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Bitcoin hovered at the $42,500 mark during the European morning session , after falling below $43,000 in the Asian session. As of the writing, BTC was trading at $42,580 and down by 2.25% over the past 24 hours. Bitcoin is expected to finish the month at a point roughly halfway between the high of $47,000 it reached after the first BTC ETFs were listed in the U.S. and the low of $38,500 that it reached two weeks later. CoinDesk 20 Index is down by 3.11%. Solana’s SOL, Cardando’s ADA, and Avalanche’s AVAX were among the largest decliners. They fell 6.7%, 5,4%, and 6.2%, respectively.

In January, indexes that track NFTs rose almost 10%. In the meantime, ether, which is the currency in which they are denominated has gained just under 2 %.. These gains are notable because NFTs in ether did not initially keep pace with the cryptocurrency’s year-end gain. The hunt for real-world applications has led traders to change their mind. Yat Siu of NFT-focused VC company Animoca Brands told CoinDesk that he attributed this rally to the maturity and diversity the NFT sector has gained. Yat Siu, the founder of NFT-focused VC firm Animoca Brands, told CoinDesk in an interview that he attributed the rally to the newfound maturity and diversity of the sector.

Solana based decentralized trading aggregate Jupiter is launching its native token on Thursday, October 15th at 10:00 EST (15:00 GMT). The token will have an initial supply of 1,35 billion . JUP-USD eternals are trading around 67 cents this morning on Aveo. This could mean that the token opens with a value of $700 million. The initial circulating 1.35 billion coins will be used for airdrops. 50 million coins each will go to market makers for centralized exchanges or liquidity pools, and 250 millions for the launch pool. According to Airdrop Official, approximately 955,000 wallets which interacted with Jupiter prior to Nov. 2 will be eligible for the airdrop.

Chart of the Day

COD FMA Jan. 31 2024 (Credit Agricole)(Credit Agricole)

  • The chart displays the annualized PCE core measures for three and six months in the United States. Core PCE, which is defined by the Fed as personal consumption expenditures excluding energy and food prices and excludes food costs and other items of cost.
  • Both measures are below the Fed’s target of 2%, which strengthens the case for new rate cuts from the central bank.
  • The Fed will announce its rate decision on Wednesday. analysts have told that dovish comments could be good for bitcoin.
  • Source: Credit Agricole

Omkar Godbole

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Sheldon Reback is the editor.