Synopsis
- SEC to decide on the Bitcoin spot ETF?
- Roblox and XRP partnership to facilitate in-game purchases
- Lido to shut down its SOL staking program
- Biggest winner and loser of the week
Key Observations
Spot Bitcoin ETF Decision Looms
The approval of a spot Bitcoin ETF remains a focal point of anticipation. The SEC is set to make a decision on all six spot Bitcoin ETF applications in the coming days. While a delay is expected, the potential approval could set the stage for a significant market shift, although it might not guarantee an immediate price surge.
A baseless tweet confirming the spot ETF approval saw Bitcoin rise to $30,000. The fake news of the ETF approval liquidated over $74 million as prices moved up and down in a short time frame. Meanwhile, whales have scooped up over 117 BTC worth over $3.3 million.
Roblox integrates XRP to facilitate payments
Roblox, the widely popular online gaming platform boasting over 200 million monthly active users, has taken a groundbreaking step by integrating Ripple (XRP) as a payment method for in-game transactions, as per BitPay’s official X channel.
Roblox users have spent $773 million in the first quarter of 2023.
Including XRP in the payment options portfolio enhances the flexibility of in-game purchases for Roblox’s extensive user community. This adoption reflects the gaming industry’s growing enthusiasm for harnessing blockchain and cryptocurrency technologies.
Lido Finance to shut down Solana Staking After DAO Vote
Decentralized liquid staking platform Lido Finance has halted accepting new requests for staking SOL tokens, following a decisive vote by Lido token holders in favor of discontinuing the service. New users can no longer stake SOL on Lido.
Recent data reveals that around $55 million worth of SOL tokens are locked on Lido, a significant decline from the peak of $440 million in April 2022.
In the vote that concluded on October 5, more than 92% of the Lido community opted to sunset the product, with some citing high maintenance costs by P2P developers as a point of concern in pre-vote discussions.
Top gainer of the week: Bitcoin SV (BSV) up by 17.02% ⬆️
Opinions:
Fundamental Analysis:
The news of the BTC spot approval led to a dramatic surge in the last 48 hours. We can anticipate that the price shall be influenced by the news surrounding the spot ETF approval.
Technical Analysis:
BSV appears to replicate the price action witnessed in early October with a spike followed by a correction. This leads us to the inference that the support level of 34.7 shall be tested before it moves upward. The RSI indicates that BSV is nearing the overbought region, which should see a correction from current levels.
Oscillator indicators: 0 bearish, 9 neutral, 2 bullish
Moving average indicators: 0 bearish, 1 neutral, 13 bullish
Biggest loser of the week: Mantle (MNT) down by 12.35% ⬇️
Opinions:
Fundamental analysis:
Brevan Howard Digital, a prominent digital asset company, is facing scrutiny for reportedly engaging in undisclosed sales of Mantle assets. These allegations have sparked worries among MNT holders, who fear that a significant sell-off could negatively impact the altcoin’s price.
Technical analysis:
There seems to be major sell pressure, as depicted by the strong downtrend. The resistance level of 0.34 should be tested if MNT recovers. We anticipate that the price of Mantle could drop even further even though the RSI indicates that it has been oversold.
Oscillator indicators: 3 bearish, 7 neutral, 1 bullish
Moving Average indicators: 9 bearish, 1 neutral, 1 bullish
Conclusion
The cryptocurrency market was marked with major events. The impact of XRP integrated for payments by Roblox and Lido halting their SOL staking program was the highlight of the week. This was accompanied by the anticipation surrounding Bitcoin ETF approval. The activity in the market suggests that the market has to stabilize from its move up before continuing this uptrend.
