Cryptocurrencies today: Cryptocurrencies operate slightly higher with Asia in the red and analysts point to opportunity

After a weekend marked by a new bull test in an attempt to overcome US$ 20,000, Bitcoin (BTC) lost strength again this Monday morning (24), with the stock futures market in the red. At 7:05 a.m., BTC trades slightly higher by 0.9% over the last 24 hours at $19,359. Ethereum (ETH) is up 2.5% to $1,343.

Investors remain wary of inflation and macroeconomic uncertainty that threatens to push the global economy into a deeper recession, just over a week away from a new pronouncement by the Fed chairman (the US central bank), scheduled for the first days of November.

In view of this, despite the positive closing of Wall Street on Friday (21), cryptocurrencies once again reflect the sentiment of greater caution from economic agents amid a weak opening of Asian stock exchanges today. The Hong Kong stock market had its worst day since 2008, down 6.36% after Xi Jiping was reappointed for his third term in China. US futures are also operating in negative territory.

This week, investors expect to see a drop in the US consumer confidence index for October, in a possible sign of inflation cooling – the number will be released tomorrow. In addition, new data from the real estate sector and durable goods orders are expected. On Friday (28), the University of Michigan will release another index of sentiment measurement.

The week will also be marked by a wave of earnings releases from companies in the S&P 500. If the US is indeed at the beginning of a recession, possible announcements of loss of revenue could be seen as an early warning sign that could once again affect the risky asset prices.

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Watch: Does Chinese Digital Currency Have the Potential to Create a Dollarless World?

Despite this, some experts continue to show some optimism about cryptocurrencies.

“Traditionally stable long-term investments such as government bonds [americano]have had prices fluctuating wildly and generally losing value,” JB Graftieaux, CEO of cryptocurrency exchange Bitstamp, said in an interview with CoinDesk.

“Investors looking for the opportunity to invest for the long term can see a lot of value in crypto assets,” he said.

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Alexandre Lores, director of blockchain market research at Quantum Economics, points out that a significant number of institutional players built crypto products in the last bear market cycle, and that this could be happening again.

“I see institutional players and big venture capital are actually better able to time the market and buy low and sell high, so I think these things will trigger a very good bull market,” Lores said in an interview with CoinDesk.

Check out the performance of the main cryptocurrencies at 7:05 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 19,359.57 +0.90%
Ethereum (ETH) US$ 1,343.34 +2.50%
Binance Coin (BNB) US$ 274.22 +1.70%
XRP (XRP) US$ 0.455776 -0.70%
Cardano (ADA) US$ 0.360926 +3.10%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Klaytn (KLAY) US$ 0.180560 +21.70%
Tokenize Xchange (TKX) $14.48 +12.60%
Polygon (MATIC) US$ 0.889059 +7.10%
Ethereum Name Service (ENS) US$ 17.40 +6.20%
AAVE (AAVE) US$ 87.30 +5.20%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Huobi (HT) $8.57 -5.80%
Trust Wallet (TWT) $1.07 -3.50%
Arweave (AR) $10.33 -2.60%
Axie Infinity (AXS) $8.61 -2.10%
Apts (APT) $9.62 -1.60%

Check out how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 17.39 +0.57%
Hashdex BTCN (BITH11) BRL 23.55 +0.64%
Hashdex Ethereum (ETHE11) BRL 19.50 -0.96%
Hashdex DeFi (DEFI11) BRL 20.00 -2.43%
Hashdex Smart Contract Platform FI (WEB311) BRL 15.84 -0.37%
Hasdex Crypto Metaverse (META11) BRL 39.81 -4.98%
QR Bitcoin (QBTC11) BRL 6.27 0.00%
QR Ether (QETH11) BRL 4.87 -3.18%
QR DeFi (QDFI11) BRL 3.82 -2.29%
Crypto20 EMPCI (CRPT11) BRL 5.01 -0.59%
Invest NFTSCI (NFTS11) BRL 22.25 -2.75%
Investo Blocki (BLOK11) BRL 89.10 -1.67%

See the main crypto market news for this Monday (24):

Coinext launches staking service

Brazilian exchange Coinext has announced the launch of its cryptocurrency staking service, a kind of passive cryptocurrency income obtained from cryptocurrency blocking to help validate transactions on a given network.

At first, says the company, it will be possible to staking Ethereum and Tether (USDT). The company also promises to offer income in Bitcoin, despite the cryptocurrency not working on the staking model.

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According to Coinext, the products have a daily yield, no time lock, and can deliver returns of up to 10% per year.

Staking platform blocks withdrawals

A cryptocurrency staking platform called Freeway on Sunday announced a pause in customer withdrawals, citing volatility in the cryptocurrency and foreign exchange markets.

The movement took your token [ativo=FWT] to go into free fall. Since the announcement, the platform’s native token has accumulated a drop of 80%.

The Freeway was not a significant or well-known project, having a market value of less than $70 million prior to crash and now has a capitalization of US$ 10 million.

In an ad posted on its website, Freeway said it had $160 million in total value blocked.

Coinbase should benefit from Maker membership, says Oppenheimer

Coinbase Global will significantly benefit from the potential transfer of about $1.6 billion in USDC from MakerDAO to Coinbase Prime, Owen Lau, an analyst at Oppenheimer, said in a letter to clients.

MakerDAO is a decentralized autonomous organization (DAO) that governs Maker (MKR), one of the largest DeFi protocols in the world.

An improvement proposal presented by Coinbase in September established how a portion of USDC could be moved into custody of Coinbase Prime for the purpose of earning rewards.

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“Coinbase is uniquely positioned to offer a USDC Rewards Program to MakerDAO,” the proposal said.

Currently, 88% of votes are in favor of the proposal, with a deadline of three days.

Phemex prepares crypto trading contest

The registration period for the 5th edition of the cryptocurrency trading competition on the crypto platform Phemex runs until October 31st.

The contest, which runs from October 31 to November 14, will award a $750 prize pool to the best derivatives traders, including Bitcoin short contracts.

According to the organizers, the prize will be awarded according to the ROI (return on investment, in Portuguese) achieved, being considered for the total sum of the team. The individual awards will consider the aggregate of profits and losses.

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