📈🤑 'Uptober' Bitcoin Rally?
In today’s edition: 🔍 Bitcoin: A reflection of global liquidity?, 🚨➡ Tornado Cash trial moves forward, ✅ Sullivan & Cromwell cleared in FTX case, and more!
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Bits + Bips: Why Bitcoin Is a Leveraged Bet on Global Liquidity
Is Bitcoin’s price all about global liquidity? The gang weighs in on liquidity cycles, Solana token unlocks, the Fed’s surprising rate cuts, and bitcoin ETF options.
In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Sam Callahan of The NewsBlock to explore how macroeconomic factors and liquidity conditions are driving bitcoin’s price. They dive into the Federal Reserve’s recent rate cuts, the impact of Solana’s token unlocks, and why many investors are concerned about a potential liquidity crunch. Plus, the panel discusses whether bitcoin’s price is increasingly dependent on global M2 money supply, and how BlackRock’s Bitcoin ETF options could impact the market.
Is bitcoin simply a leveraged macro bet? And could Solana’s unlocks cause a price squeeze?
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
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What’s Poppin’?
by Frederick Munawa
Is an ‘Uptober’ Bitcoin Price Rally Imminent?
October has typically been one of the best months for bitcoin prices and if key economic indicators remain strong, that trend will likely continue, analysts say.
Daily Bits… ✍️✍️✍
🔨 A federal judge ruled that the case against Tornado Cash co-founder Roman Storm, accused of money laundering and sanctions violations, will proceed, rejecting his motion to dismiss charges related to the use of his privacy-focused crypto protocol.
⚖️ An examiner’s report found that law firm Sullivan & Cromwell did not overlook any critical warning signs about FTX's misconduct during its advisory role in Sam Bankman-Fried’s purchase of Robinhood shares, clearing the firm of potential conflicts during the crypto giant’s collapse.
💵 Robinhood is reportedly exploring the possibility of launching its own stablecoin, although the company has stated there are no immediate plans to release one.
📈 Base hit a new milestone with over $2 billion in total value locked driven largely by the decentralized exchange Aerodrome, which contributed significantly to the network's rapid growth.
❓ SEC Chair Gary Gensler reiterated that bitcoin is not a security during an interview, but refrained from sharing his views on Donald Trump’s proposal for a US bitcoin reserve, stressing that existing laws already provide enough clarity for the crypto industry.
🕵️♂️ The U.S. Department of Justice seized domains tied to three crypto exchanges allegedly involved in laundering $800 million in illicit transactions, targeting Russian nationals linked to cybercriminal networks.
🔋 Bitcoin mining company Bitdeer, in partnership with semiconductor giant TSMC, is set to launch a new high-efficiency mining chip, SEAL02, after successfully testing its power-saving capabilities.
Today in Crypto Adoption...
📊 Guggenheim Treasury Services issued $20 million in tokenized commercial paper on the Ethereum blockchain.
The $$$ Corner…
💻 Mawari Network, a Solana-based DePIN project focused on spatial computing, raised $10.8 million in strategic funding, with plans to scale its decentralized infrastructure for augmented and virtual reality applications.
💸 Avalanche is launching a $40 million “Retro9000” grant program to incentivize developers to build on the network ahead of its major upgrade, Avalanche9000, aiming to strengthen the blockchain ecosystem through a prolonged testnet phase.
What Do You Meme?
📈 Your Market Update 📉
BTC is up 2.0%, trading at $65,578
ETH is up 0.9%, trading at $2,648
BTC dominance: 53.9%
Crypto market cap: $2.4T
*All data as of today, 07:09 am ET. Source: CoinGecko
Recommended Reads
Inside the Biden Admin’s Plot to Destroy Silvergate and Debank Crypto for Good by Nic Carter
The Defiant: Base Accounts for Majority of Ethereum Ecosystem Activity
DL News: How Stani Kulechov and Rune Christensen cleared the air to usher in a ‘DeFi renaissance’
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