Daily Cryptocurrency Market Update for 10.20

1. Analysis: ETH may continue its rebound momentum and reach 4500 USD before the end of October.

According to Cointelegraph, some market indicators suggest that Ethereum may continue its rebound momentum and reach $4,500 before the end of October. Currently, ETH appears to be forming a "bullish flag" pattern, which typically indicates a continuation of the upward trend after a brief consolidation. Additionally, the recent ETH price has generally remained above the "weekly average bullish support zone," suggesting a potential breakout above the channel's upper limit, which is in the $4,450-$4,500 range. If a breakout occurs, it could reach $5,200 in November. However, if ETH falls below the "lower boundary" price range of the "bullish flag pattern" at $3,550, it may face further retracement.

2. Viewpoint: BTC could have served as a competitor to gold, but the recent significant pullback is due to its speculative nature still being too strong.

Shaw Xiang, a macro analyst at Minsheng Securities, stated that Bitcoin could have been an important competitor to gold in the fiat currency era, but its excessive speculation has led to a significant recent pullback. Bloomberg investment columnist John Authers pointed out that there has been a clear difference in the performance of gold and Bitcoin during the last two periods of market tension (one in April and the other in the last few days), during which gold prices remained stable or even increased while Bitcoin plummeted, indicating that during risk events, the market still categorizes Bitcoin as a "risk asset," while gold is viewed as a "safe-haven asset."

3. Jay Chou's friend went missing after investing over 100 million TWD in Bitcoin on his behalf, and he posted on social media looking for him.

Jay Chou's magician friend Cai Weize helped him hold over 100 million TWD in Bitcoin, but a year ago he claimed his account was locked for some reason, and to this day the money has not been returned and he has lost contact. Jay Chou has been making successive statements on social media.
6. The UK tax authorities issued 65,000 payment reminders to individuals suspected of cryptocurrency tax evasion, more than double that of last year.
7. The UK plans to establish stablecoin regulations by the end of 2026, which may align with US regulations.
8. Huobi founder Li Lin plans to establish a $1 billion Ethereum asset management company

According to Zoomer citing Bloomberg, Huobi founder Li Lin plans to launch an Ethereum vault-type asset management company with a scale of about $1 billion, aiming to focus on ETH ecosystem investments and treasury management.

9. Binance: Last week, over 600 accounts were banned for violations, and users who successfully reported can earn up to 50% of the illegal account's profits as a reward.

Binance announced that over 600 accounts were banned last week for using unauthorized third-party tools, and encouraged the community to participate in supervision. The first user to successfully report a verified case through the platform will receive a portion of the recovered earnings from that account (up to 50%) as a reward.

10. Ansem: Currently, there is no bull market in sight, the only turning point is BTC returning to $112,000.

Crypto KOL Ansem tweeted, "From the sfp (Swing Failure Pattern, a concept in technical analysis to identify potential trend reversals or significant trading opportunities) on the weekly charts of XRP, SOL, and ETH, there is simply no optimism for the market. It reminds me of the sfp for LTC in 2021, and with BTC trading prices retreating below the 2024 ATH, I don't see a bullish scenario; what I see is the end of momentum and a price decline. A distribution that has lasted 10 months is about to end. There is no new narrative. MSTR peaks in November 2024. It has fallen below the 200 dma for the first time since 2023 and has become a resistance level. ETH and BTC have risen as they do at the end of every cycle. The only thing that could change my mind is if we return above $112,000."

11. Galaxy Research: The U.S. Treasury's Bitcoin strategic reserves have reached 3.5% of its gold reserves.

GalaxyResearch stated that since March, the U.S. government has authorized the Treasury to retain seized digital assets as part of a strategic Bitcoin reserve. With the seizure of PrinceGroup, this reserve grew by 64% overnight, reaching approximately 3.5% of the U.S. gold reserve (in dollar terms).

A mysterious giant whale that invested 120 million USD in long positions for BTC and ETH has increased its holdings to 250 million USD.

According to on-chain analyst Ai Yi's monitoring, a mysterious giant whale that invested $220 million in BTC and ETH has increased its position to $250 million, with the new investment mainly in BTC, while the ETH position remains unchanged. With ongoing efforts, the overall unrealized loss has also been reduced to $3.12 million.

BTC15x Long Position: Holding 1,610.93 BTC (170 million USD), Opening Price 108,043.9 USD;

ETH3x Long Position: Holding 19,894.21 coins (77.42 million USD), Opening Price 4,037.43 USD.