Macro Supports Bulls, BTC Eyes $69K

CoinDesk 20 Index: 2,119.85 +1.91%

Bitcoin (BTC): $68,334.71 -0.07%

Ether (ETH): $2,708.13 +2.27%

S&P 500: 5,864.67 +0.4%

Gold: $2,735.45 +0.51%

Nikkei 225: 38,954.60 -0.07%

Bitcoin (BTC), which rose above $69,000 at the beginning of the Asian morning hours, retreated slightly throughout the day and traded around $68,350. The jump in BTC was reflected in the rest of the crypto market, with SOL gaining nearly 5% to $166.50. The digital asset market, as measured by CoinDesk 20, is trading 1.9% higher over the past 24 hours. With two weeks left before the US elections, bets that Donald Trump might win are increasing on the prediction market Polymarket, and traders are looking forward to the election. Risk assets such as bitcoin are expected to receive support from macroeconomic factors in Japan and China, according to Singapore-based QCP Capital.

ApeCoin (APE), the ERC-20 cryptocurrency affiliated with the Bored Ape Yacht Club (BAYC) used for governance and transactions in the ApeCoin ecosystem, doubled in value over the weekend, surpassing $1.5 for the first time since April, according to CoinDesk data. The rally comes as the ApeCoin team, led by Yuga Labs, the company behind BAYC, launched its highly anticipated blockchain network ApeChain on Sunday. According to Markus Thielen, head of 10x Research, the decision to bring native staking yield to APE has greatly increased investor interest in the token. “ApeCoin introduced an automatic return mode that allows users to passively earn returns by staking APE tokens. This new feature maximizes returns over time by automatically reinvesting rewards,” said Thielen, explaining the catalysts for the price rally.

London-based pension company Legal & General is taking a step towards tokenization, which is becoming popular among traditional financial firms. The tokenization narrative accelerated after BlackRock, the world’s largest asset manager, burst onto the scene with its BUIDL fund on the Ethereum blockchain. “We are evaluating ways to offer Legal & General Investment Management Liquidity funds in a tokenized format,” said Ed Wicks, head of global trading at Legal & General Investment Management. “Digitalization of the funds industry is key to improving efficiency, reducing cost and offering a wide range of investment solutions to a wide range of investors. We look forward to continued advances in this area.”

Gold extended its four-day winning streak by reaching an all-time high of $2,736 per ounce. Mena Theodorou, co-founder of crypto exchange Coinstash, said, “People are turning to gold as investors prefer risk assets in a lower-yielding environment and there is a shift towards BTC.” “It might mean it could happen,” he said. Source: TradingView