On October 23, the cryptocurrency market fell back in volatility, and bitcoin fell below the $67,000 mark at the time of writing.$Bitcoin (BTC.CC)$ down 1.13% to $66,957.57; $Ethereum (ETH.CC)$ down 0.9% at $2,612.2.
Key Focus
Viewpoint: Regardless of Trump or Harris winning, Bitcoin is expected to rise to $0.08 million.
Although the market generally believes that a Trump victory is more bullish for Bitcoin, analysts say that regardless of the outcome of the US presidential election, Bitcoin is expected to break its all-time high. Recent data from the crypto options market shows that the range for Bitcoin call options from mid-November to the end of the month is concentrated between $0.075 million and $0.08 million. Analysts point out that macroeconomic factors, such as expectations of a Fed rate cut and a rising stock market, also support the possibility of Bitcoin hitting $0.08 million by the end of the year.
IMF Chief Economist: Lowering inflation may be a blessing for risk assets such as cryptocurrencies.
IMF Chief Economist, Pierre-Olivier Gourinchas, stated in a declaration on October 22 that global inflation is expected to decline to 3.5% by the end of 2025, largely due to the resilience of the global economy. Decreasing inflation will bring a range of advantages, such as reducing living costs and lowering interest rates, which may be a blessing for risk assets like cryptocurrencies.
Bitcoin mining difficulty was raised by 3.94% to 95.67 T this morning.
CloverPool data shows that the bitcoin mining difficulty encountered a mining difficulty adjustment at block height 866,880 (2024-10-23 02:05:01), with a 3.94% increase in mining difficulty to 95.67 T, reaching a new historical high. Currently, the average network hash rate is 706.03 EH/s.
Arkham: Tesla may still hold $0.78 billion worth of bitcoin.
According to the blockchain analysis firm, despite Tesla moving all funds to an unidentified wallet on October 15, the company may still have its entire $0.78 billion worth of bitcoin reserves. Arkham data shows that since October 15, these wallets have not moved any bitcoin funds. While it is currently unclear why Tesla made the transfer, Arkham points out that some observers speculate that these funds may be moving to institutions, which may allow Musk's company to obtain loans by using bitcoin as collateral. Tesla executives may reveal their plans for bitcoin at the third quarter earnings call scheduled after the market close on October 23.
BTC options with a nominal value of 4.2 billion US dollars and ETH options with a nominal value of 1 billion US dollars will expire this Friday.
According to CoinDesk, data shows that BTC and ETH options contracts with nominal values of 4.2 billion US dollars and 1 billion US dollars respectively will expire on Friday on Deribit. The key point for Bitcoin options is at $64,000, with a put/call ratio of 0.62, indicating a bullish market sentiment. Ethereum's current trading price is around $2,600, precisely at its key price point. It's worth noting that BTC options worth over 0.682 billion US dollars (equivalent to 16.3% of the total 4.2 billion US dollars) will be 'in-the-money' at expiration, with most being call options. An option is considered 'in-the-money' for calls when the exercise price is below the current market price, while 'in-the-money' put options have an exercise price higher than the spot price.
CryptoQuant founder: Institutional investors in the USA Bitcoin spot ETF hold approximately 20%.
CryptoQuant founder and CEO Ki Young Ju stated on X platform that, according to Form 13f filings, institutional investors in the USA bitcoin spot ETF hold approximately 20%, and asset management companies hold 193,000 BTC.
Analysts expect market volatility to increase after the approval of bitcoin etf options.
The US Securities and Exchange Commission (SEC) has approved options trading for multiple bitcoin spot ETFs, with analysts predicting this will increase bitcoin market volatility. Kbit CEO Ed Tolson believes retail investors could speculate using bitcoin ETF options, potentially amplifying price swings. Galaxy Digital's Michael Harvey, on the other hand, points out that although short-term volatility may rise, long-term volatility may decrease as institutions adopt income strategies. The SEC has also set a limit of 25,000 contracts on options positions to reduce market manipulation risks.
FOX reporter: SEC will include cryptocurrencies in the 2025 focus list for review.
FOX correspondent Eleanor Terrett posted on social media that even though there were no major cryptocurrency participants registered with the US Securities and Exchange Commission (SEC) in 2024, the commission has still included cryptocurrencies in its 2025 review focus list. The only two cryptocurrencies I can think of that have interacted with the SEC in a regulatory (non-enforcement) capacity are bitcoin and ethereum ETFs. Will the review focus on these ETFs and the companies collaborating with them?
Tether CEO: It is expected that the USA will catch up in cryptocurrency regulation.
Tether CEO Paolo Ardoino stated during DC Fintech Week that the United States is expected to catch up in terms of cryptocurrency regulation. He said, 'No place can compare to the United States. I believe that the introduction of reasonable cryptocurrency and stablecoin regulations to protect end users is very, very important.' He predicted that this situation will occur in the United States. Ardoino said, 'We are buying a large amount of US debt, and the most important job for stablecoin issuers is to be able to liquidate reserves and repay everyone upon redemption.'
Editor/rice
