/ market insights

Bitcoin mining difficulties increased, Salvadorans shared their feedback on BTC and QUADX went live.

Bitboy and the BanklessDAO are going at it on Twitter as SBF is looking to not list certain assets on FTX US, all, while 77% of Salvadorans think of the BTC legal tenure, was a failure.

At a glance...




  • QUADX is live & you’re invited to an AMA 🍾
  • Crypto Twitter is exploding post SBF tweet 💥
  • Vitalik tweet leading to $35M in volume 🤯
  • Good news for Ex-Voyager customers? 🤔


Top Market Trends:

  • Aptos Foundation airdrops 20M tokens (APT) to its early testnet users and crypto Twitter goes wild!
  • Bitcoin is money for the people, by the people, and can’t be controlled by the state,” says the British Bitcoin community after the UK inflation rate hits 10.1%.
  • Sam Bankman-Fried says FTX US will not list assets its lawyers think may be securities - and many people are unhappy about it!
  • Regulation uncertainty in the US is creating a divide amongst the crypto community with Bitboy, RYAN SΞAN ADAMS, scupytrooples.eth.lens, and many more going at it!

Movers and Shakers

Top 7-day Gainers:

  1. FXS +26.3%
  2. CSPR +24.9%
  3. WBT 22.7%
  4. LDO +16.2%
  5. TWT +14.2%

Top 7-day Losers:

  1. AXS -20.6%
  2. ETHW -18.3%
  3. LUNC -17.1%
  4. ENS -13.7%
  5. HNT -13.2%

RSVP: QUAD Talk featuring Quadency’s Founders.

QUADX is live, and in celebration, we’re organizing an AMA on Tuesday, the 25th of October, at 3 pm UTC!

Technical Summary

Bitcoin Pulse
Bitcoin (BTC) did see a push down in price from $19.8k to $19k - but it still remains within an accumulation range, which it has been in for the last 30 days.

  • Bitcoin’s mining difficulty increased over the last two weeks, causing concern as profitability for miners declines.
  • Recent survey claims that 77% of Salvadorans think making Bitcoin legal tender was a “failure.”
  • The Crypto Fear and Greed Index currently sits in “ Extreme Fear,” with the last 11 months of it sitting within the “fear” territory.

1-Hour BTC/USD

On the 1-hour BTC/USD, given the low volatility, we’ve seen a manipulation pattern take place on the lower time frames.

btc/usd-1hr-chart

Are the bulls playing the bears or vice versa?

The higher time frame ranging price action combined with the low time frame manipulation pattern signals buys may well be on their way. Given that we've continued to move deeper into discount, a move into premium seems likely. Now that price levels have hit the $18,995 floor of the price range, we could see further bearish prices to the extremes of the wider range. or enough sells have been coaxed into selling that the bulls can utilize them as liquidity for their move into premium. Price has also been sustaining itself below the 50EMA, if the bearish direction is to take place, we could see a rejection from it, signaling the start of the bear move.

1-Day BTC/USD

Over the past week BTC/USD has continually decreased in volatility, almost converging with the same rate of low volatility.

btc/usd-1day-chart

BTC competing for the largest stablecoin!

Such behavior is usually reserved for a stable currency pair like GBP/USD, something that has historically not happened very often, which shows how low the volatility is as of late. As we continue to be contained below the 50 EMA, we could see another retest of the 50 EMA as resistance pushing price down into the $18,200 region and extreme Order-block before pushing higher.

Altcoins on the Move

Ethereum (ETH) had a modest 1% decline this week - it appears to be stuck in a channel. The entire crypto space appears to be in a stalemate, with price refraining from dramatic changes. However, there are always a few altcoins that have their ups and their downs; for example:

  • The Meme coins THE and DIE ended up doing $35M in daily volume on Thursday, the 20th of October, merely because Vitalik Buterin tweeted the relationship of “THE” and the German translation of “DIE”.
  • QNT has been doing well the last 30 days with nearly 2x gains - some are questioning the pump's integrity.
  • The governance token of the MakerDAO and Maker Protocol, Maker (MKR), has nearly 2x’d post.
  • Voyager (VGX) is down -43.49% over the last 30 days, with few claiming to buy more while most are selling.

1-Day ETH/USD
After testing the extremely bullish OB of the current range of importance, we saw the price move bullish, taking 1H buy-side liquidity, 1H equal highs engineered liquidity, and mitigating a prominent order-block.

eth/usd-1day-chart

Are we looking for a premium or a discount?

At this point price failed to close in premium and instead had an aggressive move back down into discount, a signal of the speed of this move being the Fair Value Gap left behind. Since then price has ranged sideways as further buyers and sellers are brought into the market to fuel a move into the premium of the range around $1300-$1330, or take out the range low of $1263.

Newsworthy:

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Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.

Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.