October — Week #4

🤑 Markets

1. Bitcoin Rebounds to $67k Amid Subdued Data: Bitcoin rebounded to around $67,000 following a subdued U.S. economic data reading. This increase reflects market reactions to the economic indicators, which may have influenced investor sentiment towards the cryptocurrency.
2. Bernstein Sees Bitcoin Reaching $200,000 by 2025: Bernstein analysts predict that Bitcoin could reach a price of $200,000 by the end of 2025, driven by the new institutional era and its increasing appeal as a safe-haven asset amid inflation concerns and rising U.S. debt levels. Institutional adoption is a key factor, with global asset managers holding over $60 billion in BTC through regulated ETFs, and Bitcoin ETFs seeing significant inflows, highlighting growing investor confidence in Bitcoin.
3. Number of Bitcoin Whales Jumps to Highest Since January 2021: The number of Bitcoin whales, or large Bitcoin holders, has increased to its highest level since January 2021, according to data from Glassnode and André Dragosch. This surge in large holders could potentially support a price rally to new record highs for Bitcoin.
4. Bitcoin Mining Difficulty Hits All-Time High: Bitcoin's mining difficulty has reached a new all-time high, driven by a rising hash rate as miners compete for rewards, which may increase the computational power required and potentially impact miner profitability. Despite the higher difficulty, miner revenue has seen an increase recently, partly due to the surge in activities like Bitcoin ordinal inscriptions, although this could lead to fluctuations in the hash rate and miner confidence in holding Bitcoin.
5. Bitcoin Accumulation Addresses Surge to 2.9M BTC: Bitcoin recently surged past $69,000, driven by bullish sentiment and a Crypto Fear and Greed Index of 70, with accumulation addresses that have never sold any BTC now holding around 2.9 million BTC, a nearly 50% increase year-to-date. This significant accumulation is part of a long-term holding strategy, with major investors and companies like MicroStrategy and Tesla continuing to hold large amounts of Bitcoin, and US spot Bitcoin ETFs also accumulating substantial amounts.

🧑‍⚖️ Policy & Regulation

1. Trump's Victory Boosts Bitcoin Market: Bitcoin has surged to a three-month high, driven by increased trading activity as Donald Trump's prospects for winning the U.S. presidential election rise, with his administration seen as more lenient on cryptocurrency regulation and potentially inflationary, which could benefit the crypto market. Trump's lead in Polymarket data, with 61.1% of projected votes, has led investors to position themselves favorably for Bitcoin, anticipating that his policies could boost the cryptocurrency's value.

🧠 Decentralization

1. Buterin Criticizes Saylor's Bitcoin Custody Comment: Ethereum co-founder Vitalik Buterin criticized Michael Saylor's comments on institutional Bitcoin custody, labeling them as 'insane'. Buterin's criticism targets Saylor's views on the feasibility and security of self-custody for institutional Bitcoin holdings.

🌈 Adoption

1. Bitcoin on Advisors' Balance Sheets: The growing trend of including Bitcoin on corporate balance sheets highlights its potential as a store of value and a hedge against inflation.
2. River Financial Offers 3.8% BTC Interest: River Financial has introduced a new feature that allows users to earn a 3.8% annual interest rate on USD deposits, with the interest paid in Bitcoin. This initiative aims to bridge traditional banking and digital assets, providing a stable yield and making Bitcoin more appealing to traditional investors by allowing them to accumulate BTC passively.

📅 Bitcoin Events Coming Up

TABConf 2024

🗓️ When: October 24-25, 2024
📍 Where: Atlanta, GA, USA
TABConf 2024, known as The Atlanta Bitcoin Conference, gathers leading minds in the Bitcoin field for sharing insights and networking. It features keynote sessions, panel discussions, and provides opportunities to connect with peers in the Bitcoin community.

Lugano Plan ₿ Forum 2024

🗓️ When: October 25, 2024
📍 Where: Lugano, Switzerland
The Lugano Plan ₿ Forum is a key Bitcoin conference focusing on Bitcoin adoption, economics, and freedom of speech. It includes workshops, startup exhibitions, and renowned speakers like Stella Assange and Paolo Ardoino.

The Bridge Conference

🗓️ When: November 6, 2024
📍 Where: New York City, USA
The Bridge conference, hosted by The Tie, is a significant event that brings together over 1,000 executives from leading traditional financial institutions and digital asset firms. It focuses on the intersection of digital assets and institutional finance, featuring expert panels, presentations, and private meetings. Key speakers include Don Wilson, Mike Novogratz, Anthony Scaramucci, and Cynthia Lo Bessette.

NiceHashX Bitcoin Conference

🗓️ When: November 8-9, 2024
📍 Where: Maribor, Slovenia
Organized by NiceHash, this conference celebrates the platform's 10th anniversary. It will feature discussions on Bitcoin mining, hashrate markets, and the broader Bitcoin ecosystem, gathering industry professionals, technologists, and entrepreneurs focused on Bitcoin and mining-related topics.

3rd Forum on Digital Assets Compliance: AML, Sanctions and Regulatory Oversight

🗓️ When: November 18-20, 2024
📍 Where: New York, USA
This forum focuses on compliance issues related to digital assets, including Bitcoin. It will cover anti-money laundering (AML), sanctions, and regulatory oversight, featuring discussions and presentations from regulatory experts and industry leaders, crucial for navigating the complex regulatory landscape.

Future of Digital Assets

🗓️ When: November 19-20, 2024
📍 Where: New York, USA
This event explores the future of digital assets, including Bitcoin, from various perspectives such as investment, regulation, and technological advancements. It brings together industry experts, investors, and regulators to discuss the current state and future outlook of the digital asset market.

🤔🤔 Wanna learn more? Check out the BLOCKTALK!