BlackRock's IBIT Records Highest Trading Volume in Nearly Six Months, Dogecoin Bull Rally May End Soon, Bitcoin to Face Godzilla, Then Omega Candles, Says Samson Mow: Crypto News Digest by U.Today

U.Today has summarized the top three important news over the past day, check them out! 

BlackRock’s IBIT records highest trading volume in nearly six months

According to the latest on-chain data, BlackRock's IBIT ETF saw nearly $600 million in daily inflows on Monday, Oct. 28. Additionally, the product achieved a trading volume of $3.3 billion, the highest in six months. Eric Balchunas, senior ETF analyst at Bloomberg, commented on the development, saying that such high volume is unusual, as ETF trading activity typically spikes during severe downturns. In his opinion, the latest surge in activity may be driven by "a FOMO-ing frenzy," given the BTC price's rise over the past few days, which is why investors should expect more inflows this week. At writing time, Bitcoin is changing hands at $72,074, up 0.35% over the past 24 hours. On Wednesday, Oct. 30, spot Bitcoin ETFs logged $870 million worth of inflows, which marks the third-highest daily inflows on record, according to analyst Nate Geraci.

Related

Tue, 10/29/2024 - 16:20

Bitcoin (BTC) Price Hits $100,000 in Canada

Alex Dovbnya

Dogecoin (DOGE) bull rally may end soon, here's why

Dogecoin stands out as one of the biggest gainers from this week's market rally; according to CoinMarketCap, its price increased by 4.93% on Wednesday, reaching $0.1729. However, some indicators suggest that this rally might not be sustainable in the short term. The DOGE token is now trading at its highest level since May, extending its 52-week high to 152%. Currently, DOGE appears to be overpriced, particularly given the 24% and 42% growth rates recorded over the past week and month, respectively. The trading volume indicates a potential cooldown, and the RSI stands at 76.79, which is well above the oversold level. Given current market conditions, a temporary retracement is considered healthy for the market. Many investors who are currently in profit may start taking gains, especially with over 99% of Bitcoin holders now seeing returns. If this trend continues, it is likely we will see some profit-taking in the coming days. If this happens, altcoins such as Dogecoin, which have a strong correlation with Bitcoin, could also experience a decline.

Bitcoin to face Godzilla, then Omega candles – Samson Mow shares crucial reason

Following Bitcoin's recent surge past the $72,000 mark, Samson Mow, a prominent Bitcoin advocate and CEO of the JAN3 company, took to X platform to comment on the flagship coin's price movement and to share what he expects from it next. According to Mow, Bitcoin's future price movements would be "extremely violent," which would eventually lead first to the appearance of a Godzilla and then to an Omega Bitcoin candle. The JAN3 CEO asserts that the main factor driving Bitcoin’s imminent and forceful rise, along with the formation of substantial green candles, is that "Bitcoin has been coiled so tightly and for so long." In the meantime, as the market remains stunned by BTC's rally, Quantum Capital Partners shared the key reasons for its abrupt surge - “robust inflow into Bitcoin ETFs” and “fresh monetary easing cycles across major economies.” Another significant factor is the U.S. elections coming this November, the outcome of which is eagerly expected by many Bitcoin supporters.