$BTC 24 Hour High $66,230
$BTC 24 Hour Low $63,714
$BTC +2.0% past 24 hours; +4.3% past 7 days
BTC’s Taproot upgrade goes lives
Good morning. On Sunday, $BTC successfully deployed its much-needed protocol upgrade in four years with Taproot. While the upgrade didn’t provoke a strong rally, $BTC saw the highest weekly close ever, at $65,534, this morning. Over the weekend, $BTC retested 62.5K and held firmly, resulting in an upward price movement since. If we can break the $67K resistance quickly (the local top from October 21), $BTC may continue to climb higher and enter price discovery mode over the next few days. But it requires a daily close above it to signal BTC’s intention to move higher towards $70K. BTC’s funding rates remain relatively flat, ranging between 0.01% and 0.05%, meaning the market conditions are considerably healthier.
$ETH is now enjoying its seventh consecutive week of price appreciation, the longest run since February 2020. A pullback, however, could be warranted, with $3,975 being the first real support area to be tested. $ETH is nearing the bottom of the upward-trending trading corridor in early October and holding at $4,500, with prices moving higher. For the bulls to hit $5,000, there are a few resistance areas to break through in the short-term. An uptake in funding rates is worth noting, suggesting market participants are using more leverage to buy this dip.
$BTC enthusiasts worldwide celebrated the highly-anticipated Taproot upgrades as it unlocks the top-ranked cryptocurrency’s smart contract potential to compete with $ETH, $ADA and $SOL on a more level playing field. The soft fork is the first major protocol change since SegWit’s debut in 2017, and includes Schnorr signatures, which allows complex transactions easier to achieve while improving privacy and scalability. OSL proudly supported the Taproot implementation, being one of the biggest and most crucial upgrades among the $BTC ecosystem.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.99T, +0.8% from yesterday
- $BTC is +0.71% at time of writing; 24H liquidations and funding rates: $56.24M, +0.02205% average
- $ETH is +0.56% at time of writing; 24H liquidations and funding rates: $19.95M, +0.05057% average
- Stablecoins Market Cap: USDT 52.69%; USDC 24.26%; BUSD 8.90%; DAI 4.54%
Alts and DeFi watch:
- DeFi TVL: $110.98B
- $SOL -0.4% in the last 24 hours, -4.1% in the past week
- $SHIB +2.8% in the last 24 hours, -6.4% in the past week
- $SAND +0.4% in the last 24 hours, +9.2% in the past week
- $ENJ +1.0% in the last 24 hours, -6.9% in the past week
More news that caught our eye:
- $ETH address activity grows almost 50% in October amid growing demand
- Santander to launch Spain’s first BTC ETF despite regulatory challenges
- Chiliz (CHZ) gains 170% after launching live in-game NFTs for fan token holders
- Anticipating BTC’s Taproot upgrade, here’s what you need to know
- In India, one BTC hacker triggered a national-level political meltdown
OSL Trader View is contributed by Stefan von Haenisch & Ethan Fu.
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