Volatile week incoming?

The Weekly Update - Week 44

Highlights from this week’s report

Market Update

  • Bitcoin pushed to a new yearly high once again over the weekend, and finally touched the $14,000 level. We’re headed into an interesting, and potentially volatile, week across all markets, with the US election today and the significant increase in Covid-19 numbers worldwide.

  • Bitcoin was the big winner of October as most altcoins struggled and saw declining prices, especially DeFi tokens.

  • In dollar terms, the open interest in the BTC futures market has reached the highs of February and August, while in BTC terms, the open interest levels are fairly average.


  • The highest bitcoin price since January 2018 was seen this weekend, as the leading cryptocurrency continued to climb. The $14k level was lost again quickly and is important to reclaim for bitcoin to keep its upwards momentum.

  • The tremendous bull run in DeFi has lost all its momentum, and BTC has now outperformed the FTX DeFi index for the first time since the index launched.

Blockchain Activity

  • The Bitcoin hashrate has seen a sudden sharp decline over the last weeks of 25%.

  • Bitcoin’s mining difficulty adjusted 16.05% today, the second largest decrease in history. This was the largest drop in 9 years, and comes after the sharp decline in hashrate lately.

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