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💰 Analysts eye 'Uptober' rally if bitcoin stays above $60,000 amid stock market gains
QCP Capital analysts remain hopeful for a bullish "Uptober" rally, contingent on bitcoin holding above the $60,000 support level. "U.S. equities indices have rallied, with the S&P 500 notching a new high, although the same level of optimism has yet to be seen in crypto, but we remain hopeful of an 'Uptober' rally as long as the $60,000 key support level remains intact," QCP Capital analysts said.
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💰 Bitcoin dips toward $60,500 amid unexpected core inflation rise, overall YoY declines to 2.4%
Bitcoin remained above $60,500 after US inflation data released today showed higher-than-expected figures. The Core Inflation Rate year-over-year for September rose to 3.3%, surpassing the consensus estimate of 3.2%. Monthly core inflation increased by 0.3%, exceeding the forecasted 0.2%. Overall inflation rose by 0.2% month-over-month, with an annual rate of 2.4%, slightly above the expected 2.3% but still down from last month’s 2.5%.
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💰 Bitfinex deemed ‘sole victim’ eligible for recovery of $7.4 billion Bitcoin hack
A new US government filing suggests that Bitfinex may be the sole entity eligible for restitution in connection with the 2016 hack that resulted in the theft of approximately 120,000 BTC. Bitfinex’s LEO token jumped 14% to $6.85 following the release of the documents.
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💰 VanEck optimistic on Bitcoin’s momentum in Q4 but wary of Ethereum’s struggles
VanEck remains optimistic about Bitcoin’s outlook heading into the fourth quarter, citing strong macroeconomic support and institutional inflows while expressing concerns over Ethereum’s ongoing struggles with market share and declining fee generation. According to the firm’s September recap report, Bitcoin surged 7.7% over the month, buoyed by the Federal Reserve’s rate cut and China’s economic stimulus. It outpaced Ethereum, which managed only a 3.2% gain over the same period.
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💰 QCP Capital forecasts continued risk-on sentiment for bitcoin after strong September
Bitcoin and U.S. equities have both experienced one of their best Septembers in many years, with analysts outlining several factors that could maintain this risk-on sentiment moving forward. "As the third quarter concludes, both equities and bitcoin have outperformed their expectations, defying their usual September downturn," QCP Capital analysts said.
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💰 Bolivian crypto transactions soar after lifting Bitcoin ban
According to a report from the Central Bank of Bolivia (BCB), virtual asset transactions in Bolivia more than doubled in the last three months after the country lifted its ban on Bitcoin in June. Between July and September, the average monthly trade volume soared to $15.6 million, compared to $7.6 million in the first half of the year. This sharp rise brought the total transaction value for the quarter to $46.8 million, surpassing the previous six months.
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🇺🇸 SEC chair Gensler reaffirms #Bitcoin’s commodity status, criticizes industry’s disregard of rules
US Securities and Exchange Commission (SEC) Chair Gary Gensler reiterated that Bitcoin is not classified as a security, providing a critical clarification amid ongoing regulatory scrutiny of the cryptocurrency industry. Speaking in an interview on CNBC’s Squawk Box on Sept. 26, Gensler reinforced the SEC’s position that Bitcoin remains a commodity under US law.
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🪙 SEC postpones decision on BlackRock and Bitwise spot #Ethereum ETF options
The U.S. Securities and Exchange Commission delayed deciding on Nasdaq’s proposed rule change to approve the listing and trading options on BlackRock and Bitwise’s spot Ethereum (ETH) exchange-traded funds (ETFs). While the decision was initially scheduled for this Thursday, the SEC has now postponed making the ruling to Nov. 10, according to the SEC's Tuesday release.
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🪙 #Ethereum transaction fees surge even as active accounts fall to year-to-date lows
At the beginning of September, the average transaction fee on Ethereum had fallen below $1 USD for the first time since July, 2020, long before Ethereum's proof-of-stake Merge, blob upgrades, or even the launch of the Bored Ape Yacht Club NFT collection. However, in the past few weeks the seven-day moving average transaction fee on Ethereum has spiked. Its latest value, on September 2021, was $3.52, more than triple its value of $0.85 on Sep. 1, according to data from The Block.
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🚨 North Korea-linked hack costs crypto exchange BingX $52 million in crypto
Crypto exchange BingX confirmed that it experienced a “minor asset loss” after detecting suspicious outflows from one of its hot wallets. In a post on Sept. 20, BingX’s Chief Product Officer Vivien Lin stated that the exact amount stolen from the breach was still under evaluation and that the incident occurred around 4:00 A.M. Singapore time.
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💰 BlackRock calls Bitcoin a ‘unique diversifier’ in document sent to clients
Asset manager BlackRock sent a 9-page document to its clients on Sept. 18 that portrays Bitcoin (BTC) as a “unique diversifier” for portfolios. The document highlighted the characteristics that make Bitcoin distinct from traditional asset classes on any long-term basis and suggested a “modest allocation.”
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🔵 Circle is launching USDC on Sui, marking its 15th network integration
Circle, the issuer of the second-largest stablecoin, plans to launch a dollar-denominated token on the Layer 1 blockchain Sui as early as next week, according to Circle co-founder and CEO Jeremy Allaire on Tuesday. The move was accompanied by a series of announcements for the stablecoin giant, including an integration with MoviePass that will enable users to pay for subscriptions with crypto and news that USDC is live in Brazil and Mexico.
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🪙 ETH's underperformance tied to current crypto market structure: Coinbase
Apart from declining network activity and token inflation, ether's recent underperformance compared to its peers likely stems from broader market factors following the deleveraging event in early August, according to an analyst at Coinbase. "#Ethereum’s network activity and supply inflation are important factors to consider in its underperformance, but we also think the price action has been driven by the current market structure," Coinbase Global Head of Research David Duong said in a report.
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💰 Former Bitcoin developer points out missing detail undermining HBO's claim that Peter Todd is Satoshi
Following Tuesday night’s release of the HBO documentary "Money Electric: The Bitcoin Mystery," former Bitcoin Core developer Gregory Maxwell pointed out an overlooked detail undermining filmmaker Cullen Hoback’s case that Bitcoin’s pseudonymous creator is another early Bitcoin developer, Peter Todd. The nearly two-hour documentary, billed as a “globe-trotting investigation” out to “solve one of the internet’s greatest mysteries” interviewed a series of different people involved in Bitcoin and examined various clues before finally zeroing in on Todd — something the developer immediately denied.
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💰 BitGo’s WBTC Retains Over 65% Market Dominance Despite Criticism of Custody Model: Report
Wrapped Bitcoin (WBTC), a wrapped version of Bitcoin developed by BitGo, Kyber Network, and Ren, continues to dominate the tokenized BTC market despite criticism around the project, according to Binance Research’s latest monthly report. The wrapped token represents Bitcoin at 1:1 on other blockchains such as Ethereum and Solana. This allows users to access BTC on the decentralized finance landscape.
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💰 Standard Chartered advises buying Bitcoin below $60,000 despite geopolitical uncertainty
Standard Chartered believes Bitcoin’s (BTC) dip below the $60,000 level is “normal” and called the recent downturn a buying opportunity in an investor note shared with CryptoSlate on Oct. 3. According to the lender’s global head of digital assets research, Geoffrey Kendrick, Bitcoin is currently trading in an “interesting circularity” where geopolitical tensions are pushing the price down, while the increased odds of former US President Donald Trump winning the elections boost post-election prospects for Bitcoin.
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💰 Bitcoin’s historic ‘Uptober’ trend faces challenges amid high futures interest, cooling spot buys
Bitcoin’s (BTC) usual strong performance in October is threatened by high open interest in futures contracts and flattening buying activity by spot investors, according to the Sept. 30 edition of the “Bitfinex Alpha” report. The report highlighted that October has consistently delivered strong results for Bitcoin, with an average return of 22.9% and a median return of 27.7% since 2013.
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💰 Polymarket Predicts 61% Chance of 2024 Bitcoin All-Time High, 17% for $100K
With bitcoin trading above $65K, crypto enthusiasts are anticipating big price moves in October. Many still believe BTC will exceed its all-time high before the year ends. On Polymarket, a blockchain-powered predictions platform, the odds currently show a 61% chance that bitcoin will top the record it set seven months ago.
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💰 BlackRock’s #Bitcoin ETF options approval set to enhance market liquidity and participation
The US Securities and Exchange Commission recently approved listing options on BlackRock’s iShares Bitcoin Trust (IBIT) spot ETF. This development provides investors additional tools for hedging or speculating on Bitcoin price movements. According to a recent report by CryptoQuant, the approval could increase liquidity and investor participation in the Bitcoin market, marking a further step toward broader institutional adoption.
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🇺🇸 PayPal to allow US business accounts to buy and transfer crypto
In another effort to expand its presence in digital assets, PayPal announced plans to enable U.S. business customers to buy, sell, hold, and transfer cryptocurrencies. "Today's announcement is PayPal's latest step to increase cryptocurrency's utility by making increased functionality available to millions of merchants in the U.S.," the company said, adding that when the service launches, it will not be available to business accounts based in New York State.
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💰 Analysts see bitcoin poised for breakout in Q4 as institutional demand and innovation fuel crypto surge
As the fourth quarter of 2024 approaches, some analysts predict continued price growth for Bitcoin and the broader cryptocurrency market, driven by institutional adoption and macroeconomic factors. "Amid macro shifts and institutional adoption, digital assets are poised for continued growth in Q4, as sovereign balance sheets face pressure, investors will seek long-term hedges like bitcoin," CF Benchmarks Lead Research Analyst Gabriel Selby said in a note sent to The Block.
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🇩🇪 German authorities shutdown 47 crypto exchanges facilitating crime, seize servers, data
German authorities have shut down 47 cryptocurrency exchanges for their role in facilitating criminal activities, according to a joint statement from the Central Office for Combating Internet Crime (ZIT) and the Federal Criminal Police Office (BKA). According to the authorities, this lack of adherence to legal requirements is a direct violation of anti-money laundering laws.
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💰 Hut 8 expands Bitmain partnership with launch of next-gen ASIC miner, boosting hash rate by 80%
Bitcoin miner Hut 8 Corp. announced Thursday the expansion of its partnership with mining rig manufacturer Bitmain Technologies with the launch of the U3S21EXPH, a next-generation ASIC miner. Hut 8 plans to deploy the model in the second quarter of 2025 through a 15 exahash per second hosting agreement leveraging custom data center infrastructure developed in-house.
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🔥 BREAKING: 🇺🇸 Federal Reserve cuts interest rates by 50bps for the first time in 4 years.
🤝 @Cryptocurrency_Inside ✅
💰 Coinbase reports 'degraded performance' for Polygon transactions shortly after network upgrade
Coinbase, the largest U.S. cryptocurrency exchange, has put out a status update alerting users that Polygon transfers may be delayed. “We are aware that some users may be experiencing delayed sends and receives for Polygon (Matic). Buys, Sells, and Fiat withdrawals/deposits are not affected. We are investigating this issue and will provide an update shortly. Rest assured, your funds are safe,” the company’s status page read.
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🪙 Ethereum’s Buterin vows to support only highly decentralized Layer-2 projects
Ethereum co-founder Vitalik Buterin announced a change in how he will discuss Layer 2 (L2) projects starting next year. In a Sept. 12 X post, Buterin said he would only publicly recognize L2s that have reached Stage 1 or higher in their decentralization efforts regardless of his investment. According to him, a network would require 75% consensus from the council to override the proof system, with at least 26% of council members being independent of the rollup.
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