Weekly Crypto Market Overview: XRP Traders Win Big, Binance Begins a Countdown, BTC Miners Move $60M

Key Insights:

• Bitcoin price made a decent recovery following the US CPI data released on Thursday, but it appears the BTC Miners are not yet convinced. 
• XRP Inverse traders dominated the Futures markets this week, forcing LONG position holders into successive liquidations worth millions. 
• Binance CEO Changpeng Zhao announced the launch of a countdown tool on the exchange homepage
• Overall, the Crypto market turbulence intensified this week as the global market capitalization shed another $5 billion, shrinking from $1.08 trillion to $1.05 trillion

The Crypto market turbulence intensified this week as the global market capitalization shed another $3 billion, shrinking from $1.08 trillion to $1.05 trillion. While mega-cap altcoins like XRP remain bearish, Bitcoin’s price recovered slightly. Here are some vital trends that happened in the crypto world this week. 

Bitcoin Bulls Anticipate Price Bounce After CPI Report 

Bitcoin price made a decent recovery following the US Consumer Price Index (CPI) data released on Thursday, but it appears the BTC Miners are not yet convinced. 

The latest CPI report released on October 12 showed that household month-on-month inflation cooled slightly from 0.6% to 0.4% in September. The news was well received as BTC price retested the $27,000 support within 24 hours after the US Bureau of Labor Statistics published the report. 

Data from the previous CPI report in September showed that BTC price delivered double digit gains before the end of the month. Having already bound 3% since the latest report, it remains to be seen whether the bulls can push for more gains before the end of October. 

XRP Short Traders Capitalized on a Binance Announcement to Claim Back-to-Back Profits

XRP intialy made a positive start to the the month, as the bulls attempted to break the $0.55 resistance on October 2. But incidentally, Binance announced the decision to deprecate its XRP/BUSD trading pair to be replaced by its newly-launched FDUSD stablecoin pairs.  

The announcement stated that all XRP traders would be swapped out of their existing positions by October 17.  Since then, the bears have seized control and inflicted back-to-back losses since the Binance made the delisting announcement on October 7. 

XRP LONG traders have booked more losses than SHORT traders through out this week according to data from Coinglass. The bears won big, forcing XRP price down to $0.48 while the bulls grabbed with $10 million worth of LONG trades liquidated.

Binance is set to delist the XRP/BUSD pair officially on Monday. Having entered oversold territory, XRP is likey to start attracting buying interest again. 

Binance CEO Announces Bitcoin Halving Countdown With Bullish Price Prediction

On Wednesday October 11, Binance added a “Bitcoin Halving Countdown” clock to its homepage. 

CEO Changpeng Zhao (CZ) used the announcement to highlight BTC’s historical pattern of reaching new all-time highs after each of the last 3 halving events in 2012, 2016 and 2020 respectively. 

“I can’t predict the future. This is my experience based on the past 3 halvings

1. The few months leading up to the bitcoin halving (from now), there will be more and more chatter, news, anxiety, expectations, hype, hope, etc
2. The day after the halving, the bitcoin price won’t double overnight. And people will be asking why it didn’t.
3. The year after the halving, bitcoin price hits multiple ATH (all time highs). And people ask why. People have short memories.””

CZ’s statements imply that, after the next halving in April 2024,  Bitcoin price could surpass its previous all-time high of $61,000. 

While many Bitcoin maxis share CZ’s bullish sentiment, recent on-chain events shows that Bitcoin miners are not convinced. This week the Miners sold-off over 2,200 BTC worth approximately $60 million from their cummulatives reserves. 

The way their historical trends have correlated to BTC price movement suggest that BTC could have another turbulent week ahead if the miners continue to sell.