BullionFX Market Report – October 28, 2023

In the ever-evolving world of cryptocurrency, the market is currently witnessing a stark contrast between the performance of Bitcoin and other major cryptocurrencies. Bitcoin has recently experienced a significant surge, crossing the USD$35,000 mark, fuelled by market speculators anticipating the approval of a spot Bitcoin ETF in the U.S. This surge has solidified Bitcoin’s dominance in the crypto market, with its share, reaching levels not seen since April 2021. Meanwhile, Ethereum (ETH), Solana (SOL), and Cardano (ADA) are each navigating their distinct paths, reflecting the diverse challenges and opportunities within the crypto ecosystem. Amidst these major players, ScapesMania is carving out its niche, bringing a fresh perspective and potential to the table with its innovative approach and robust presale performance.

The U.S. economy surged at the fastest growth pace in nearly two years in the third quarter, again defying dire warnings of a recession. U.S. Treasury Secretary Janet Yellen said U.S. third-quarter economic growth of nearly 5% was a good sign that the economy was headed for a soft landing but could help keep longer-dated bond yields elevated. The European Central Bank left interest rates unchanged, as expected on Thursday, snapping a 15-month streak of rate hikes, echoing the recent actions of the Federal Reserve and the Bank of England. China’s gold imports via Hong Kong fell 11% in September from the previous month, the Hong Kong Census and Statistics Department data showed on Thursday.

Gold Market

Gold price finally broke the USD$2000 troy ounce barrier on Friday amidst increasing geopolitical risks, as the conflict between Israel and Hamas is at the brisk of spreading towards more countries in the region. At the time of writing, XAU/USD is trading above USD$2000 after the yellow metal bounced from daily lows of USD$1972.12 Most Australian gold stocks have enjoyed a big lift over the past four trading weeks amid a sizeable uptick in the gold price. On 27 September, the yellow metal was trading for USUSD$1,900 per ounce. Today, that same ounce is worth above USUSD$2,000, up 5.5% in a month. Gold pricing is still being supported by the geopolitical crisis and war in Israel. The ongoing conflict continues to drive investment dollars into safe-haven assets—possibly one explanation for both gold and the dollar moving higher today. Unprecedented levels of gold demand have been observed in 2023.

Crypto Markets

Bitcoin has risen over 110% in 2023 at the time of writing, where the price of the asset started the year off at USD$16,677 on January 1st and has now pumped to above USD$35,000 only 10 months later. With more room to run this year as hype builds in the market around the potential approval of a spot Bitcoin ETF by the SEC and the upcoming halving event, many are now questioning if this is the end of this cycle’s eventful bear market. The next Bitcoin halving is expected to take place in roughly 180 days in late April 2024. The event will see the Bitcoin block reward drop from 6.25 BTC per block to only 3.125 BTC. This will be the fourth halving in Bitcoin’s history, with the first happening in November 2012, the second happening in July 2016, and the third happening in May 2020. Historically, a year leading up to and after the halving, the price of BTC goes up substantially.

Ethereum Makes Breakout Attempt Above 190-Day Resistance. The high is a culmination of a nearly 20% increase during the past seven days. In the weekly timeframe, the main resistance area is at USD$1,950. If ETH breaks out above it, it can increase by 90% to the next resistance at USD$3,400. The total market cap of all digital currencies has climbed to an impressive USD$1.27 trillion, reflecting a 1.33% increase over the last 24 hours. The Crypto Fear and Greed Index has reached levels reminiscent of November 2021, when Bitcoin hit its record peak of over USD$69,000. At present, the index is at 71, suggesting a dominant sense of greed within the crypto market participants.

Crypto Project News

Ethereum (ETH) has recently achieved a significant milestone, with the number of unique addresses on its network surpassing the 100 million mark. This growth is indicative of the platform’s widespread adoption and its position as a leading smart contract platform. However, despite this achievement, Ethereum (ETH) is currently facing challenges in terms of its price performance.

The world’s largest crypto exchange platform by volume is launching futures trading for one Ethereum (ETH)-based altcoin that’s jumped over 50% in a week. In a new announcement, crypto exchange Binance says that it will be launching futures contracts with up to 50x leverage for Powerledger (POWR), a decentralised energy market built on top of ETH that democratises energy tokens.

Crypto payments infrastructure firm MoonPay announced that it partnered with Mastercard to drive innovation and strengthen consumer connections. According to the press release, the two companies will explore how Web3 tools can enhance experiential marketing—including across Mastercard’s sponsorship portfolio—to connect with consumers in new ways. MoonPay will also work closely to embed Mastercard products and solutions to drive trust, compliance, and efficiency across the industry. Otherlife, a subsidiary of MoonPay that provides Web3 creative agency services, development, strategy, and experiential services, will play a key role in the partnership, it added.


The U.S. Securities and Exchange Commission (SEC) is currently reviewing eight to ten applications for potential Bitcoin exchange-traded products (ETFs), according to comments made today by Chairman Gary Gensler. Gensler’s statement came in tandem with a surge in BTC price that many attributed to speculation that the SEC was on the verge of approving a spot Bitcoin exchange-traded fund (ETF). However, although Gensler said that eight to ten applications were reviewed, it is known that the total number of Bitcoin Spot ETF applications is actually eleven. When Grayscale’s GBTC product is added to this, the number increases to twelve.

American blockchain analytics firm Chainalysis has just released its annual report about the state of crypto. The report titled “The 2023 Geography of Cryptocurrency Report – Everything you need to know about regional trends in crypto adoption” looks at trends in regional markets as well as where adoption is most prevalent. The top five countries with the highest adoption of crypto are India, Nigeria, Vietnam, the United States and Ukraine. China ranks in spot 11, the United Kingdom at 14, Japan at 18, and Australia at 41, well above New Zealand, which ranks 90 out of 155. The CSAO (Central & Southern Asia and Oceania) region makes up less than 20% of global crypto value.

Police in Australia have arrested seven individuals linked to a Chinese syndicate-controlled remittance company accused of laundering AUD$228 million (USD$144 million) in illicit fiat and cryptocurrency. The operation, dubbed Avarus-Nightwolf, saw more than 300 police o cials carry out 20 search warrants across mainland Australia and seize over AUD$50 million (USD$32 million) in property, luxury vehicles, and high-end goods. The multi-billion-dollar Changjiang Currency Exchange is said to have been secretly operated by the Long River syndicate. According to the Australian Federal Police (AFP), money laundered by the Changjiang Currency Exchange “was linked to the exploitation of an investment application called MetaTrader” and other platforms dealing in foreign exchange and cryptocurrencies. It’s said the firm moved over AUUSD$10 billion (USD$6.3 billion) in the past three financial years. And while most of the funds it dealt with are thought to be legal, the AFP claims that at least AUD$ 228 million comes from scams, tra cking of illegal goods, and violent crimes.


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