December 23, 2024

What’s Happening in Crypto Today? Analysis of October 31

Key Takeaways
  • When Bitcoin reaches $70,000, the Fear and Greed Index reaches 77 (greed).
  • Visa Direct can now be used to make instant deposits and withdrawals on Coinbase.
  • Sui (SUI) rises above $2 following a decline below $1.7.

An overview of noteworthy cryptocurrency happenings is given in today’s update, including the price of Sui, important partnerships, and a spike in the Fear and Greed Index.

Index of Fear and Greed Rises to 77

The cryptocurrency Fear and Greed Index hit 77 on October 30, indicating “greed.” The indicator increased in tandem with the price of Bitcoin, which on October 29 surpassed $73,000.

This indicator can reveal information about possible market volatility and is a tool for monitoring investor emotion.

Visa and Coinbase Announce Partnership

On October 29, Visa declared that Coinbase would incorporate Visa Direct, allowing customers to make deposits and withdrawals instantly.

Institutional interest is shown in Visa’s involvement as Coinbase develops and grows its base blockchain.

Base is currently one of the fastest-growing DeFi chains, ranking fifth in Decentralized Finances (DeFi) by Total Value Locked (TVL) at $2.66 billion, up 20.93% in the last month, according to DeFiLlama.

The Price of Sui (SUI) Rises Above $2

On October 28, as tensions in the Middle East escalated, Sui fell to $1.64, making it one of the worst losers.

But after earlier instability, SUI showed tenacity by rising to $2.08 on October 30.

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