Day: October 5, 2023

Trust Wallet Token (TWT), a native utility token, experienced a 20% increase recently, fuelled by market speculation and a cryptic tweet from the developer suggesting a future announcement. The token has shown promising progress, surpassing multiple moving averages, yet struggles to break the $1.0 resistance level. Despite the potential, investors should consider diversifying their portfolios and proceed with caution.

The Bitcoin community anticipates the outcome of the US job data with hopes of a surge in Bitcoin’s value. A potential gamechanger is the SEC’s expected approval of a Bitcoin Exchange-Traded Fund (ETF), which could attract significant investments and raise Bitcoin’s prices. However, maintaining vigilance is essential as Bitcoin’s value may fluctuate in the coming days.

“Bitcoin (BTC) deflected from the $28,000 mark once again, as the US jobs data release this Friday looms. Higher yields on risk-free assets could impart pressure on crypto prices. Amidst this, traders are exploring less liquid meme coin markets for better trading opportunities.”

Ledger, a hardware crypto wallet manufacturer, has announced plans to lay off 12% of its workforce, equating to about 88 job losses. CEO Pascal Gauthier attributed this decision to a challenging macroeconomic environment and to ensure business longevity.

“Crypto hardware wallet manufacturer, Ledger, announced a 12% workforce retrenchment due to macroeconomic challenges affecting revenue. Despite a thriving crypto market, a global inflation spike, interest rate increases, and catastrophic events like the Terra ecosystem collapse have caused a significant downturn in the crypto industry, resulting in numerous layoffs.”

Bitcoin’s struggle to surpass $28.5K is attributed to factors such as failed launch of Ether futures ETFs, US Federal Reserve’s economic concern, a dip in Bitcoin’s core trading metrics, and dwindling faith in the prospect of a spot Bitcoin ETF. The path towards $30,000 appears uncertain.

Crypto users worldwide are increasingly investing in digital currencies in hopes of improving their lifestyle. Survey results indicate varying motivations across different demographics and locations: from funding children’s education to defying trading bans using VPN services. However, tightening regulations and price depreciation have caused a stagnation in some areas. Despite these hurdles, an optimistic outlook remains, as digital assets continue to present a potentially profitable avenue for individual investors.

“Bitcoin’s recent dip to $27,431 has sparked alert among enthusiasts for potential new local lows. Expert analysis remains mixed, with bullish optimism pinned on a claim above 200-Week MA and bearish views sustained by ongoing uncertainty beneath 21-Week MA. Traders anticipate the challenging $30,000 resistance, while recommending diligent research to navigate the innate investment and trading risks.”

Real Vision’s Raoul Pal suggests that macro factors, such as monetary expansion and low interest rates, rather than Bitcoin’s halving event, are likely to drive the next crypto bull market circa Q2 2024. Additionally, he notes that other potential catalysts, such as central banks cutting interest rates and fiscal stimulus ahead of the US presidential election, could favor cryptocurrency.

“VC funding for crypto startups has dropped to a three-year low, with a significant shift towards early-stage ventures. Despite challenging market conditions causing a lean funding period, strategic financing rounds have risen. The U.S leads with 54% of all active VC investors.”