Digital currency market report for the month of October; From the growth of Bitcoin to the temporary jump of the dollar
The digital currency market had a relatively low fluctuation trend during the month of Mehr. Even the beginning of the war in the Middle East, which caused a momentary jump in the price of the dollar, could not negatively affect the market trend and the bullish sentiments of investors regarding the increased probability of the approval of a spot ETF. By the end of the month, the price of Bitcoin managed to once again rise above the $30,000 range after a 12% fall in late August.
According to Aruzdigital, the market value of digital currencies in October (September 23 to October 22) increased by 8.3% from $1.094 trillion in the first month to $1.184 million and reached a level last seen in We saw it at the beginning of April.
Bitcoin saw a 14.2% increase in its value this month. While the price of this digital currency rose from around $26,600 in one month to over $30,000 on October 29 (October 21), it ended the month in the $29,900 range.
Bitcoin price growth in domestic exchanges was 14.32%, which is only 0.12% higher than its price in the global market. At the beginning of October, Bitcoin was offered at an average price of 1.325 billion Tomans in domestic exchanges, and its price increased to 1.515 billion Tomans at the end of October.
In early October, the United States Securities and Exchange Commission postponed the deadline for a decision on the application of the “Ark 21 Shares” Spot Bitcoin ETF until December 20 (January 10, 2024). However, the rejection of the request of the Exchange Commission to reconsider the case of Ripple Labs and the increase of speculations about the approval of the supply of a spot ETF in the near future caused Bitcoin to have an acceptable return this month, unlike the summer season.
As a result of improving investors’ sentiments, the bitcoin stock of centralized exchanges reached 2.291 million units in mid-October, the lowest level in the last 5 years, and the “Greyscale Bitcoin Trust” investment fund also saw its discount rate decrease to the lowest level in the last 2 years. Was.
Despite Bitcoin’s price falling below $28,000 on 24 Mehr (October 16) due to Cointelegraph’s false news of BlackRock spot ETF application approval, the digital currency’s market dominance rate reached 52.45%, which was last seen in April 2021. April 1400) was at this level.
In light of the US Securities and Exchange Commission’s dismissal of its complaint against Ripple Labs, the court’s order to the agency to review the request to convert the Grayscale Bitcoin Trust Fund into a spot ETF and the publication of the listing of the BlackRock Bitcoin Spot ETF on the website of the market clearing company DTCC Nasdaq seems to be likely to see the continuation of Bitcoin’s upward trend in November.
The increase in tensions and the start of the war in the Middle East made the price of the dollar, which was in the range of 50,000 tomans since the end of August, increase by 7.5% to 54,270 tomans, and of course, in less than a week, it returned to its previous trend. coming back. Without considering this temporary jump, the dollar did not fluctuate significantly during the month of Mehr. The price of Tether in domestic exchanges increased by only 2.2% this month and reached 50,830 tomans from around 49,700 tomans.
