Weekly Forecast of Major International Finance Events
On October 28, Bank of Canada Governor Tiff Macklem will speak, and his comments may have a positive or negative impact on the short-term movement of the Canadian dollar exchange rate.
On October 29, Singapore will release the unemployment rate for the second quarter; European Central Bank Vice President Luis de Guindos will give a speech, which typically hints at potential future monetary policy directions.
On October 30, Australia will announce the third quarter CPI, Singapore will release third quarter business expectations, and Swiss National Bank Vice Chairman Thomas Jordan will speak.
On October 31, the Bank of Japan will publish its monetary policy statement, and Sarah Breeden, a member of the UK Financial Policy Committee, will give a speech.
On November 1, Australia and Japan will release the manufacturing PMI for October, and the Federal Reserve will announce the balance of reserves.
From November 2 to 3, Solana's on-chain mining protocol Ore requires the OREv1 token to be upgraded to the new version by November 2.
Deepcoin Updates
- Official Information
Deepcoin Labs Has Been Invited to Participate in Digital Tech Media Show in Korea
Deepcoin's investment arm, Deepcoin Labs, has been invited to participate in the Digital Technology Media Show (DTMS) held from October 23 to 25, 2024, at KINTEX Hall 2 in Goyang, South Korea. This event will bring together industry leaders and media professionals to discuss the latest trends in digital technology. Jason will represent Deepcoin Labs and give a speech on the future of blockchain and the applications of decentralized finance. Additionally, Deepcoin Labs has recently obtained a DMCC license in Dubai and established a $100 million fund to support innovation in the Web3 industry. Participation in this exhibition is a significant step in Deepcoin Labs' global investment strategy, aimed at promoting the sustainable development of the Web3 sector.
- Product/Feature Update
Similar K-Line Feature Launched: AI-Powered Contract Trading for Easy Market Trend Mastery
The Similar K-Line feature combines big data and AI algorithms to accurately match historical trends with current K-line patterns, displaying subsequent trends and providing comprehensive decision support for contract trading. This feature supports various time periods from 1 minute to 4 hours and offers a manual refresh option to help users obtain the latest price information in real time. The historical K-line chart intuitively displays the evolution of trends, providing rich reference elements that assist users in seamlessly switching between trend trading and short-term trading, simplifying the strategy formulation process.
- Popular Events
Win an Apple Hermes Watch this Halloween with Deepcoin!
To celebrate Halloween, you have the chance to win an exclusive Apple Hermes watch! This event will take place from October 24 to November 10, and participation is very simple. First, follow @deepcoin_news, then like and share this post, and tag 3 friends in the comments. Additionally, you need to join the Deepcoin TG community.
Exclusive Twitter Space AMA with Deepcoin and @Port3Network. This event will be hosted by Deepcoin's Creative and Social Media Manager, Alan, with Port3 Network co-founder Anthonyx (@0xanthony_x) as a guest. The event is scheduled for October 29 (Tuesday) at 8:00 PM (UTC+8).
Blockchain Industry Hotspot Analysis
Is Microsoft Venturing into Bitcoin? The Truth Will Be Revealed at the Shareholder Meeting on December 10!
On Thursday, October 24, Microsoft submitted documents to the U.S. Securities and Exchange Commission (SEC) indicating that the company will vote on the "assessment of investing in Bitcoin" at the shareholder meeting on December 10, suggesting that Microsoft is reconsidering the possibility of Bitcoin investment.
This proposal was introduced by the conservative think tank National Center for Public Policy Research, but the Microsoft board is opposed, believing that the company management has already sufficiently evaluated Bitcoin and other cryptocurrencies, and therefore, a vote is unnecessary. The board attached a statement recommending opposition to the proposal.
Despite the board's opposition, they cannot prevent the proposal from being submitted or the shareholders' voting rights. The final outcome will depend on the shareholders' votes. As of that day, Microsoft's stock price was $424, with a market capitalization of $3.16 trillion, making it the third-largest tech company in the U.S. and significantly influential, far surpassing Tesla and MicroStrategy, which hold substantial amounts of Bitcoin. If the proposal is approved, it would not only mean that Microsoft will directly invest in Bitcoin but could also prompt other companies to follow suit, attracting more capital into the crypto market.
Japanese Companies Actively Promote Approval of Cryptocurrency ETFs, Focusing on Bitcoin and Ethereum
Japanese institutions interested in issuing cryptocurrency ETFs have formed an organization and, in a recent proposal on October 25, suggested that if cryptocurrency ETFs are launched, the focus should be on major tokens such as Bitcoin and Ethereum. The organization believes these tokens are suitable for medium to long-term investment due to their high market capitalization and stable historical performance.
Members of the organization include major trust banks (such as Mitsubishi UFJ Trust and Mitsui Sumitomo Trust), cryptocurrency exchanges (like bitFlyer), and brokerage firms (such as Nomura Securities and SBI Securities). They emphasize that the proposal reflects a consensus among members but does not represent individual positions.
Additionally, the proposal calls on Japanese authorities to reassess the current cryptocurrency tax system. This appeal is a key reason why Japanese investors are eager for the approval of cryptocurrency ETFs. Currently, profits from cryptocurrency investments are classified as miscellaneous income in Japan, with a maximum tax rate of up to 55%; in contrast, profits from ETFs are taxed as capital gains at a rate of approximately 20%.
U.S. Federal Investigates Stablecoin Giant Tether as Bitcoin Price Plummets
On Friday, October 25, media reports indicated that U.S. regulators and prosecutors are investigating Tether, the world's largest stablecoin company, for alleged violations of sanctions and anti-money laundering regulations. The Wall Street Journal also noted that scrutiny of Tether by U.S. authorities has not eased.
Following the news, USDT briefly dropped to around $0.9969, while Bitcoin and Ethereum both fell by over 2%. Tether CEO Paolo Ardoino responded, stating, "As we told The Wall Street Journal, there is no indication that Tether is under investigation."
Negative news about USDT tends to be credible, primarily because Tether claims that USDT is backed by sufficient assets to maintain a 1:1 peg with the U.S. dollar, but there is a lack of publicly available information on these assets. Additionally, with a market capitalization exceeding $120 billion, USDT is the leading stablecoin and the third-largest asset in the entire crypto market, making it a holding for nearly every crypto investor, thus raising concerns about potential issues.
BTC and ETH Analysis
From a price perspective, the trends of Bitcoin and Ethereum largely represent the overall direction of the industry. However, determining whether the entire sector is experiencing a recovery involves more than just price movements. We hope to provide additional support for your assessments through some potential data.
BTC
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Price
This week, Bitcoin's price has shown a consolidation pattern with relatively narrow fluctuations. The highest point reached $68,703, while the lowest dipped to $65,537. Overall, the price has mostly hovered between $67,000 and $67,500, reflecting market participants' relative recognition and wait-and-see attitude toward the current price level.
Source : Bitcoin Magazine
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Institutional Holdings
Grayscale Fund
According to CoinGlass data, Grayscale Fund maintained its Bitcoin (BTC) holdings this week, reflecting a cautious attitude towards market trends. This decision may be related to the recent relative stability in Bitcoin prices, which have shown minimal fluctuations, contributing to an overall stable market sentiment.
Source : Coinglass
Public Company
According to statistics from Bitcointreasuries, 57 public companies hold Bitcoin (BTC), including well-known firms such as MicroStrategy, Tesla, Coinbase, and Meitu. From the chart data, we can calculate the average acquisition costs for these companies: MicroStrategy at $29,647, Tesla at $34,722, Coinbase at $12,342, and Meitu at $52,609. Currently, the market price of BTC is $29,316, which means that most of these companies are still in a profitable position.
These data reflect the ongoing interest of institutional investors in Bitcoin and its importance in asset allocation. Despite market price fluctuations, many companies are still able to maintain profitability, which may bolster their confidence in holding Bitcoin for the long term.
Source : Bitcointreasuries
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Centralized Exchange
According to CoinGlass data, a total of 18,618.85 BTC flowed out of 19 exchanges, including Binance, Coinbase, OKX, Bybit, Kraken, Huobi, Kucoin, Gate, and Bitmex, over the past month. Among them, Coinbase saw an inflow of 1,540.82 BTC, which has been an important factor in maintaining overall market stability.
However, data from the past 7 days show that the 19 exchanges experienced an inflow, totaling 2,228.38 BTC. Notably, Binance accounted for an inflow of 5,211.43 BTC, becoming the primary driver of this inflow trend. This change may reflect renewed interest from market participants in Bitcoin and an optimistic outlook on future price movements. As funds flow in, market activity may further increase, providing investors with more trading opportunities.
Source : Coinglass
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Whale Order
The whale indicator is used to analyze large orders in the contract market, typically initiated by major investors or institutions. This indicator helps traders identify potential dynamics and price trends in the contract market.
Currently, a significant number of institutional sell orders in the BTC perpetual contract market are concentrated above $68,703, which is a key reason why the price struggles to break through this level. Meanwhile, a large number of buy orders are gathered around $65,555, indicating strong support from market participants at this level. This shift in supply and demand dynamics may have a significant impact on future price movements, and traders should closely monitor these key price levels.
Source : Coinglass
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Return on Investment (ROI)
According to CoinGlass's monthly return on investment data, Bitcoin's return this week is 0.92%, indicating a positive growth trend. In contrast, last week's return was -1.46%, showing a significant improvement. This change may reflect a warming of market sentiment and investor optimism regarding Bitcoin's future performance.
Source : Coinglass
ETH
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Price
Similar to Bitcoin (BTC), Ethereum (ETH) has been oscillating within a narrow range ($2,600-$2,400) with minor fluctuations. However, this week, Ethereum's price trend has shown a slight uptick, indicating some upward potential. This price movement may reflect an increased interest among market participants in Ethereum. Investors should continue to monitor the support and resistance levels within this range to seize potential trading opportunities.
Source : Feixiaohao
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Institutional Holdings
Grayscale Fund
Similar to Bitcoin, Grayscale Fund has adopted a cautious holding strategy for Ethereum (ETH) this year. This approach may reflect uncertainty regarding market volatility and future trends. Grayscale's investment decisions are often influenced by market dynamics, and their continued cautious positioning indicates that they remain attentive to Ethereum's long-term potential while actively assessing market risks.
Source : Coinglass
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Centralized Exchange
In the recent month, a total of 112,519.67 Ethereum (ETH) has flowed out from 20 centralized exchanges tracked by CoinGlass. Notably, Coinbase and Bitfinex had significant outflows of -305,795.41 ETH and -66,465.91 ETH, respectively.
Over the past 7 days, the overall outflow amounted to -282,399.84 ETH, while Binance saw an inflow of 95,049.43 ETH, and OKX recorded an inflow of 8,251.75 ETH. This liquidity trend suggests that market participants may have varying levels of trust and liquidity conditions across specific exchanges, and investors should pay attention to these changes.
Source : Coinglass
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Return on Investment (ROI)
Similar to Bitcoin, Ethereum's return this week is 0.65%, indicating a positive growth trend. In contrast, last week's return was -8.68%, and this recovery suggests an improvement in market sentiment. This change offers investors a more optimistic outlook and reflects a gradual restoration of confidence in Ethereum within the market.
Source : Coinglass
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ETH Staking Volume
Despite Grayscale Fund maintaining its holdings of Ethereum (ETH), the on-chain staking volume has continued to rise according to data from beaconcha. Even after the Cancun upgrade, the ETH that was supposed to be unlocked has not altered this trend and continues to remain in a staked status. This indicates that market participants' confidence in Ethereum remains strong, and the ongoing staking activity may suggest expectations for long-term returns.
Source : Beaconcha
Source : Coinglass
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ETH Inflation and Burn
After Ethereum introduced the EIP-1559 burn protocol, its original inflation model gained deflationary potential, thereby reducing the circulating supply of ETH. However, according to TokenTerminal data, Ethereum remains in an inflationary state this week, with the daily amount of ETH burned being lower than the amount issued. This has a negative impact on the interests of ETH holders. Investors should monitor this trend to assess future market dynamics and its implications for their holding strategies.
Source : tokenterminal
Source : tokenterminal
Conclusion
This week, there have been frequent developments in international finance and the blockchain industry, with market sentiment gradually warming. The release of various financial data, along with Japanese companies' active push for cryptocurrency ETFs, will significantly impact future market directions. At the same time, Microsoft's shareholder proposal and the U.S. investigation into Tether introduce uncertainty to the market, potentially affecting investor confidence.
In the crypto space, the stable prices of Bitcoin and Ethereum reflect market participants' recognition of current levels. The dynamics of institutional holdings and whale orders indicate investors' attention to price support levels, which may bring more trading opportunities in the future. Additionally, Deepcoin Labs' appearance at the Digital Technology Media Show and the launch of new features inject fresh momentum into industry innovation.
Overall, investors need to closely monitor various macroeconomic indicators and industry dynamics to formulate more precise investment strategies.
Disclaimer
This information is for general reference only and may contain product content that is not applicable in your region. We do not accept responsibility for any factual errors or omissions. This document is not intended to provide investment, tax, legal, financial, accounting, or other professional advice, nor is it a recommendation to buy, sell, or hold any assets. Digital assets carry a high level of risk, and prices may fluctuate significantly or even lose value. Please ensure you fully understand the associated risks and invest cautiously based on your personal financial situation. If you have any questions, please consult your legal, tax, or investment advisor.
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