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Guess what day it is Folks? HUMPDAY! Bitcoin is trading down to $27,252.32. I will continue to update this throughout the day so check back later.
SUMMARY
Yesterday, Bitcoin price was grinding higher without new lower lows, while altcoins suffered, we learned that the BitVM will bring Ethereum Smart contract capabilities to Bitcoin, and Paul Tudor Jones is bullish for Bitcoin. Today, Crypto markets lose $40B in days as Bitcoin price slides to $27K - erasing "Uptober" gains.(2) However, HODLers stash $BTC worth $1.35B each month, Onchain data show and the economy is refusing to go down. However, Bitcoin hit new October lows after the Oct. 11 Wall Street open as one analyst hailed the “final stage” of the cryptocurrency bear market. If the trend continues, cryptocurrency prices are going to start rising — especially with Bitcoin's halving. According to River's research, Bitcoin's Lightning Network transactions surged by 1,212% since August 2021, totaling 6.6 million in August 2023.(2)
Bitcoin is a monetary good and an attractive store of value in a progressively digital world, Fidelity Digital Assets, a unit of financial services giant Fidelity investments, said last week.(2)
Ethereum price is struggling to stay above the $1,550 support against the US dollar. ETH could take a hit if it settles below $1,550 and then $1,540.(3) But, $ETH could reach $8,000 by end-2026, says Standard Chartered Bank.(3) Ether to continue underperformance against bitcoin, K33 Research says. Ethereum has nearly cleared out walidator queue, a sign of weak staking demand. $XRP market cap tanks $2.5 billion in a week. Ethereum gas fees hit new low for 2023 as DeFi, NFT activity drops. $ADA price has dipped just below the $0.25 mark on Tuesday, bringing its October losses toward 12% and aggregate data from 15 crypto exchanges shows that crypto traders have rapidly mounted orders to purchase 320 million $ADA. Meanwhile, Cardano regains #1 spot among major Blockchains in terms of development activity, reports analytics firm Santiment.(2)
There has been a notable surge in USDT’s presence on exchanges recently, 33.9 Million USDT injected into Crypto market by Institution, signaling that investors may be preparing for fresh buying opportunities.(3) USDC issuer partners with Philippines exchange Coins.ph to promote stablecoin.(4)
Binance and CEO CZ face harsh allegations in Brazil(2), but Binance is scaling its tools to prevent unnecessary trading fees associated with unintentional self-trades. Bitstamp’s decision to discontinue operations in Canada is “primarily a timing issue” related to the firm’s expansion priorities, Bitstamp U.S. CEO said. JPMorgan’s Tokenized Collateral Network (TCN) has reportedly gone live and TCN is a blockchain-based application that enables JPMorgan clients to utilize tokenized assets as collateral.(4)
The United States Securities and Exchange Commission (SEC) has just received much-needed support from the North American Securities Administrators Association (NASAA), which is now acting as an amicus curiae in its legal fight against top crypto exchange Coinbase Global Inc.(2)
A high-ranking executive at a British investment company, identified here as Matthew Thomas to protect his identity, has reportedly revealed that he was swindled out of £300,000, his life savings, due to a sophisticated cryptocurrency scam, according to The Guardian.
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Podcast of the Day: Guy's Take_071 - But Bitcoin Doesn't Innovate | Bitcoin Audible
