The cryptocurrency market continues to be driven by significant events that are shaping its future.

In this blog post, we'll cover the real-time news that influenced the market on October 23, 2024, and provide insights on what's currently happening on October 24, 2024, along with a market prediction.

Key Market Movers

Several factors impacted the market on October 23, 2024, as investors grappled with regulatory changes and market volatility.

Bitcoin ETF Outflows

After a strong two-week bull run, Bitcoin experienced a significant $79 million outflow from its spot ETFs.

This marked a pause in its rally and resulted in flat trading patterns.

Investors showed signs of caution as they analyzed the effect of rising interest rates and upcoming global political events.

Kraken’s Monero Delisting

One of the major developments was Kraken's decision to delist Monero (XMR) in Europe due to regulatory pressure.

Privacy coins like Monero have faced increasing scrutiny, and this announcement caused Monero’s price to drop by 7.2%.

The move underscored growing regulatory challenges for privacy-focused cryptocurrencies​.

US Election Impact

The approaching U.S. elections have become a focal point for the crypto community.

Candidates' stances on cryptocurrency regulation, taxation, and blockchain adoption are seen as pivotal for the industry’s future.

Advocacy groups have poured millions into campaigns that support pro-crypto candidates, making the election a critical event for market participants.

Current Events Affecting the Market

Today's market dynamics are being shaped by continued regulatory developments and the ongoing maturation of the crypto space.

Ethereum’s Layer-2 Scaling Boom

Ethereum continues to expand its influence in the crypto market with the help of layer-2 solutions.

Daily active addresses and transactions have surged, driven by lower fees and greater adoption of Ethereum ETFs.

These improvements suggest a broadening of the Ethereum ecosystem as it recovers market share.

Spot Bitcoin ETF Trends

While Bitcoin remains in a consolidation phase, the recent ETF outflows indicate short-term caution among institutional investors.

Analysts predict a slow but steady market, with reduced volatility compared to previous years.

However, the outcome of the U.S. election and other regulatory announcements could drive the market in a different direction​.

Altcoins Rising: Polkadot and Solana

Both Polkadot and Solana have gained significant attention for their technical strengths.

Polkadot’s ability to seamlessly connect blockchains and Solana’s fast transaction speeds make them two of the most promising altcoins of the moment.

Both tokens are positioned to perform well in the next market cycle.

Market Prediction

Looking ahead, the crypto market is expected to remain sideways for the short term.

The recent outflows from Bitcoin ETFs, combined with the regulatory uncertainties surrounding privacy coins and the U.S. elections, have made investors more cautious.

However, altcoins like Ethereum, Solana, and Polkadot are showing signs of resilience, driven by strong technical fundamentals and increasing adoption.

While a sideways trend is likely to dominate in the next few days, the market could turn bullish depending on the results of political events, regulatory clarity, and any significant inflows back into ETFs.

Investors should keep an eye on these developments as they could rapidly shift the market’s trajectory.

Conclusion

The crypto market continues to evolve with daily events shaping its direction.

From regulatory pressures on privacy coins to the growing influence of Ethereum’s layer-2 scaling solutions, October has proven to be a dynamic month for the industry.

As we approach the U.S. elections, the market remains poised for potential volatility. Keep following the latest updates to stay ahead of these changes.