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On Wednesday, Ethereum was around $2,700 after gaining about 1% for the day. Amid expectations of a new all-time high in BTC, Bitcoin and XRP lost around 1% of their value. On Wednesday, the Crypto Fear & Greed Index shifted to extreme greed.
Chaos Labs concluded that wash transactions probably account for one-third of the platform's trading volume. A few days before the US presidential election, prediction market Polymarket engaged in wash trading on its presidential election market, according to a report released Wednesday by crypto research firms Chaos Labs and Inca Digital.
Bitcoin, Ethereum and XRP updates
- As of this writing, Bitcoin is down 1% on the day at $71,886. The biggest cryptocurrency rose to $73,620 on Tuesday after teasing the previous all-time high of $73,777.
- With a rise of about 1% on the day, Ethereum is currently trading at $2,660. The US presidential election is a major market-moving event, and cryptocurrency is flying ahead.
- XRP dropped to $0.5230, losing almost 1% of its value as traders anticipate a Bitcoin rally.
Eigen Layer (EIGEN)
On Binance's spot markets, Eigen Layer is one of the top cryptocurrencies that have produced significant gains for traders over the past day. As of this writing, EIGEN is trading at $3.117. The token can potentially increase its profits by 9.60% and reach the upper limit of the Fair Value Gap FVG at $3.411.
Above the neutral line, the Moving Average Convergence Divergence MACD indicator displays green histogram bars. EIGEN's price trend most likely shows good underlying momentum. If EIGEN corrects, the token may sweep liquidity at the low of $2.826 on October 29.
Market Updates
- After over a month of "greed," traders become "extremely greedy," according to the Crypto Fear & Greed Index, which hit 77 on Wednesday. This is usually regarded as a sell signal.
- According to a Coin Desk story, demand for short-term lending has surged, and there has been a significant spike in the purchase of Bitcoin call options on the CME. As the US presidential election draws near, institutional investors are probably preparing for a spike in cryptocurrency prices.
- On October 29, Bitcoin spot ETFs saw a net inflow of $870 million, the most since June 5.
Industry Updates
According to an official tweet on X, Chain Link announced a significant update, CCIP v1.5, with user security and privacy improvements. The announcement of the cooperation between Visa and Coin base states that Visa clients can immediately deposit money into their exchange account using their qualifying debit card.
PEPE is the first meme coin to appear on a Japanese cryptocurrency exchange. Trading, lending, and fixed-income investments have begun on Bit Point Japan's platform.
Ethereum Price Forecast
As the US elections approach, Ethereum ETH, up 0.5% on Wednesday, hopes to overcome the $2,817 challenges in the days ahead. After a recent experiment by game developer Cartridge on the Stark net network, the top altcoin may even be ready for further growth if demand for Layer 2s increases.
