Market shows BTC has fallen below $34,000, currently trading at $33,995.7, with a daily increase of 0.35%. The market is volatile, please be prepared for risk control.

On October 29th, the BitVol (Bitcoin volatility) index, launched by financial index company T3 Index in partnership with Bitcoin options trading platform LedgerX, dropped to 53.19, a daily decrease of 2.44%. Note: The BitVol index measures the 30-day expected implied volatility derived from tradable Bitcoin options prices. Implied volatility refers to the volatility implied by actual option prices. It is the volatility derived by using the B-S option pricing formula and inputting the actual option price and other parameters except for the volatility σ into the formula. The actual price of an option is formed by competition among many option traders, so implied volatility represents the market participants' views and expectations of the future market, thus being viewed as the closest to the actual volatility at that time.

This week’s Crypto Biz looks at BlockFi’s emergence from bankruptcy, BlackRock’s spot Bitcoin ETF developments, Worldcoin’s operator payment scheme upgrades and more.

Bitcoin's advance this week coupled with gains across all digital asset sectors, highlighting the breadth of the crypto rally.

It’s a bit more complicated than comparing Treasury yields and staking rates.

Riot Platforms, a Bitcoin mining giant listed on Nasdaq, has been opposed by local grassroots organization "Texas Coalition Against Blockchain Mining" and non-profit organization Greenpeace in Texas. Riot Platforms had originally planned to establish a large-scale mining facility in the area, which is said to cover 265 acres and go live in the fourth quarter of this year. It is currently unclear whether this opposition will affect Riot Platforms' scheduled launch.

Odaily Planet Daily News: Deribit's cryptocurrency derivative options, valued at approximately $4.5 billion, expired on Friday in New York time. Deribit's Chief Business Officer, Luuk Strijers, stated that the current Put/Call Options Ratio for Bitcoin implies a bullish market signal. Strijers said, "Because there are more open bullish options than bearish options, the Put/Call Options Ratio is bullish." A Put/Call Options Ratio below 1 means that the trading volume of bullish options exceeds that of bearish options, indicating a bullish market sentiment. The Block data shows that the current Put/Call Options Ratio on Deribit is 0.49. 

Bitcoin has maintained its value above $33,600 for two consecutive days, indicating a lack of urgency among buyers to sell. However, if the price continues to rise without significant drops, it could lead to FOMO and further buying, pushing the market into overbought territory. Bitcoin's dominance has increased to 54%, indicating positive sentiment towards the cryptocurrency market, and some altcoins may follow suit.

Bitcoin's bullish momentum has led to gains across all crypto sectors this week, with BTC gaining over 14% and consolidating at around $33,700. The CoinDesk Computing Sector (CPU) saw the strongest gains, driven by Chainlink (LINK) and Fetch.AI (FET) tokens. Even the previously lagging decentralized finance (DCF) and digitization (DTZ) sectors saw gains of over 7%. Notable best-performing cryptocurrencies include pepe (PEPE), LINK, and Injective Protocol's native token (INJ). The bullish week for crypto is particularly significant given the poor performance of U.S. equities, with the tech-heavy Nasdaq slumping while BTC and gold advance.

New research from Florida Atlantic University and the University of Mississippi suggests that blockchains with "full" blocks and transaction queues provide an extra layer of protection against fraudsters and money launderers. The study, titled "Bitcoin Blocksize, Custodial Security, and Price," examines the Mt.Gox crash and other instances of cryptocurrency theft from exchanges. The researchers found that cybercriminals prefer to launder stolen bitcoin quickly, and that full blocks act as a deterrent to hackers and scammers by signaling network congestion and a rise in network security that affects bitcoin price. The study also found that block fullness is 20% lower on average during incidents of cryptocurrency breaches or fraud.

Coinglass data shows that in the past hour, the entire network has liquidated $31.9 million, with $14.64 million in BTC liquidation and $3.64 million in ETH liquidation; long positions have been liquidated for $31.35 million, accounting for about 98.2%.

According to the market data from EuYi OKX, BTC briefly fell below 33,400 USDT before rebounding and currently trading at 33,636 USDT, a decrease of 0.63% in the past 24 hours.

Digital assets platform Matrixport predicts that Bitcoin's price is in the early stages of its fifth bull market, driven by institutional investor demand. The firm expects Bitcoin to reach $125,000 by December 2024, with a current rally expected to peak at $45,000 before a correction and a return to all-time highs. The report cites the ballooning US debt and high inflation as reasons for institutional investors to turn to Bitcoin, and notes that the cryptocurrency's characteristics make it an attractive diversification option. The upcoming Bitcoin halving in mid-April is expected to further increase demand for the cryptocurrency.

As the Bitcoin halving approaches next year, the cryptocurrency's market dominance has reached its highest level in two and a half years, currently standing at 54%. This is seen as a bullish indicator for Bitcoin, which has seen a nearly 30% gain in October alone, rising from $27,000 to $35,000. The halving event, which occurs every four years and cuts the mining reward per block in half, is expected to drive demand for Bitcoin upwards and bring about a bullish trend. With a fixed total supply of 21 million, the halving helps to counteract inflation and maintain scarcity.

On October 27th, according to PeckShield monitoring, a whale transferred 19,000 BTC to a new address, currently worth approximately 649.63 million US dollars. It is understood that the BTC in this address was transferred 11 months ago and was worth 317.84 million US dollars at the time.

live on October 27th, 87,000 BTC options are about to expire with a Put Call Ratio of 0.88 and a maximum pain point of $29,000, with a nominal value of $2.98 billion. 880,000 ETH options are about to expire with a Put Call Ratio of 0.47 and a maximum pain point of $1,650, with a nominal value of $1.57 billion. <br>

On October 27th, the BitVol (Bitcoin volatility) index launched by financial index company T3 Index and Bitcoin options trading platform LedgerX rose to 60.2, with a daily increase of 1.9%. Note: The BitVol index measures the 30-day expected implied volatility derived from tradable Bitcoin options prices. The actual price of the option is formed by the competition of many option traders. Therefore, implied volatility represents the market participants' views and expectations of the future market, and is regarded as the most accurate measure of the true volatility at that time.

Bitcoin's dominance in the cryptocurrency market has reached a multi-year high, accounting for 51.5% of the entire sector. <br>

According to Whale Alert monitoring, 2,000 BTC were transferred from an unknown address to Coinbase, worth $68.56 million.

Argentina presidential candidate Patricia Bullrich said she has reconciled with Bitcoin supporter Javier Milei, who will compete in next month's election, but she did not express direct support for the new liberal elite. Bullrich was cautious in her words on Wednesday. Previously, her pro-business alliance only received 24% support in the October 22nd election, ranking third and was eliminated. Milei won 30% of the vote, ranking second, second only to economic minister Sergio Tomás Massa's 37% vote. "We cannot remain neutral," Bullrich told reporters in Buenos Aires, "this country is in danger." Bullrich's support, as well as former president Mauricio Macri's support, makes Milei more competitive than Massa in the November 19th election.&nbsp;