Powell did not scare crypto

Market picture

Bitcoin is trading near $20.3K – just 0.5% below levels of a day ago, although the range of fluctuations during this time has been quite significant. The initial reaction to the Fed's official comment sent BTC to $20.8K, but the press conference that followed put double the pressure on the exchange rate, forcing it to touch $20K.

The crypto market has shown much more resilience to stock market distresses, adding 0.13% overnight to $1.01 trillion. Some pressure on Bitcoin and Ether, firmly tied to institutional sentiment, is balanced by altcoins shooting up one by one.

In addition to Dogecoin doubling in price in just over a week, the rallying coins included Litecoin (+13% over 24h) and Polygon (+15% so far today). Crypto investors are tired of the year-long bear market and seem open to new ideas for a pump. This could signal that the market is sufficiently cheap and rested.

News background

Bitcoin's hash rate has set a new high, likely due to big energy players entering the industry, suggested Charles Edwards, founder of Capriole Investments. According to him, the rise in hash rate amid BTC stagnation doesn't look like miners are capitulating. According to Glassnode, the first cryptocurrency's network processing capacity was 272.4 EH/s as of November 1 (smoothed by the 7-day moving average).

Stablecoins are increasingly used as collateral in DeFi services. This is according to a report from CoinMarketCap and TokenInsight. Among DeFi-ecosystems, Ethereum continues to dominate by a wide margin.

Money transfer service MoneyGram has partnered with exchange Coinme to launch trading and storage options for Bitcoin, Ethereum and Litecoin in its mobile app for US users.

UnionBank, the Philippines' largest bank, has announced the pilot launch of Bitcoin and Ethereum trading and storage services. The initiative is implemented in partnership with Swiss custodian Metaco.

About the author

Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.