Welcome to the daily crypto news :
* ### The Fed Just Printed More Money Than Bitcoin’s Entire Market Cap;
* ### From Banking Giants to Tech Darlings, China Reveals Over 500 Enterprise Blockchain Projects;
* ### Crypto Capital Exec Indicted on Three Criminal Counts in NY Court;
* ### Bitcoin Leads Momentum as Top Cryptos Trade Below Key Price Average;
* ### Top-5 Cryptos This Week: Bitcoin (BTC), NEO, BSV, BCH, LINK;
# [The Fed Just Printed More Money Than Bitcoin’s Entire Market Cap](https://cointelegraph.com/news/the-fed-just-printed-more-money-than-bitcoins-entire-market-cap)
> Bitcoin (BTC) proponents are voicing fresh alarm after the United States Federal Reserve printed more than its entire market cap in new money this month.
> ## Fed balance sheet approaches $4T
> As noted by cryptocurrency social media pundit Dennis Parker on Oct. 21, since mid-September, the Fed has injected $210 billion into the economy.
> Part of its newly-revitalized quantitative easing (QE) strategy, the move dwarfs the total market cap of Bitcoin, which stands at $148 billion.
> QE refers to the buying up of government bonds in order to provide economic stimulus. The Fed’s balance sheet, Parker notes, jumped from $3.77 trillion last month to $3.97 trillion. It had previously been higher, while the Fed’s own projections call for a balance sheet worth $4.7 trillion by 2025.
> #### [Read more.......](https://cointelegraph.com/news/the-fed-just-printed-more-money-than-bitcoins-entire-market-cap)
# [From Banking Giants to Tech Darlings, China Reveals Over 500 Enterprise Blockchain Projects](https://www.coindesk.com/from-banking-giants-to-tech-darlings-china-reveals-over-500-enterprise-blockchain-projects)
> * More than 500 blockchain projects have been registered with the Chinese government since March.
> * The filings reveal some of the largest Chinese banks and tech companies working with the technology.
> * Several government offices, including courts and tax bureaus, are testing blockchain platforms to execute administrative tasks, the filings show.
> * Chinese president Xi Jinping announced his support for blockchain technology, while Congress passed a cryptography law one day after Xi’s comment.
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> As President Xi Jinping called on his countrymen to seize opportunities in distributed ledger technology, China’s industry heavyweights were already leading hundreds of enterprise blockchain projects.
> In total, the identities of 506 such projects have been published by the Cyberspace Administration of China, which, since January, has required every entity developing blockchain technologies to register their projects for further supervision.
> The information released so far is from two lists – 197 projects named in March and 309 in October – and offers a trove of insight into hundreds of enterprise blockchain projects under development in China.
> More lists could be published, but these large tranches already include some of the largest Chinese state-owned banks and commercial tech conglomerates, as well as the many government and public sector projects that define China’s economy today.
> Many other potentially important developments were partially disguised by listing the projects under the names of related subsidiaries. In addition, there are many known blockchain projects absent from the two lists, but could likely be published in another installment.
> In total, CoinDesk is able to reveal thumbnail sketches of several enterprise blockchain projects that could change the landscape of the Chinese technology industry.
> #### [Read more.......](https://www.coindesk.com/from-banking-giants-to-tech-darlings-china-reveals-over-500-enterprise-blockchain-projects)
# [Crypto Capital Exec Indicted on Three Criminal Counts in NY Court](https://cointelegraph.com/news/crypto-capital-exec-indicted-on-three-criminal-counts-in-ny-court)
> The United States Attorney for the Southern District of New York has indicted Crypto Capital executive Oz Yosef on three criminal counts.
> An Oct. 23 court filing obtained by Cointelegraph confirmed that Oz Yosef has been indicted by U.S. authorities on conspiracy to commit bank fraud, bank fraud and conspiracy to operate an unlicensed money transmitting business.
> ## Crypto Capital allegedly mislead Bitfinex
> The filing would appear to confirm allegations from cryptocurrency exchange Bitfinex, which in a recent statement tried to establish itself as a victim of fraud regarding Crypto Capital — its former payments processor.
> On April 25, the New York Attorney General’s office alleged that Bitfinex lost $850 million and subsequently used funds from Tether— its affiliated stablecoin operator — to cover the shortfall. Bitfinex claimed that Crypto Capital spread the firm’s funds across multiple bank accounts in several countries, making it difficult to access.
> Bitfinex explained that the Panama-based payments processor processed funds for and on behalf of Bitfinex for years and that Bitfinex was relying upon its representations, including those by executive Oz Yosef, which eventually turned out to be misleading. The exchange claimed:
> > “Among those misrepresentations, Crypto Capital regularly referred to its integrity, banking expertise, robust compliance programme and financial licences. This was designed to assure us that Crypto Capital was capable of handling Bitfinex's transactions.”
> #### [Read more.......](https://cointelegraph.com/news/crypto-capital-exec-indicted-on-three-criminal-counts-in-ny-court)
# [Bitcoin Leads Momentum as Top Cryptos Trade Below Key Price Average](https://www.coindesk.com/bitcoin-leads-momentum-as-top-cryptos-trade-below-key-moving-average)
> Bitcoin (BTC) and Bitcoin SV (BSV) are the only cryptocurrencies within the top 10 by market capitalization to have jumped back above their long-term moving averages.
> The 200-day moving average (MA) is often regarded as a marker for bullish long-term health when prices are above and bearish long-term market health when prices reside below.
> Bitcoin’s (BTC) 30 percent jump to 5-week highs from $7,393 to $10,350 over a 2-day period pulled prices back above the long-term moving average, marking a change in both momentum and sentiment for the world’s premiere crypto.
> Bitcoin SV (BSV) already led the charge a day earlier, closing above the 200-day MA on Oct. 25.
> Still, those moves are yet to be reflected in the remaining top 10 cryptos as the bulls struggle for supremacy from the consistent 4-month downward slide that began towards the end of June, 2019.
> ## BTC and BSV – Daily chart
> As seen above, BTC and BSV both managed to rise above the 200-day MA with conviction, leading to expectations for further appreciation in price as it heads toward the monthly close for October.
> Still, significant leg work for the remaining eight cryptos out of the top 10 is required to convince traders of a major change in trend for altcoins, which could encourage further investment in projects such as Ether and XRP as optimism begins to build off China’s positive pivot towards crypto.
> #### [Read more.......](https://www.coindesk.com/bitcoin-leads-momentum-as-top-cryptos-trade-below-key-moving-average)
# [Top-5 Cryptos This Week: Bitcoin (BTC), NEO, BSV, BCH, LINK](https://cointelegraph.com/news/top-5-cryptos-this-week-bitcoin-btc-neo-bsv-bch-link)
> Though fundamentals play a large part in determining the price of an asset, short-term movements of the markets are driven by sentiment. This was clearly visible during the week.
> A few events soured sentiment early in the week, which dragged the total market capitalization of the crypto space down to $202 billion. When the markets are in a corrective phase, traders can become bearish even on events that do not have a material impact on the short-term.
> After the initial knee-jerk reaction, the markets digested the news and realized that it was not materially negative. This resulted in a pullback, which forced the aggressive bears who had gone short to cover their positions in a hurry. This propelled the total market cap to just over $262 billion on Oct. 26, a rise of about 30% within three days.
> 
> The events of the week are important as they show that the sentiment has changed from sell on rallies to buy the dips. Unlike the bear market of 2018, the bulls are not panicking at lower levels but are using dips to accumulate. If the cryptocurrencies hold their recent gains after a shallow pullback, a strong year-rally is likely. Let’s see, if any of the top performers are showing signs of a new uptrend.
> ## NEO/USD
> NEO had a massive run in the past seven days and it turned out to be the best performer among major cryptocurrencies. After this rise, will it succumb to profit-booking and turn down or can it start a new up move? Let’s analyze its chart.
> The NEO/USD pair has been range-bound between $20.96333 and $5.58 for about a year. For the past three weeks, the price had formed a very tight range, which showed that the bulls and the bears were in a state of equilibrium.
> The tight range resolved to the upside with a strong surge. This means that the bulls had been accumulating near the lows. The altcoin is trading near its weekly highs, which shows that the bulls are in no hurry to encash their profits as they expect the rally to continue.
> The next level to watch on the upside is $14 and above it $20.96333. The traders can wait for a dip during the week and buy closer to $8.5 with a stop loss of $5.50.
> ## BSV/USD
> Bitcoin SV (BSV) was the second-best performer of the past seven days. It closely followed the leader with a rally of about 55%. After this massive rally, is this a good time to buy or should traders wait for it to correct to enter fresh positions?
> The BSV/USD pair rallied sharply after breaking out of the overhead resistance at $107. The momentum was strong enough for it to break out of the second resistance at $138.950 and reach a high of $154.99 during the week.
> After the sharp rally, the short-term traders might book profits that could result in a pullback to $126.189, which is 38.2% Fibonacci retracement level of the most recent rally. Below this level, the next support is at the 50% retracement level of $117.293. We anticipate the pair to turnaround from one of the above-mentioned levels. Instead of chasing the price higher, we suggest traders wait for a dip to buy as that will offer a good risk to reward ratio.
> Contrary to our assumption, if the momentum continues, the pair can move up to $188.69. This level might act as a resistance, but if this is also crossed, a retest of the highs will be on the cards.
> ## BCH/USD
> Bitcoin Cash (BCH) shrugged the news of an unknown miner controlling more than 50% of the hash rate for 24 hours and turned out as the third-best performer of the past seven days. This shows that the sentiment has turned bullish but can the altcoin continue higher? Let’s study the chart.
> The failure of the bears to break below the $203.36 support and extend the decline, even after breaking down of a head and shoulders pattern is a positive sign. The BCH/USD pair had been trading in a tight range for the past three weeks. Once the bulls broke above this range, the pair picked up momentum and rallied to the neckline of the head and shoulders pattern. This level might act as a resistance for some time.
> A dip from the neckline is likely to find support at $241.85. If the pair bounces off this support, the bulls will make another attempt to scale above the neckline. If successful, a move to $360 is possible. The pair will pick up momentum on a close above $360.
> Our bullish view will be invalidated if the price slips below $241.85. That will indicate a lack of buyers at higher levels. A break below $203.36 will resume the downtrend.
> ## BTC/USD
> Bitcoin (BTC) had a roller-coaster ride in the past week. It dipped below the critical support of $7,702.87 on Oct. 23. Analysts anticipated that opposition to Facebook’s project indicated that the adoption of cryptocurrencies into the mainstream is likely to be delayed. Another negative news that might have worried some was Google’s quantum computer. However, this set of news could not keep the price down for long.
> The leading cryptocurrency reversed direction sharply on Oct. 24 and skyrocketed higher. Interestingly, as the prices soared, Bitcoin futures volume on Bakkt spiked, which shows that institutional traders will jump in if Bitcoin starts a sustained up move.
> Bakkt announced that option contracts for Bitcoin will start trading from Dec. 9. This will add one more product for the institutional traders. Does the recent rally confirm that a bottom is in place and should the traders buy now or wait for lower levels to enter?
> The BTC/USD pair has formed an outside day candlestick pattern on the weekly chart. If we see follow-through buying after a shallow pullback, this might act as a reversal pattern. On the downside, the pair took support close to $7,337.78, which is 61.80% Fibonacci retracement level of the recent rally. The rally hit a roadblock just above the downtrend line.
> The body of the candlestick pattern of the past week is small, with large wicks on either side. This shows that the market participants have rejected both lower and higher levels. Both the moving averages are flat and the RSI is just above the midpoint, which suggests a consolidation for a few weeks.
> This range-bound action should be viewed as a buying opportunity and the traders can initiate long positions on dips, with a stop loss of $7,200. If the bulls scale and sustain above the downtrend line, a rally to $13,973.50 will be on the cards.
> Our view will be invalidated if the price turns down from the current levels and breaks down of $7,297.21 but we give it a low probability of occurring.
> ## LINK/USD
> Decentralized Finance (DeFi) applications can connect to Binance data using Chainlink (LINK) oracles. Binance CEO Changpeng Zhao said that this can accelerate the growth of DeFi. Let’s see what does its technicals project.
> The LINK/USD pair broke above the overhead resistance of $2.8498 once again but the bulls have not been able to sustain above it. This shows that the bears are defending the resistance level. However, the bears have not been able to sink the pair back below the critical support of $2.0531. This is a positive sign as it shows buying on dips.
> The 20-week EMA is sloping up and the RSI is in the positive territory, which suggests that the bulls have the upper hand. The bulls are likely to make another attempt to scale above $2.8498 in the next few weeks. If successful, a rally to the lifetime highs of $4.5826 is possible.
> Contrary to our assumption, if the pair turns down from the current levels, it will remain range-bound between $2.8498 and $2.0531 for a few weeks. The trend will weaken if the bears break below the support at $2.0531.
> #### [Read more.......](https://cointelegraph.com/news/top-5-cryptos-this-week-bitcoin-btc-neo-bsv-bch-link)
