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Happy Tuesday Folks! Bitcoin is trading up at $27,657.43. The news continues to be sparse and it's not just Crypto news. The big stories that are flooding the news cycle is the FTX trial in Crypto and the War in world news; that's about it. However, this means a lot is brewing behind the scene that will be news tomorrow. I will continue to update this throughout the day so check back later.
SUMMARY
Yesterday, the sentiment was leaning mid-term bullish from CZ, Jamie Coutts, and Charles Edwards as Bitcoin experienced a short-term pull back. Today Bitcoin price is grinding higher without new lower lows, while altcoins suffer; Bitcoin dominance hits 3-month high.(2) Bitcoin and Ether options order books signal calm amid mounting risks. A Bitcoin whale moved 5,000 Bitcoin (BTC) from a wallet that hasn't seen activity since a deposit from a mining pool three years ago and the large holder directed 1,000 BTC and 4,000 BTC to two unlabeled wallet addresses that now hold $137 million at today's prices.(2)
Bitcoin transactions see sharp decline following Ordinals peak hype. Bitcoiner drops BitVM paper — Bringing Ethereum-like contracts to Bitcoin.(10) Are Cardano (ADA) and Ethereum (ETH) in Trouble After This Bitcoin Update?
There is a battle of the narratives as Pseudonymous trader Checkmate, Glassnode’s lead on-chain analyst, leans bullish saying that Bitcoin’s profit/loss momentum for short-term holders metric has recently recovered and is in the green again. Meanwhile, Bitcoin on-chain transaction data shows "uncertain" conditions prevailing, Sentiment says, warning that Q2 is not likely to match BTC price gains from earlier in 2023. Hedge fund billionaire Paul Tudor Jones says he’s eyeing Bitcoin (BTC) and gold as geopolitical conflicts and the likelihood of a recession increase.(4) CNBC's Jim Cramer's recent bearish stance on Bitcoin starkly contrasts with billionaire investor Paul Tudor Jones's unwavering confidence in the cryptocurrency.(3) Bitcoin price could hit $750K to $1M by 2026 — Arthur Hayes.(3)
The Canadian Bitcoin mining company Hut 8 continues to accumulate self-mined BTC amid the ongoing merger deal with the industrial cryptocurrency miner, US Bitcoin (USBTC).
Gold ETFs could shed light on the SEC's thinking about proposals for spot bitcoin funds
Ethereum price struggled to clear $1,660 and reacted to the downside against the US dollar as $8B has been sold off by Whales.(3) ETH remains at risk of more losses if it breaks the $1,550 support. Judge sides with Ripple again, denies SEC appeal as Ripple Labs CFO, Campbell, announced her departure to join a healthcare company, amidst SEC battles. Sharks and Whales of Ripple hold Billions of $XRP and keep buying. Cardano struggles to stay above $0.26 and Cardano lightweight Web3 wallet Lace has gotten a new upgrade with its 1.6 release.(2) The Lace team excitedly announces the launch of the 1.6 version, which brings improvements and gives users more control over multi-staking. Solana sees massive inflows – big support sign from Institutions, according to Weiss Crypto and new update brings ‘Confidential Transfers’ for increased user privacy. Dogecoin price broke down from a 120-day horizontal support area, reaching a low of $0.057 on October 9 and is still trading inside a longer-term descending triangle pattern. Meanwhile, Dogecoin flashes two recovery triggers as market drawdown wanes.
Circle taps into Ethereum layer 2 Polygon to provide USDC liquidity directly on the proof-of-stake scaling protocol.
Binance’s post-FTX Industry Recovery Initiative (IRI) raised over $1 billion but has deployed less than $30 million so far, according to Bloomberg. The world's largest crypto exchange moved $985 million back to its corporate treasury, raising questions about its commitment. In addition, Binance’s approver for financial promotions compliance within the UK has been hit with an intervention by the Financial Conduct Authority. Bitfinex owner offers to buy back shares worth $150 million: Bloomberg.(3)
BlockFi bankruptcy Judge says he wants 3AC’s $284M claim resolved in mediation.
Scammers impersonating Binance have stolen around $450k from users in Hong Kong, increasing concerns over crypto scams and victims were tricked into clicking a link to verify their identity and comply with KYC updates. 3Commas on ‘heightened alert’ after several user accounts hacked. Galxe replacing 110% of funds users lost in recent front-end hack, over $400K.(2) Ethereum Foundation falls victim to MEV Bot attack.
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Podcast of the Day: Self Custodial Bitcoin Finance with Matthew Black of Atomic Finance | SLP519
