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Happy Saturday Folks! Last week Bitcoin was up over $1K, recovering the the previous weeks loss and this week Bitcoin completely blows the lid off the market. As I type Bitcoin is trading at $34,294.36 and for the week (M-F) Bitcoin was down $325.50; week over week it's up $4,493.49. The best performing asset in the past 7 days was $BTC - up 14.85% in position #1 on Coinmarketcap.com; first time this has happened nearly all year. Last week the Fear and Greed Index was at 63 and today it's 65; Greed continues!
Keep reading, watching, and listening with me each and every week!
MY HOT TAKE
We remain in "Uptober" as Bitcoin continues to out perform every other asset in the Crypto market as well as the traditional market; this is why we Bitcoin right?
ETF news continues to be dominate the news cycle and it should be unquestioned what impact the ETF will have on the market. As I continue to have folks with Boomers and others, the world where everyone HODLs their own keys isn't realistic nor probable. Just as people trust Goldman Sachs and Charles Swabb, people will trust Unchained Capitol and OnRamp to help them custody their own keys and assist them at getting into Bitcoin. The iShares ETF is going to have a upside impact on the price of Bitcoin for sure - how high up is another question.
Bitcoin dominance on Coinmarketcap.com is 53.0% and ETH is 17.1%. Cardano and Doge both are lock step with Bitcoin rising 14% in the past 7 days.
The content from Podcast and YouTube continue to lack a lot of substance from my perspective and I struggle to find content that isn't sensationalized or click bait. NLW continues to do a solid job at providing coverage of what's the hottest news. I've avoided news about SBF because well I am sure you see it plastered everywhere. The sooner it is over the better.
Well that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL!
THE WEEDS
Monday the price of Bitcoin closed at $34,398.30 and the most covered news of the day was BlackRock prepping for the spot Bitcoin ETF launch, lined up seed Investor and reveals ticker; appears on DTCC and Nasdaq (6)
Podcast of the Day: Crypto Winter Is Over (Says Morgan Stanley) | The Breakdown
Tuesday the price of Bitcoin closed at $33,997.50 and the most covered news of the day was about Bitcoin being in the "anti-gravity" phase as dominance soar to 2.5-year high rockets past $34K with ETF excitement growing; triggering liquidations across the board(4), then BlackRock's bitcoin ETF disappears from DTCC list in latest update(4), and BlockFi could begin repaying creditors after emerging from bankruptcy.(4)
Podcast of the Day: Bitcoin $30k: Uptober is Back on the Menu! | The Breakdown
By Wednesday (Humpday) the price of Bitcoin closed at $34,760.20 and the most covered news of the day was a lot about the Bitcoin ETF and crypto trader Alex Krüger believes that Bitcoin is “preordained” to hit $42,000 due to the Spot Bitcoin ETF.(2)
Podcast of the Day: Bitcoin Up 100% in 2023, Hits Pre-Luna Crash Prices | The Breakdown
Right over the hump on Thursday the price of Bitcoin closed at $34,097.90 and the most covered news of the day was FTX cold wallets move $19M in Solana and Ether to Crypto exchanges(3) and JPMorgan's JPM Coin payment system handles $1 billion in daily transactions.(3)
Podcast of the Day: Oops! The BlackRock ETF Code IBTC Has Been Around Since August... | The Breakdown
As the week came to a close on Friday the price of Bitcoin closed at $34,072.80 and the most covered news of the day was Bitcoin price hits all-time highs across Argentina, Nigeria and Turkey.(2)
Podcast of the Day: Bitcoin Won't Fix the Federal Reserve | Bitcoin Audible
WEEKEND NEWS
As per a Coinbase study, younger Americans embrace crypto as an opportunity, with 38% believing in blockchain’s potential. Older generations show 26%. Spot crypto trading volumes surge to levels not seen since March. The cryptocurrency market is in consolidation phase following Bitcoin’s push earlier this week.
On-chain data might be signaling aggressive accumulation among Bitcoin whales. According to Ali, a crypto analyst, Bitcoin whales have purchased over 30,000 BTC worth approximately $1 billion in the last five days alone. A recently published report from Matrixport suggests that the flagship cryptocurrency Bitcoin is now in its fifth bull cycle, and notably includes a BTC price prediction targeting $125,000 by the end of next year. Crypto analytics firm IntoTheBlock says that market-value-to-realized-value (MVRV) ratio indicates Bitcoin (BTC) has entered the initial stages of a bull market cycle.(2) Bitcoin remains strongest asset for institutions: MicroStrategy's Michael Saylor shows.
Institutional interest in Bitcoin has surged as daily transactions exceeding $100,000 reached a yearly high of over 23,000 and the optimism surrounding the wave of spot ETF applications has returned positive sentiments into the market. Neel Maitra, a partner at Wilson Sonsini and former member of the SEC chairman Gary Gensler’s crypto division, has offered a prediction noting that the spot Bitcoin ETF could become a reality in months, Benzinga reported on October 27. Analysts at Cantor Fitzgerald are increasingly confident that the SEC will approve a spot bitcoin exchange-traded fund (ETF) due to the market surveillance procedures proposed by asset managers, according to a report by Bloomberg News. First Bitcoin ETF trades $1.5B as GBTC 'discount' echoes $69K BTC price. $15,000,000,000,000 Floodgates Will Open for Bitcoin Upon Approval of BTC Exchange-Traded Fund: Glassnode Founders Jan Happel and Yann Allemann. Bitcoin ETF inflows projected to reach $14B in year one, $27B in year two, and $39B in year three, per Galaxy Research. Investment giant VanEck has resubmitted application for spot Bitcoin ETF to SEC.
Solana price rose from $21.25 to $33.40 in October cryptocurrency markets rallied. But VanEck, a major global hedge fund, thinks it could 100X from here by 2030.(3) Cardano has retained its uptrend, but caution is advocated amid subtle bear actions. Meanwhile, Cardano shows exceptional performance in DeFi landscape, turning into one of fastest-growing networks in field.
JPMorgan Chase processing $1,000,000,000 in JPM Coin transactions daily, says the Bank’s Global Payments Head Takis Georgakopoulos.
Binance's market share continues to decline amid rally.
Wells Fargo Advisors’ head of real asset strategy John LaForge and investment strategy analyst Mason Mendez say that the US is studying the potential of a CBDC after President Joe Biden signed an executive order authorizing the Federal Reserve to begin looking into CBDC technology.
U.S. Deputy Treasury Secretary Wally Adeyemo confirmed in a speech on Friday that crypto plays a relevant, but still relatively minor role in global terrorist financing operations. Hester Peirce speaks out against LBRY enforcement action: 'The market could have decided.'(2)
Around 25 LastPass users lost more than $4 million worth of cryptocurrency on October 25 in a breach that had its roots traced back to December 2022. Malicious actors targeted crypto users who stored their seed phrases on the platform, resulting in more than $35 million stolen from over 150 victims.
