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It's Frrriiidddaayyyyy Folks! Bitcoin is trading down at $34,128.87. Bitcoin still struggling to get back up to $35K could this be the end of this rally temporarily? Looks like it may remain trading sideways but weekends does seem like times where Bitcoin pops so stay turned! Meanwhile, it appears where currencies are hyper-inflating Bitcoin is hitting all-time highs. I am still on travel so the daily briefs will not be updated throughout the day until I return on the 7th of Nov.
SUMMARY
Yesterday, Bitcoin (BTC), the largest cryptocurrency, on track to complete its first golden cross since early February, a sign of strengthening bullish momentum in which the 50-day simple moving average (SMA) overtakes the 200-day SMA on an upward trajectory. A new survey highlights a strong preference among crypto traders for long-term holding, with 64% favoring this strategy ahead of potential Bitcoin ETF approvals.
Today, Bitcoin restarting 2023 uptrend after 26% Uptober BTC price gains and could start a fresh increase unless there is a close below the 100 hourly SMA and $33,400. Bitcoin and Ether options activity soars to historic highs of $20B amid ETF hype. ‘Buy Bitcoin’ search queries on Google surge 826% in the UK and Bitcoin price hits all-time highs across Argentina, Nigeria and Turkey.(2) Rafał Zaorski, a prominent Polish trader, has shorted Bitcoin (BTC) following its surge to $35,000, predicting a price drop by the end of the year.
Matt Hougan, the CEO of the world’s largest crypto index fund manager Bitwise, says that $50 billion could flow into a spot Bitcoin (BTC) exchange-traded fund (ETF) within years of launching. JPMorgan strategists, led by Nikolaos Panigirtzoglou, feel quite certain the U.S. Securities and Exchange Commission (SEC) could face lawsuits from applicants should the regulator decide to reject spot Bitcoin exchange-traded fund (ETF) applications currently sitting on its desk.(2) Bitcoin's (BTC) supply has become increasingly constrained with exchange balances dropping to a five-year low and making the asset primed for a potential "supply shock," Matt Weller, global head of research at Forex.com, said in an interview with CoinDesk TV Thursday. Jamie Coutts, a Bloomberg crypto analyst, says that Bitcoin’s (BTC) latest move to the upside confirms the crypto king is now in a bull market cycle.
Ethereum’s Dencun upgrade, likely to take place in first-quarter 2024, is the next step in the blockchain’s journey to becoming a scalable settlement layer, Goldman Sachs (GS) said in a note Thursday. Solana's meteoric rise in 2021 about to repeat: Inflows skyrocket past $100 Million.(2)
Binance.US airdrops flare tokens to $XRP holders after long wait. Cryptocurrency exchange Kraken is sending a letter to clients notifying them that after losing a lengthy court case, they will need to turn over sensitive data to the Internal Revenue Service (IRS) after a legal battle that began in May 2021.(2)
U.S. Senator Cynthia Lummis and Representative French Hill urged the Justice Department to take “swift action” against Binance and Tether over facilitating funds for Hamas.(6) U.S. Sen. Sherrod Brown (D-Ohio), chairman of the Senate Banking Committee, said the panel will "crack down on the use of crypto to fund terrorism and evade sanctions" at a time when the U.S. must stand with Israel as it combats "Iranian-backed terrorists like Hamas."(2) Stablecoins need to be regulated, says Federal Reserve's Barr. UK passes bill to enable authorities to seize Bitcoin used for crime.(2) Taiwan officially proposes crypto bill with first reading passed at parliament(2) and Turkey plans to craft crypto framework in 2024.
Craig Wright, the self-proclaimed inventor of Bitcoin, on Thursday won a U.S. Appeals Court case concerning billions of dollars in disputed cryptocurrency.
Scammers create spoof Blockworks site to drain crypto wallets. Crypto wallet Trezor looks into phishing campaign, exec says.
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Podcasts of the Day:
- Bitcoin Won't Fix the Federal Reserve | Bitcoin Audible
- How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection | Unchained
