Bitcoin Rally Has Reinvigorated Investors: Cryptoquant Analyst
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Optimism has returned among cryptocurrency investors and analysts after the industry’s flagship asset, Bitcoin (BTC), which has been displaying resilience lately, helped it regain its $1 trillion market value.
According to a research paper by Cristian Palusci, a specialist with the crypto analytics platform CryptoQuant, published on October 31, despite the bad events in traditional markets, Bitcoin has experienced strong resilience in price and a tremendous outpouring from crypto exchanges.
The bond market liquidity crisis and the problems that have gripped the real estate industry in advance of the anticipated Federal Reserve funds rate hike and the U.S. labor market report are examples of the negative macro trends cited by Palusci. The CryptoQuant specialist further explained:
“I believe that the next few days will be useful to understand the direction of the equity markets and, given the close correlation, also of the crypto market. We also add the tensions on the geopolitical front, with Russia suspending the wheat deal after the attacks on Sevastopol.”
Palusci summed up by saying, “it will not be boring, and we will see if, in such a scenario, Bitcoin will have the strength to break the resistance at $21K.”
Is Elon Musk Pumping Dogecoin Again?
In other industry news, the price of Dogecoin (DOGE) soared after Elon Musk confirmed last week that he had purchased Twitter. DOGE recently surpassed $0.01 for the first time since May of this year and briefly crossed $0.14. DOGE had a little break on Monday, but it was short-lived.
Numerous Dogecoin users expected that one tweet from Musk would be sufficient to kick off another DOGE rise. And the Dogecoin community was not let down by Musk.
The CEO of Tesla and SpaceX tweeted an image, which has the Shiba Inu, the mascot of the meme coin, donning a Twitter shirt and a pumpkin bearing the Twitter logo.
— Elon Musk (@elonmusk) November 1, 2022
Musk merely included a winking smiley as text, but the community could already tell that DOGE would soon be accepted as payment on Twitter. This rumor, in particular, was what caused the recent rising price increases.
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