Market
How Bitcoin Price, Altcoins Will Gain from $278 Billion Likely Inflow
Liquidity is projected to surge into the crypto market in the fourth quarter of the year, creating a favorable environment for a potential parabolic rally in both Bitcoin (BTC) and altcoins. This influx of capital could drive prices higher as investors look to capitalize on the anticipated momentum.
Today, Bitcoin’s price surged past $65,000, marking a significant milestone. However, according to a recent report, this rise is just the beginning of a potentially massive price boom. The anticipated surge is likely fueled by the return of retail investors and an influx of billions of dollars from the Chinese market.
More Capital Means More Upside for Bitcoin, Alts
Bitcoin’s recent jump could be attributed to the 50 basis point Fed rate Cut earlier this month. However, the number one cryptocurrency is not the only asset benefiting from the decision.
Since the rate cut, altcoins, which endured a prolonged downtrend for the last two quarters, have now enjoyed significant rallies. Despite the improved market condition, 10x Research, led by analyst Markus Thielen, believes the recent gains are nothing compared to what’s coming in Q4.
“Altcoins are exploding. Further upside appears likely as stablecoin minting accelerates and Chinese OTC brokers report billions in inflows. With Bitcoin breaking above $65,000, we anticipate a swift move toward $70,000, followed by new all-time highs in the near term,” Thielen said in the September 26 report.
While Bitcoin’s dominance has fallen, the total market cap of altcoins has increased by 15% since September 17.
However, the recent decline in BTC’s dominance does not mean that the coin price will continue to decrease. In 10x Research’s report, Theieln mentioned that Bitcoin could gain from a fresh $278 billion capital injection from the Chinese market in Q4.
“The $278 billion Chinese stimulus plan could ignite a parabolic rally in cryptocurrency prices, fueled by increasing global liquidity,” the report stated.
If that happens, then Bitcoin’s price could reach $70,000 before October, popularly called “Uptober,” closes. Another interesting twist to the matter is the rising participation of retail investors.
For most of this year, retail investors have stood on the sidelines as institutional investors have pushed BTC’s price to its all-time high (ATH). However, as of this writing, things have changed as the retail to institutional addresses have increased.
Read more: 10 Best Altcoin Exchanges In 2024
Retail Returns and Institutions Can Bet More
This increase is beneficial not only to Bitcoin but also to altcoins. For example, the prices of altcoins like Shiba Inu (SHIB) have rallied by 41% in the last seven days. SEI’s price has jumped by 31%, and likewise — Wormhole (W).
Interestingly, 10x Research also agrees, noting that the move seems to be starting from South Korea. With this development, it appears that the Chinese $278 liquidity, alongside significant market participation from the Asian region, could play a huge role in the projected upswing for the rest of the year.
“Retail crypto trading activity in South Korea supports this trend, with daily trading volumes now hovering around $2 billion. Although still below the staggering $13 billion seen in early March 2024 — when crypto volumes were double that of the local stock market, and Shiba Inu, traded in Korea, alone reached nearly 40% of the stock market’s volume — altcoins have dominated trading in the past week, surpassing Bitcoin,” 10x Research wrote.
In addition, Bitcoin has registered a decline in its 30-day realized volatility. This decline means that institutional investors can increase their position size, consequently leading to BTC and the border market to higher values.
BTC Price Prediction: It’s Evidently a Bullish Cycle
From a technical point of view, Bitcoin has finally broken above the descending channel. Since July, this bearish pattern has restricted the coin from rising past $65,000.
However, with support at 62,825, BTC successfully breached the region. According to the daily chart, Bitcoin’s price might now face resistance at $68,253, which is a major point of interest. Breaking this hurdle could be crucial to rising toward $73,095.
If that happens, then BTC might reach a new ATH before Q4 ends, with potential targets starting from $76,075.
Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know
However, the rejection of $68,253 could invalidate this prediction. Should that happen and the crypto market liquidity fails to pick up, Bitcoin’s price might drop to $58,188.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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