.

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Ethereum 2.0, also known as the beacon chain, went live in December 2020 and is expected to boost scalability by offering a transition to a proof of stake (POS) consensus mechanism from the current proof of work (POW) framework.

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Source: https://blockchain.news/analysis/ethereum-stands-at-significant-support-based-on-the-purchase-over-10-million-eth

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Valkyrie Starts Trading Bitcoin Futures ETF on the Nasdaq Stock Exchange

Valkyrie becomes the second investment firm to begin trading its Bitcoin Futures ETF on the public market. ProShares was the first.

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Valkyrie Investments started trading its Bitcoin futures Exchange-Traded Fund (ETF) on the Nasdaq stock market on early Friday, October 22, after getting approval from the US Securities and Exchange Commission (SEC) earlier last week.

Valkyrie Funds Chief Executive Officer, Leah Wald, talked about the development and said: “For us, Nasdaq was the obvious choice for our first ETF. When looking at potential listing partners, it makes sense to choose an innovation-focused, technology-first venue that has been at the forefront of the crypto revolution.”

The new Valkyrie fund, popularly known as the Bitcoin Strategy ETF, went live on the Nasdaq exchange under the ticket BTF when stock markets opened at 9:30 am on Friday, but premarket trading began earlier.

Although after a few hours of trading, the Valkyrie Bitcoin futures ETF was trading at $24.0, down 4% from the initial price, the stock recovered some of its values to finish at $25 per share by the end of trading.

The ProShares ETF, BITO, also fell on Friday, down 4.4% to trade at $39.04 per share.

Wald explained why some investors prefer owning a Bitcoin futures ETF over a physical Bitcoin, stating that the former is a CME regulated asset, but the latter is not.

“There is more efficient price discovery, and it does satisfy concerns around wash trading and inaccurate data. Lastly, there is no need to worry about risks around security and custody with the full faith of the SEC-regulated Nasdaq-traded ETF,” Wald stated.

Valkyrie partnered with US Bank Global Fund Services limited to offer custodial services to the Valkyrie Bitcoin futures ETF.

Bitcoin ETF Opens with Gains

The Valkyrie Bitcoin Strategy fund is the first crypto futures linked ETF on Nasdaq, thus joining more than 499 listed ETFs already trading on the exchange. Nasdaq offers a trusted execution platform with reliable regulatory expertise, advocacy, and market structure.

After several months of waiting, the crypto sector is finally getting the US ETFs, which fund executives have long sought as a way of attracting money from investors who want exposure to Bitcoin price via the stock market.

Although crypto analysts view Bitcoin futures ETFs as less ideal than physical Bitcoin ETFs, such new products have received overwhelming reception among investors.

As reported by Blockchain.News on October 19, the first US Bitcoin futures ETF (the ProShares Bitcoin strategy EFT) went live on Tuesday last week and attracted more than $1 billion of assets in just two days after the launch. The fund is the fastest-ever ETF to hit such a milestone.

While Valkyrie fund is the second Bitcoin Futures ETF now trading in the public market, VanEck’s Bitcoin futures ETF is expected to begin trading this week.

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Source: https://blockchain.news/news/valkyrie-starts-trading-its-bitcoin-futures-etf-on-the-nasdaq-stock-exchange

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Bybit Launches $BIT Token Listing

Singapore-based cryptocurrency exchange Bybit announced its first token- “$BIT”on its Bybit Launchpad platform.

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On Friday, Singapore-based cryptocurrency exchange Bybit announced its first token, called “$BIT”, on its Bybit Launchpad platform.

Bybit’s listing of BIT will include the launching rewards and free giveaways for participants. Bybit said the Launchpad is open to its users who have completed know-your-client (KYC) L1, ensuring compliance fulfilling local regulatory requirements.

The crypto exchange said the Launchpad is designed to help connect innovative crypto projects and users who may be interested in gaining exposure to promising projects while protecting users and projects alike.

“We at Bybit are constantly inspired and amazed by the intrepid and imaginative experimentation in the crypto space and the talented and committed folks working for a better future of finance,” said Ben Zhou, co-founder and CEO of Bybit.

According to the statement, BIT is the native token of BitDAO, one of the world’s largest Decentralized Autonomous Organizations (DAOs) that aims to allocate massive financial and talent resources to support DeFi growth.

Bybit is an initial proponent of BitDAO and has pledged to contribute 2.5bps of futures trading volume to BitDAO’s treasury. The contribution, at 2021 rates, is projected to exceed $1 billion per year. The BitDAO treasury balance stands at more than $540 million as of Sept. 16.

The crypto exchange was founded in 2018, providing online spot and derivatives trading services, cloud and DeFi mining products, as well as API support to institutional and retail clients, according to their official website.

Bybit is actively expanding its business to different sectors. Last month, the crypto exchange platform has reached a three-year cooperation agreement with e-sports organisation Astralis by displaying its logo for exposure, in the hope that to expand the connection of cryptocurrency in the e-sports industry.

Image source: Shutterstock

According to the statement, BIT is the native token of BitDAO, one of the world’s largest Decentralized Autonomous Organizations (DAOs) that aims to allocate massive financial and talent resources to support DeFi growth.

Source: https://blockchain.news/news/bybit-launches-bit-token-listing

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Indian Exchanges are all Out on Crypto With Ads Ahead of Coming Festive Season

Indian crypto exchanges are planning huge ad campaigns to attract new users ahead of the upcoming festive seasons.

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Indian cryptocurrency exchanges are all out with plans to contribute to the growth of the digital currency ecosystem through targeted advertising campaigns to target new customers.

As reported by the Economic Times, Indian crypto exchanges are ramping up hiring and planning product launches and large-scale advertising campaigns to add new retail investors.

The Indian crypto ecosystem is growing, with about 15 million active cryptocurrency users in the country. Today, India remains one of the most promising markets for the nascent asset class. In anticipation of a massive rush on its trading platform, Unocoin said it is upgrading its infrastructure.

“The Indian market is all about saving and spending and gifting during the festive season. Approached right, bitcoin, and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry,” said Sathvik Vishwanath, co-founder of Unocoin. “We are making our platform technically and operationally prepared for the festive season.”

The issuance of redeemable gift vouchers in the eCommerce world is bound to be used as a major bait to lure new users for most exchanges. For the campaigns, Unocoin plans to issue a coupon code featuring Bitcoins worth Rs 200 for Ganesh Chaturthi.

“Our development team is coming up with new coupon codes, especially for the festivals. We are testing the server load to deal with a surge in the customer transactions,” Vishwanath said.

Other top exchanges, including Binance-owned WazirX and CoinDCX amongst others, are also coming up with big plans to extend their overall market reach through the upcoming festive seasons. Digital asset trading platforms are the primary gateway for the public to gain exposure to Bitcoin and the crypto world. CoinDCX said it would add an education and awareness program to the ongoing campaign as part of the broad commitment to take on this responsibility.

“During the festive season, CoinDCX is aiming to create more awareness and to share knowledge on crypto through DCX learn. Through our marketing initiatives, we’ve always looked for ways to entice and educate new investors,” said Ramalingam Subramaniam, head of brand and communication at CoinDCX.

Image source: Shutterstock

The Indian crypto ecosystem is growing, with about 15 million active cryptocurrency users in the country. Today, India remains one of the most promising markets for the nascent asset class. In anticipation of a massive rush on its trading platform, Unocoin said it is upgrading its infrastructure.

Source: https://blockchain.news/news/indian-exchanges-are-all-out-crypto-ads-ahead-coming-festive-season

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