Bitcoin Stabilizes At $68k As It Shifts To Pudlana, Meme Coins Survive
Bitcoin price recorded second consecutive week of gains; It ends the week consistently above the 68,000 resistance-turn support zone. On Friday, it hit a late-July high after rallying nearly 17 percent in a week. At the time of writing, BTC was trading at $68,440.47.
The sense of danger continues
The risk sentiment that has boosted the attractiveness of bitcoin and other cryptocurrencies in recent sessions can also be seen in the US stock market. Indeed, the Dow Jones Industrial Average and the S&P 500 both ended the week at new records. At the same time, the Nasdaq 100 stood above $20,000 as the bulls eyed an all-time high of $20,702 in mid-July 2024.
Signs of a weak US economy have contributed to the cryptocurrency market's rally and general risk-on sentiment. The latest data, including September's jobs report and retail sales, came in better than expected. The result was a boost in consumer confidence that saw the US dollar post three consecutive weeks of gains. On Thursday, it extended the level reached in early August to the end before pulling back a bit on Friday.
Additionally, rate cuts by the Federal Reserve contributed to positive market sentiment. As seen on CoinMarketCap, the fear and greed index is now at 60 greedy level after being neutral at 46 last week. The US Federal Reserve cut interest rates by 50 basis points during its September meeting; The first in four years. In particular, an environment of low interest rates tends to attract investors to risky assets such as cryptocurrencies.
US Options and Bitcoin ETF Income
Markets are looking ahead to the next Fed meeting on November 7, two days after the closely watched US elections. In addition to the expected price drop of 25 basis points, Trump's victory will bring further gains for cryptos.
The presidential candidate not only owns a crypto venture, but also clearly takes a pro-crypto stance. According to Polymarket, Trump's probability of winning the election is 59.9% compared to Kamala Harris's 40.1%. This forecast has many traders investing in the crypto market with options on the horizon.
To top it off, Bitcoin ETF revenues are on the rise. According to SoSoValue, the total daily net income was $273.71 million as of October 18. Overall, the year-to-date net income is $20.94 billion.
Pudlana Token could make a comeback.
As is often the case, meme coins are moving in tandem with Bitcoin's price movement; Creating irresistible opportunities for sophisticated investors. According to CoinGecko, the market value of Mem is 63 billion dollars, up 0.3% in 24 hours. In the last 7 days, meme coins such as Dogecoin, Floki, Bonk, Cats in the World of Dogs and BOOK OF MEME have increased by 28.1%, 12.3%, 8.0%, 25.5% and 19.7% respectively.
PoodleA newly launched cryptocurrency built on the Solana network stands out for meme coin enthusiasts and fashion-centric investors alike. Its appeal is largely based on Solana blockchain's principle of cost efficiency, as well as its connection to the luxury fashion industry. To that end, the recent decline has created a good buy for investors looking for cheap options.
The altcoin has dropped to a low of $0.003167 at the time of writing. Price drops are common following a successful ICO, especially as early adopters sell their holdings for easy and quick profits. With POODL, this particular lack of waiting period meant that investors could sell their tokens almost immediately, so Meme Coin hit the public shelves.
With the rise of Bitcoin ETFs, increased demand for BTC is likely to shift to altcoins by both retail and institutional investors, such as Pudlana.
In addition, geopolitical tensions in the Middle East and economic stability in the US and China and global caution are attracting investors to Bitcoin as a safe haven. A further rally using the top crypto by market cap is expected to come again in alternative cryptocurrencies such as Pudlana. You can support about more. Pudlana here.
