The past few months have seen bitcoin reach highs including all-time high long-term holding rates and local highs in hash rate difficulty adjustment – yet bitcoin remains in bearish conditions as we head into Q4 2022.

Not all areas of the blockchain industry can boast of such signs of strength, such as venture capital (VC), which brought in $840k in October, down 48.6% from the previous month. Similarly, sales of GameFi non-perishable tokens were consistently declining, even as the number of active players increased by 10% in October compared to September.

And all the while, regulation continues to be a looming threat from entities like the US Securities and Exchange Commission, which is now looking into the possibility of Ether.

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1283 USD

It is insurance considering that 46.65% of Ethereum nodes are located in the US.

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Every month, Cointelegraph Research releases an Investor Insights report analyzing key indicators from various sectors of the blockchain industry, such as regulation, crypto mining, security tokens, Bitcoin and Ether derivatives, and VC activities.

Another positive Bitcoin signal
Bitcoin is trading above its 50-day moving average (MA), with the 100-day moving average acting as resistance while the moving average convergence/divergence (MACD) histogram is pointing to an uptrend. On-chain data and historically accurate metrics suggest a bottom may be near. Moreover, the MVRV-Z score has been in the green since late June, which indicates that Bitcoin is nearing a bottom.

Post-FOMC volatility was brief on November 2, with a trading range consolidating around the $20,000 level. Aside from the FOMC, the volatility could come on the heels of the US midterm elections and third-quarter earnings from cryptocurrency giants MicroStrategy, Coinbase, Block and Robinhood, all occurring in November.

Bitcoin’s fundamentals remain strong, and the asset that started it all for cryptocurrency is likely to help eventually keep the industry on its course through the rest of the bear market, although it may encounter some volatility along the way. But fortunately, 1 BTC is still equal to 1 BTC.

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Demelza Hayes, PhD, is the Director of Research at Cointelegraph. Hays has assembled a team of experts specializing in finance, economics and technology to bring the premier source of industry reporting and insightful analysis to the market. The team uses APIs from a variety of sources in order to provide accurate and useful information and analytics.

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Source: CoinTelegraph