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- UPtober Rises from the Grave
UPtober Rises from the Grave
đ§ Will this upcoming week make October end with a trick or a treat?
Happy Monday Bitcoiners, it's Bam here with another Bitcoin update!
Each week, our team at Bitcoin News saves you time by curating the most impactful events into a concise, easy-to-read update.
Notable events this week include:
Bitcoin ETFs hit new highs following a weekly inflow of $2.1 billion.
Italy plans to raise the capital gains tax on Bitcoin from 26% to 42%.
SEC approves options on all Bitcoin ETFs.
Letâs dive in! âĄ
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LATEST NEWS đ°
đ ADOPTION
Santa Monica launches its first-ever Bitcoin Festival, with food vendors, local merchants, and educational programsâall designed to boost Bitcoin adoption in Los Angeles.
Bitcoin Prediction Market is now accepting election bets via the Lightning Network. No account requiredâjust a Lightning wallet!
Tuttle Twins TV, the libertarian-themed kidsâ cartoon, drops a new Bitcoin episode featuring Nat Brunell, Max & Stacy, and Saifedean Ammous.
âď¸ LEGAL
The SEC approves NYSE options trading on all spot Bitcoin ETFs, enabling hedging and offering more liquidity, improved price efficiency, and reduced volatility.
The FBI arrests a suspect linked to the January 2024 hacking of the SECâs X account, where a fake tweet about Bitcoin ETF approval briefly caused Bitcoin prices to surge.
Blockstream secures $210 million to drive Layer 2 growth and expand its bitcoin treasury.
đ MARKETS
Samara Asset Group, a publicly-listed German company, plans to buy Bitcoin using proceeds from a $33M bond, following in MicroStrategyâs footsteps.
Metaplanet acquires an additional 106.9 BTC and earns 5.9 BTC through options, bringing its total holdings to approximately 861 BTC.
Bitcoin ETFs hit new highs in total holdings after a $2.1 billion weekly inflow, surpassing $20 billion in net flowsâa milestone that took gold ETFs nearly five years to reach.
âď¸ MINING
A 2.8MW bitcoin mining operation in the Netherlands repurposes waste heat from its miners to support tomato and pepper production.
MARA announces it has secured a $200 million line of credit, backed by a portion of its Bitcoin holdings.
Bitcoin miners continue to amaze with their ingenuityâlike repurposing waste heat to dry their green plants for personal use!
đłď¸ POLITICS
Italy is set to raise its capital gains tax on Bitcoin and other digital assets from 26% to 42%.
JPMorgan structures a $1 billion deal for El Salvador, covering roughly 14% of its debt. The arrangement allows the country to refinance part of its debt while funding wetland conservation efforts.
Samson & Joe join PM Joana Coartar in the German Parliament to educate government officials on Bitcoin.
BAMS 2 SATS đ§˘
This week reignited some hype in the Bitcoin space. Last week, MicroStrategy surged, ending with a 15% gain on October 11th, similar to this Fridayâs 11.6% rise. Bitcoin is also showing signs of breaking out of its 8-month sideways range, appreciating 8% over the past week.
If you check X right now, youâll see a mix of bullish and bearish sentiment. While Bitcoinâs recent signs of life spark excitement, thereâs understandable caution after so many false starts in the latter half of 2024.
Is this time different though?
While the future is uncertain, we can look at whatâs happening now. Global Bitcoin ETFs had a huge week, with 38,252 BTC absorbed in just 5 trading daysâsimilar to when ETFs first launched earlier this year, driving Bitcoin to new all-time highs after a long bear market. This surge has pushed assets under management to new records, as global Bitcoin ETFs now hold over 1.2 million BTC for the first timeâmore than Satoshiâs holdings!
As of now, Bitcoin is just 8% below its all-time high. While that might seem distant, itâs worth noting that MicroStrategy has seen several recent trading sessions with single-day gains larger than that.
In my view, it seems like âUPTOBERâ might actually be unfolding and have the momentum to continue. Yet, thereâs an internal struggleâafter the past 8 months, itâs hard not to be cautious. But looking at the data, weâve seen:
Continuous new highs for S&P, DJIA, and gold.
$2 Billion inflows to the ETFs in 5 days
ECB cuts and global M2 rises (money printer going brrr)
Mt. Gox postponing payments to 2025.
SEC approving options on Bitcoin ETFs.
UAE exempting BTC txs from VAT.
At the same time, thereâs massive interest in shorting Bitcoin, with over $33 billion in shorts that could be liquidated if the price breaks above $72,500. Could this be the next spark upward? Will Bitcoin follow MicroStrategy into price discovery? Is the Bitcoin bull market about to explode?
by Ashcrypto
Who knows, but there are certainly positive signals out there. The price could correct at any moment, but maybe we âget luckyâ and Bitcoin is finally ready to take its next leg up, rewarding those of us whoâve held strong through the relentless chop of the last 8 months.
Keep on stacking!
Bam
Turn Up the Hash
Bitcoinâs looking frisky and ready to move! Every bull run deserves its own theme music to celebrate those epic up days.
Check out this banger by Reel Richard to crank up when youâre feeling those bull market vibes!
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