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According to Odaily, the National Bitcoin Office of El Salvador has announced that the country is in the process of developing new capital markets based on Bitcoin.

According to Odaily, Bitcoin mining company Riot Platforms has released its unaudited production and operations update for September 2024. The report reveals that the company mined 412 Bitcoins in September, marking a 28% increase compared to August's production. In the same period last year, Riot Platforms mined 362 Bitcoins. Riot Platforms also announced ongoing expansions of its mining facilities. Upon completion, the company expects its total Bitcoin mining capacity to reach 1 gigawatt.

On Oct 03, 2024, 13:18 PM(UTC). According to Binance Market Data, Bitcoin has dropped below 60,000 USDT and is now trading at 59,866 USDT, with a narrowed 1.55% decrease in 24 hours.

According to BlockBeats, on October 3, Whale Alert reported the activation of a Bitcoin address that had been dormant for 10.7 years. The address contains 99 Bitcoins, which have appreciated significantly in value, now worth over $6 million.

According to BlockBeats, on October 3, CoinMarketCap's (CMC) research division, CMC Research, released its third-quarter market report, indicating that Bitcoin's bull market cycle is accelerating. The report suggests that this bull market is advancing 100 days ahead of the typical four-year cycle. Various factors, including institutional adoption, Bitcoin exchange-traded funds (ETFs), and evolving market dynamics, are driving this potential supercycle. CMC Research anticipates that the current bull market will peak between mid-May and mid-June 2025. Despite the early acceleration, there are signs that infrastructure growth is slowing, which may indicate broader changes in market dynamics.

On Oct 03, 2024, 11:00 AM(UTC). According to Binance Market Data, Bitcoin has crossed the 61,000 USDT benchmark and is now trading at 61,046 USDT, with a narrowed narrowed 0.24% decrease in 24 hours.

According to Odaily, Standard Chartered Bank analyst Geoff Kendrick has indicated that Bitcoin might fall below $60,000 before the weekend due to concerns over geopolitical risks. However, Kendrick views this potential drop as an opportunity for accumulation. He also highlighted a significant increase in bullish Bitcoin options positions, noting a rise in open interest for options with an $80,000 strike price expiring on December 27. Kendrick further pointed out that Bitcoin has not emerged as a safe haven against geopolitical tensions. He stated, 'Gold is a geopolitical hedge. Bitcoin is a tool to hedge against traditional financial issues such as bank failures or de-dollarization and sustainability issues of the U.S. Treasury.'

According to Cointelegraph, Bitcoin (BTC) continues to exhibit a bullish market structure despite a recent retest of the $60,000 support level. Popular trader and analyst Rekt Capital has dismissed the fearful market sentiment surrounding the current BTC price action, emphasizing that Bitcoin's return to the $60,000 level is not a cause for concern. BTC/USD has experienced a 6% drop over the past three days, following a recent peak above $66,000. Rekt Capital noted that Bitcoin has revisited the low $60,000s multiple times in recent months, and each pullback has been met with different narratives of fear. He maintains that the bullish market structure remains intact. Fellow trader Jelle shares this optimistic outlook, suggesting that Bitcoin is undergoing a significant resistance/support flip. He reassured his followers that despite the initial red start to the quarter, Bitcoin's market structure is bullish, and key support levels are being reinforced. Previously, Cointelegraph reported on bearish BTC price predictions, with some analysts forecasting a potential drop below $60,000. Entrepreneur Mark Cullen advised traders to prepare for a possible dip to around $57,000, indicating that Bitcoin might still be heading lower. Onchain data analysis by Checkmate, the pseudonymous creator of Checkonchain, provides further insights. Using the short-term holder spent output profit ratio (STH-SOPR) metric, Checkmate observed that recent price performance reflects profit-taking by Bitcoin speculators. The STH-SOPR metric, which measures the proportion of funds in profit when moved onchain, has dipped below its center value of 1.0, suggesting a potential 'buy the dip' opportunity. Checkmate explained that a high STH-SOPR indicates profit-taking and selling pressure, while dips back to 1.0 or brief undercuts in a bull market present opportunities to accumulate Bitcoin at lower prices. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

According to Odaily, Bitcoin mining company Bitfarms has released its monthly production report, revealing that the company has achieved its year-end efficiency target of 21 w/TH over the past three months. In September, Bitfarms mined 217 BTC, a decrease from the 233 BTC mined in August. Additionally, Bitfarms disclosed that it sold 173 BTC in September as part of its regular funding operations, generating total revenue of $10.5 million. The company also announced that it reached a settlement agreement with Riot Platforms Inc. and rescheduled its special shareholder meeting from November 6, 2024, to November 20, 2024.

According to BlockBeats, on October 3, Japanese publicly listed company Metaplanet announced via social media that it has entered into a Bitcoin options trade with Singapore-based digital asset trading firm QCP Capital. The transaction involves the sale of Bitcoin put options, specifically 233 contracts of Bitcoin put options expiring on December 27, with a strike price of $62,000. This trade has earned Metaplanet a premium income of 23.97 BTC. Metaplanet stated that this strategy not only enhances the company's Bitcoin reserves but also strengthens its balance sheet. This aligns with its ongoing financial strategy to increase long-term Bitcoin exposure, improve the company's financial health, and support its profitability goals. The margin funds from this transaction are planned to be used for purchasing Bitcoin. Selling put options, referred to as a 'target purchase,' is another method to acquire Bitcoin. The plan for the use of these funds remains unchanged.

According to BlockBeats, on October 3, data from mempool.space indicates that Bitcoin network transaction fees have decreased. The current high-priority fee is reported at 2 Sat/byte.

According to Cointelegraph, veteran trader Peter Brandt has observed that Bitcoin is forming a 'three blind mice' pattern, which some interpret as a sign that the asset could decline in the coming days. In an Oct. 2 post on X, Brandt informed his 740,000 followers about this pattern, referring to it as the 'infamous Three Blind Mice and a Piece of Cheese' trading pattern. Technical analysis data from trading platform Morpher suggests that the 'three blind mice' pattern is typically seen as a 'continuation' pattern, indicating that the future price action will follow the direction of the 'three blind mice.' Brandt previously mentioned this pattern on Dec. 17, 2022, when Bitcoin was trading around $17,000 and subsequently entered a weeks-long slump before sharply breaking out to the upside in January 2023. In an earlier Oct. 2 post on X, Brandt warned traders that Bitcoin's recent rally did not 'disturb the 7-month sequence of lower highs and lower lows,' indicating that Bitcoin remains in a downtrend. He stated that 'only a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force.' Several traders have speculated that Brandt's 'three blind mice' pattern is a more humorous take on the Three Black Crows pattern, which is used to indicate the reversal of an uptrend. The pattern's name may also be derived from the popular nursery rhyme, which repeats the phrase 'three blind mice' with 'see how they run.' The price of Bitcoin has dropped 7.1% in the last three days, with the sharp 72-hour downturn erasing nearly 12 days of gains. This decline has been attributed to escalating geopolitical tensions in the Middle East, compounded by concerns about the strength of the US economy and the outcome of the upcoming election.

On Oct 03, 2024, 00:39 AM(UTC). According to Binance Market Data, Bitcoin has crossed the 61,000 USDT benchmark and is now trading at 61,070.011719 USDT, with a narrowed narrowed 0.10% decrease in 24 hours.

According to Cointelegraph, North Carolina’s local Bitcoin community is organizing a convoy of emergency room physicians, volunteers, and retired military personnel to provide critical assistance in the state’s mountain region following Hurricane Helene. The operation will commence on Oct. 4 from the Greensboro region, with a 12-man team equipped with six full-sized trucks, multiple utility task vehicles, four trailers, one horse, and one mule, as stated by North Carolina Blockchain Association’s Head of Industry Affairs Dan Spuller in an Oct. 2 post on X. Chainsaws and medical supplies will be utilized to clear paths and search for missing individuals. The convoy has been organized by the North Carolina Blockchain Initiative, Bitcoin Mining Museum, and Bitcoin mining and ASIC repair company HM Tech. The operation will cover the western side of North Carolina, including the highly affected Ashe County, where the Appalachian mountains are located. The Bitcoiners will also focus on the “overlooked” communities in the region that have received little to no state or federal support and remain cut off from life-saving supplies. Spuller noted that the challenges in Western North Carolina are immense, but the way the Bitcoin community has come together to deliver aid is inspiring. Reports indicate that residents in the area have been isolated and without electricity. The Bitcoiners are accepting donations in Bitcoin (BTC) and fiat to support the convoy’s mission. Unfortunately, Hurricane Helene has taken at least 189 lives and damaged property in seven US states — Florida, Alabama, Georgia, North Carolina, South Carolina, Tennessee, and Virginia, as reported by the New York Post. Hurricane Helene has been rated a category 4 (out of 5) hurricane on the Saffir-Simpson scale, with winds reaching up to 140 miles per hour, leading to road closures and severe flooding in some areas. The death toll is expected to rise, with hundreds of people still missing.

According to Cointelegraph, CryptoQuant analysts suggest that Bitcoin is entering a period of positive seasonality, but an increase in demand is necessary for the price of BTC to reach $100,000 in the fourth quarter. Historically, Bitcoin has performed well in October during bull cycles, especially in halving years like 2024. The market intelligence firm noted that in previous halving years—2012, 2016, and 2020—Bitcoin's price increased by 9%, 59%, and 171%, respectively. Analysts highlighted that Bitcoin's performance in 2024 has been similar to 2016 and 2020 up to September.CryptoQuant’s Bull-Bear Market Cycle Indicator shows that Bitcoin remained in the BULL phase between March and August. However, the price has been trading in a BEAR phase for three weeks between August and September and now enters the last quarter positioned between the BULL and BEAR phases. In comparison, Bitcoin entered Q4 in 2020 in a clear bull phase, making this year’s entry into the last quarter relatively weak. The report also emphasizes that Bitcoin’s apparent demand has stopped declining but needs to grow faster to sustain higher prices in Q4.Bitcoin Bull-Bear Market Cycle Indicator, 2020 vs. 2024. Source: CryptoQuantThe data reveals that Bitcoin’s apparent demand growth has stalled since July, oscillating between -23,000 and +69,000 BTC every month. In contrast, Bitcoin’s apparent demand grew by as much as 496,000 BTC in April when the price was around $70,000. Analysts believe that institutional demand through US-based Bitcoin exchange-traded funds (ETFs) is crucial for further BTC price growth. These investment products shifted from net selling of 5,000 BTC to net buying of 7,000 BTC between Sept. 2 and Sept. 30. If ETF demand continues to accelerate, it could propel prices up in the last quarter of 2024.Daily change of BTC holdings of spot Bitcoin ETFs. Source: CryptoQuantData from SoSoValue indicates that spot Bitcoin ETFs saw $1.8 billion in net inflows between Sept. 13 and Sept. 30, suggesting increased institutional demand for these investment products in anticipation of higher BTC prices in Q4. London-based asset manager CoinShares noted that the approval of options for certain US-based investment products likely boosted sentiment, resulting in more than $1 billion in inflows into Bitcoin investment products between Sept. 23 and Sept. 27. CryptoQuant suggests that if demand continues to grow, Bitcoin could target between $85,000 and $100,000 by the end of December. Market participants are now focusing on increasing geopolitical tensions in the Middle East, the health of the US job market, and the Federal Reserve’s future interest rate cuts in 2024 following an aggressive 50 basis point cut on Sept. 18. Total spot Bitcoin ETF netflow. Source: SoSoValue

On Oct 02, 2024, 16:04 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 62,000 USDT benchmark and is now trading at 62,066 USDT, with a narrowed narrowed 1.14% decrease in 24 hours.

According to Odaily, CryptoQuant founder Ki Young Ju recently commented on the X platform that the current market volatility is primarily a game within the futures market. He emphasized that real whales are driving Bitcoin's rise through spot trading and the OTC market, making on-chain data crucial. Diamond-handed whales have not yet seen particularly high returns, and whales who entered the market during the recent bull run have gained almost no profit. They are unlikely to sell on trading platforms until retail investor liquidity starts flowing in. Additionally, new whale addresses are accumulating BTC at an unprecedented rate, a behavior the BTC market has never witnessed before. Some believe these new whales are primarily driven by ETF inflows, but recent accumulation patterns suggest that these new whale addresses have little correlation with ETFs.

According to PANews, Arkham monitoring data revealed that Grayscale transferred 649.454 bitcoins to an unknown address approximately 40 minutes ago. The value of the transferred bitcoins is estimated to be around $39.45 million.

According to PANews, Bloomberg analyst Eric Balchunas has revealed that approximately 2,000 ETFs have been launched over the past decade. Among these, BlackRock and Fidelity's Bitcoin ETFs have secured positions in the top 10 based on total assets under management (AUM). Despite being introduced less than a year ago, IBIT and FBTC have quickly risen to become some of the youngest ETFs in the top 10.