Bitcoin is currently trading just around $62.5k at press time. The largest cryptocurrency by market capitalization had a slow day overall in the charts as it showed little volatility. Altcoins on the other hand were a mixed bag yet again with some showcasing massive gains while still others remaining largely lifeless throughout this time. More on that later on.
In other news, Tesla has recently hinted at resuming Bitcoin payments in the near future. In a filing with the SEC, the company has informed the regulator that it plans to start accepting cryptocurrencies again for its range of Electric Vehicles (EVs). But, when will they actually resume the feature after halting it back in May? More on that later on.
Ethereum is moving forward with its big merger with the latest Altair upgrade to the Ethereum 2.0 chain. The network right now consists of 2 parallel chains. Eth 2.0 is the other chain that is being readied to become the mainstay. The latest upgrade is being made to make it ready for the eventual merger that will end the 2-parallel saga.
The South Korean pension fund named Korea Teachers Credit Union is expected to invest in a Bitcoin ETF according to one of its executives, reported Korea Economic Daily. The fund, however is deciding on whether to invest in a pure Bitcoin ETFor wait for a Bitcoin-linked one.
American Football superstar Tom Brady has decided to pay a fan 1 BTC for giving him back the possession of his 600th touchdown pass. The ball was mistakenly given to a fan by his teammate and now he has offered to pay the fan 1 BTC to get his prized possession back. While that is quite less than the actual valuation of the ball, the fan is likely to give it back to him considering its importance to him.
Bitcoin’s latest on-chain analysis shows that the cryptocurrency’s ownership is still not widely spread on paper as people would have hoped. Around 11,000 entities who control certain public addresses control more than 55% of the entire Bitcoin volume and around 10 miners control 90% of the entire hash rate. While this seems unfair, we have to be reminded that Bitcoin was never actually about creating equality of ownership. Ofcourse people who invested back in 2012 can never be equal to the ones who got involved during the latest 2020-2021 boom but every node is still equal and that is what matters.
Bitcoin price Steady at $62.5k
Bitcoin is currently trading around $62.5k as the day saw little change in the price index itself. The cryptocurrency is recovering after recent lows just below the $60k support.
The last 24 hours started with the index at around $63k. The index came below the starting level and has remained there for much of the day but a big dip didn’t happen. The only slight challenge was at around 4 PM in the evening when it began to go below $62k. It recorded a minimum of $61.8k at one point but the dip didn’t last long. The index has recovered above $62k and has stayed there ever since.
Going forward, Bitcoin is now consolidating above $60k and the next push is likely to come in the near future that will target the $67k all time high level. The start of November is being touted as the next big development.
The total market capitalization of Bitcoin was around $1.17 trillion and its share of the proceedings was 44.5%.
Altcoins Post Mixed Performances
Other cryptocurrencies aka altcoins were once again a mixed bag throughout the day. Most of the top 10 cryptocurrencies remained steady with no notable gains or losses but then at #11 the latest pumped coin Shiba Inu (SHIBA, 17%) posted another massive price hike. Its total market capitalization has now crossed $19 billion. Terra (LUNA, 10%), Avalanche (AVAX, 7%) and Polygon (MATIC, 10%) also posted big gains. Other than these, the market was largely quiet today.
In Other News….
Tesla Hints at Accepting Bitcoin Again
Tesla has hinted at re-accepting Bitcoin as payment for its range of EVs in a recent filing with the regulator Securities and Exchange Commission (SEC). According to the filing:
“We may in the future restart the practice of transacting in cryptocurrencies (‘digital assets’) for our products and services.”
The move came after Elon Musk warned yet again about inflation and how at least its short-term effects are affecting companies’ balances, etc.
The move is going to be a backflip on the issue as back in May Musk said that the company was halting the Bitcoin payment feature because of environmental issues. Now, the company may yet resume the feature despite no actual environment audit apart from a few assumption-laden studies.
Last time around, Tesla’s acceptance rejuvenated the crypto markets and brought it to a record high only for Musk to do a u-turn and even announce the sale of 10% of Tesla’s BTC holdings. Many people blamed Musk for their losses and he has since lost that aura of being a crypto oracle. The market may not respond like that this time around for sure.