GB Market Commentary 14/10/2021
by Freddie Williams
Cryptocurrency prices are trading in the green on the 14th of October. The global cryptocurrency market cap is $2.39 trillion, a 3.11% increase in the past 24 hours. The total crypto market volume over the last 24 hours is $115.49 billion, a jump of 9.24% Bitcoin price extended its increase above the $57,000 pivot level. It has broken the $57,500 level and has settled above the 100hourly simple moving average. The Fear & Greed Index is currently at 70, indicating greed. Ethereum started a fresh increase above the $3,500 and $3,550 resistance levels. The price is now trading above $3,600 and the 100 hourly chart of ETH/USD. The pair could start a fresh rally if there is a clear break above $3,650 and $3,660. Over the last 24 hours Telcoin is up 33%, Kusama is up 18% and Curve DAO Token is up 16%
As most DOT HODLers expected, and as popular crypto analysts predicted a couple of days ago, the DOT price started surging as soon as the start for Polkadot’s parachain slot auctions got announced. The first Polkadot parachain auctions will begin in November. The move is seen as a major step toward enacting multichain interoperability. DOT is currently up 20% in the last 24hours.
The Digital Pound Foundation launches, aiming to promote a UK CBDC. The Foundation announced it’s launch today, aiming to support “the implementation of a well-designed digitalPound and digital money ecosystem.” Member firms include Accenture, Avalanche, Billion Group, CGI Group, Electroneum, Quant and Ripple.
Financial leaders from the G7 agree that CBDCs would complement cash and should not be detrimental to the monetary system. The G7, which comprises Canada, France, Germany, Italy, Japan, the U.K., and the U.S. In a joint statement, G7 finance ministers and central bankers said: “Strong international coordination and cooperation on these issues helps to ensure that public and private sector innovation will deliver domestic and cross-border benefits while being safe for users and the wider financial system.”
The “DeFi 2.0” narrative has taken crypto Twitter by storm in recent days, and DeFi 2.0 tokens
have seen an impressive run-up in price over the last month compared to DeFi blue chips.
Abracadabra Money and Rari Capital are the favourites of the month in the money market
vertical as they offer leverage opportunities on higher-risk assets. Olympus DAO’s controversial
bonding mechanism and user strategy has inspired a number of new forks, with copycats
such as Wonderland adopting its bonding and staking mechanism. Olympus DAO’s market
cap has more than doubled in the last 3 weeks.
There have already been more than 1 million sign-ups for Coinbase’s NFT platform since the waiting list went live on the 12th of October.