"Nine-tenths of wisdom is being wise in time."
–Theodore Roosevelt
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Welcome to Thursday Folks! Bitcoin is trading up at $28,436.05. Another morning of nearly no good news but I will continue to update this throughout the day so check back later.
SUMMARY
Yesterday, BTC price climbed above $28.6K as Bitcoin awaited ‘very dovish’ Fed Powell speech which was dovish for sure by saying the Fed intends to continue pausing on interest rate hikes and Finland worked on instant payments system, embraced digital euro.(3) Today, the U.S. Securities and Exchange Commission (SEC) has formally dropped its charges against Ripple executives Brad Garlinghouse and Chris Larsen.(7) Bitcoin eyes $30K(4) as ETF hope drives bulls and $XRP price jumps 6% after Ripple’s legal victory.(4) Finbold retrieved data from BitInfoCharts on October 20 that shows 1,018,130 addresses holding at least 1 Bitcoin.
Spot Bitcoin ETF excitement hits main street as Google search indicates many market participants expect the SEC to greenlight the first U.S.-based spot bitcoin exchange-traded fund early next year.(2) Crypto giant Grayscale submits critical filing on the road to launch potential spot Bitcoin ETF.
Around 23,000 Bitcoin options contracts will expire today with a notional value of about $640 million, potentially jolting markets and the max pain point for today's Bitcoin options is $28,000, which is the level where most losses occur when contracts expire. Bitcoin outperforms traditional finance assets in 2023.
Macro guru and crypto fund manager Dan Tapiero says that the adoption of digital assets is happening quickly and there are no signs of it slowing down.(2) Lightning Labs CEO and co-founder Elizabeth Stark said Taproot Assets can help usher in the “Bitcoin Renaissance.” Bitfinex's Ardoino expects 'quantum leap' in Bitcoin scaling solution adoption. Coinbase's Grewal is 'quite hopeful' that Bitcoin spot ETFs will be approved.
Ethereum might paint crucial 'higher low' pattern as Ethereum staking popularity has dwindled, with the queue for validators shrinking to zero, a stark contrast from June 2023 peak of 96,508 and despite staking decline, Ethereum whales continue to accumulate, with holders of 1 million ETH or more accounting for 32.3% of total supply. Solana soars 26% in a week as Crypto market recoups $43 Billion; despite FTX sales fears.(2)
Central Bank of Argentina to introduce "digital peso" bill "as soon as possible." Tether will publish reserve data in real time in 2024.(2)
Top crypto exchange Binance brings to the attention of Ethereum network users an important development that might impact deposits and withdrawals on a specific date: the crypto exchange will be performing its routine wallet maintenance.
LBRY Inc., a key player in the crypto space, has lost its legal battle with the SEC, facing massive debts and despite the company's closure, the survival of the LBRY network depends on its continued widespread use.(3) Ethereum co-founder Joseph Lubin faces lawsuit over Consensys stock value.(2) Chamber of Digital Commerce opposes SEC's overreach in Binance lawsuit.(2)
Tim Draper warns of crypto scams using his AI-synthesized voice.
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Podcast of the Day: Here Comes Bitcoin with Steve Lee & Haley Berkoe | WBD
