Currency Forecast

Not really. Players are still shorting it like it’s Monday and they’re out of coffee. 

And why, you ask? Well, it seems the grown-ups in suits (institutional adopters, they call themselves) have decided Bitcoin is the new darling of their portfolios. Macroeconomic factors, they mumble, favouring risk assets. Oh, how very fancy! 🥂 Meanwhile, the Crypto Fear and Greed Index is practically doing cartwheels into “greed” territory, as retail investors pile in like children at a candy shop. 🍭

Perpetual decentralized exchanges (Perp DEXs) achieved a historic milestone in September, with monthly trading volumes surpassing $1 trillion for the first time. According to Defillama, total volume reached $1.43 trillion, marking a nearly 50% increase from the previous month. A most impressive feat, though one wonders if the numbers are as accurate as a gentleman’s promise. 🤡

Ah, comrades, behold Bitcoin’s wild dance in the Asian dawn-leaping from $122,000 to $124,289 in mere minutes, teasing that August high of $124,429 like a siren’s song. But alas, it faltered, just as the downtrodden often do against the mighty currents of capital.

On October 3rd, Coinbase Inc. (Nasdaq: COIN) revealed its latest masterstroke-an application to the esteemed Office of the Comptroller of the Currency (OCC) for a National Trust Company Charter. One can only imagine the excitement at the idea of broadening its custody business and basking in the glow of clearer regulatory oversight. After all, what’s innovation without a little regulatory “clarity” to keep it on a leash? 📜

In a rather thrilling twist, BitDigital_BTBT took to social media, proclaiming its historic achievement-the first entity of its kind to dally with unsecured leverage through a convertible notes offering. A momentous occasion indeed! 🎉 This milestone is not merely a feather in its cap but a veritable gold medal in the Olympics of blockchain finance, promising to shower blessings upon company shareholders as if they were at an abundant harvest feast!

The disgraced founder of FTX, Mr. Sam Bankman-Fried, observes that his gravest mistake consisted in handing the reins of the crypto exchange to the new Chief Executive, Mr. John J. Ray III, ere the company proclaimed its bankruptcy in November of 2022.

This week, everyone found themselves nodding earnestly at Solana’s role in tokenized markets, after Hougan proclaimed it “the new Wall Street.” Spoiler alert: It’s still not located on actual Wall Street, but who needs geography when you’re dreaming big?

It appears, from various whispers and half-heard conversations, that OnePay has partnered with Zerohash-an establishment that specializes in custody and settlement services for digital assets. This, of course, suggests that OnePay shall rely on the support of external infrastructure rather than attempt the Herculean task of building everything from scratch. A wise decision, no doubt. For as we know, even the most splendid of empires require assistance now and again. 🏰

If you thought Ethereum was gonna coast through the week like it’s on a beach vacation, think again. The daily chart is sending mixed signals-like a bad first date. We’ve got a V-shaped rebound from $3,820, which is cute, but high volume there? Probably just institutional wallets circling like vultures. 🦅💰