On October 1, the U.S. Senate passed a short-term spending bill to avoid a government shutdown, and Biden has signed the short-term spending bill, causing the U.S. government to shut down. The United States later voted to remove U.S. Speaker McCarthy, who became the first interim speaker of the Elephant to be removed in U.S. history. Patrick McCherry, chairman of the Elephant Financial Services Committee, was proposed as the interim speaker of the Elephant.

According to Messari statistics, cryptocurrency companies completed a total of 297 financing transactions in the third quarter of 2023, with a minimum participating capital of approximately US$2.1 billion, the lowest level since the fourth quarter of 2020.

The founder of Bitmex, Xiao Hei, made another prediction. Perhaps because of the assumption in 2024, he did not mention the previous prediction of Bitcoin at $100,000 in 2024, but predicted that the price of Bitcoin will reach $750,000 to $1 million by 2026. He also said that this will be the largest financial market boom we have ever seen in human history.

Market Analysis

BTC:  Bitcoin has been consolidating for 5 weeks since August 14th, and closed with a thin positive line last week. Although the volume increased at the bottom, the overall macroeconomic situation still has some background. This week's small positive line at the weekly level can also play a certain boosting role. Although the daily level has ended the expectation of a decline, the rise is not obvious. At present, we are still worried about hourly shocks and adjustments. Level 4 is approaching. Last night, the U.S. stock market fell first and then rose. The short-term downward trend has ended. If it can currently stand at around 28,000, it is likely to continue to adjust upward in the later period. There are less than 3 months left until the end of the year. Students who don’t have low-priced chips need to hurry up, otherwise the rebound at the end of the year will come, and you will become the receiver again~

ETH: ETH's performance during the holiday was weaker than that of Bitcoin, and it basically showed a state of less following the rise and more following the fall. I personally think that the market trend during the holiday is mostly caused by the external environment, and ETH's fundamentals are not optimistic due to the decline in on-chain activity. Even JPMorgan Chase issued a report saying that ETH is obviously centralized after switching to POS. It seems that external institutions do not recognize the cognitive mechanism of POS. In addition, Vitalik has been selling ETH recently. Although the amount is not particularly large, it still has a huge punitive effect on market confidence. The time for the Cancun upgrade has not been determined. In the short term, there is no event that can boost ETH. However, I still believe that ETH can be the main driving force of the currency market in the bull market. In addition, the pledge rate of ETH has been rising, so the long-term support value is still very stable.

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