Crypto Flipsider News – Bitcoin (BTC) White Paper Day; DOGE is Overbought; Hong Kong Crypto Consultation; LINK Whales Spike; HUSD Loses Peg

Bitcoin white paper day; DOGE is overbought; Hong Kong crypto consultation; LINK whales spike; HUSD Loses Peg

Read in the Digest:

  • Satoshi’s Bitcoin (BTC) white paper turns 14, Fed interest rate looms
  • Dogecoin (DOGE) at 18-month purchase high, records $89M in liquidations
  • Hong Kong launches consultation in a move toward legalizing retail trading
  • Chainlink (LINK) whale activity spikes as the price of LINK surges above $8
  • HUSD stablecoin loses USD peg by 72% following delisting by Huobi Global

Satoshi’s Bitcoin (BTC) White Paper Turns 14, Fed Interest Rate Looms

On October 31st, fourteen years ago, Satoshi Nakamoto published one of the most important documents written in this century, the Bitcoin white paper. Through the white paper, Satoshi introduced the world to the first scalable peer-to-peer electronic cash system.

While it took several months before the Bitcoin (BTC) network went live and the first block was mined, October 31st is celebrated as White Paper Day. Since the 9-paged document was released, over 20 thousand cryptocurrencies have been launched.

In July 2010, BTC began trading at $0.0008, only crossing the $1 threshold in April 2011. Bitcoin currently trades above $20,700, having recorded its all-time high of $68,789 in November 2021.

Flipsider:

  • Investors fear that the price of Bitcoin could take another dip as 81% believe that the United States Fed reserve could bump its interest rate by another 75bp on November 2.
  • In addition, the U.S. unemployment rate for October is scheduled to be announced two days later, on November 4.

Why You Should Care

While the road has not been smooth for Bitcoin, the asset is enjoying its biggest adoption since its white paper was released 14 years ago.

Digest breakers Coins

Dogecoin (DOGE) at its Most Overbought Level in 18 Months, Records $89M in Liquidations

Dogecoin (DOGE) continues reinforcing its last week’s buying frenzy that was triggered by Elon Musk’s purchase of Twitter. In the four days of finalizing and after the deal, the price of DOGE shot up by more than 150%.

The 7 days price chart for Dogecoin (DOGE). Source: CoinMarketCap

DOGE currently sits at its highest point since May, after topping out at $0.1494 over the weekend. The whale interest in DOGE also shot up with the price of the token to hit its highest point since August.

However, the relative strength index (RSI) shows that DOGE is currently extremely overbought. The RSI shows that DOGE is at its most overbought level since April 2021 and its price could drop as much as 60%.

Flipsider:

  • As the price of DOGE spiked, liquidations of Dogecoin futures since Friday have hit their highest amount of $89 million, with $52 million coming from short investors who betted against the rise of DOGE.
  • In the last 24 hours, DOGE has the highest liquidations among altcoins, with over $21 million worth of positions closed.

Why You Should Care

Elon Musk’s support of Dogecoin has been one of the major proponents of DOGE’s growth. With rumors of more support, it remains to be seen how DOGE will react.

Digest breakers NFT

Hong Kong launches consultation in a move toward legalizing retail trading

Hong Kong, China’s autonomous special administrative region, which looks to become a global crypto hub, has relaxed the existing crypto regulation in order to pave the way for retail investors.

According to reports from the Hong Kong Fintech Week, the Securities and Futures Commission of Hong Kong is looking to launch a public consultation. As earlier reported, the consultations are aimed at legalizing the retail trading of cryptocurrencies.

The Hong Kong regulator noted that the move would include giving retail investors “a suitable degree of access” to crypto through exchange-traded funds or ETFs. Hong Kong has also released a policy statement to regulate crypto service providers.

In addition to its plans to regulate service providers for anti-money laundering (AML) and investor protection, Hong Kong will apply these rules to what is “currently applicable to traditional financial institutions.”

Flipsider:

  • The move contrasts with mainland China, where cryptocurrencies and mining operations have been banned.

Why You Should Care

There has been a surge in crypto interest in Hong Kong, and the move looks to help the city rebuild its fintech hub status.

Digest breakers Chart

Chainlink (LINK) whale activity spikes as the price of LINK surges above $8

Chainlink (LINK) whales appeared over the weekend as the crypto market yielded double-digit gains to see October turn positive for the crypto market. As the price of LINK spiked, there was also a surge in whale transactions.

As per recent data provided by on-chain data firm Santiment, Chainlink saw 33 different $LINK transactions exceeding a value of $1 million. Chainlink’s whale transactions hit a 4-month high over the weekend.

In addition, Whalestats also reported that as of October 31, LINK was the tenth most used smart contract by the 1000 biggest ETH whales. These whale accumulations have followed a significant price surge for LINK.

The price of LINK has jumped by 6.4% over the last 24 hours, and more than 15% in the last week. As a result, the price of LINK has surged to $8.17 – the highest trading price of LINK since September 28.

The seven-day price chart for Chainlink (LINK). Source: CoinMarketCap

Flipsider:

  • Binance, the world’s largest crypto exchange, has emerged as a competitor to Chainlink, launching its Oracle network last week.

Why You Should Care

Chainlink bulls have managed to maintain a strong bullish action regardless of the broader crypto market and LINK could hit new highs if the trend continues.

Digest breakers Blocks

HUSD Stablecoin loses USD peg by 72% Following Delisting by Huobi Global

Leading crypto exchange, Huobi, announced on Friday the delisting of a closely linked stablecoin, HUSD. Since the delisting announcement, HUSD lost its dollar peg, falling as low as $0.28.

The seven-day price chart for HUSD. Source: CoinMarketCap

As a result of the de-pegging, the stablecoin coin currently has a market cap of just $69 million, down significantly from its all-time high of over $1 billion in 2021. Huobi said that users can still exchange HUSD tokens, which are issued by Stable Universal, for Tether (USDT). Although the stablecoin was not directly issued by Huobi, the exchange has participated in its marketing since it launched in 2018.

The stablecoin has suffered several minor de-peggings from the USD since the start of this year, falling to as low as $0.93 in August. However, HUSD does not look set to recover from its latest fall from grace.

Flipsider:

  • The delisting comes just weeks after Tron’s founder Justin Sun assumed a senior role at Huobi and looks to turn attention to his own USDD stablecoin.

Why You Should Care

Huobi says the delisting is part of their continuous efforts to promote the healthy development of the blockchain ecosystem.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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