Volatility in Bitcoin: What Did the Weekly Fluctuations Bring?

Volatility in Bitcoin: What Did the Week's Fluctuations Bring?

Bitcoin started the week at around 115,000 dollars, capturing the attention of investors. However, following the Federal Reserve (Fed) announcements, Bitcoin fell to as low as 106,000 dollars but managed to finish the week above 110,000 dollars.

Halloween-Themed Transformation

In recent days, Bitcoin has offered investors a sort of "trick or treat" experience. Within four days, its value dropped from 115,000 dollars to 106,000 dollars, raising the question among short-term investors: "Is the bull run coming to an end?" However, the recovery movement on October 31 indicates that Bitcoin aims to start November on a positive note.

Increase in Volatility and BTC Flow

Analysis shows that on October 30, over 10,000 Bitcoins flowed into exchanges. This situation arose from short-term investors holding coins for less than 24 hours. On the other hand, long-term investors avoided transferring the Bitcoins they had held for six months into exchanges.

After dropping from 115,000 dollars to 106,000 dollars in the past week, Bitcoin is now approaching 110,000 levels and signaling recovery. The critical test level for this recovery is set in the 111,000–111,400 dollar range.

Developments in Other Cryptocurrencies

The Ether.fi community proposed to allocate a budget of up to 50 million dollars from its treasury to repurchase ETHFI tokens when they fall below 3 dollars. Additionally, Solana (SOL), Litecoin (LTC), and Hedera (HBAR) drew attention as three altcoin exchange-traded funds (ETFs) that started trading in the U.S. this week.

Lastly, the decentralized lending market Maple Finance (SYRUP) approved its new MIP-019 proposal, planning to end the staking program and introduce a buyback mechanism for SYRUP.

Weekly Summary

GREEN: Aerodrome Finance (AERO) – Strategic investment by Web3 and gaming investor Anomica Brands in Aerodrome led to a 30% increase in AERO’s value.

GREEN: Virtuals Protocol (VIRTUAL) – VIRTUAL gained 54% in value over the past 7 days with the integration of Coinbase’s open payment standard x402 protocol.

Investors should remain cautious during this volatile process and consider market dynamics when determining their strategies.