Daily News | Bitcoin Mining Difficulty and DeFi Protocol TVL Set A New Record; Brazil's USDT Adoption Rate Skyrocketed, Accounting for 80% of Trading Volume

Crypto Daily Digest: The Bitcoin White Paper has been released for 15 years; Brazil’s USDT adoption rate accounts for 80% of transaction volume

On October 31, Satoshi Nakamoto celebrated the 15th anniversary of publishing the Bitcoin white paper “Bitcoin: A peer-to-peer electronic cash ” on the P2P foundation website. The Bitcoin network was officially launched on January 3, 2009, with an initial transaction price of $0.0008 for Bitcoin.

Nowadays, Bitcoin has gradually appreciated by over 43 million times since its launch. According to market data, the current price of Bitcoin is $34429.09, with a total market value of $672.9 billion.

According to data from the Brazilian tax service agency, the use of cryptocurrency in Brazil has significantly increased. Considering only some data from 2023, 80% of the reported cryptocurrency movements are related to USDT. Since 2021, Brazil’s USDT trading volume has been increasing, surpassing Bitcoin for the first time in July 2022.

According to Mempool data, the difficulty of Bitcoin mining was adjusted at 11:53 on October 30th (block height 814464), with an increase of 2.35% to 62.46T, setting a new historical high. The current hash rate is 449 EH/s.

According to CoinDesk, according to DefiLlama’s data, after hitting its lowest point since February 2021 two weeks ago, the total value of all assets locked in by the DeFi agreement has soared to a three-month high of $42 billion.

The recovery of the DeFi market is based on two factors: rising asset prices and new capital inflows from participants aimed at generating returns through investment and loans. In addition, as asset prices rose, the trading volume of each DeFi agreement reached its highest point since March, reaching $4.4 billion on October 24th.

After the release of Marinade (the Solana eco lending protocol), its TVL increased by 120% this month, providing an annualized return of 8.15% and supplementing its liquidity collateral rate of 7.7%. Marinade’s competitor Jito protocol saw a 190% increase in TVL during the same period, reaching $168 million. Meanwhile, on Ethereum, the funds of Enzyme Finance, Spark, and Stader all increased by 37% to 55%, surpassing the increase in asset prices, indicating new inflows of funds.

Sui and Aptos also experienced positive growth this month, with TVL on Sui rising from $34 million to $75 million. Aptos was driven by an increase in activity on the lending platform Thala, with a total TVL of $75 million this month.

According to CoinShares weekly report data, last week’s net inflow of funds from digital asset investment products was $326 million, the largest weekly inflow since July 2022. Bitcoin accounted for $296 million in capital inflows, although recent price increases have also prompted $15 million to Flow into short selling Bitcoin investment products.

The improvement in Optimism has also led to a significant inflow of $24 million into Solana, while other Altcoins have also seen inflows. And Ethereum investment products flowed out $6 million last week.

Today’s Main Token Trends

BTC

The short-term high is still reaching the $36,000 mark. In the short term, it appears to be at a phase peak, so be cautious of the possibility of a high-level pin action, which means a quick rise to $36,000 and then a rapid drop to the $32,700 mark. It is recommended to hold steady at $32,500 and $30,800 as support levels for the medium term.

ETH

The high point this month reached the $1,857 mark, and a bearish structure has formed in the short term. It is recommended to hold steady at $1,754, and if it drops below, further declines are expected, down to $1,726 and $1,694. The overall trading volume will continue to be bearish.

ARK

Early this month, positioning was done at a low range of $0.4250 to $0.4750. Convergence has been ongoing for nearly a month, and it has finally reached the end with an upward trend. The highest point reached yesterday was $1.0875, more than doubling the value. In the short term, it is advisable to hold steady at $0.8395, and further gains are expected to reach $1.2180 and $1.70.

Macro: “Federal Reserve News Agency” released early warning, rate hikes have ended, and rate cuts will come

The hedging effect of spot gold weakened, falling below the $2,000 level and closing down 0.49% at $1,996.26 per ounce; Spot silver rose 0.95% to close at $23.32 per ounce. The three major US stock indices all rose by over 1%, marking their best daily performance since June 2nd. The Dow rose 1.58%, the Nasdaq rose 1.16%, and the S&P 500 index rose 1.16%.

Nick Timiraos, a Wall Street Journal journalist known as the “mouthpiece” of the Federal Reserve and the “New Federal Reserve News Agency,” wrote on Monday that higher bond yields may end the Fed’s historic rate hike cycle.

For over a year, Federal Reserve officials have been saying that in order to defeat inflation, they may maintain high interest rates for longer than investors’ expectations. The yield of US long-term treasury bond bonds rose rapidly from 4% at the beginning of August to about 5%, indicating that Wall Street now agrees with this.

The result is that the borrowing costs of American businesses and households are constantly rising, which may lead to the Federal Reserve suspending its historic interest rate hike process.

So, the Federal Reserve’s mouthpiece has infiltrated information into the market in advance, and there may be no possibility of raising interest rates in November.

What the current market is hyping is the expectation of an end to interest rate hikes. After the expectation of interest rate hikes is over, the market is looking forward to interest rate cuts. Next year, the wave of interest rate cuts will come, and the market will boil again. At that time, the crypto industry will also be very lively.

The bear market, which has been enduring for two years, is finally coming to an end. If the past two years have been difficult and painful, then the next two years will be so happy and joyful. After crossing the long bear market, the dawn has begun to dawn. Congratulations to everyone who has persevered.