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Welcome to Thursday Folks! Yesterday, Bitcoin price experienced some wild volatility and the Ark 21 Bitcoin ETF got delayed. Today, questions abound about if Bitcoin will crash once again as hash price stalls and possible head lower. Bitcoin is trading lower at $26,461.10. Let's get on with the news...
SUMMARY
Bitcoin supply on exchanges nears yearly low – will it impact October prices?Is Bitcoin price going to crash again? Bitcoin price attempted a fresh increase above the $26,500 resistance. However, BTC failed to settle above $26,700 and reacted to the downside. Brian Armstrong, the CEO of Coinbase, expressed his surprise as Bitcoin remains above the $20,000 mark. Top 1% of Bitcoin addresses hold an incredible number of BTC and 3 out of 4 Bitcoins are held by long-term investors; that's a record.
Bitcoin miners are facing increasing pressure to sell their BTC due to soaring hash rates and high energy costs and the total hash rate has hit an all-time high of 425 EH/s last week, making Bitcoin mining more competitive and intensive. Growing complexity in Bitcoin mining landscape amidst centralization risks. Bitcoin halving to raise ‘efficient’ BTC mining costs to $30K. Listed Bitcoin Miners Could be the Ultimate Bet for 2024: Matrixport.
Ethereum developers on Thursday initiated their second attempt to launch the Holesky test network, after an attempt earlier this month failed. Ether futures exchange-traded funds (ETFs) could start trading for the first time in the United States as early as next week, according to Bloomberg analysts James Seyffart and Eric Balchunas. Ripple will no longer acquire Fortress Trust, CEO Brad Garlinghouse says.
France, Singapore and Switzerland test cross-border CBDCs. The Bank for International Settlements said elements of DeFi could form “a new generation of financial market infrastructures.”
Lesson: What is a stablecoin and how does it work?
Crypto exchange Binance has urged users to convert their euros into Tether before the end of October after losing the support of its banking partner. Binance founder and CEO Changpeng Zhao said that a few former CIS team members may join — or have joined — CommEX. Crypto.com to become preferred exchange for PayPal USD. Coinbase has gained approval to offer non-U.S. retail users perpetual futures trading from the Bermuda Monetary Authority. Gemini withdrew $282 million before Genesis bankruptcy.
Stout Risius Ross, the valuation advisor for Celsius Network, confirmed the accuracy of the bankrupt firm’s valuation report. Customers of failed crypto lender BlockFi may soon be able to recoup a portion of their frozen crypto assets after a bankruptcy court judge reportedly greenlit the firm’s liquidation plan.
Sam Curry, a security engineer at Yuga Labs, was part of a federal investigation by IRS-CI and DHS. It stemmed from his discovery of a cryptocurrency phishing site in Dec 2022. Marco Ochoa pled guilty to one count of conspiracy to commit wire fraud in the United States District Court for the Southern District of New York on Sept. 27 in relation to Ponzi scheme perpetrated by IcomTech. Ochoa was CEO of IcomTech from its founding in 2018 to 2019. Justin Sun, HTX addressed the community about crypto safety following an $8M hack, emphasizing user asset security and HTX mitigated the hack's impact by changing the hot wallet address, setting up real-time monitoring, and establishing a 'SAFU' fund.
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Podcast of the Day: Fidelity's Bull Case For Ethereum | Bankless
WEEDS
Bitcoin
- Price (BIC | Cointelegraph | NewsBTC)
- Opinion (UToday)
- Statistics (Finbold)
- Mining (BIC | Cointelegraph | CoinDesk)
- HODLers (CryptoPotato)
Altcoins
- Development (CoinDesk)
- Ripple (TB | Cointelegraph | CoinDesk)
- ETH ETF (Cointelegraph | NewsBTC | UToday | NewsBTC)
CBDCs/Stablecoins
- Testing (Cointelegraph | CoinDesk)
- BIS (TB)
Exchanges
- Binance (Cointelegraph | CoinDesk | TB | CryptoPotato)
- Crypto.com (Cointelegraph)
- Coinbase (TB | BIC | Cointelegraph)
- Gemini (TB | CoinDesk)
Legal Cases
- Celsius (Cointelegraph)
- BlockFi (TDH)
Attacks/Hacks/Scams
- Phishing Site (CryptoPotato)
- IcomTech (Cointelegraph)
- HTX (BIC)
