Here are the reasons:

1. Bitcoin is expected to hit $70,000 in October

https://gostake.io/resource/breakingnews/6de37b2e

September's gains tend to herald further growth in October, November and December. In contrast, since 2013, October has only ended in the red twice, with an average gain of 22%. Against the backdrop of current global monetary policy and U.S. political support, market analysts predict that Bitcoin prices have the potential to climb from about $64,000 to $70,000, kicking off a bull market cycle.


Related reading: The Fed will continue to cut interest rates. Why does the Fed cut interest rates so quickly? Benefits for cryptocurrencies:

https://x.com/dwj_eric/status/1840029297123438653


2. PCE cools down, the probability of the Fed cutting interest rates by 50BP in November is 52.8%

The US August PCE data boosted expectations of rate cuts, and US stocks and crypto markets continued to rise


Data released on Friday showed that the U.S. core PCE in August was lower than market expectations, up 2.2% year-on-year, close to the Fed's 2% target. The cooling of inflation has strengthened the market's expectations that the Fed will continue to cut interest rates in the coming months, and the market expects the probability of a 50 basis point rate cut in November to rise from 49.3% to 54.1%.

https://gostake.io/resource/news/5a343a7d.html


3. FTX creditors will receive $14.5 to $16 billion in compensation, which is still a huge amount even if these funds cannot be fully returned to the crypto market


In fact, SBF was very wronged. If they could have held out for 10 more months, they would have succeeded.


According to the current plan of the restructuring team, FTX will repay creditors in cash or stablecoins pegged to the US dollar. It is expected that after selling all assets, the company will have about $14.5 billion to $16.3 billion in cash available for distribution, while it owes customers and other non-government creditors about $11.2 billion.


As a result, officials said the vast majority of users (those who had held funds below $50,000) were able to receive cash compensation of about 118%.


4. The rise in Ethereum GAS fees indicates an increase in the frequency of Defi usage


It is still far from taking off, but it may be a start. The current price on etherscan is between 8 and 10 Gwei, with a bear market of 2 Gwei and a bull market of 100 Gwei.


The current Ethereum Gas fee has risen to 13.36Gwei, a 116.89% surge in 10 minutes, indicating that the activity on the ETH chain has increased. Please pay attention to market changes.

https://gostake.io/resource/breakingnews/3a6ea214