In the past, it was often said that Bitcoin (BTC) would power the entire cryptocurrency and blockchain industry. is this still?
Over the past few months, Bitcoin has hit all-time highs, including record long-term holder rates and localized highs in hashrate difficulty adjustments, but heading into Q4 2022, Bitcoin remains bearish. is in a state of
Not every sector of the blockchain industry can boast such a strong signal, such as Venture Capital (VC), which brought in $840,000 in October, down 48.6% from the previous month. Similarly, active gamers in October are up 10% from his September, but GameFi’s non-fungible token sales continue to decline.
All the while, regulation from organizations such as the US Securities and Exchange Commission continues to be a looming threat, and given that 46.65% of Ethereum nodes are currently in the US, the possibility of Ether (ETH) being a security is looming. We are investigating.
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Each month, Cointelegraph Research releases an Investor Insights report that analyzes key metrics from various sectors of the blockchain industry, including regulation, cryptocurrency mining, security tokens, Bitcoin and Ether derivatives, and VC activity.
Another Positive Bitcoin Signal
Bitcoin is trading above the 50-day moving average (MA), the 100-day moving average is acting as resistance, and the moving average convergence/divergence (MACD) histogram shows a bullish trend. On-chain data and historically accurate indicators suggest that a bottom may be near. Additionally, the MVRV-Z score has been in the green zone since late June, suggesting Bitcoin is bottoming out.
After the Federal Open Market Committee (FOMC), volatility was short on Nov. 2, with the trading range confined to around $20,000. Aside from the FOMC, volatility is likely to rise following the US midterm elections in November and Q3 earnings from crypto giants MicroStrategy, Coinbase, Block and Robinhood.
Bitcoin fundamentals remain strong, and the asset that started it all could help the industry finally get back on track throughout the rest of the period. We may face some volatility along the way, but it’s a bear market. But thankfully 1 BTC remains equal to 1 BTC.
Cointelegraph Research Team
Cointelegraph’s research department has some of the best talent in the blockchain industry. Our team of researchers is committed to bringing together academic rigor and filtering through hands-on, hard-earned experience to deliver the most accurate and insightful content available on the market.
Dr. Demelza Hayes is the Research Director at Cointelegraph. Hays has assembled a team of experts from the fields of finance, economics and technology to bring the best source of industry reports and insightful analysis to the market. Teams rely on APIs from a variety of sources to provide accurate and useful information and analytics.
Combining decades of experience in traditional finance, business, engineering, technology, and research, Cointelegraph’s research team is well-positioned to put their combined talents to good use in investor insight reports. .
The opinions expressed in this article are for general informational purposes only and are not intended to provide specific advice or recommendations regarding any person or any particular security or investment product.
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