#BTC Bitcoin Price Pumps to $39,000 As Fed Chair Powell’s Remarks Encourage Rate Cut Bets – Where is BTC Headed Next?
Fed Chair Jerome Powell’s tone on the risks faced by the US economy just shifted in a dovish direction, spurring a pump in the price of Bitcoin (BTC) to new yearly highs at $39,000.
Powell noted that risks that the Fed doesn’t raise interest rates enough to combat inflation versus the risk that it over-tightens and unnecessarily weakens the economy have become more balanced.
His comments come after recent economic data has shown the US economy cooling and with a key metric of US inflation (the Core PCE Price Index) averaging 2.5% annualized over the past six months.
Previously, Powell had been amongst the Fed policymakers warning that further interest rate hikes remained likely, and his shift in tone comes after his normally hawkish Fed policymaker colleague Christopher Waller said earlier in the week that the argument for rate cuts in 2024 was building.
Powell’s remarks sent US stock prices higher and bond yields tumbling as investors ramped up bets on rate cuts to begin in Q1 2024.
As per the CME’s Fed Watch Tool, the money market implied likelihood of the Fed cutting interest rates back to 5.00-5.25% from 5.25-5.5% by March rose to over 60% on Friday from under 45% on Thursday
Where is Bitcoin (BTC) Headed Next?
As rate cut expectations rise and, with it, expectations for a more Bitcoin-favorable liquidity backdrop, macro is a major tailwind for BTC right now.
A sharp rise in the assets under management of Proshares’ Bitcoin Strategy ETF, a Bitcoin futures-based ETF, to new all-time
Bitcoin miners need to constantly sell a portion of the Bitcoin they mine
After pumping 28.5% in October, Bitcoin was supported by an uptrend and its 21DMA throughout November.
With the cryptocurrency having new seemingly broken convincingly to the north of the prior resistance at $38,000, short-term bullish speculators will be eyeing an near-term move above $40,000 and on towards resistance in the form of the April 2022 highs just above $43,000.

PayPal Receives UK’s FCA Approval to Offer Crypto Services to UK Nationals

Payments giant PayPal has become the latest to secure a cryptoasset registration from the UK’s Financial Conduct Authority (FCA).

According to the update on the FCA’s crypto register, the regulator issued registration to PayPal UK Limited on 31 October. The registration would allow the company to offer crypto services in the UK as the country continues to tighten the regulatory environment on the digital asset sector.

The registration approval comes months after PayPal UK temporarily suspended crypto purchases for its customers in the UK. The move would help PayPal to comply with the recent new rules for marketing cryptoassets enacted by the FCA.

PayPal confirmed at the time that crypto sales will be re-enabled in early 2024 and assured that user assets are safe.

The UK’s regulator has approved four crypto service providers so far in 2023, including PayPal, Komainu, Bitstamp and Interactive Brokers. In total, 43 cryptoasset firms have registered with the FCA since August 2020.

Fried walks jury through final days of FTX: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Crypto World deep dives into the growing demand for bitcoin ATMs.

Keeps Rising Despite BTC’s Failed Attempt at $29K (Market Watch)

Bitcoin tried its hand at taking down the $29,000 level once again hours ago but was stopped in its tracks and currently sits several hundred dollars below it.

However, its dominance over the altcoins keeps rising to new multi-month peaks, as most of the alts are sitting in the red now.

BTC Fails at $29K
BTC’s price performance was quite dull during the weekend, with the asset trading sideways at around $27,000. However, it couldn’t overcome that level until Monday morning. That’s when the bulls took control of the market and pushed the cryptocurrency north by a grand.

More price gains came later that day following a fake report that the SEC had finally greenlighted a spot Bitcoin ETF in the States. The asset reacted with an immediate surge that pushed it north by $2,000 to a two-month high.

As the report was refuted, though, the cryptocurrency started losing value somewhat rapidly and came back down to $28,000. It reacted well to this retracement and spiked to $29,000 hours ago.Nevertheless, the bears intercepted the move, and BTC now trades about $500 away from it. Its market capitalization, though, is up to $557 billion, and its dominance over the altcoins has pumped again to a new local peak of over 51% on CMC.

Bitcoin Price Prediction as BTC Fast Approaches $29,000 Level – Here are Key Levels to Watch
Bitcoin, the undisputed king of the cryptocurrency market, is once again at an inflection point. As the pioneer digital asset fast approaches the $29,000 level, traders and investors alike are keeping a keen eye on critical price levels and market indicators to gauge the next possible move
Fundamental Catalysts
Bitcoin Spot ETFs: Data analytics firm CryptoQuant has made a bold prediction. If Bitcoin spot ETFs gain approval, Bitcoin's market cap could soar to $900 billion, with the broader crypto market gaining an additional $1 trillion. Spot ETF approvals in the US, potentially by March 2024, could inject around $155 billion into Bitcoin, pushing its price to somewhere between $50,000 and $73,000
Historical Value Surge: Bitcoin's market value has historically grown 3-5 times more than its realized capitalization. This means that even a modest influx of capital can lead to significant price hikes. A recent false report about a spot Bitcoin ETF approval sent the coin momentarily to the $30,000 mark.
Market Sentiment: The enthusiasm and optimism surrounding Bitcoin are palpable. The declining discount of the Grayscale Bitcoin Trust (GBTC), at its lowest in nearly two years, reflects this sentiment.
Bitcoin Price
Priced at $28,266, the 24-hour trading volume amounted to a whopping $12.73 billion. The market cap stands impressively at $551.69 billion.
In terms of supply, 19.52 million BTC are in circulation,
Bitcoin Price Prediction
From a Bitcoin technical analysis perspective, the RSI (Relative Strength Index) paints a moderately bullish picture.
Positioned at 63, it's a favorable number that's north of 50, suggesting a bullish sentiment, yet not crossing into the overbought territory of 70.
Conversely, a move below can indicate a bearish phase. Additionally, Bitcoin's price is hovering above its 50-day Exponential Moving Average (50 EMA) of $27,712, signifying a potential short-term bullish momentum.

APPLE BRIEFLY REMOVES METAMASK WALLET FROM APP STORE
In a surprising move, popular Ethereum wallet MetaMask found itself briefly removed from the Apple App Store over the weekend, sparking questions about the reasons behind this sudden disappearance. However, the wallet was soon restored, leaving users relieved but curious about the episode.

The MetaMask team addressed the issue promptly, clarifying that the removal was unrelated to any malicious activities or security concerns. They reassured their user base, which spans over 30 million users worldwide, that no action was required on their part. Additionally, they emphasized that the incident had no impact on the wallet's functionality, thus putting to rest concerns about its core features.

EU Formally Agrees on New Crypto Tax Data Sharing

The rules, set to be published in the EU's official journal, force crypto firms to report on customers' holdings to be shared between tax authorities
New European Union rules that let tax authorities share data on individuals' crypto holdings were formally adopted by the bloc's finance ministers on Tuesday. The document will now be published in the EU's Official Journal and enter into force 20 days later.
The rules were proposed last year in a bid to block assets from being stashed overseas using crypto and had unanimous support from EU member states despite discussions mostly taking place largely behind closed doors.In May, a copy of the draft bill obtained by CoinDesk under freedom of information laws showed the rules extend an existing law to cover a wide range of digital assets confirmed on Tuesday to include stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi) tokens, as well as proceeds from crypto stakingThe law, known as the Eighth Directive on Administrative Cooperation (DAC8), forces crypto companies to report information on customers' holdings that will automatically be shared between tax authorities.
The European Commission, responsible for proposing new EU legislation, said on Tuesday that DAC8's crypto provisions complement the recently finalized landmark Markets in Crypto Assets Regulation (MiCA) and anti-money laundering rules under the Transfer of Funds Regulation (TFR).
"The directive will improve Member States' ability to detect and combat tax fraud, avoidance and evasion, by requiring all EU-based crypto-asset service providers, regardless of their size, that they report transactions from customers residing in the EU," the Commission said in a statement on Tuesday.
It added that the scope of the rules was expanded from previous versions to also apply to financial institutions with respect to electronic money and central bank digital currencies (CBDC)

BlackRock CEO Larry Fink Seeing Client Demand for Crypto 'Around The World
Clients across the globe are talking about “the need for crypto,” said Larry Fink, CEO of asset management giant BlackRock (BLK).
Appearing on Fox Business on Monday hours after a false rumor about SEC approval for BlackRock’s spot bitcoin ETF sent prices sharply higher, Fink said he couldn’t speak about the application process.Fink, however, did opine on the recent rally. “It’s an example of the pent-up interest in crypto,” he said. “We are hearing from clients around the world about the need for crypto“I think the rally today is about a flight to quality, with all the issues around the Israeli war now, global terrorism,” he continued

Bitcoin Jumps. Traders Anticipate a Crypto ETF Approval
Bitcoin
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and other cryptocurrencies surged Monday on the rising possibility that the Securities and Exchange Commission soon will approve the first spot Bitcoin exchange-traded fund. But investors hoping for an immediate nod should be wary—there will be more speed bumps along the road
the first spot Bitcoin exchange-traded fund. But investors hoping for an immediate nod should be wary—there will be more speed bumps along the road.

The price of Bitcoin spiked to more than $30,000 on Monday, before fading to about $28,100. That was still about 3.5% above its level 24 hours ago. The jump in price came after a crypto trade publication tweeted that the SEC had approved an application by BlackRock (ticker: BLK) to launch a spot Bitcoin ETF. A BlackRock spokeswoman in a statement to Barron’s said its application is still under review, and the publication deleted its tweet and apologized.

That’s because ETF providers including Grayscale, BlackRock, Invesco (IVZ), WisdomTree (WT) and others have technically been seeking a rule change that would allow their products to be listed on an exchange. In addition to that change, the firms must get the SEC’s nod for prospectuses and other documentation that accompany the approval of any ETF, a process that goes through a different SEC department than the one approving the rule change.

#btc #btc Bitcoin Jumps to Near $28K As Bulls Bet on ETF Approval
Bitcoin (BTC) jumped some 4.5% in the Asian morning hours Monday amid hopes that a bitcoin exchange-traded fund (ETF) could get approved in the coming months, sparking bullish hopes.
Bitcoin traded just under $28,000, reversing all losses over the past week. The jump seemed to be a continuation of Friday’s reaction to the U.S. Securities and Exchange Commission (SEC) decision to not appeal to a recent Grayscale ruling.The SEC will apparently not appeal a court reversal of a decision to Grayscale convert its popular bitcoin trust into a more investor-friendly exchange-traded fund, according to a person familiar with the matter, possibly clearing the way for the first bitcoin ETF in the U.S.This helped boost the odds the Grayscale Bitcoin Trust (GBTC) can be turned into a more appealing ETF

The economy is surging — which means it might be time to start buying Bitcoin
The United States economy seems like it is refusing to be derailed. It added a staggering 336,000 jobs in September, defying most expectations. This achievement becomes all the more remarkable against the backdrop of soaring yields on longer-term Treasury bonds and surging mortgage rates.

The message embedded in the job data is crystal clear: the world’s largest economy continues to charge forward, even in the face of aggressive monetary tightening. It’s a testament to the economy’s resilience, and suggests that higher interests are here to stay for an extended period.

While this news could send shivers down some spines, particularly for those invested in stocks, it’s crucial to understand the bigger picture. Stocks may appear less enticing when you can secure a 6% return with a savings account, yet we may be reaching an inflection point with bonds.The bond market has witnessed a historic rout, described by Bank of America Global Research as the “greatest bond bear market of all time.” But the analysis isn’t all doom and gloom — there are hints that the relentless sell off in U.S. Treasuries could come to an end. And if we do indeed see a recovery, it could signal the start of a new bull market for risk assets.

Grayscale GBTC discount falls to 16% as markets bet on Bitcoin ETF approval
Some analysts say GBTC’s discount is narrowing because investors are pricing in the SEC’s approval on several pending spot Bitcoin ETF applicationsGrayscale’s Bitcoin
BTC

tickers down
$27,857

investment vehicle, Grayscale Bitcoin Trust (GBTC), is trading at its lowest discount in nearly two years as spot Bitcoin exchange-traded funds (ETFs) continue to inch toward potential approval in the United States.

The latest data from YCharts shows GBTC’s discount to Bitcoin’s net asset value (NAV) has narrowed to 15.87% as of Oct. 13.Discount to NAV is a percentage that measures the amount that a mutual fund or ETF is trading below its net asset value. The metric is used to track how far away a security is trading from its true value.

Data shows that GBTC’s discount began to narrow when BlackRock and several other financial institutions filed spot Bitcoin ETF applications in mid-June, where the discount fell from 44% on June 15 to 26.7% by July 5. Since then, the figure has continued to narrow.The last time GBTC’s discount was at a similar level was in early December 2021 — only a month after BTC hit its all-time high price of $69,000 on Nov. 10, according to CoinGecko.

Bitcoin advocate Oliver Velez believes the market is pricing in spot Bitcoin ETF approval by year’s end.

Other analysts, such as cryptocurrency investor Lyle Pratt, believe GBTC’s discount will continue to “evaporate” over the next week or two as spot Bitcoin ETFs near approval.