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Bitcoin and S&P 500 options show diverging trends ahead of US elections |
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Bitcoin and S&P 500 options market trends suggest a potential divergence. Bitcoin call options are in high demand, indicating bullish sentiment.
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News - As the US elections approach, a notable divergence is emerging between Bitcoin and the S&P 500, challenging the widely accepted correlation between the two. |
Recent data from analytics platform Block Scholes highlights a pronounced skew in Bitcoin options on the Deribit exchange, favoring short-term call options, which reflect traders' expectations of upward price movement around the election date on 8 November. |
In contrast, the S&P 500 options market is leaning toward put options, indicating concerns about potential declines in stock prices. This typical bias for puts may stem from portfolio managers engaging in tail risk hedging strategies. |
The growing preference for Bitcoin calls suggests an anticipation of volatility and price increases, while the inclination toward S&P 500 puts points to fears of downside risk. |
Traders are left contemplating whether this break in correlation is imminent or if one of the markets is mispriced, adding an element of uncertainty to the current financial landscape. |
Hong Kong to approve more cryptocurrency exchanges by year-end, says SFC CEO |
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News - Hong Kong's Securities and Futures Commission (SFC) is set to approve additional cryptocurrency exchanges by year-end, signaling a potential shift in its regulatory stance. |
This news comes after CEO Julia Leung revealed that on-site reviews have been conducted for 11 applicant platforms. |
The move follows the recent licensing of local exchange HKVAX, which joins HashKey and OSL as the only three licensed exchanges in the city. |
What's more? However, the exact number of applicant platforms remains unclear. While the SFC website lists 11 and 16 on separate pages, Hong Kong's strict regulatory regime has faced criticism for hindering its ambition to become a crypto hub. |
Previous reports indicated the SFC identified "unsatisfactory practices" at some exchanges, including over-reliance on a few executives for client asset custody and inadequate cybersecurity measures. |
This strictness may have deterred major players. Despite an invitation from a local lawmaker, Coinbase opted out, and other international companies like OKX and Bybit withdrew applications (reasons undisclosed). |
Gamers hesitant to explore web3 due to complex wallets, report reveals |
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News - A recent industry report by Elympics, Blockchain Game Alliance, and PlayToEarn has highlighted the challenges faced by Web3 gaming in attracting mainstream gamers. One of the primary barriers identified is the complexity of using cryptocurrency wallets. |
The report, which surveyed 1,000 gamers worldwide, found that over 10% of respondents cited complicated wallets as the main reason for avoiding blockchain-based games. Additionally, 7.3% expressed confusion about the value proposition of Web3 gaming. |
Despite these challenges, Web3 gaming continues to attract players drawn to the potential for earning rewards and engaging in competitive gameplay. |
As more developers build high-quality games on the Web3 platform, it is expected that the adoption of blockchain-based gaming will continue to grow. While crypto wallet complexity remains a hurdle, Blockchains like Toncoin are working to make the experience more user-friendly. |
Fantom's price rallies 68% amid speculation of a return to $1 |
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Fantom's recent rally has been impressive, but challenges remain. Profit-taking by token holders could hinder further price appreciation.
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News - Fantom has experienced an impressive 68% price surge over the past month, reigniting speculation about a potential return to the $1 mark. However, on-chain data indicates that reaching this milestone may not be as straightforward as it seems. |
FTM last reached the $1 threshold six months ago, and although it briefly touched $0.71 on 22 September following an inverse head and shoulders pattern, it has since retraced to $0.69. This decline raises questions about the sustainability of its upward momentum. |
Data from IntoTheBlock reveals that FTM holders have played a significant role in this price movement. The Coins Holding Time metric, which tracks how long tokens are held without being sold, increased until 4 October, indicating strong belief in the token's short-term potential. |
However, a recent drop in this metric suggests that holders are beginning to take profits, which could exert downward pressure on FTM's price. |
Additionally, FTM's performance is closely tied to Bitcoin, with a 30-day correlation coefficient of 0.92. As Bitcoin's price recently fell from $64,000 to approximately $62,383, FTM is likely to experience similar movements due to its strong correlation. |
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More stories from the crypto ecosystem |
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Did you know? |
CryptoKitties, one of the earliest blockchain games, allows users to breed and collect unique digital cats that can't be duplicated. Bitcoin's block reward was initially 50 BTC in 2009. This reward was halved to 25 BTC in 2012, then to 12.5 BTC in 2016, and finally to 6.25 BTC in May 2020. Over the past nine years, Bitcoin witnessed a staggering growth, surging by more than 500,000%. Enthusiasts of Bitcoin anticipate its continued ascent, challenging traditional economic trends.
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Top 3 coins of the day |
Near Protocol (NEAR) |
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Recently, NEAR bulls were rejected at the $5.76 level. At press time, the coin was trading at $4.94.
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What you should know - NEAR Protocol has been trading within a descending channel since early this year, with recent price action testing the upper boundary near $5.50. The attempt to break above this trendline met resistance, indicating that sellers are defending this level. The RSI is near neutral at around 53, suggesting there's no clear momentum in either direction. A break above the descending trendline could signal a reversal, potentially targeting the $6.50 to $7.00 range if buying pressure intensifies. Conversely, failure to sustain gains could lead to a pullback toward the lower boundary around $4.00, where previous support has been observed. Volume has been moderate, so a significant breakout would likely need stronger trading activity. |
Aptos (APT) |
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APT has broken out of the rangebound movement in recent times. However, the market momentum remained neutral, at press time.
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What you should know - Aptos has recently broken out of a prolonged rangebound movement between $7 and $9, moving higher as the price tests the $9.50 resistance level. The Bollinger Bands are widening, which suggests increasing volatility and the potential for further movement in either direction. The MACD indicator shows bullish momentum as the MACD line is above the signal line, reflecting a positive sentiment. However, volume levels are moderate, which may indicate caution among traders regarding the sustainability of the rally. If Aptos can close above $9.50 with strong volume, it could signal a breakout, potentially targeting $11 as the next resistance. Conversely, failure to hold current levels might lead to a pullback towards the $8 support zone. |
Cardano (ADA) |
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What you should know - Cardano is trading within a symmetrical triangle pattern, indicating a potential for significant movement as it approaches the triangle's apex. Currently, ADA is consolidating around $0.35, with the upper boundary acting as a resistance near $0.40 and the lower boundary providing support around $0.32. The AO shows mixed momentum, which aligns with the neutral trend seen in the triangle pattern. A breakout above $0.40 could signal a bullish reversal, targeting resistance levels at $0.45 and potentially higher. Conversely, a breakdown below $0.32 might indicate further downside, with support likely near $0.30. Volume is relatively low, suggesting indecision among traders, so a decisive move beyond either boundary with strong volume would likely set ADA's next trend. |
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