Bitcoin positive thanks to Wall Street, Ether rudderless and Loom crashes

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Last Updated on 6 November 2023 by CryptoTips.eu

The Bitcoin price is steadily climbing towards \$30,000 on increasingly positive news from Wall Street companies and their ETF applications, Ether doesn’t seem to be following suit ever since the Ethereum foundation sold a part of their holdings and the small cryptocurrency Loom has crashed in what appears to be a ‘pump and dump’ operation.

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Bitcoin positive, Ether rudderless

Bitcoin seems increasingly positive and this week reached the highest value in two months after Fidelity, a large financial company from Wall Street, was also prepared to adapt their Bitcoin ETF application to the needs of the American stock market watchdog SEC.

With that, the launch of a first really large Bitcoin fund accessible to classic Wall Street investors seems to be getting closer and closer. Two days ago we already saw positive signals for Grayscale’s ETF application.

It is striking to see that Ether does not really seem to follow suit. After the Ethereum Foundation announced last week that they had converted part of their Ether supply into stablecoins, the second largest cryptocurrency can no longer keep up the pace with Bitcoin.

Loom crash

If you could short crypto (technically very difficult to do, but it is possible) then you better read this site.

Last Sunday we reported that Loom, a small cryptocurrency, had suddenly risen more than 700% in recent weeks.

However, 50% of the purchases were made from Upbit, the South Korean crypto platform where ‘pump and dump’ operations are often started on smaller coins. Our warning was clear: pay close attention before you venture into this coin.

In the meantime, the price of Loom has indeed collapsed again and is now trading for some 13 cents again, while at its highest point it was selling for 50 cents.

A nice profit for all those who entered at the start of the rally (mid-September Loom was still trading for 5 cents), but all those who entered late are introduced to a classic ‘pump and dump’.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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