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Bitcoin (COIN:BTCUSD) rose about 2.3% on October 4, reaching an intraday high of $62,348.87 after US employment data exceeded expectations. 254,000 non-farm jobs were added in September, compared to the forecast of 147,000. The market responded optimistically, with both the S&P 500 and Nasdaq also rising.
Inflation data to be released on October 10 will also be crucial in maintaining this positive trend. Since the September 18 interest rate cut, US Treasury yields have fallen, while gold has risen 5%. Analysts suggest that Bitcoin, seen as “digital gold,” may follow a similar path.
The drop in yields coincides with the increase in the M2 money supply, a factor that has boosted safe-haven assets during past crises, such as in 2008. The global rise in the money supply reinforces expectations of Bitcoin appreciation, according to André Dragosch, head of research at Bitwise Europe.
Bitwise announced the launch of the “Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy” ETF (BITC), merging three previous funds focused on cryptocurrency futures contracts. The move comes after the launch of spot Bitcoin and Ether ETFs, which reduced interest in futures-based products. The new fund alternates between full exposure to cryptocurrency futures contracts and US Treasuries, aiming to manage market volatility. The conversion will be finalized on December 3, with a fee of 0.85%.
On October 3, US-listed Bitcoin ETFs saw withdrawals of $54.2 million. ETFs are pressuring cryptocurrency prices, with Bitcoin (COIN:BTCUSD) down 4.3% and Ether (COIN:ETHUSD) down 7.4% this week. Net outflows of $361.2 million in three days primarily affected BTC ETFs, with highlights including Ark’s (AMEX:ARKB) and Fidelity’s (AMEX:FBTC).
Meanwhile, Ether ETFs faced $3.2 million in outflows on Thursday, with Grayscale (AMEX:ETHE) being the most affected. Despite the declines, BTC and ETH ETF performance remains solid, with 13 of the top 25 ETFs launched in 2024 focusing on these cryptos.
Coinbase (NASDAQ:COIN) plans to remove all unlicensed stablecoins from the European Union by December 30, 2024, to comply with MiCA regulations. The new rule requires stablecoin issuers to obtain licenses in at least one EU country. The exchange will limit the provision of services in the European Economic Area to stablecoins that do not meet the rules. Circle, the issuer of (COIN:USDCUSD), has already secured the required license, while Tether (COIN:USDTUSD) has not yet obtained the necessary authorization to operate in the European bloc.
Tether (COIN:USDTUSD), operator of USDT, will celebrate its 10th anniversary on October 6, highlighting its strong relationship with the US government. The company, which holds about $98 billion in US Treasury securities, believes this strengthens its position as a strategic ally of the US. According to CEO Paolo Ardoino, Tether prioritizes developing countries but maintains close ties with US authorities, making it one of the largest holders of US debt. “I think Tether is the US government’s best friend because we have more US Treasuries than Germany, much more than any other competitor or any other financial institution in the world,” Ardoino said.
Sol Strategies (CSE:HODL), formerly Cypherpunk Holdings, announced it will reinvest $600,000 received from FTX into Solana (COIN:SOLUSD) tokens, according to Block. The Canadian company increased its holdings in SOL to 86,294 tokens after achieving a 122% return on a previous investment. According to CEO Leah Wald, the recovered capital will allow the company to continue strengthening its presence in the Solana ecosystem and maintain a solid financial base while generating staking revenue since the second quarter of 2024.
Worldcoin (COIN:WLDUSD) is up 5.6% in the last 24 hours. However, it fell to $1.69, failing to sustain the $2.00 support. The weekly variation is -17.3%. Investor caution is reflected in the MVRV indicator, which is at -24%, suggesting short-term holders are taking profits, increasing selling pressure. WLD’s Sharpe Ratio, at its lowest point, indicates risks outweigh rewards. With resistance at $1.74 and a possible drop to $1.34, many investors are hesitant to add the altcoin to their portfolio this month.
The price of BNB (COIN:BNBUSD) has fallen by -6.9% this week, indicating strong selling pressure. The ADX indicator is at 40.88, suggesting that the bearish momentum is strengthening. Additionally, BNB’s price is trading below the Ichimoku Cloud, a sign of weakness indicating that sellers are dominating. The recent “death cross” in the exponential moving averages (EMA) suggests that selling pressure may increase further, with the price testing critical support at $527. If this support breaks, an additional correction of up to 12% may occur, taking the price to $471 unless there is a significant shift in market sentiment.
TeraWulf (NASDAQ:WULF) sold its 25% stake in the Nautilus Cryptomine Bitcoin mining facility for approximately $92 million to fund its expansion into artificial intelligence (AI) data centers. The deal, which includes $85 million in cash and 30,000 Bitcoin miners, generated a 3.4x return on the initial investment. With this capital, TeraWulf aims to develop its Lake Mariner facility in New York, designed to support HPC/AI operations and Bitcoin mining.
The Hong Kong Virtual Asset Exchange (HKVAX) has obtained licenses from the Securities and Futures Commission (SFC) to trade virtual assets. HKVAX now holds a Type 1 license for securities trading and a Type 7 license for automated trading services. Specializing in security token offerings (STO) and real-world asset (RWA) tokenization, the exchange aims to boost liquidity and innovation in financial markets.
Brazil is integrating decentralized finance (DeFi) concepts into the development of its central bank digital currency, Drex, formerly known as the digital real. Central Bank President 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 will offer various banking options. The second phase of the Drex pilot will focus on digital asset transactions and is expected to extend until 2025.
El Salvador strengthened its stance on Bitcoin by approving significant amendments to the National Digital Assets Commission (CNAD) law on October 4. These changes give CNAD authority to regulate Bitcoin companies, positioning the country as a leader in digital asset adoption and regulation. Despite IMF recommendations to limit exposure to Bitcoin, the crypto community supports President Nayib Bukele’s vision, highlighting the country’s economic and social progress.
In the third quarter, cryptocurrency hacks resulted in $460 million in losses across 28 incidents, the lowest value in three years, according to Hacken. However, only 5% of the funds were recovered. Access control attacks were the most damaging, accounting for nearly 70% of the losses. Centralized exchanges suffered the largest attacks by the amount of funds, with WazirX losing $230 million. Automated incident response solutions, such as those developed by Hacken, could have prevented almost 30% of the losses in decentralized finance (DeFi).
Documentarian Cullen Hoback and HBO announced the premiere of “Money Electric: The Bitcoin Mystery,” which promises to investigate the true identity of Satoshi Nakamoto, Bitcoin’s creator. Known for his series “Q: Into the Storm,” Hoback has not confirmed Nakamoto’s identification but suggests that the revelation could be significant. The trailer and his statements leave open the possibility that Nakamoto is either an individual or a group. The film airs on October 8, and the revelation could have significant impacts on the financial landscape.
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