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11TH OCTOBER LATEST CRYPTO NEWS DIGITAL MAGAZINE
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Risky assets started the month of October on a strong note but the upward march halted after the September nonfarm payroll numbers showed that the job market remained strong. The nonfarm payrolls increased by 263,000 for the month, a tad lower than the Dow Jones estimate of 275,000, but the unemployment rate fell 3.5%, topping forecasts of 3.7%. This stoked fears of another large rate hike by the Federal Reserve in its November meeting.

CME’s FedWatch Tool shows a 78.4% probability of a 75 basis point rate hike in November, up from 59.5% a week before. The United States equities markets plunged after the CPI print on October 7 and the selling continued at the start of the new week on October 10. This sent the Nasdaq Composite tumbling to its lowest close since July 2020. The next major trigger for the markets could be the September consumer price index data due on October 13. Economists surveyed by Dow Jones anticipate the CPI to increase by 8.1% annually and 0.3% monthly. We expect volatility to soar following the release of the CPI numbers.

We had highlighted in our previous analysis that $20,500 was the first major hurdle for the bulls and that is where the recovery halted last week. Buyers tried to clear this hurdle between October 4-6 but the bears did not budge.

The BTC/USD pair turned down and broke below the 20-day exponential moving average on October 7. The selling has continued and the pair could next decline to the strong support zone between $18,600 to $18,153. Buyers are expected to aggressively defend this zone. If the price rebounds off this zone, the bulls will make one more attempt to push the pair to the overhead resistance at $20,500.

If they succeed, the pair could climb to $22,800. Contrary to this assumption, if the price continues lower and breaks below the support zone, the pair could retest the June low of $17,567.45. A break and close below this level could signal the resumption of the downtrend. The next support on the downside is at $16,200.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

FEATURING IN THIS WEEKS EDITION

– Immunify.Life
– DMGlobal
– Gauss
– indu4.0

– Collectiverse
– The Revolution Token
– XRPayNet

– DMGlobal
– Manilla Finance
– The Revolution Token

CRYPTO TRADE OPPORTUNITIES

BITCOIN – BTC/GBP

We had highlighted in our previous analysis that $20,500 was the first major hurdle for the bulls and that is where the recovery halted last week. Buyers tried to clear this hurdle between October 4-6 but the bears did not budge. Read more

ETHEREUM – ETH/GBP

Ether continues to trade between the 20-day EMA and the support zone between $1,220 and $1,280. The bulls pushed the price above the 20-day EMA on October 6 but could not sustain the higher levels. That may have attracted selling by the bears and the price has dropped to the support zone Read more

RIPPLE – XRP/GBP

We had projected in the previous analysis that if bulls propel the price above the downtrend line, XRP could attempt a rally to the $0.52 to $0.56 resistance zone and that is what happened. Read more

CARDANO/USD

We said in the previous analysis that bears had the upper hand and a break below $0.42 could pull the price to the vital support at $0.39 and that is how it played out Read more

BINANCE – BNB/GBP

Binance Coin rose above the downtrend line on October 4 but the bulls could not build upon the momentum and drive the price to the overhead resistance at $307.50. The price turned down and slipped below the downtrend line on October 6. Read more

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Immunify.Life – Transforming the Healthcare Landscape

Defi has taken the center stage in the recent evolution of blockchain networks. It uses smart contracts to give anyone access to banking using a decentralized public ledger. DeFi has brought in a new generation of users by removing the middlemen, bankers and brokers. Not surprisingly, the DeFi space has seen meteoric growth in recent times. Read more

The Revolution Token to use crypto for revolutionising talent management

The Revolution Token (TRT) plans to usher in a paradigm shift in hiring of talent and career management by using its own crypto tokens for payments. It plans to provide a platform that will help society begin to control their careers, whether they are in technology, engineering, farming, hospitality etc.

For this purpose, the TRT Workspace, fully developed by Cedar Technologies, will be at the centre of its ecosystem. The TRT Workspace is a platform where entrepreneurs can advertise their skills for hire and be compensated in crypto. It is a resource for skilled individuals within the crypto space to list their skills for hire, so that they are able to be used by holders to find freelance work and more. Read more

NFT Market Summary October 10, 2022

Introduction

Despite the recent downturns in the broader cryptocurrency and NFT markets, some positive signs pointing to a brighter future for NFT continue to emerge consistently – be it in the form of encouraging sales volume of any particular NFT or the spate of new launches or even the forays of big companies and brands into the NFT space.

Social media giant Meta had already announced earlier that it has big plans for NFT and the metaverse. It is in the process of implementing its long-term strategy for Web 3.0 in phases. The latest is the incorporation of NFT display options for Facebook users in the US and for Instagram users in more than 100 countries. Read more

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