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JUST IN: US Court issues mandate for Grayscale ruling, paving way for SEC to review spot Bitcoin ETF(4) & BlackRock Preps for Bitcoin ETF Launch, Lines Up Seed Investor and Reveals Ticker; appears on DTCC and Nasdaq (6)
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Happy Monday Folks! Bitcoin is trading up at $30,643.77. More to come as the day unfolds but for now, let's get on with the news...
SUMMARY
Over the weekend Bitcoin continued it's Uptober rally nearly hitting $31K but pulled back and once again attempted another run earlier this morning but it too appears to be stalling. Tone Vays said he didn't believe it would hit $32K.
Today, Bitcoin’s move above $30K represents a ‘shift in sentiment,’ analysts say. “While the ETF news was proven to be fake, there has been a clear shift in sentiment from ‘if’ to ‘when’ in terms of whether the SEC will approve any applications in the next few months,” Berkeley Cox, derivatives analyst at Zerocap told Blockworks. Bitcoin sees Lion’s Share of investment amid Spot ETF hype, according to CoinShares. Bitcoin rises above $31K first time since July, with options positioning suggesting price has further to run.(3) Crypto traders suffer over $100M of short liquidations as Bitcoin hits 3-month high over $31K. Bitcoin price trades near key $31.7K pivot point — Can BTC bulls keep up the volume?
North America leads world in crypto usage but Lower-middle income countries lead in crypto adoption, but not volume, Chainalysis says.(3) In the world of cryptocurrency, a premium refers to a situation where a digital currency is priced higher on one exchange than on others. This is commonly seen on South Korean exchanges and is famously known as the "Kimchi Premium."
Michael Saylor's $4.7B Bitcoin bet back in the green.(2) Macro guru Raoul Pal says that retail investors have a chance to get ahead of venture capitalists and blue-chip investors before the crypto markets skyrocket.(2) A Bloomberg crypto analyst Jamie Coutts says that Bitcoin’s price chart has an “air pocket” that could send BTC higher toward $39K much quicker than traders realize.
The anticipation of Bitcoin ETFs amid the SEC's hesitant stance sparks debate among investors and institutions. Bitcoin is facing a lot of pent-up demand from institutions amid investors closely monitoring spot Bitcoin ETF news, Ernst & Young’s global blockchain leader Paul Brody says. All applications to the U.S. Securities and Exchange Commission (SEC) for spot bitcoin exchange-traded-funds (ETFs) may be approved together, predicts crypto ETF expert, Volatility Shares Chief Investment Officer Stuart Barton. SEC Commissioner Hester Peirce said she’s been thinking a spot bitcoin ETF has made sense “for the last five years” and that it is confusing why the product has not yet been approved. In addition, she said, "it's not regulators’ job to tell Americans what they can and can’t speculate on.
The strongest evidence that Lopp found was that Hal Finney – an active man who loved running before his unfortunate diagnosis and subsequent death from ALS – was running a 10-mile race during the exact same timeframe that Satoshi Nakamoto was interacting with early Bitcoin developer Mike Hearn.
$ADA Nears Key Level: Analyst Dan Gambardello predicts next move could send its price soaring. 'Ethereum killer' Solana records 420% inflow surge during crazy 38% price rally.(4)
FinCEN introduces new rulemaking proposal to surveil Crypto mixing services, citing Patriot Act. The IRS is looking to require crypto service providers to collect unprecedented swaths of data about their users — including names and Social Security numbers. Employees forged signatures, stole assets in takeover of CipherBlade, lawsuit alleges. TrueUSD’s security breach sparks concerns over private key compromise.
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