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Bitcoin kicks off the week strong and surges past the $64K mark |
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Key points: |
Bitcoin surpassed $64,000 due to renewed stimulus hopes from China. Major cryptocurrencies like Ether and Solana experienced price increases.
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News - Bitcoin surged to a new high of $64,000 on Monday, fueled by renewed optimism about Chinese economic stimulus and increased demand for Bitcoin-based assets. |
The broader cryptocurrency market followed suit, with major coins like Ethereum and Solana also experiencing significant gains. |
Which sector performed well? Memecoins, in particular, saw a surge in popularity, with some tokens experiencing double-digit gains in just a week. |
This surge was driven by a combination of low market volatility in more serious crypto sectors and rising negative sentiment around tokens backed by venture capital funds. |
The Chinese government's announcement of new measures to support the property sector provided a boost to market sentiment. However, the impact was limited as the announcement fell short of expectations. |
Positive indicators - Meanwhile, the U.S. markets continued to show strength, with equities reaching new all-time highs and the dollar strengthening. This suggests that investors remain optimistic about the overall economic outlook. |
Australia to launch its first spot Ether ETF with Monochrome's IETH |
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Monochrome is launching Australia's first spot ether ETF, named IETH. The ETF will debut on Tuesday at 10:00 AM local time.
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News - Monochrome, an Australian crypto investment firm, is set to make history on Tuesday with the launch of Australia's first spot ether exchange-traded fund (ETF). |
The Monochrome Ethereum ETF (IETH) will debut at 10:00 local time, offering investors a convenient way to gain exposure to the second-largest cryptocurrency. |
This new ETF follows the successful launch of Monochrome's spot Bitcoin ETF in August. |
Similar to its Bitcoin counterpart, the Ether ETF will allow investors to buy and sell shares using both cash and ether. This flexibility is expected to attract a wide range of investors to the fund. |
While several countries have approved listings of spot crypto ETFs, their scale has been significantly smaller than those in the United States. The launch of the Monochrome Ethereum ETF could signal a growing acceptance of cryptocurrencies in Australia and other markets. |
Vitalik Buterin sells $1.6M in memecoins to support charitable causes |
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Vitalik Buterin converted $1.6 million in memecoins to Ether for charity. He has now donated approximately $884,000 to various organizations in the last nine days.
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News - Ethereum co-creator Vitalik Buterin has continued his efforts to support charitable causes by converting more memecoins into Ether and donating the proceeds. |
In recent weeks, Buterin has sold off holdings of various memecoins, including Moo Deng, Monsterra, and Ethereum Is Good, for a total of $1.6 million. |
He has now donated a total of $884,000 worth of Ether to charities, highlighting his commitment to using his influence and resources to make a positive impact. While praising memecoin issuers for sending him coins, Buterin has encouraged them to consider donating directly instead. |
What's more? Despite his donations, Buterin's crypto portfolio still contains a significant amount of memecoin tokens, including Moo Deng, Neiro, Monsterra, and Degen. This suggests that he remains optimistic about the potential of memecoins to contribute positively to society. |
Meanwhile, Buterin's contributions to the cryptocurrency industry have not gone unnoticed. He was recently nominated for the Nobel Prize in Economic Sciences, recognizing his pioneering work in creating Ethereum and his ongoing efforts to improve the platform. |
Avalanche Foundation to repurchase 1.97M AVAX tokens from Terraform Labs |
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Key points: |
The Avalanche Foundation plans to buy back 1.97 million AVAX tokens from Terraform Labs. The repurchase price is set at $45.5 million, while the tokens are valued at $57.4 million in the market.
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News - The Avalanche Foundation has announced its intention to repurchase 1.97 million AVAX that were previously sold to the Luna Foundation Guard (LFG) in April 2022, shortly before the collapse of the Terra blockchain ecosystem. |
The foundation aims to acquire the tokens for $45.5 million, although their current market value stands at approximately $57.4 million. |
The settlement amount was calculated based on the average trading price of AVAX tokens over a seven-day period in early August 2024. |
What's more? A 9 October agreement for the repurchase is pending approval from a Delaware Bankruptcy Court, according to a post from the Avalanche Foundation. |
At present, the value of the 1.97 million AVAX tokens has declined by 42% from the $100 million that LFG paid for them in April 2022. |
The settlement is expected to minimize legal expenses and reduce the depletion of assets available for distribution to creditors, as noted by Terraform Labs. |
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More stories from the crypto ecosystem |
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Did you know? |
CryptoKitties is recognized as one of the earliest blockchain-based games, introducing the concept of digital collectibles to the mainstream. In 2021, approximately one-third of Nigerians had engaged with or possessed Bitcoin. In 2024, the United States leads the global Bitcoin mining industry with over 35% of the network's hash rate.
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Top 3 coins of the day |
Solana (SOL) |
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Key points: |
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What you should know - Solana has broken out of a descending trendline that previously acted as resistance, indicating a potential shift in market sentiment. The MACD indicator shows bullish momentum, with the MACD line crossing above the signal line, supporting the upward movement. Additionally, Bollinger Bands are widening, suggesting increased volatility and potential for further price swings. If SOL sustains above the breakout level, the next resistance area could be around $160, which would confirm a bullish reversal. On the downside, if the price fails to hold the recent gains, it might retrace back to the $140 support level, where buyers have previously stepped in. Volume has shown moderate increases during the breakout, signaling that buying interest is growing. |
Pepe (PEPE) |
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Key points: |
Pepe has seen a dominance of sellers on its weekly chart. At press time, the RSI rested near the neutral level.
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What you should know - Pepe is trading within an ascending channel, indicating a period of consistent upward momentum. The price recently bounced from the lower boundary of the channel and is now approaching the mid-point, showing signs of bullish strength. The RSI at 54.5 suggests mild bullish momentum, with room for further gains before reaching overbought conditions. Volume has remained steady, supporting the price's ability to hold within this upward trend. If buying pressure increases, PEPE could test the upper boundary near $0.00001100, which aligns with the recent peak. A successful break above this level could open the way toward $0.00001300. However, failure to maintain the current trajectory may lead to a pullback to the lower channel boundary around $0.00000900. |
Monero (XMR) |
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Key points: |
XMR, at press time, was trading close to its support zone. Technical indicators hinted at bullish strength in the market.
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What you should know - Monero has rebounded from the support zone around $140, an area noted for strong liquidity, and is now testing short-term resistance near $155. The recent surge in buying pressure has pushed XMR above its short-term moving average, suggesting renewed bullish momentum. The Awesome Oscillator shows a gradual shift from negative to positive territory, signaling that momentum may be swinging in favor of buyers. If XMR breaks above the current resistance zone, it could target the next resistance around $170, where previous price rejections occurred. Conversely, if the upward movement fails to hold, the $140 support remains a crucial level to watch, as a breakdown below this zone might lead to further declines. |
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