In today’s bitcoin and cryptocurrency news, read about how Visa, PayPal, and Western Union filed trademark applications for cryptocurrency and Web3-related products and services in the previous week, a stark contrast to the present bear market. Meanwhile, the super-rally in the second half of 2021 was reminiscent of last week’s bitcoin strength, but a replay of that period seems unlikely. Lastly, Bitcoin is trading near $20,916 in Asia after recovering from $20,000 support. Ethereum has climbed 2% to $1,637 and is approaching the 78.6% Fibonacci retracement line.
Visa, Paypal, Wu Among Fall Crypto Trademark Filings
Original Source: Visa, PayPal, Western Union Among Fall Flurry of Crypto Trademark Filings
In contrast to the heightened crypto pessimism during the current bear market, Visa, PayPal, and Western Union filed fresh trademark applications incorporating crypto and Web3 products and services in the previous week.
Visa eyes a crypto wallet and metaverse
Visa is considering a “cryptocurrencies wallet,” which it describes as “software for users to view, access, store, monitor, manage, trade, transfer, receive, transmit, and exchange digital currency, virtual money, cryptocurrency, digital and blockchain assets, and non-fungible tokens (NFTs)”
Visa is considering “offering virtual settings in which users can interact for recreational, leisure, or entertainment purposes in the virtual world.”
PayPal continues working on its own wallet
PayPal’s trademark application mentions “crypto” 18 times, beginning with “downloadable software for sending, receiving, accepting, buying, selling, storing, transmitting, trading and exchanging digital currency, virtual currency, cryptocurrency, stablecoins, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens.”
PayPal now allows users to buy Bitcoin, Ethereum, Bitcoin Cash (BCH), and Litecoin (LTC) and send it to wallets elsewhere, but it is still building out its own crypto wallet.
Western Union expanding digital currency
Western Union’s filing appears to include every facet of digital payments, including “the management and maintenance of digital currencies and electronic wallets.” Like the others, WU promises “downloadable software for creating cryptographic keys for receiving and spending cryptocurrency.”
Despite the protracted crypto winter, crypto trademark registrations have remained steady for some time, as observed by trademark attorney Mike Kondoudis on Twitter, including by Viking Cruises and Ulta last week.
Trademark applications are typically defensive legal measures and don’t guarantee that the covered items and services will be created and sold. But they show that a corporation perceives a possible future market and wants to enter it.
In October alone, Web3 and NFT filings came from Fender, Del Monte, Kraft (about its Wienermobile), In-N-Out, Takis, Mot Hennessy, Formula One, DraftKings, and Lizzo.
NFTs and digital products and collectibles look to be the hottest segment for American enterprises. So far this year, more than 6,300 U.S. trademark applications have been filed for NFTs and related objects, Kondoudis noted, compared to only 2,100 in 2021.
In the digital currency and cryptocurrency area, 2022 saw over 4,300 U.S. trademark applications, compared to 3,500 in 2021.
Bitcoin Looks Stable, Even Green, While Tech Stocks Tumble
Original Source: Can You Believe It? Bitcoin Looks Stable – Green, Even – as Big Tech Stocks Fall Apart
The evening of July 25, 2021, was the start of a fantastic run for bitcoin, punctuated with a 5% late-night spike (noted by the yellow arrow in chart below). Bitcoin was in the mid-$30,000s at the time, but by November it had hit over $68,000.
That era (old history at this time) popped into my consciousness last week. Bitcoin opened October 25 at $19,808.06, reached $20,176 throughout the hour, and was at $20,126.20 at 2 p.m. ET. The low in that hour was $19,808.06, an only-up hour.
This change wasn’t as large as the July 2021 one, but it raised concerns nonetheless (astute readers will see another such candle on the morning of October 26). I’m also not claiming that past performance is indicative of future results, so labeling this hour of price movement as the start of another run up to all-time highs would be premature (though history tends to rhyme).
But let’s face it, the bitcoin market has been boring, and last week was everything but. Not simply because of the increase higher, but also because it happened despite last week’s terrible performance of big tech equities.
Let’s start with bitcoin’s good week.
Bitcoin’s price could be up for any number of reasons, but here are two things that happened on Wednesday. The Bank of Canada stunned financial markets by raising interest rates by only 50 basis points instead of 75 basis points. The U.S. Census Bureau recorded a 10.9% fall in new house sales in September at the same period.
Both feed into the same idea: Central banks may slow rate rises because the economy is cooling enough to manage inflation. Canada’s leaders raised less than expected. U.S. inflation has been propelled in part by a hot housing market. Maybe the dip in home sales will prompt the Federal Reserve to pause rate hikes. We’ll learn what the Fed plans at next week’s Federal Open Market Committee meeting.
Meanwhile, in the stock market…
While bitcoin and crypto skyrocketed, most of Big Tech had a horrible week. Last week, Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Meta Platforms (META), and Microsoft (MFST) published quarterly earnings. Each of these companies, except Apple, had a difficult time.
Between October 24 and 28, GOOGL lost 6.2%, Amazon sank 13.3%, Apple gained 4.5%, Meta collapsed 23.5%, and Microsoft lost 4.8%.
Meanwhile, bitcoin gained 6.8%.
I’ve written on bitcoin and the stock market decoupling before. If you, like me, feel bitcoin has promise as a new macro asset uncorrelated to traditional macro assets, it’s wonderful to see bitcoin breaking its link to tech stocks for at least one week. One week doesn’t mean the association is gone, but it does impact the statistical reality and the story.
Here are my two takeaways from the previous week:
First, the stocks that performed poorly had a dismal earnings week. Meta decimated its free cash flow chasing the metaverse, Alphabet’s Google online advertising revenue was weak, Microsoft is down even though it beat top-line revenue and earnings expectations because cloud revenue missed and guidance was weak, and Amazon came up short last quarter and also shared that the holiday season wouldn’t be as busy as expected.
Bitcoin and (most) crypto don’t have earnings releases, which helps here. Noelle Acheson, who runs the Crypto Is Macro Now blog (and used to publish this newsletter), said it well: “Neither BTC nor ether are ‘burdened’ with the risk of disappointing holders with lower-than-expected revenues per token.”
Exactly. Maybe more regular earnings reporting from public corporations could level out strong stock movements. Pump out profits data every 10 minutes? (It’s a poor idea, yet others desire more real-time info.)
Second, it’s interesting to see stocks, particularly Meta and Amazon, trade like cryptocurrencies that SEC Chair Gary Gensler is focused on protecting consumers against. You know, the ones that go to zero in a blink? Interesting isn’t exactly the proper word. It’s concerning.
In contrast to these plummeting stocks, bitcoin looks steady. That’s also true if you zoom out and look over the past month: Meta is down 23.5%, Amazon is down 13.3%, however bitcoin is up 6.8%.
This sentence was nuts to write, so here it is again: Bitcoin looks stable in comparison to Meta and Amazon.
10% BTC Pump to $23,000
Original Source: Bitcoin Price and Ethereum Prediction – BTC Braces for 10% Pump to $23,000
Bitcoin is trading near $20,916 in Asia after recovering off $20,000 support. Similarly, Ethereum has surged more than 2% to $1,637 and is en route to the 78.6% Fibonacci retracement level.
The global crypto market cap reached $1 trillion with $91 billion in trading volume on October 30.
The market is risk-on ahead of the Fed’s rate decision later this week.
Top Altcoin Gainers and Losers
DOGE, KLAY, and WAVES were the top 24 hour performances. DOGE’s price rose more than 50% to $0.1344, and KLAY’s rose about 19% to $0.29. WAVES rose 13% to $3.80.
Coin360’s Altcoin Gainers and Losers
Mina (MINA) fell 5% this week to $0.70. TerraClassicUSD (USTC) fell 6% to $0.038.
The 24-hour trading volume for Bitcoin is $39 billion. Bitcoin jumped 8% in the last week. First-place CoinMarketCap has a $400 billion market cap, up from $397 billion yesterday.
The BTC/USD pair is consolidating between $20,000 and $21,000, with Fibonacci retracement levels from 38.2% to 61.8%. Trading remains bullish overall.
RSI and MACD are bullish, indicating the favorable trend will continue. 50-day moving average recommends buying above $19,750.
The purchasing trend might hit $21,900 if the 61.8% Fibo barrier is broken. If the trend continues, Bitcoin might hit $22,500.
Bitcoin’s support is near $20,250. When $21,000 breaks out bullishly, investors may purchase and vice versa.
Ethereum’s 24-hour trading volume is $19 billion. Ethereum has risen 24% in the last week. CoinMarketCap’s market cap is now $199 billion, up from $194 billion yesterday.
Sunday’s ETH/USD technical outlook remains optimistic. ETH/USD completed a 61.8% Fibonacci retracement at $1,550 and is now crossing above it, signaling a bullish trend correction.
On a daily chart, ETH has broken $1,595, indicating bullish power. ETH may hit $1,650 or $1,700 if it rises beyond $1,595.
RSI and MACD are in the purchase zone. Above $1,550, bullish correction odds are high. Support remains at $1,404.
New coins on presale are generating waves besides Bitcoin and Ethereum. Dash 2 Trade, an Ethereum-based platform that intends to provide real-time analytics and social trading signals, has raised a considerable sum of money.
After the presale, the company plans to deploy its platform in the first quarter of 2023 and list its D2T token on numerous markets.
Dash 2 Trade generated $3.3 million in less than a week, making it one of the year’s largest token sales. Dash 2 Trade’s presale is continuing; tokens cost $0.05 USDT.
Summary of today’s bitcoin and cryptocurrency news
To sum it up, more than 4,300 U.S. trademark applications have been filed in the digital currency and cryptocurrency area so far in 2022, up from 3,500 in 2021.
Meanwhile, even though the bitcoin market has been rather dull, the past week was anything but. Not only because of the increase, but also because it occurred despite the poor showing of major technology equities last week.
Lastly, the daily chart for Ethereum shows that it has broken above the $1,595 resistance mark, signaling strong bullish potential. The price of ETH might hit $1,650 or perhaps $1,700 if it continues to grow from its current level of $1,595.