Bitcoin (BTC) bulls were able to regain control of the market and push the price of the world's highest digital currency by total market capitalization past the $35,000 barrier again, after a volatile trading session filled with events involving macroeconomic risks, including the announcement The latest from the US Federal Reserve on the direction of its monetary policies. For its part, the Federal Reserve announced - unsurprisingly - its choice to keep the interest rate unchanged at its highest levels in decades, amounting to 5.25-5.5%, with its inclination towards further possible increases in interest rates amid concerns Continuing regarding the inflation rate, which is still high, above the Federal Reserve’s target of 2.0%, amid the US economy continuing to enjoy apparent strength.It is noteworthy that Bitcoin trading was balanced - before the meeting - for about a week, as its price ranged between $34,000 and $35,000, following its jump last October from its lowest levels at $26,000. With the Fed meeting over and offering no surprises to the market, it appears that bulls have taken the green light to start a new buying spree.The price of Bitcoin rose by 28.5% during the month of October amid a state of optimism regarding speculation that the US Securities and Exchange Commission (SEC) would soon approve requests from BlackRock and other major asset management companies to establish exchange-traded funds for spot Bitcoin contracts. (Bitcoin Spot ETFs), which observers believe will open the door to institutional influx into Bitcoin.Macroeconomic events provide a favorable environment for investmentBTC's October performance was strong despite generally negative trends in the broader market landscape, such as falling stock prices and rising bond yields. In recent years, Bitcoin's performance has been positively correlated with stocks (particularly technology stocks) and inversely correlated with US bond yields.While the narrative long promoted by Bitcoin supporters that the leading digital currency should be seen as a safe haven in the face of economic and geopolitical troubles has gained much support this year, the CEOs of major Wall Street firms such as Larry Fink have praised Fink) from BlackRock - in Bitcoin and referred to it as “ digital gold .”Furthermore, Bitcoin's strong performance in October - despite weak stocks - created a favorable trading environment for investors. However, stock prices rose and US bond yields fell on Wednesday as traders digested the latest news from the Federal Reserve, with focus appearing to shift to an expected start of a rate-cutting cycle in 2024.So, if November is characterized by rising stock prices and falling bond yields, the broader economic picture may add to the tailwinds that Bitcoin has already enjoyed in recent weeks.What's next for BTC?With the price of Bitcoin rising above the $35,000 barrier, the price convincingly broke above the technical “pennant” pattern that had formed over the past few days, noting that the next major level that bulls will target - as shown in the chart - is the extremely important psychological level. $40,000, which represents the highest levels recorded in May 2022.After that, bulls will target BTC's mid-April 2022 highs at $43,0000 and then 2022 highs above $48,000.BTC price chart - Source: TradingView This is considered a conditional hypothesis given that the Federal Reserve was not close to starting its rate cutting cycle on Wednesday, but if the macro economy is about to become a catalyst for the crypto boom (i.e. easing conditions ... This, combined with positive news about Bitcoin - such as institutional approval and the upcoming halving event - will mean that its upper price horizons remain clearly broad.Indeed, the value of Bitcoin has risen by more than 110% over the course of this year, but over the next two months, if the price of BTC manages to reach the key long-term resistance levels mentioned above, we could be talking about gains of close to 200% for the year.#BTC $BTC

Europe is witnessing clear growth as institutions expand their services to include decentralized finance (DeFi) in light of the turmoil hanging over the market.A new state of the market report issued by blockchain analytics company Chainalysis shows that the crypto industry has recorded growth in the Central, Northern and Western Europe (CNWE) region, and the report also indicates the United Kingdom’s dominance of the market in its region, in addition to the impact of the Digital Assets Markets Act (MiCA). In the European Union on industry.According to the findings of this study, digital asset transactions in Central, Northern, and Western European countries represented 17.6% of global crypto transactions between July 2022 and June 2023, making it the second largest region in the volume of crypto transactions after North America according to the same measure.Financial institutions - both traditional and decentralized - are striving to engage in the decentralized finance (DeFi) sector in the aforementioned European region by establishing many projects based on the third web (web3) that are directed to investing in specific areas with clear growth, and this is clearly demonstrated by registering... Financial flows exceeding one trillion dollars to invest in this sector, which represents 54% of the total size of the technical system for digital assets, and countries in that region have also recorded growth in the use of lending applications, decentralized trading platforms, and other decentralized finance platforms.“ CNWE“The Central, Northern and Western Europe region includes six countries that are classified among the fifty countries that use digital currencies most in the world, namely: the United Kingdom, ranked 14th, Spain (22nd), France (23rd), Germany (26th), Italy ( 37), and the Netherlands (39). You can continue reading to learn more about the reasons behind the adoption of digital currencies in these countries.”A detailed comparison between activities on the central platforms shows a slight decrease in the number of these activities due to market turmoil. In contrast, financial flows towards decentralized platforms increased in seven countries: Albania, Luxembourg, Latvia, Spain, the United Kingdom, France, and Lithuania.The United Kingdom excels in the regionThis year, observers expect that the United Kingdom will become a major center for the crypto industry in the coming years, and this is demonstrated by its adoption of policies encouraging the industry and legislation that have a positive impact in enhancing investor confidence.Over the past 12 months, the UK has recorded a significant rise to $252.1 billion in crypto transaction volume, ranking 14th on Chainalysis's Global Cryptocurrency Adoption Index. Last June, the country passed the draft Financial Services and Markets Law, which adds digital assets to asset regulation laws, and also includes authorizing the government to establish laws regulating stable currencies.Despite the direct impact that the bill had on stablecoin activities, senior crypto project officials praised the move taken by the United Kingdom, which encouraged several companies to consider moving their activities to the country.“We are thrilled to open our first international office in a region that welcomes blockchain technology and is committed to providing a predictable business environment with regulations that embrace the third web (web3) and protect consumers,” said Chris Dixon, co-founder of a16z.The Digital Asset Markets Act (MiCA) is a game-changer in EuropeEurope has succeeded in attracting the interest of developers and crypto entrepreneurs after the passage of the Digital Asset Markets Act (MiCA) , which is scheduled to enter into force in 2024.This law aims to enhance financial stability in the markets through a single system adopted by many countries, which made it admired by those concerned, who considered it a very important piece of legislation. The study said in this regard: “Indeed, MiCA appears to have created a favorable environment for the development of crypto projects. “We spoke to crypto industry leaders in France, Italy and Germany to gain a deeper understanding of the impacts of this law.”Finally, it is noteworthy that - in contrast - the laws regulating the crypto industry in the United States are still dispersed, and lack a clear path as is the case in Europe, which has led to a large number of lawsuits in which the Securities and Exchange Commission (SEC) clashed with many... Web3 companies.

BTC Spot ETF being approved by the US Securities and Exchange Commission (SEC) to 90%. This comes after Ark Invest and 21Shares updated the prospectus for the Spot Bitcoin ETF requested by the US Securities and Exchange Commission. Meanwhile, the SEC has chosen not to move forward with an appeal of a court ruling allowing Grayscale to convert its GBTC product into a Spot Bitcoin ETF.Bloomberg Analysts Raise Odds of Approval for Spot Bitcoin ETF to 90% Bloomberg analysts Eric Balchunas and James Seyfart. Raising the chances of approval of the Spot Bitcoin ETF to 90%. The move comes after Ark Invest and 21Shares updated the Bitcoin ETF prospectus at the request of the US Securities and Exchange Commission.Analysts expect the SEC to approve the Spot Bitcoin ETF by January 10. The latest filing update indicates constructive filing with the SEC. Ark Invest has added five additional pages in the app on risk disclosure, new language and additional context.“This correspondence between the SEC and fund sponsors is standard practice for new launches but is the first of its kind for Bitcoin ETF applications . “Which indicates that the SEC is working to approve Ark’s proposal.”As Eric Balchunas, a senior ETF analyst at Bloomberg, tweeted. It follows ARK Invest's response to the SEC's comments. Invesco (NYSE: IVZ ) Galaxy has now updated its prospectus for the Spot Bitcoin ETF. Other applicants are expected to update their documents soon.SEC Chooses Not to Appeal Grayscale Ruling The SEC has decided not to appeal the court's ruling on Grayscale. James Seyphart also noted that SEC approval could come early if the deadline for Grayscale's lawsuit to convert GBTC into a Spot Bitcoin ETF comes this year. Analysts believe the SEC's Trading and Markets Division is in trouble. And that courts and other issuers are pressuring the SEC to approve the Spot Bitcoin ETF.Grayscale has also filed for an Ether ETF. The odds of an ETF being approved are higher. In fact, ProShares will launch a shorts futures ETF next week. Trading will begin on October 16 with the ticker symbol SETH.#crypto2023 $BTC $XRP $BNB

Terra Luna Classic community approves proposal to burn 800 million USTCThe Terra Luna Classic community has officially endorsed the proposal to burn 800 million USTC. suggested Vegas, a popular LUNC community member. Ozone Protocol wallet containing 800 million USTC blacklisted. Freezing tokens instead of destroying them without authorization. Traders reacted immediately to the approval of the proposal, leading to an increase in prices.Terra Luna Classic Community Passes Proposal to Burn 800 Million USTC Proposition 11832 “Proposal to blacklist the wallet TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W” crossed the “success threshold” after the Allnodes lead validator voted “yes” to the proposal.The proposal received 54.07% yes, while 30.51% decided to vote “no.” He also received 13.39% who did not vote with veto power, and 2.03% who abstained from voting. It is not clear to the community whether freezing the wallet is the right thing to do as this may significantly delay the cremation process.Among the 52 certifiers participated in the voting. 21 favored the proposal and 21 voted “no” and “no” with a veto. It's a major proposal and that's why some popular validators like Hexxagon, LuncLive, LuncGoblins, and Solidvote chose to vote “abstain.”“Directly changing the state of the blockchain and destroying funds goes against the spirit of blockchain. Blacklisting allows reversible action. This allows funds to be recovered through governance if valid reasons are provided by the wallet owners.”The community previously passed proposals to approve the burning of 800 million USTC. But the idea of ​​using diplomacy to convince wallet owners to transfer to the community pool or burn the funds directly has failed. The L1 development team will implement the blacklisting process immediately.LUNC Price Rising LUNC and USTC prices are recovering from the recent sell-off in the broader cryptocurrency market. USTC's 800 million burn is crucial to USTC's re-registration and LUNC's revival.LUNC price has jumped 1% in the last 24 hours, and the price is currently trading at $ 0.000056 . The 24-hour low and high are $0.0000556 and $0.0000574 respectively. However, the price is still trading below the support level.Meanwhile, USTC price is trading at $0.011, and has been moving sideways for the past 24 hours. The 24-hour low and high are $0.0109 and $0.0111 respectively.#crypto2023

Judge Analisa Torres, who issued a landmark summary judgment in July 2023 in the Ripple lawsuit, refused. Request by the US SEC to file a preliminary appeal. This rejection reiterates the previous ruling that retail buyers of the currency did not expect profits from Ripple .SEC appeal denied In conclusion, the judge said that the SEC's request to certify the interlocutory appeal was denied. Judge Torres noted that the SEC failed in its argument to establish that interlocutory appeal. If approved, it would “tangibly promote an end to the litigation.” The judge stated that the crux of the SEC's argument was about how the court "improperly applied the amateur test" to facts in the undisputed record. As the SEC has repeatedly argued, “howe must apply to the facts and circumstances available.”Furthermore, Judge Torres sustained her argument that the issue of the Howey test does not arise in this case. Citing a 2009 lawsuit, she said the circumstances surrounding Howie's testing did not make him appropriate for consideration on an interlocutory appeal.Moreover, the court categorically listed several reasons why Ripple's automated sales could not lead investors to expect reasonable profits from its own efforts. It is a prerequisite as part of the Howey test. Among the reasons taken into consideration was the lack of promises or offers to automated buyers because Ripple did not know who was buying Ripple. The other reason mentioned is that many automated buyers were completely unaware of the existence of Ripple.Impact on Other Crypto Cases Additionally, the judge rejected the panel’s argument that “documented cases have precedent value for a large number of cases.” Here, “prior value” refers to several other lawsuits related to digital assets and different companies. The court concluded that in the event of summary judgment of the Ripple lawsuit. The court's findings come from Howey's direct application to the unique facts and circumstances of this case.reiterated John Deaton, a lawyer representing thousands of cryptocurrency holders in the lawsuit. The court's findings that the decision was made based on the circumstances surrounding the Ripple lawsuit alone. He explained that the SEC failed to prove how Ripple attempted to spark speculation on the token's price among buyers. Meanwhile, it remains to be seen how Ripple's price will react given the SEC's rejection of the motion to file an appeal.“Law of the land,” commented Stuart Alderotti, Ripple’s Chief Legal Officer. That the summary judgment issued by Judge Analisa Torres on July 13, 2023 remains the law of the land. In the ruling issued on July 13. The judge gave Ripple a partial victory when she stated that the programmatic sale of Ripple tokens to retail buyers is not a security.Investment Contract Whether crypto assets are securities or not depends on how the assets are viewed from the perspective of the terms of investment contracts. He knows the head of the US Securities and Exchange Commission. Gary Gensler, is widely known to have publicly described almost all cryptocurrencies as securities. Which caused suffering to market participants. However, the ruling in the lawsuit against Ripple comes as a reasonable basis for arguing that Gensler may have been wrong.In the Ripple case, the judge said the automated sales were not made “in accordance with contracts containing lock-in provisions.” Or resale restrictions, compensation terms, or purpose statements.” It commented that the SEC failed to provide evidence that Ripple did not aggressively promote to the general public through its materials.#crypto2023 $XRP

The bustling world of Bitcoin (BTC) is once again in focus, with the currency seeing many setbacks and wins. Today, Friday, the price of Bitcoin rose by 1.5% to $26,289, but the price was not the only thing that made headlines, as a recent study by the International Monetary Fund (IMF) warned of the potential risks of digital currencies to global financial stability.

On the other hand, Ark Investment expressed concerns about continued macroeconomic challenges that could potentially hinder Bitcoin's upward momentum. This comes as industry giants Jay-Z and Jack Dorsey expand into Africa, enhancing Bitcoin skills and capabilities on the continent.

In light of all these developments, the cryptocurrency community remains excited because of the news about Ryan Salame - one of the former managers of the FTX platform - who is expected to pay $1.5 billion in a legal settlement .

A study from the International Monetary Fund shows the risks of using digital currencies to financial stability

In a report issued on September 7, global regulatory bodies, including the International Monetary Fund (IMF), collectively expressed their concern about the potential risks that would arise from the widespread adoption of digital currencies. They noted that although these digital assets offer advantages such as faster and lower cost international payments, many of these advantages are not fully realized.

In addition, their concerns revolve around the possibility that the general adoption of digital currencies will destabilize the effectiveness of monetary policies, bypass the procedures for managing financial flows, exacerbate financial risks, and divert resources away from the real economy, and therefore this may pose a threat to the stability of the global financial system.

The report also highlights the lack of a clear tax classification for crypto assets within the current legal frameworks. In order to address these concerns, the report calls for the development of a roadmap for mitigating these risks and setting timelines for implementing proposals put forward by the Financial Stability Board and the International Organization of Securities Commissions (IOSCO).

But despite this report, the price of the BTC/USD currency pair continued to rise on Friday.

Bitcoin Uptrend in Danger: ARK Investments Views Macro Headwinds

In a recent report, ARK Invest - which manages $13.9 billion in assets - expressed concerns about the macroeconomic impediments that could impact the cryptocurrency market during the remainder of 2023. Although ARK is considered a strong supporter of cryptocurrencies, However, it sees potential challenges in the near term.

This cautious stance is due to several reasons, such as interest rates, gross domestic product (GDP) estimates, unemployment rates, and inflation. The company also noted that the Federal Reserve's tight monetary policy - referred to as its "natural interest rate" - may put pressure on lending and borrowing rates. Furthermore, ARK expects inflation to slow, which could lead to a negative macroeconomic outlook.

It should be noted that what added to their concern was the divergence between the ratios of real GDP (GDP) and gross domestic product (GDI), as well as negative revisions to US employment data. The company also highlighted the possibility of a "recession", where increased consumer spending could lead to an increase in inflation again.

Accordingly, this news may lead to increased uncertainty in the cryptocurrency market today, which may prompt some investors to take the side of caution, given the concerns raised by a prominent investment company such as ARK.

Jay Z and Jack Dorsey join forces to support BTC talent in Africa

In a recent move, Btrust, a Bitcoin-focused non-profit organization founded by Jay-Z and Block CEO Jack Dorsey, has acquired Qala, an African company that specializes in training Bitcoin developers and Lightning network engineers. Network). The acquisition will integrate Qala into the Btrust Builders program with the goal of supporting Bitcoin developers' efforts in Africa.

While Btrust, which has the financial resources, needs the talent structure, Qala, which has the required infrastructure, lacks a sustainable source of funding, relying mainly on grants, including a $100,000 contribution from the Human Rights Foundation. .

Today, we are thrilled to share a monumental story in our journey. We have officially become part of ₿trust @btrustteam!

This has led to our rebranding as ₿trust Builders - marking a pivotal shift in our operations to focus on open-source training in Bitcoin and Lightning. pic.twitter.com/kjSkpv8Sbc

— Btrust Builders (@btrust_builders) September 5, 2023

The new program, led by Qala CEO Femi Longe and Program Director Stephanie Titcombe, will focus on open-source training and the participation of African software developers with experience in developing the Lightning Network and the Bitcoin blockchain.

These promising developments may improve the positive BTC/USD price trajectory, as they indicate increased support for cryptocurrencies in Africa.

Ryan Salameh, former manager at FTX, may lose $1.5 billion after pleading guilty

In other developments, Ryan Salame, one of the former FTX directors primarily responsible for the company's political fundraising activities, has pleaded guilty to federal criminal charges against him. He also admitted that he was a "face donor" working as a front to funnel millions of dollars to the Republican candidates, while FTX founder Sam Bankman-Fried was supporting the Democratic candidates.

In addition, Salameh's guilty plea included charges of collecting illegal donations and operating an unlicensed money transfer company, which resulted in the forfeiture of funds exceeding $1.5 billion; At first, about $6 million will be confiscated, along with a number of assets such as real estate and a Porsche. And if all these required conditions are met, he can avoid confiscating his money completely.

Investors will closely follow the recent developments of the FTX case, which may not be directly related to the price movement of Bitcoin, but it does affect the general mood of the cryptocurrency market.

Bitcoin (BTC) price forecast

Bitcoin price (Bitcoin-BTC) witnessed a cautious rise, as it is now trading above the $26,000 level, while its movements show possible recovery patterns, but the resistance level at $26,500 still poses a challenge to the bullish price movement.

Recently, Bitcoin succeeded in overcoming its downside path, and is now making its way inside the resistance areas with pivot points at the levels: $26,400 and $26,500. If the price succeeds in stabilizing above the last level, this will result in a strong upward movement, targeting the BTC/USD pair at $28,000.

On the other hand, if Bitcoin faces difficulty at $26,500, this will increase the possibility of the price correcting downwards, with the pair’s closest support remaining at $26,100 and $26,000. A breach of the aforementioned support levels could lead to increased selling pressure, which will push the price towards $25,500 or even $25,350.

$BTC #crypto2023

Saudi Arabia has strengthened its economic diversification efforts driven by its ambitious Vision 2030.

In an effort to diversify its economy away from dependence on oil. The Kingdom has embraced emerging technologies, such as blockchain and artificial intelligence (AI). It took advantage of booming markets such as gaming.

But while the country has not yet left a significant mark in the global game and the development of artificial intelligence. The effects of its investments in the gaming sector could extend much further. At least, that's what Web3 experts say.

“Based on our work and connections, Saudi Arabia is very, very interested in Web3,” said Yat Siu, co-founder of Animoca Brands.

Considering the Kingdom's partnerships with entities such as The Sandbox and even Animoca. Seo sees an effort by Saudi Arabia to venture into the new iteration of the Internet.

The executive said: “I think Saudi Arabia understands the principle that Web3 games or blockchain games... “That actually proves the owner’s assets – it will be the future of gaming.”

Thanks to the interest of its young, tech-savvy population, Saudi Arabia leads... Along with the United Arab Emirates, the gaming market in the Middle East is growing. According to a Boston Consulting Group report, the Kingdom represents 45% of the sector in the region. With a value of more than $ 1.8 billion . It also boasts one of the largest gaming revenues in the region, according to gaming content studio Allcorrect.

In 2017, the Kingdom established the Saudi Electronic Sports Federation to regulate and develop the gaming industry in the country.

Ron DeSantis Polls Drop: Could Crypto Lose Its Candidate? Bloomberg reported in April that Saudi Arabia, through the Public Investment Fund. It has invested $38 billion in the sector as it looks to become a global gaming hub.

Although the Saudi government understands the “high-level concept” of Web3, and its potential. And how can it go along with electronic sports. Where teams can own stakes in the games they play. However, Seo said that it is still unclear what its integrations with games are due to the lack of clear rules regarding cryptocurrencies and other virtual assets.

He said, “Cryptocurrency is something that remains to be explored. are being investigated. I think Saudi Arabia is very far ahead on how to deal with it. But they haven't come up with anything yet.”

“In places like Hong Kong, Japan and the United Arab Emirates. There is more clarity on what you can do with cryptocurrencies and Web3. “You can map out a strategy,” Seo added.

While it remains to be seen what Web3 gaming applications will look like in Saudi Arabia. Siu noted that the Kingdom is looking to other markets and learning.

“That's why they talk to us. The executive explained that they wanted to know what the best practices were and how they could learn. “There are very few places in the world where we have experienced such a thirst and desire to be at the forefront.”

Desire for progress “You can feel a kind of desire for progress and leadership in Saudi Arabia. “I think this is kind of unique,” ​​Seo added.

How can games drive Web3 adoption?

Despite continued opposition from the traditional gaming community and developers. Siu claims that a successful conversion of users to Web3, whether it be in the gaming business or not, must come with financial literacy.

“You really can't be a real Web3 user if you don't have at least some level of financial literacy beyond just having a bank account,” Seo said.

The co-founder of Animoca claimed that most Web2 users are not equity investors because they are mostly workers compared to Web3 people who understand investing.

“What we've found is that the path to widespread Web3 adoption doesn't give [Web2 users] just a wallet. This is actually the easiest part. The hardest part is how to make them realize that what they have now is an asset with potential value. It can do things and has various network effects that must be preserved as real value.

Meanwhile, John Linden, CEO of Mythical Games, said: It is already seeing Web3 adoption in the gaming sector, albeit at a slower pace.

“I think we're seeing some [adoption] already. We're seeing people introduce the [Web3] concept. “They understand the concept of buying and selling assets,” Linden said.

#crypto2023 $BTC