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Bitcoin (BTC) returned to local highs at the Oct. 25 Wall Street open as nervous analysts kept an eye on miners.

DXY provides instant relief for BTC

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising to offer a modest challenge to resistance, still unable to escape an established trading range.

United States equities likewise headed modestly higher, with the S&P 500 and Nasdaq Composite Index up 1% and 1.3%, respectively at the time of writing.

The U.S. dollar index (DXY) conversely lost ground on the day, falling to its lowest levels since Oct. 6 and providing potential tailwinds for risk assets to seal opportunistic gains.

For traders, the intraday status quo remained in place amid an ongoing lack of real volatility. Popular Twitter account Crypto Tony highlighted significant range levels, with $18,900 an important zone to hold.

Near Protocol’s in-house stablecoin, USN, recently became undercollateralized, forcing Near Foundation to recommend winding down USN to prevent a situation similar to the Terra (LUNA) and UST collapse. Supporting this move, the Near Foundation opened up a $40 million fund to protect investors and help them cash out of USN with equal amounts of wrapped Tether (USDT.e).

On Oct. 24, Near Foundation revealed setting up a $40 million fund, allowing eligible USN holders to redeem their USN tokens on a 1:1 basis with USDT.e. The program was launched after Decentral Bank (DCB), the issuer of NEAR-native stablecoin USN, raised concerns about the stablecoin depegging due to algorithmic failure.

The USN Protection Program aims to cover the collateral gap of $40 million, which the foundation confirmed was not linked to the NEAR token price. Taking proactive measures to protect investors from a possible collapse, Near stated:

“The NEAR Foundation is recommending that DCB wind down USN in an orderly manner. To assist with this process, the NEAR Foundation has provided a $40m USD grant to a subsidiary of Aurora Labs – one of the NEAR ecosystem’s most prominent contributors – to set up the USN Protection Programme.”

The grant was provided to an Aurora Labs subsidiary and was immediately made available for users to exchange their depegged stablecoin tokens. However, redemptions will begin only after DCB commences the winding down process.

Bitcoin (BTC) “will break out significantly” in the next month, with an upside target of $30,000.

That was the latest prediction from Michaël van de Poppe, founder and CEO of trading firm Eight.

Analyst on November price target: "My guess is probably $30K"

In a tweet on Oct. 25, Van de Poppe joined a growing number of analysts delivering bullish BTC price forecasts.

BTC/USD is currently marked by a distinct lack of volatility, but signs are flowing in that the sideways trend is due a major shake-up.

Bitcoin’s Bollinger Bands versus the Nasdaq are the tightest in history, popular analyst TechDev and others confirmed in recent days, this all but guaranteeing an explosive move to come.

Australia's financial regulator has issued a stark warning to Australian crypto asset providers amid launching civil proceedings against Australian firm BPS Financial Pty Ltd (BPS) over "misleading" representations concerning its Qoin crypto token. 

In an Oct. 25 announcement, the Australian Securities and Investments Commission (ASIC) said it has commenced civil penalty proceedings against BPS Financial for making “false, misleading or deceptive representations” to its 79,000 users about its crypto token Qoin.

It alleges the company engaged in “unlicensed conduct” relating to Qoin, a digital currency launched in Oct. 2019 which allows participating merchants to accept as payment for goods and services.

ASIC Deputy Chair Sarah Court said this case should serve as a warning to all crypto issuers that ASIC is monitoring the crypto market for misconduct.

"Where it falls within our remit, ASIC will take targeted action against unlicensed conduct and misleading promotion of crypto-asset financial products that could harm consumers - this is a key priority for ASIC."

Hong Kong and Singapore’s wealthy elite appear to be looking at digital assets with fervor, after a new report from KPMG suggesting over 90% of family offices and high-net-worth individuals (HNWI) are interested in investing in the digital assets space or have already done so. 

According to an Oct. 24 report from KPMG China and Aspen Digital titled “Investing in Digital Assets,” as much as 58% of family offices and HNWI of respondents in a recent survey are already investing in digital assets, and 34% “plan to do so.”

The survey took the pulse from 30 family offices and HNWIs in Hong Kong and Singapore with most respondents managing assets between $10 million to $500 million.

KPMG said the large crypto uptake among the ultra-wealthy has increased confidence in the sector, spurred by the increase in “mainstream institutional attention.”

It also noted institutions also have more accessibility to digital asset financial products, including regulated products.