$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.

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

Photo for the Article - $165M Liquidated as Bitcoin Fell After Nearing $70K | Key Points | Oct. 22, 2024

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.