Coinbase Premium Index Recovery Signals Bitcoin Price Rebound: News of October 4, 2024
Coinbase Premium Index Signals Potential Bitcoin Price Rebound
The Coinbase Premium Index is showing signs of recovery, a trend that has often signaled an upcoming rebound in Bitcoin prices. Historically, movements in this index have been seen as an early indicator of Bitcoin's price direction, suggesting potential gains ahead.
Top Tokens in Focus: XRP, APT, and LINK Lead Market Discussions
According to Santiment, the most talked-about tokens in recent discussions are:
#XRP – Traders are closely following XRP as Bitwise submits ETP applications and the SEC files an appeal in the ongoing legal case.
#APT – Conversations around Aptos are being driven by the acquisition of HashPalette Inc. and Franklin Templeton's launch of its OnChain US Government Money Fund on the Aptos blockchain.
#LINK – Chainlink is gaining attention due to its collaboration with financial giants SWIFT and DTCC.
Japan’s new Minister hints at crypto tax reform to boost blockchain growth
Japan’s new Digital Transformation Minister signals potential crypto tax reform, highlighting the nation's evolving approach to blockchain and driving crypto growth in Asia.
AI predicts FTX Token price for October 31, 2024
AI-based predictions from PricePredictions suggest FTT could reach $2.65 by October 31, 2024, up from its current price of $2.40—a potential 10.42% gain in the coming weeks if the forecast holds.
FTT's journey has been marked by dramatic swings. The token skyrocketed to nearly $80 in 2021 amid FTX's dominance, only to crash below $2 following the exchange's collapse in November 2022, when Binance—one of FTT’s biggest holders—liquidated its position.
Despite the turmoil, FTT is seeing renewed interest, with its market cap surging from $472 million to $789 million in the past week. Technically, the token is holding support at $1.83, with the next resistance at $2.58. A break above that level could signal further gains, particularly if the October 7 court ruling favors FTX's restructuring plan.
Bitcoin ETFs Register Net Outflows for Third Straight Day
Bitcoin (BTC) and ether (ETH) spot ETFs are contributing to downward price pressures this week, with BTC down 6% and ETH down 10%. On October 3, investors withdrew $54.2 million from bitcoin ETFs, marking the third consecutive day of outflows, totaling $361.2 million. Ark's ARKB saw $58 million in outflows, while Fidelity's FBTC lost $37.2 million. However, BlackRock's IBIT recorded a $36 million inflow.
Despite the recent losses, ETFs have amassed $18.5 billion since inception, and investors are still up 3-10% on average, with a cost basis ranging from $54,911 to $59,120, according to Glassnode.
Ether ETFs also saw outflows, with $3.2 million withdrawn on Thursday. Grayscale's ETH led the losses, with $14.7 million pulled out, while BlackRock's ETHA gained $12.1 million in inflows. Ether ETFs have now recorded a total outflow of $555.4 million.
Nate Geraci, President of the ETF Store, highlighted that 13 of the top 25 ETFs launched in 2024 are bitcoin or ether-related, outperforming industry standards. As of press time, bitcoin was trading at $61,608 and ether at $2,391.
Top coins this week: $FTT, $GIGA, $REEF, $SPX.
That’s all for today. Remember, the bigger volatility the more chances to outperform the market.
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