GB Market Commentary 28/10/2021
by Frederick Williams
Bitcoin has suffered two sudden crashes over the last 24 hours and is currently trading below the $60,000 mark, having reached close to $64,000 at the start of the week. The world’s biggest cryptocurrency has fallen over 8% in the past week. This has triggered other altcoins to follow suit with a similar nosedive with Cardano down 10% and Ripple down 7% over the week. However, we are seeing some minor recovery with the majority of crypto’s trading in the green today.
The Shiba Inu price rose to a new ATH at roughly 4am BST today. Shiba Inu has repeatedly broken new record highs in the four days since Sunday as crypto investors hope to see the new favourite meme crypto reach $1 in value. The meme crypto has accumulated over 1 million tweets within just one day, becoming the top-trending topic on Twitter. Shiba is currently up 21% over the last 24 hours, and is now in the top 10 largest cryptos by market cap. It even was bigger thanDogecoin at one point, however, just hours after Shiba Inu surpassed Dogecoin in terms of market cap, the latter has reclaimed its supremacy. Doge is up by 27% in the last 24 hours.
The U.S. Securities and Exchange Commission (SEC) will not approve the listing of leveraged bitcoin exchange-traded funds (ETF). The report emerges two days after Valkyrie Investments filed to offer 1.25x leveraged Bitcoin futures ETF.
Coinbase has climbed to the top of the Apple App Store in the U.S. on Wednesday. It is currently above TikTok, Instagram, YouTube and other popular apps.