Daily Crypto Roundup | GoAI Insights

Today’s Market Update

The recovery in Bitcoin and other cryptocurrencies picked up pace early Monday, following a week of big losses for digital assets.

Bitcoin was up 2.9% over the past 24 hours to $111,090, according to CoinDesk data. The price of the world's largest crypto dropped as low as $106,207 overnight before rebounding. It still trades about 12% below its all-time high hit earlier this month.

Smaller cryptocurrencies gained too, with Ether rising 3%, XRP 3.7%, and Solana 2.2%.

Shares of cryptocurrencies exchanges Coinbase Global and Robinhood Markets also rose between 3% and 4% in Monday, mirroring the price in crypto prices, even as a major outage at Amazon Web Services appeared to affect its operations. Barron's has reached out to Amazon for comment.

Crypto Dynamics Roundup

Analysis: ETH May Extend Rally to $4,500 by Late October

According to Cointelegraph, some market indicators suggest Ethereum could continue its rebound and reach $4,500 by the end of October. Currently, ETH appears to be forming a “bullish flag” pattern, which typically signals a brief consolidation before resuming the uptrend.

Additionally, ETH’s price has largely held above the “Weekly Bull Market Support Band” since the recent rally, implying a potential breakout above the channel ceiling, targeting the $4,450-$4,500 range. If it breaks out, November could see $5,200 or higher. However, if ETH breaks below the $3,550 lower boundary of the bullish flag, it may face further pullback.

UK Tax Agency Sends 65,000 Crypto Tax Demand Letters, Double Last Year

The Block, citing the Financial Times, reports the UK tax authority has sent 65,000 “demand letters” to individuals suspected of owing crypto taxes, a 134% increase from last year.

UK Plans Stablecoin Rules by End-2026, May Align with U.S. Framework

Bloomberg sources say the UK plans to finalize stablecoin rules by end-2026 and will launch a consultation on stablecoin regulation on November 10. The Bank of England believes its framework will sync with U.S. rules, amid tensions with the government.

Ansem: No Bull Market in Sight, Only Turnaround Is BTC Back Above $112,000

Crypto KOL Ansem tweeted: “Looking at the weekly charts of XRP, SOL, and ETH with swing failure patterns (SFP), there’s no way to be bullish. It reminds me of LTC’s SFP in 2021, plus BTC trading below 2024’s ATH—there’s no bull market, just momentum ending and prices sliding.

A 10-month distribution is wrapping up. No new narrative. MSTR peaked in November 2024. It’s below 200DMA for the first time since 2023 and now resistance. ETH and BTC have risen like every cycle’s end. The only way to change my mind is getting back above $112,000.”

Galaxy Research: US Treasury Bitcoin Strategic Reserve Reaches 3.5% of Gold Reserves

Galaxy Research noted that since March, the U.S. government has authorized the Treasury to retain seized digital assets as part of its strategic Bitcoin reserve. With Prince Group’s seizure, the reserve grew 64% overnight, reaching ~3.5% of U.S. gold reserves (in dollar terms).