Dow achieves largest monthly gain since 1976, ETH back above 1600, BNB hits new high against Bitcoin

The Dow Jones Industrial Average (DJI) experienced a strong rebound in October, marking its strongest month since 1976 with a 14.4% increase. If the Dow Jones Industrial Average maintains its upward trend by the end of October 31st (Taiwan time), it will set a record. Cryptocurrencies, which are highly correlated with the US stock market, also saw significant gains this month, showing an overall upward trend.

ETH/BNB/DOGE/MATIC Best Performing

Among the top ten cryptocurrencies by market capitalization, ETH/BNB/DOGE/MATIC showed the best performance in October, with double-digit gains. This was accompanied by news of Tesla CEO Elon Musk acquiring Twitter, with DOGE even seeing a 100% increase. Bitcoin volatility has decreased, with BTC's 20-day rolling volatility dropping below the Nasdaq and S&P 500 indices for the first time since 2020.

BNB Hits All-Time High Against BTC

BNB continued to hit new all-time highs against Bitcoin on October 31. Recent news related to BNB includes the testing of the Kazakhstan CBDC digital tenge on the BNB Chain, Binance becoming a shareholder of Twitter, and the Binance exchange building a DeFi key hub: Oracle. With Musk driving the logic behind Dogecoin, news of Binance also acquiring a stake in Twitter may have a significant impact.

ETH Rebounds from September Low

After the Ethereum merge in September, the price of ETH against Bitcoin continued to decline, but by the end of October, it began to recover steadily, almost returning to pre-merge levels.

Market Focus on Federal Reserve Dynamics

The Federal Reserve will announce its interest rate decision on November 2. Goldman Sachs analysts believe that this week will see a 75 basis point increase, followed by a 50 basis point increase in December, and 25 basis point increases in February and March. The ultimate target is 5%, with the current rate at 3.00-3.25%.