On October 10, the sentiment in the cryptocurrency market saw a small rebound. $Bitcoin (BTC.CC)$ Regaining the $61,000 level, it reached $61,108.84. $Ethereum (ETH.CC)$ Regaining the $2,400 level, it reached $2,406.29.
Key Focus
SEC Chairman: Cryptocurrency is unlikely to become a mainstream currency.
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), stated at an event at New York University Law School that Bitcoin and other cryptocurrencies are unlikely to be widely used as payment methods, but are more likely to continue as stores of value. He pointed out that the crypto industry is rife with fraud, with many industry leaders either in prison as of 2024 or awaiting extradition. Gensler emphasized that the regulatory framework does not need further expansion, as the existing Howey Test is sufficient to assess the legality of investment contracts. He noted that the investing public needs transparent information disclosure to determine the actual value of cryptocurrencies. Gensler also mentioned the financial industry requires robust enforcement actions to curb violations.
Bitcoin mining difficulty increased by 4.12% to 92.05 T yesterday.
CloverPool data shows that the Bitcoin mining difficulty underwent a mining difficulty adjustment at block height 864,864 (2024-10-09 14:46:39), with a 4.12% increase to 92.05 T. The current network's average hashrate is 596.30 EH/s.
Rumor debunked: is the digital RMB distributing "digital asset dividends" or subscribing to "digital assets"? False information!
Recently, some criminal elements falsely claimed, using the name of the People's Bank of China Digital Currency Research Institute, that "based on the joint approval of the Ministry of Finance and the National Bureau of Statistics, the digital RMB platform will issue digital asset dividends to users who have received exclusive withdrawal channels for digital assets" and "will open the second batch of asset registration audits and the green channel quota subscription," causing a negative social impact. Upon investigation, such "announcements" and "platforms" are fabricated, and the related information is not true. The Digital Currency Research Institute has never released the above information, organized registration or subscription of "digital assets," or distributed "digital asset dividends." (CCTV News)
Bernstein reiterates: if Trump wins the US presidential election, the price of Bitcoin could reach $0.08-0.09 million.
According to The Block, analysts at research and brokerage firm Bernstein have reiterated their forecast that if Donald Trump wins the US election next month, the price of Bitcoin could reach a historical high of $80,000 to $90,000. Since Vice President Kamala Harris accepted the Democratic nomination, there has been the biggest divide in support for this former president. Despite analysts at Bernstein believing that in the backdrop of low interest rates, continued US fiscal deficits, and unprecedented debt levels, regardless of the election outcome, Bitcoin will perform well in the long run, the recent response to the election may be significant.
Bernstein wrote in the report: 'A Trump victory will have a positive impact on the bitcoin and cryptocurrency markets. If Trump wins, we expect bitcoin to hit new highs ($80,000 to $90,000), surpassing the previous high of $74,000. If Harris wins, we believe that bitcoin may fall to a new low of around $40,000 in the short term.''
At the same time, analysts expect Bitcoin to continue reacting to election odds, with the possibility of Trump winning leading to a more positive outlook for Bitcoin. Conversely, if the race remains tight, they expect Bitcoin to remain range-bound until the November 5 election. However, they have a different view on altcoins, anticipating that assets like ETH and SOL will stay range-bound before the election, with other cryptos taking a decisive direction only after the election, due to the close relationship between blockchain development and regulatory environment where the ranking system of SEC Chairman and White House Regulatory Assistants will become clearer.
Analysis: The surge in stablecoin and Bitcoin trading may provide a basis for BTC's rise in the coming weeks.
Data from CryptoQuant shows that by the end of September, stablecoin liquidity reached a record high of $169 billion, a 31% increase year-to-date (YTD). Tether's USDT remains dominant, with its market capitalization increasing by $28 billion to nearly $120 billion, occupying a 71% market share; and Circle's USDC, with its market capitalization increasing by $11 billion to reach $36 billion, a 44% increase since the beginning of the year, holding a 21% market share. The surge in record numbers of US dollar-pegged stablecoins and large Bitcoin trades could lay the groundwork for a broader rise in BTC in the coming weeks, maintaining the bullish seasonal outlook for the asset in October.
US prosecutors have charged four cryptocurrency market makers and their employees with market manipulation and fraud.
According to CoinDesk, US federal prosecutors have charged four cryptocurrency market makers and their employees with market manipulation and fraud. These companies include Gotbit, CLS Global, MyTrade, and ZM Quant. Prosecutors allege that they secretly provided wash trading services to crypto projects, inflated trading volumes, and sold tokens at inflated prices. These actions were profitable for them, and they benefited by convincing exchanges to reduce trading fees. The list of defendants also includes multiple cryptocurrency promoters, involving tokens like Robo Inu, VZZN, and Saitama. The US Securities and Exchange Commission (SEC) and the Federal Bureau of Investigation (FBI) are also involved in the investigation, with an expected recovery of $25 million in illegal proceeds.
State Street Bank executives: Currently focusing on tokenizing bonds and money market funds, there are currently no plans for stablecoin projects.
According to CoinDesk, State Street Bank's Chief Product Officer Donna Milrod stated in an interview with the Financial News that the bank is committed to tokenizing bonds and money market funds, but currently has no plans to create stablecoins or tokenized deposits. However, Milrod said: "It doesn't mean we won't do it in the future, it's just that we don't think it's necessary to do so right now." Milrod stated that the company has two ongoing tokenization projects, focusing on tokenizing bonds and money market funds, which will be completed "at some point next year." The goal is to establish tokenized collateral, allowing traders to use it as margin without liquidating their assets to cash them out. Milrod said: "Operational efficiency alone is not enough. It needs to have commercial value, and the industry is figuring out where the commercial value lies." Milrod added that collateral tokens may help avoid or alleviate the "liability-driven" crisis in 2022, allowing retirement funds to use money market fund tokens to add margin instead of liquidating assets for cash. A Bloomberg report in July previously mentioned that State Street Bank is exploring creating stablecoins and developing tokenized deposits.
The settlement amount between crypto companies and US regulatory agencies has reached $32 billion to date.
According to CoinGecko statistics, the settlement amount between crypto companies and US regulatory agencies has reached $32 billion to date. The largest amount is with FTX and Alameda, reaching a settlement of $12.7 billion, followed by Celcius ($4.7 billion), Terraform Labs ($4.5 billion), Binance ($4.3 billion), Genesis ($2 billion), Voyager ($1.65 billion), Telegram ($1.24 billion), Coinbase ($0.1 billion), BlockFi ($0.1 billion), BitMEX ($0.1 billion).
Matrixport predicts that the volatility of bitcoin will further decrease, and selling options may become an effective profit strategy.
Matrixport released a chart strategy a year ago predicting that the volatility of bitcoin in any 30-day rolling period would remain between +/-20%, indicating a lower likelihood of a significant rebound or decline. This provides an opportunity for option sellers to obtain additional premiums, thereby enhancing the return on bitcoin. The strategy only experienced slight temporary losses in two brief periods in the third quarter of 2023 and the end of the first quarter of 2024. With the launch of a bitcoin spot ETF, it is expected that the volatility will further decrease, making selling options a potentially effective profit strategy in the coming months.
South Korea plans to establish a Virtual Assets Committee to discuss issues such as the approval of virtual asset spot ETFs and licenses for crypto exchanges.
The Financial Services Commission of South Korea announced plans in a parliamentary audit report to establish a Virtual Assets Committee to discuss significant issues such as the approval of virtual asset spot ETFs and licenses for virtual asset exchanges. In addition, the Financial Services Commission has also established a non-profit foundation (Digital Asset User Protection Foundation) that receives user assets and returns them to companies that have closed or suspended operations, and is conducting updated report reviews for companies whose reporting period has expired.
Arkham: Increases holdings of Metaplanet by 1 billion Japanese yen worth of bitcoin at the end of September.
Arkham posted that its platform has added tracking data for Metaplanet. At the end of September, Metaplanet increased its holdings by 1 billion Japanese yen worth of bitcoin, currently holding $38.7 million worth of bitcoin. It is referred to as the 'Asian MicroStrategy' and is Japan's largest bitcoin holding company.
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