The Bitcoin Briefing, 3 October 2024
It was a not so Happy start to Uptober, with mass liquidations following Middle East tensions, preventing a positive start to the month.
Bitcoin Market News
Crypto Markets Clear $560m in Liquidations in 24 Hours
After Bitcoin closed a historic September, the crypto market faced massive liquidations across all exchanges following Iran's attack on Israel. The attack is Iran’s response to Israel assassinating Hassan Nasrallah, the former leader of Hezbollah. The crypto market reacted by a streak of sales, which created a domino effect of liquidations and pushed the market into red.
Metaplanet Acquires 107 Bitcoin, Total Holdings Now 506 BTC
Tokyo-based Metaplanet announced the purchase of an additional 107.9 Bitcoin at an average price of 9.26 million yen ($64,168) per Bitcoin, bringing the total value of the purchase to 1 billion yen ($6.9 million). This acquisition raises Metaplanet’s total Bitcoin holdings to 506.7 BTC. The company initially began acquiring Bitcoin in April 2024, using Bitcoin as a strategic reserve asset, hedging against the volatility of the Japanese yen and the country’s growing debt burden.
Bitcoin Halving Cycle Signals Potential 2024 Rally
A new report suggests that Bitcoin might be on the brink of a significant rally by the end of 2024 or early 2025, driven by historical halving cycle trends and changing market conditions. A report by Canaccord points out that we are now 163 days post the latest Bitcoin halving. Historically, Bitcoin rallies have tended to start 6-12 months after these halving events, indicating the potential for an uptrend if this pattern holds.
Read more on Benzinga
Bitcoin Trends
BlackRock Backs New USD Rival Stablecoin
The world’s largest asset manager, BlackRock, discreetly supports a potential alternative to the U.S. dollar. This move coincides with Bitcoin and cryptocurrency prices surging, hinting at a growing shift in financial systems. BlackRock's USD Institutional Digital Liquidity Fund is being used to back a new stablecoin, described as a "key milestone" in the "$16 trillion by 2030" race to tokenise finance.
Crypto Laws Are Coming No Matter Who Wins Election
One of crypto’s most prominent advocates in Congress, House Majority Whip Tom Emmer, has big plans for the industry should Republicans gain control of all branches of federal government in November. However, he also appears convinced that cryptocurrency regulation is coming to the United States regardless of how the election shakes out. “Regardless of the outcome, I expect you to see digital asset legislation start to move in both bodies. I think it is ‘when,’ not ‘if,’ regardless of who’s in charge.”
Musicians Can Now Earn Bitcoin For Streaming Their Songs
Musicians from across the world are now earning satoshis for streaming their music. Many of these artists earn more in bitcoin by sharing their songs through platforms like Wavlake and Fountain than in traditional currencies by streaming their music through digital streaming platforms like Spotify and Apple Music.
Is Bitcoin ‘Digital Gold’?
Are you curious about Bitcoin’s growing reputation as “digital gold”? Our latest article explains the similarities and differences between Bitcoin and gold. It covers key topics like scarcity, durability, divisibility, and portability and examines whether Bitcoin deserves the title of digital gold. Whether you're a seasoned investor or new to digital assets, this piece provides a well-rounded analysis of both sides of the coin.
Bit of Bitcoin fun
Don't Write About Bitcoin
Bitcoin Policy UK advises journalists to avoid writing about Bitcoin unless they possess a thorough understanding of its fundamentals, correct terminology, and the broader context of its impact. It urges accurate reporting and avoids outdated or misleading arguments.
Read more on Bitcoin Policy UK
