Important weekly close behind us
What if the market falters, but the fundamentals remain strong? While one warning light after another turned red, signs of change simultaneously began to take shape ā in price charts, in Washington, and on the world stage. This edition of Bitvavo's Market News is packed with clues that there's more going on than meets the eye.
Market update
In the crypto market, the trading week ends at the boundary between Sunday and Monday in the UTC time zone. This is when the candle on the weekly chart is finalized, and the values āāof the weekly chart indicators are calculated. Some investors, analysts, and algorithms use this as a signal, since the low frequency of once a week filters out a lot of noise.
This weekās close was a tense moment. Over the course of last week, the price dropped below $100,000. That's below the dominant average, which has historically served as a key dividing line between bull and bear markets. A weekly close below this level would suggest we've reached the top of the four-year cycle.
But the week closed above this level. This is a cautious sign suggesting that we're not at the beginning of a bear market, but have established a bottom on the weekly chart, comparable to April this year and September last year. If that pattern holds, we can expect a period of upward movement lasting several months.
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Bitcoin never shuts down
Last week brought some striking remarks from Washington. First from President Donald Trump, whoĀ declared in Miami that he wants to make America āthe bitcoin superpower.ā And shortly after that, his Treasury Secretary, Scott BessentĀ wrote: āBitcoin never shuts down.ā
Two sentences, two worlds.
Trump spoke in grand terms about "ending the war on crypto." According to him, Bitcoin strengthens the dollar. This sounded ambitious but remained vague ā no plans, no figures, just political bravado. Still, it fits his broader agenda. Under Trump, aĀ U.S. Strategic Bitcoin Reserve was established this year, to be filled with confiscated coins. And with theĀ GENIUS Act, America finally introduced a legal framework for stablecoins. His team has also opposed a digital dollar. Crypto as an ally, not a threat; that's the new line.
Scott Bessent struck a different tone. On October 31st, not coincidentally the anniversary of the Bitcoin white paper, he posted a short message on X:
āSeventeen years later, the Bitcoin network is still running, more resilient than ever. Bitcoin never shuts down.ā
Those words came during the longestĀ government shutdown in U.S. history. Many government services have come to a standstill, civil servants have been sent home en masse, and politics is at a standstill. While Washington is closed, Bitcoin continues to operate.
Bessent's tweet was a jab at Congress, but also an acknowledgment of something that transcends party lines. Bitcoin has no cutoff time, no party line, no bureaucracy. The network continues to function, whether the government is open or not.
This also applies to Polymarket, a blockchain platform where people can bet on all kinds of events. One of its most active markets: āWhen will the government shutdown end?ā According toĀ market predictions, the shutdown will be over before November 15. This is a likely outcome as there are now concrete signs ofĀ a deal emerging in Washington.
Two power players, one week, two ways of talking about Bitcoin. Trump sees a flag; a new star in the American firmament. Bessent sees a mirror; a system that keeps working when everything else grinds to a halt. And while Washington slowly gets back to work, Bitcoin will do what it always does.
It keeps on running.
Other news
Privacy coins appear to be making a comeback.Ā While much of the crypto market was bleeding, coins like Monero, Zcash and Dash were in the green. According to analysts, thisĀ isn't a hype, but a revaluation: privacy is shifting from an ideal to a market norm. Stricter rules are making anonymity scarce, on-chain activity is rising, and privacy networks are developing into full-fledged application platforms. All the ingredients for a new narrative, one that traders are starting to pay attention to again.
Google Finance integrates forecasts from Polymarket and Kalshi.Ā Soon users will be able to use Google toĀ see real-time data from these leading prediction markets. This will give the young sector sudden global visibility. That's a breakthrough that brings both institutional recognition for this crypto application and exposure to everyday users.
Tether's new blockchains are off to a slow start.Ā Stable, a project linked to Bitfinex and Tether,Ā had toĀ suspend its second funding round. The website crashed, transactions failed, and users were left frustrated. Its sister project,Ā Plasma, introduced as a second-layer network for Bitcoin, is also struggling to attract users. Tether aims not only to fuel the crypto market, but also to own the infrastructure itself. However, building it is proving more difficult than printing it.
Seven Ethereum teams join forces in Brussels and Washington.Ā Aave, Aragon, Curve, Lido, Spark, The Graph and Uniswap have jointly launched theĀ Ethereum Protocol Advocacy Alliance. The goal: to haveĀ a stronger voice in the political debate on crypto legislation. Developers argue that they (and not only exchanges or lobbying groups) deserve a voice as governments worldwide draft new crypto regulations.
Satoshi Radio: Last week, the bitcoin price fell below the $100,000 mark for the first time in six months. That demands an explanation, which you will get inĀ this episode of Satoshi Radio. In addition, the most important news is discussed, including the shutdown of the US government, an update on the digital euro and the first bitcoin company that had to sell part of its reserve.
This article is for informational purposes only and does not constitute a marketing communication or recommendation. None of the content herein should be considered as investment advice or a substitute for it. Bitvavo makes no guarantees regarding the accuracy or completeness of the provided information. Investments involve risks. There is a possibility of losing your entire invested capital.