Bitcoin reacts positively to US jobs report
Bitcoin (COIN:BTCUSD) rose about 2.3% on October 4, reaching an intraday high of $62,348.87 after the US employment report came in better than expected. Nonfarm payrolls increased by 254,000 in September, compared to the expected 147,000. The market reacted with optimism, with the S&P 500 and Nasdaq also rising.
Inflation statistics to be released on October 10 will also be crucial in maintaining this positive trend. Since the Sept. 18 interest rate cut, U.S. Treasury yields have fallen, while gold has risen 5%. Analysts have suggested that Bitcoin, considered “digital gold,” could follow a similar path.
The decline in yields is consistent with an increase in the M2 money supply, which was a factor in boosting safe assets during past crises such as 2008. The global rise in money supply is reinforcing expectations for Bitcoin’s rise, says Andre Dragos. Head of Research at Bitwise Europe.
Bitwise launches ETF combining Bitcoin and US Treasuries
Bitwise has announced the launch of the “Bitwise Trendwise Bitcoin and Treasurys Rotation Strategy” ETF (BITC), which combines three previous funds focused on crypto futures contracts. . The move comes after the launch of Bitcoin and Ether spot ETFs reduced interest in futures-based products. The new fund will alternate between cryptocurrency futures contracts and full exposure to U.S. Treasuries, with the aim of managing market volatility. Conversion will be completed on December 3rd and will be subject to a 0.85% fee.
Bitcoin and Ether ETFs contribute to weekly crypto price decline
On October 3, there was a withdrawal of $54.2 million from a US-listed Bitcoin ETF. ETFs have been weighing down crypto prices, with Bitcoin (COIN:BTCUSD) down 4.3% and Ether (COIN:ETHUSD) down 7.4% this week. Net outflows of $361.2 million over three days primarily affected BTC ETFs, with highlights including Ark (AMEX:ARKB) and Fidelity (AMEX:FBTC).
Meanwhile, on Thursday, the Ether ETF faced an outflow of $3.2 million, with Grayscale (AMEX: ETHE) being the hardest hit. Despite the decline, the performance of BTC and ETH ETFs remains strong, with 13 of the top 25 ETFs launched in 2024 focusing on these cryptocurrencies.
Coinbase plans to remove unapproved stablecoins in the EU by December
Coinbase (NASDAQ:COIN) plans to remove all unauthorized stablecoins from the European Union by December 30, 2024 to comply with MiCA regulations. The new rules require stablecoin issuers to obtain a license in at least one EU country. The exchange will limit its services in the European Economic Area to stablecoins that do not meet the rules. (COIN:USDCUSD) issuer Circle has already obtained the necessary licenses, while Tether (COIN:USDTUSD) has not yet received the necessary approvals to operate in Europe.
Tether celebrates 10th anniversary and strengthens ties with the US
Tether (COIN:USDTUSD), which operates USDT, will celebrate its 10th anniversary on October 6th, highlighting its strong relationship with the US government. The company, which holds about $98 billion in U.S. Treasury securities, believes this will strengthen its position as a strategic ally of the United States. CEO Paolo Ardoino said Tether prioritizes developing countries, but maintains close ties with U.S. authorities and is one of the largest holders of U.S. Treasuries. “I think Tether is the U.S. government’s best friend because the U.S. owns more U.S. Treasuries than Germany, far more than any other competitor or any financial institution in the world,” Ardoino said. .
Sol Strategies plans to buy more Solana after collecting FTX funds
According to Block, Sol Strategies (CSE:HODL), formerly Cypherpunk Holdings, announced that it will reinvest $600,000 it received from FTX into Solana (COIN:SOLUSD) tokens. The Canadian company increased its holdings in SOL to 86,294 tokens after achieving a 122% return on its previous investment. According to CEO Leah Wald, the recovered capital will allow the company to continue to strengthen its presence in the Solana ecosystem and maintain a strong financial foundation while generating staking revenue starting in Q2 2024.
Worldcoin is facing pressure and may not be a good addition to your portfolio in October
World Coin (COIN:WLDUSD) is up 5.6% in the past 24 hours. However, it fell to $1.69 and failed to hold the $2.00 support. Weekly change is -17.3%. Investor caution is reflected in the MVRV index, which is -24%, suggesting short-term holders are taking profits and selling pressure is building. WLD’s Sharpe ratio shows that at its lowest value, the risk outweighs the reward. Many investors are hesitant to add this altcoin to their portfolios this month as $1.74 is a resistance level and it could fall to $1.34.
BNB price suggests bearish trend
BNB (COIN:BNBUSD) price has fallen -6.9% this week, indicating strong selling pressure. The ADX indicator is at 40.88, suggesting that the bearish momentum is increasing. Additionally, BNB price is trading below the Ichimoku cloud, a sign of weakness indicating that sellers have the upper hand. A recent “death cross” at the exponential moving average (EMA) suggests that selling pressure may increase further as the price tests the key support at $527. A break of this support could result in an additional correction of up to 12% and the price to $471 unless there is a significant change in market sentiment.
TeraWulf sells Bitcoin mining rights to fund AI expansion
TeraWulf (NASDAQ:WULF) has sold a 25% stake in Bitcoin mining facility Nautilus Cryptomine for approximately $92 million to fund expansion into an artificial intelligence (AI) data center. The deal included $85 million in cash and 30,000 Bitcoin miners, generating a 3.4x return on the initial investment. With this capital, TeraWulf aims to develop its Mariner Lake facility in New York designed to support HPC/AI operations and Bitcoin mining.
HKVAX obtains license to expand virtual asset management
The Hong Kong Virtual Assets Exchange (HKVAX) is licensed by the Securities and Futures Commission (SFC) to trade virtual assets. HKVAX currently holds a Type 1 license for securities trading and a Type 7 license for automated trading services. Specializing in security token offerings (STOs) and real-world asset (RWA) tokenization, the exchange aims to foster liquidity and innovation in financial markets.
Brazil develops synthetic CBDC Drex with DeFi principles
Brazil is integrating the concept of decentralized finance (DeFi) into the development of its central bank digital currency, Drex (previously known as Digital Real). Central Bank Governor Roberto Campos Neto emphasized the importance of a multidimensional CBDC that addresses the trilemma of decentralization, privacy, and programmability. Additionally, the country plans to accelerate tokenization through an open finance platform that offers a variety of banking options. The second phase of the Drex pilot focuses on digital asset trading and is expected to extend until 2025.
El Salvador ignores IMF pressure and advances Bitcoin regulations
On October 4, El Salvador approved major amendments to the National Commission for Digital Assets (CNAD) law, strengthening its position on Bitcoin. These amendments give CNAD the power to regulate Bitcoin companies, establishing El Salvador as a leader in the adoption and regulation of digital assets. Despite the IMF’s recommendation to limit exposure to Bitcoin, the crypto community supports President Nayib Bukele’s vision of emphasizing the country’s economic and social progress.
Number of cryptocurrency hacks in the third quarter reached the lowest level in three years
According to Hacken, losses from 28 crypto hacks totaled $460 million in the third quarter, the lowest amount in three years. However, only 5% of the funds were recovered. Access control attacks were the most damaging, accounting for nearly 70% of losses. The biggest attack in terms of funds was among the centralized exchanges, with WazirX losing $230 million. Almost 30% of losses in decentralized finance (DeFi) could have been prevented with an automated incident response solution like the one developed by Hacken.
‘Money Electric: The Bitcoin Mystery’ promises to reveal Satoshi Nakamoto’s true identity
Documentary maker Karen Hoback and HBO have announced the premiere of “Money Electric: A Bitcoin Mystery,” which promises to investigate the true identity of Bitcoin founder Satoshi Nakamoto. Hoback, known for his work on the series “Q: Into the Storm,” has not confirmed Nakamoto’s identity, but suggests the revelation could be significant. The trailer and his statements leave open the possibility that Nakamoto is an individual or a group. The film will be aired on October 8th and this revelation could have a significant impact on the financial situation.
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