Crypto Investor's Weekly 31.10-6.11 - Bitcoin white paper turns 14, JP Morgan turns up to the party

Crypto markets have continued to rise now for the third week in a row, despite turbulences on the traditional equity markets. At the same time, Bitcoin price volatility has dropped further, according to some measures even below the volatility of NASDAQ and S&P 500 indexes. It remains to be seen how this plays out in November, historically a month with high volatility for crypto markets. ?

The narrative in the news has also been quite positive, with many institutions announcing investments and activities in the blockchain space. Such as JPMorgan’s first DeFi transaction on a public blockchain, or Meta/Instagram announcing supporting for NFT transactions.??

In other news: Happy Birthday to Bitcoin! Satoshi’s infamous whitepaper turned 14 on Halloween.?It was released on 31 October 2008?when the world was reeling from the financial crisis. Spooky stuff.?

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Chart of the week?

Old hands are simply not spending

As the overview of total USD wealth invested in Bitcoin shows, the majority of coins are now held by longer-term holders. The percentage of BTC that have been moved during the last quarter (Aug-Oct 2022) has never been this low. Conversely, the wealth held by coins older than three months has reached an all-time high. In other words: Hodlers continue to hodl. And that is a good sign. For the large number of long-term Bitcoin holders is indicating strong support for the number one?cryptocurrency.?

This week’s crypto prices??

Bitcoin had a good start to the week. After the announcement that the Federal Reserve would raise interest rates as expected, the positive sentiment was reinforced and the BTC price rose from USD 20,394 to USD 20,721. Shortly after, however, a different wind blew in the markets. Fed Chairman Jerome Powell stated in a post-meeting press conference that the US central bank would have to continue its monetary tightening campaign, destroying investors' hopes that the central bank would change its rigorous course sooner than expected. Prices have since recovered with a slight upward trend towards the weekend and BTC is holding well above the 20k mark.??

Tweet of the week?

Source: Twitter?

Plan B Forum came to an end in Lugano last weekend, after a busy few days where the greatest minds in the Bitcoin community came together to discuss Bitcoin as legal tender, financial freedom and the future of money.??

Lugano is already a pioneering city for crypto, with the town announcing it would accept Bitcoin, Tether and the City’s own LGVA stablecoin as legal tender only a few months ago. Lugano residents can even use crypto to pay their taxes, parking tickets and tuition fees. I was also at Plan B Forum and enjoyed the enthusiasm for Bitcoin that could be felt all over the city.?

This tweet reminds us that Bitcoin has the power to light up our lives in ways we don’t expect!?

Crypto news:??

Switzerland’s financial regulator extends reporting requirements for crypto transactions?

FINMA said it stood by an AML ordinance requiring identity checks for transactions of virtual currencies exceeding 1,000 Swiss francs.?

Full article: Cointelegraph?

US Federal Reserve raises interest rates to 14-year high?

The hike takes the rates to their highest point since 2008, but the Fed signalled future increases could be smaller. Chairman Jerome Powell, however,?warned against speculating too soon?over a rate hike pause.?

Full article: DW?

JPMorgan executes its first DeFi trade using public blockchain?

JPMorgan Chase & Co executed its first live trade on a public blockchain, a significant step toward integrating with the plumbing underlying the world of cryptocurrencies.?

Full article: Bloomberg?

Could Rishi Sunak be Bitcoin’s “October surprise?”?

Britain’s new crypto-friendly prime minister could spark interest in Bitcoin within a country that desperately needs it.?

Full article: Bitcoin Magazine?

Come one, come all! Meta to bring NFT minting and trading to Instagram?

Social media platform Instagram is set to introduce a number of non-fungible token (NFT)-related tools that will allow creators to mint, show and sell NFTs.?

Full article: Cointelegraph???

That’s it from the crypto universe, I'll catch you again next time!?