$165M Liquidated as Bitcoin Fell After Nearing $70K | Key Points | Oct. 22, 2024
GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s daily recap: We revisit this week’s big news: Bitcoin was about to breach $70K… but met heavy resistance on the way up.
Plus the latest crypto news stories in the last 24 hours.
Table of Contents
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $66,816.34, down 2.2% over the last 24 hours.
- Ethereum (ETH): $2,618.24, down 3.6% over the last 24 hours.
- Solana (SOL): $164.59, down 1.3% vs the previous day.
Trending Coins Update
- Luna by Virtuals: $0.0450, up 420.6% vs the previous day.
- Kasper: $0.0012, up 37.6% over the last 24 hours.
- Aptos: $10.94, up 7.4% vs the previous day.
For the daily price update, check out our post on Facebook.
Feature News: Bitcoin Fell Just Before Reaching $70,000
Bitcoin fell to around $66,000 after nearing $70,000 over the weekend. Majority of the major tokens also fell, including ETH, TON, and ADA, which fell 3%. Just as always, XRP saw little change.
Liquidated: Coindesk reported that over $165M in long positions got liquidated as the market experienced increased volatility following a rise in leverage trades.
- The publication said it expects “rangebound market conditions” for the week.
- The key resistance level for Bitcoin is $70,000 while it’s $2.800 for Ether.
- Traders are waiting for PMI data, which will give insights on whether or not the U.S. Fed will continue toward rate cuts.
Philippine Crypto News 🇵🇭
- Pinoy-developed Project Selyo wins Metaplex Future of Digital Assets Sidetrack of the Solana Radar Global Hackathon.
- PayWithRipe also won the Radar Hackathon’s Mercuryo Best Consumer Use Case Sidetrack. (We have a latest article about Ripe here.)
- YGG introduced a new rewards system for the GAP Season 7.
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- Crypto custody firm Komainu is set to acquire Singapore-based custodian Propine, pending approval from the Monetary Authority of Singapore.
- Sky (formerly MakerDAO) is considering brand changes after community feedback, with options to retain Sky, revert to Maker, or align the two.
- Crypto ETFs beyond Bitcoin and Ethereum are unlikely to gain approval under a Kamala Harris presidency, according to ETF experts.
Educational Corner 🎓
- Tap tap for updates! Check out the new and refreshed List of Free Telegram Games with Potential Airdrop
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- CFTC Chair Rostin Behnam urged Congress to take action on crypto regulation and election betting.
- Indonesia’s Commodity Futures Trading Regulatory Agency extended the deadline for crypto exchanges to meet new licensing requirements until the last week of November.
- The UK’s FCA maintains its stringent approach to cryptocurrency regulation, emphasizing that robust standards are necessary for a sustainable and trustworthy digital asset sector.
Community Spotlight 🔦
Meet Rommel Celestino: He is a known content creator for crypto.
- Celestino, more known as Shun, is a crypto content creator known for his literal rags to riches story,sharing how he went from a dishwasher to a crypto millionaire.
- He is part of the community Project One Percent.
- He was also a speaker during the Blockchain Campus Conference in Davao.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- Chainlink partnered with financial giants like Euroclear and Swift to automate and standardize corporate actions data using AI and blockchain.
- Glue Network integrated Avalanche’s BTC.b as its default Bitcoin representation to enhance Bitcoin liquidity and simplify access to DeFi for users within its ecosystem.
- Nimbus Capital invested $10 million in Alvara Protocol, a platform designed to democratize asset management in DeFi using the ERC-7621 token standard.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- GAM3S Awards voting is now open.
- 81Ravens launched the PCI LATAM esports tournament for the web3 shooter Paravox, featuring a $130,000 prize pool.
- Anomaly Games Inc.launched the Anomaly Store, a multi-blockchain marketplace on Telegram that supports NFTs, crypto, and fiat payments.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
- Bicol Blockchain Conference: October 26, 2024
- Trader’s Fair- Davao: October 26, 2024
- PH Startup Week: November 11. 2024
- Manila Bootcamp | Hackers League Hackathon: November 15, 2024
- YGG Play Summit: November 19-23, 2024
Stay Connected:
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- Check us out on Facebook!
- Join our Telegram group for real-time discussions!
We’d love to hear from you! Reply with your thoughts or questions.
This article is published on BitPinas: $165M Liquidated as Bitcoin Fell After Nearing $70K | Key Points | Oct. 22, 2024
