💰 Bitcoin exchange reserves drop to multi-year low amid rising institutional demand: CryptoQuant
Bitcoin exchange reserves have reached their lowest levels ever recorded by CryptoQuant data dating back to October 2021. According to the data, more than 51,000 bitcoin have been withdrawn from major cryptocurrency exchanges over the past month. This trend is reducing the liquid supply of bitcoin and suggests that investors are withdrawing their coins as part of a long-term holding strategy.
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🧊 Canary Capital seeks approval from SEC for a spot Litecoin ETF
Canary Capital filed a registration statement with the U.S. Securities and Exchange Commission for a Litecoin exchange-traded fund, days after doing the same for an XRP product. The crypto investment firm filed an S-1 registration statement on Tuesday for the Canary Litecoin ETF. The fund seeks "to provide exposure to the price of LTC held by the Trust," according to the filing. A custodian and administrator were not named.
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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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⚪️ Paypal Completes First Corporate Transaction Using PYUSD Stablecoin
Paypal has made a significant step in corporate payments by completing its first transaction using its stablecoin Paypal USD (PYUSD). This milestone highlights the role digital currencies can play in streamlining cross-border transactions, with Paypal partnering with Ernst & Young LLP.
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🇯🇵 Japan’s Metaplanet buys additional $6.9 million in bitcoin, bringing total holdings to $32 million
Japanese investment firm Metaplanet Inc. announced today that it purchased an additional 107.913 bitcoin worth about 1 billion yen ($6.9 million), as the company remains bullish on the world’s largest cryptocurrency. The Tokyo-listed firm said that it made the latest purchase at an average price of 9.26 million yen ($64,168) per bitcoin. This brought its total bitcoin holdings to 506.745 bitcoin, worth about $32.2 million at current price.
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💰 CleanSpark CEO expects bitcoin to peak near $200,000 this cycle: Bernstein
In an interview with analysts at research and brokerage firm Bernstein, CleanSpark CEO Zach Bradford said he expects bitcoin to reach a peak of nearly $200,000 this cycle. “Based on my current analysis, I believe we could see bitcoin peak just under $200,000, sometime in the next 18 months. That’ll likely be a peak. But I do think we’ll see a rapid jump, and then hopefully, an extended elongated period of it being up before we revisit a bear cycle,” Bradford told Bernstein’s Gautam Chhugani, according to a Monday note to clients.
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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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🪙 #Bitcoin’s correlation with global liquidity outshines gold and stocks
Bitcoin (BTC) moves in sync with global liquidity 83% of the time, surpassing all other major asset classes, according to a report by venture capitalist Lyn Alden. According to the report, Bitcoin has shown a strong correlation with global liquidity over the years, with the flagship crypto generally rising when liquidity expands and correcting when global liquidity shrinks. The report added that this makes Bitcoin the “purest liquidity barometer.”
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💰 BlackRock’s head of digital assets says #Bitcoin is risky, but still a ‘risk-off’ asset
BlackRock head of digital assets Robbie Mitchnick believes the crypto industry has made a marketing blunder when it comes to Bitcoin (BTC). Mitchnick said during an interview with Bloomberg that Bitcoin is a risky asset, but calling it a “risk-on” asset is a mistake akin to an “own goal.”.
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🇨🇳 China persists as 💰 #Bitcoin mining giant despite crypto ban – CryptoQuant
China continues to control 55% of the global Bitcoin network’s hashrate, despite a ban on crypto mining and trading that has been in effect since 2021. According to CryptoQuant data, the country’s significant presence in Bitcoin mining persists, but its dominance is now being challenged as other countries, such as the US, increase their share of hashrate.
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💰 Maryland Police Warn Gmail Users of Phishing Scam Demanding Bitcoin
Maryland State Police have warned of a scam targeting Gmail users, using phishing tactics to extort money through unsettling threats. Scammers are sending victims emails with Google Maps photos of their homes and demanding bitcoin payments, falsely claiming they possess incriminating evidence. The police are investigating, urging caution and providing resources for reporting these incidents.
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💰 KPMG calls for stronger custodial practices to boost Bitcoin adoption
Global accounting firm KPMG believes that strong custodial practices are key to boosting Bitcoin (BTC) adoption among institutions and businesses. According to its recent report titled “The Importance of Custodians in Bitcoin Adoption and Ownership,” custodians play a crucial role in safeguarding Bitcoin holdings and are vital for the industry’s growth.
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🇺🇸 SEC Takes Action Against Fake Crypto Platforms Using Social Media to Deceive Investors
The U.S. Securities and Exchange Commission (SEC) has cracked down on two crypto investment scams, targeting platforms Nanobit and Coinw6. Involving fake relationships to deceive victims via social media, these schemes siphoned millions from unsuspecting investors. The charges mark the first SEC enforcement actions against such scams.
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💰 Bitcoin Shows Mixed Signals Amid Consolidation: Is a Reversal Coming Soon?
Bitcoin (BTC) has experienced a steady decline in recent sessions, but technical indicators are sending mixed messages, hinting at a possible market shift on the horizon. Despite the bearish price trend, oscillators are providing a mix of neutral, buy, and sell signals, reflecting indecision among traders.
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📊 Millennials’ appetite for crypto ETFs surges as traditional investors catch on, Schwab study shows
It is no secret that Millennials and Gen Zers have investment philosophies that differ from Baby Boomers and Gen X. It seems, however, that the launch of spot bitcoin exchange-traded funds earlier this year, and later the addition of spot ether ETFs, helped bridge that gap. Thursday's release of the annual Schwab Asset Management ETF study zeroes in what investors are interested in over the next 12 months, and crypto is top of mind.
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💰 Canary Capital files for a spot XRP exchange-traded fund with the SEC
Crypto investment firm Canary Capital filed a registration statement with the U.S. Securities and Exchange Commission for a spot exchange-traded fund, marking the second firm vying for that product this month. The Canary XRP ETF gives investors "the opportunity to access the market for XRP through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding XRP directly," the firm said in an S-1 registration statement filed on Tuesday.
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💰 US spot Bitcoin ETFs log $300 million weekly outflow, reversing three-week trend
US-based spot bitcoin exchange-traded funds logged a modest daily inflow on Friday, but ended the week with a net negative outflow for the first time since Sept. 6. The total net assets held by the funds has declined from $61.21 billion on Sept. 27, one week ago, to $57.73 billion following the week's outflows and bitcoin's decline in price from about $65,000 on Friday the 27th to about $62,000 on Friday, Oct. 4th.
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💰 Analysis Reveals Possible 51% Attacks by Satoshi on Bitcoin in Early 2009
A social media post by an X account named “Wicked” presents claims that Satoshi Nakamoto may have conducted 51% attacks on the Bitcoin blockchain in May 2009. Wicked speculated that Satoshi likely tested these attacks early on to understand their potential impact on the network.
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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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💰 Friday's end-of-month #bitcoin options expiry could trigger significant market volatility: Deribit
September’s end-of-month bitcoin options expiry, the second-largest in open interest on the exchange, could lead to significant market volatility, according to Deribit CEO Luuk Strijers. "The end-of-month September bitcoin options expiry is the second largest in open interest we currently have on Deribit. Friday's upcoming options expiry that will see over $5.8 billion expiring could trigger significant market activity and volatility after the expiration," Strijers said in an email sent to The Block.
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🟠 Binance leads the pack with $100 trillion in all-time trade volume
Binance has surpassed a major milestone, processing over $100 trillion in crypto trades since its 2017 launch. The figure is double the total market capitalization of the US stock market, cementing Binance’s dominance in the crypto industry. The significant amount reflects the platform’s dominance and its central role in the emerging industry.
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💰 Woman Sentenced to 8 Years in Prison After Failed Bitcoin Murder-for-Hire Plot
A woman has been sentenced to over eight years in prison after her murder-for-hire plot using bitcoin fell apart. Melody Sasser attempted to use the dark web to hire a hitman to kill an Alabama resident. She paid nearly $10,000 in cryptocurrency and tried to make the murder look like an accident. Authorities discovered incriminating evidence in her home, leading to her arrest and conviction.
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💰 Bitcoin set for rally after Federal Reserve rate cut, Standard Chartered says
Bitcoin and the broader digital asset market are poised for a sustained boost following the U.S. Federal Reserve’s recent decision to cut interest rates by 50 basis points, according to Standard Chartered's Geoff Kendrick. The bank's head of forex and digital assets research suggested that macroeconomic factors will drive digital asset prices higher, irrespective of the outcome of the upcoming U.S. presidential election in November.
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🔥 BREAKING: 🇺🇸 Federal Reserve cuts interest rates by 50bps for the first time in 4 years.
🤝 @Cryptocurrency_Inside ✅
🟠 Binance reiterates assertion it never owned or controlled WazirX amid ongoing $230 million hack fallout
Crypto exchange giant Binance reiterated its claim that it does not own, control or operate WazirX in any way and accused a director of its parent company of making “misleading statements” to the contrary on Tuesday. WazirX suffered an exploit resulting in the unauthorized transfer of over $230 million worth of crypto assets on July 18. The exploit targeted the exchange’s multisig wallet on the Ethereum network, potentially resulting from a private key compromise, and drained the funds.
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