Cryptocurrency Summary

Bitcoin is currently holding steady at around $102,000, with some fluctuations seen in other cryptocurrencies like Solana, XRP, and Dogecoin, which have experienced pullbacks as AI valuations come under scrutiny.

According to JPMorgan, Bitcoin's fair value is estimated to be $170,000 based on a model that compares it to gold, indicating that it may be undervalued relative to traditional assets. In the Ethereum space, analysts are observing bullish signals, suggesting that traders are optimistic amid market fears, as some experts believe Ethereum is displaying signs of a potential bear trap.

Meanwhile, a new crypto group has emerged, aiming to establish unified standards for blockchain transactions, which could enhance interoperability across various platforms. Despite the overall market decline, reports indicate that Web3 gaming and decentralized finance continue to drive significant activity in the crypto sector throughout October.

Additionally, Coinbase executives have stated that U.S. crypto bills could act as 'oil' for the on-chain economy, highlighting the importance of regulatory clarity in fueling growth. However, concerns are rising as Bitcoin bulls appear to be retreating, influenced by deepening outflows from spot Bitcoin exchange-traded funds and growing macroeconomic fears.

Notably, a significant movement of $100 billion in old Bitcoin has sparked debates among long-term holders and traders. As regulatory discussions continue, the Thai Digital Asset Association has urged the next government to maintain consistent support for the digital asset industry, warning that the country may fall behind in the regional digital asset race.

In a broader context, the cryptocurrency landscape remains dynamic, with ongoing developments in regulations, market valuations, and technological innovations shaping the future of digital assets.