BTC/USD: Bitcoin gains 4%, outperforms flat stocks, tops $27,000

Bitcoin showed a rare bright spot on Thursday, leaving traditional assets in the dust.

Bitcoin (BTC/USD) rose more than 4% on Thursday to surpass the $27,000 mark, while stocks were mostly flat. The largest cryptocurrency rose from a single-day low of $26,200 to an intraday high of $27,300. Meanwhile, rising oil prices have fueled inflation concerns and stock markets have been volatile.

Overall, Thursday was a good day for cryptocurrencies. . The entire digital asset market, with thousands of tokens (as well as a few scams and scams), absorbed around $30 billion in new liquidity, pushing the market cap past $1 trillion. The second-largest coin, Ethereum ( ETH/USD ), is up about 3% on the day.

. Bitcoin continues to maintain a healthy advantage over the broad-based S&P 500 Index (SPX) as the final trading day of September approaches. Looking at performance, the coin is up more than 4% this month, while the S&P 500 is down 5%. However, quarterly data showed the coin falling 11%, while the benchmark index fell 4%.$BTC #cryptocurrency

Tether said that Chief Technology Officer Paolo Ardoino will lead the company from December 2023, succeeding current CEO Jean-Louis van der Velde.
Van der Velde will take up a new advisory role at Tether while still holding the position of CEO at Bitfinex, a crypto exchange that is closely associated with Tether.
Tether is one of the largest stablecoin operations in the world, with its USDT token holding a combined market capitalization of $80 billion. #usdr #cryptocurrency $BTC $USDC

$ETH #cryptocurrency A widely followed crypto analyst is doubling down on his prediction for Ethereum (ETH), the top smart contract platform by market cap.

In a new strategy session, crypto analyst Benjamin Cowen tells his 787,000 YouTube subscribers that Ethereum is likely to collapse by the end of the year.
I think Ethereum returns home before it goes on any sustained bull run. A lot of people got excited – I mean, they can get excited all they want about this rally. It’s still just a 2X move. You can celebrate a 2X move if you want, but you can get that in the stock market pretty easily. I mean, a lot of stocks do 2X moves…
#dyor
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You ride a 50X move up, and then, you know, you take a side, whether you’re bullish or bearish, and everyone celebrates $100 moves in either direction. But that’s not what you’re here for. What you’ll notice is that every time Ethereum made a rally to new highs, it did not happen until Ethereum went home first. ‘Home’ is the lower regression band

USDT DOMINANCE ANALYSIS

USDT.D again bounced from the trendline support and continued its move inside the triangle. Currently, it is facing the trendline resistance. RSI is getting rejected from the overbought region.

A rejection from here would result in further consolidation, while a solid breakout or breakdown of the triangle would confirm its next direction. We've to note that it works inversely proportional to the crypto market.
#dyor $BTC $USDC

A lot was said about the metaverse when the Microsoft deal to acquire Activision Blizzard was announced in January 2022. The attention was mainly on business communications rather than gaming. If public statements and leaked documents are any guide, the Activision deal could promise more for the future of crypto than the metaverse.

The metaverse had high visibility in Microsoft’s announcement of its deal for Activision in January 2002. “This acquisition will accelerate the growth in Microsoft’s gaming business […] and will provide building blocks for the metaverse,” the company said in the first paragraph. A few paragraphs later, Microsoft CEO Satya Nadella said, “Gaming […] will play a key role in the development of metaverse platforms.”#usdr #cryptocurrency $BTC

XRP has hit a significant milestone, reaching a crucial support level at approximately $0.47. As of the latest data, XRP is trading at $0.4838, teetering on the edge of this substantial threshold. This specific price point is imbued with notable buying power, a fact that market participants are eyeing with heightened interest.

The journey to this support hasn't been without its tribulations. XRP has weathered relentless volatility, with its price experiencing a persistent downtrend in recent days. However, the current scenario might not be as bleak as it appears on the surface. The $0.47 mark isn't just another number; it's a psychological bulwark, a potential springboard from which XRP could possibly launch a comeback.$BTC $XRP #cryptocurrency

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$BTC Shiba Inu (SHIB) investors have seen a lot of success, especially those who entered early. However, SHIB has been on a downward trend after reaching an all-time high (ATH) of $0.00008616 in October 2021. In fact, since February 2023, SHIB is down by almost 50%. However, the low prices might prove to be an excellent entry point for new investors$
#cryptocurrency

Ether
ETH
tickers down
$1,561
price experienced a 7% decline between Oct. 6 and Oct. 12, hitting a seven-month low at $1,520. Although there was a slight rebound to $1,550 on Oct. 13, it appears that investor confidence and interest in Ethereum are waning, as indicated by multiple metrics.

Some may argue that this movement reflects a broader disinterest in cryptocurrencies, evident in the fact that Google searches for “Ethereum” have reached their lowest point in three years. However, Ether has underperformed the overall altcoin market capitalization by 15% since July.$ETH $BTC #cryptocurrency

Binancians
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The study emphasizes that some miners are now recycling the intense heat generated by specialized bitcoin mining rigs to warm homes, buildings, and greenhouses. This process turns wasted heat into beneficial thermal energy, replacing more carbon-intensive heating fuels. Additionally, KPMG highlights ventures such as Crusoe Energy, which captures flared natural gas from oil fields to power modular bitcoin mining data centers. This practice reduces the emission of methane, a particularly potent greenhouse gas. Other startups are mining bitcoin at landfills, converting the released methane into valuable electricity.$BTC #usdr

$BTC A collective of local leaders in the cryptocurrency space including 42Studio, MarketAcross, Collider Ventures, CryptoJungle, Nilos, BlockchainB7, Efficient Frontier, Ironblocks Israel Blockchain Association, and Bits Of Gold have joined together to establish Crypto Aid Israel, a global fundraiser to help displaced Israeli citizens in need of humanitarian aid.
The ongoing and unfolding conflict has taken a heavy toll on the local civilian population with casulties currently estimated in the thousands.
According to the CEO of CryptoJungle, Ben Samocha, the groups aim is to provide immediate aid:
"We hope to raise the necessary funds to provide food and shelter for families who lost their homes. We are also hoping to provide hygiene and medical products for the bombarded Israeli civilian populace…"
Crypto Aid Israel is hosting a multi-sig wallet, overseen by luminaries in the local web3 community. In order to donate, and help their cause, you can visit their website here.
Per a press release shared with Cointelegraph, Crypto Aid Israel's creators are urging those who want to help to be cautious when it comes to verifying that their aid is going to the right wallet:
"It is incredibly important to consider before donating that due to potential phishing scams and cyber attacks, please compare the crypto wallet address to the verified one on the official website, so that funds aren’t sent to addresses that may have been sent to you through other sources#BTC

#BTC $BTC progenitor Ripple this week. The SEC had hoped in vain that Judge Torres would reconsider her ruling that selling XRP to retail consumers doesn’t constitute a breach of American securities laws.

Ripple also secured a Major Payments Institution license from the MAS this week. However, the good news gains were reversed by the weekend. XRP fell 1.6% over the last seven days to hit $0.5224 by the weekend.

Only two cryptocurrencies posted any notable price movements, rallying around 15% this week: Avalanche (AVAX), which currently trades for $10.39, and Solana (SOL), which is currently worth $23.31.

On Monday, the Solana network's total value locked (TVL) hit a new 2023 high of $338.82 million.

The week began with Coinbase secured a Major Payment Institution (MPI) license from MAS. This development follows the In-Principle Approval (IPA) Coinbase received last year, part of a drive by the exchange to expand globally due to the uncertain regulatory climate on the company’s U.S. home turf.

On Tuesday, Helen Boyd, Head of Capital Markets at the independent regulatory watchdog the Financial Conduct Authority (FCA), announced that the British Treasury hopes to launch a Digital Securities Sandbox (DSS) by the end of the first quarter of next year.

A sandbox is a controlled test environment for those looking to bring innovative products to the market. The FCA already has a similar engagement via its Regulatory Sandbox where companies with viable products can begin pitching them to a closed circle of early customers, but the DSS has “a new rule set that would allow it to do new things with digital securities.”

On Thursday, Hong Kong’s police force and Securities and Futures Commission (SFC) launched a joint task force to monitor illegal activities on crypto exchanges following the suspension of trading on the JPEX exchange. The JPEX incident is one of the largest cases of financial fraud in Hong Kong history. involving at least 2,305 victims of the incident, who collectively have been defrauded of HK$1.43 billion ($182.9 million).

A widely followed crypto analyst says that a number of high timeframe indicators are currently suggesting that Bitcoin’s (BTC) bear market is over and an expansion upward is imminent.
Pseudonymous analyst TechDev tells his 418,000 followers on the social media platform X that Bitcoin is in the same situation now that it was before the 2016 and 2020 bull market kicked off.
echDev shares a chart with monthly candles, Bollinger bands, and an additional indicator showing the logarithmic width between the bands relative to the 200-month moving average.
The chart appears to suggest that Bitcoin’s Bollinger bands, which measure relative volatility, have compressed enough to foreshadow a likely breakout to the upside.
“What Bitcoin has looked like before heading north…”#BTC $BTC

On-chain data shows the true market mean price of Bitcoin is valued at $29,700 right now, making the level of particular significance for the coin.
Bitcoin True Market Mean Price Is At $29,700 Currently
In a new post on X, the lead on-chain analyst at the on-chain analytics firm Glassnode, “Checkmate,” pointed out how the BTC price currently trades below the true market cost basis.
The “market cost basis” refers to the average price at which the investors in the sector bought their coins. One popular way of calculating this cost basis is through the “realized cap,” which measures the total value of the cryptocurrency by assuming that the price at which each coin on the blockchain was last transferred is its true value.
When this capitalization model is divided by the total number of coins in circulation, the “realized price” is obtained, which is the average cost basis of the supply.
However, this method has some issues, such as a chunk of the circulating Bitcoin supply being permanently inaccessible (due to wallet keys becoming lost). A lot of this inactive supply would have traded long ago, meaning its cost basis would be shallow compared to today’s prices. Thus, if included in the metric, it would skew its value away from reality.
Checkmate and Ark Invest’s David Puell came up with “Cointime Economics” a while back, a new methodology that tackles the problems with the realized price.
“Cointime Economics introduces a simplified framework to efficiently discount the impact of lost supply and amplify economic impacts on the truly active supply,” explains Glassnode.
The chart below shows the trend in the “true market mean price” for Bitcoin, as calculated by this advanced model.#BTC $BTC

Bitcoin research expands on design space for smart contracts
BitVM paper shows how Bitcoin can anchor off-chain smart contracts, but with caveats The most popular smart contract solutions in crypto are based on Ethereum, which provides a decentralized Turing-complete virtual machine.

Bitcoin’s primary use case is as a store of value — digital gold — and, to a lesser extent, for payments, exemplified by the Lightning Network.

But new research shows how Taproot, Bitcoin’s 2021 scripting upgrade, can dramatically increase the theoretical capabilities of the chain, potentially making it far more useful, even with no additional changes.

A paper published by Robin Linus, whose non-profit ZeroSync recently completed a key component of a future zero-knowledge light client for Bitcoin, describes a so-called “BitVM” — which can be read as “Bitcoin Virtual Machine.”

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Bitcoin’s support level above the $27,000 mark maintained by long-term holders buying into a short-term holder sell-off, analyst.

Bitcoin has found support above the $27,000 mark, as long-term holders buy into a sell-off from the short-term holder cohort, according to an analyst.

Most blue-chip cryptocurrencies saw a slight uptick over the past 24 hours, even as the market rally from the beginning of the week has now slowed. According to a CryptoQuant analyst, this resulted from short-term holders taking profits made earlier in the week when bitcoin reached a high of $28,500.

CryptoQuant Analyst Adam Mourad added that long-term bitcoin holders are buying into a recent short-term holder sell-off, creating a support level at $27,100.

"Supply held by long-term holders stands at 15.6 million bitcoins. In stark contrast, short-term holder supply has dipped to a level not seen since November 2015, with a value of 3.8 million bitcoin," Mourad told The Block.

According to Mourad, this increase carries significant implications.

"These bitcoins found new homes with long-term holders, individuals with a deeper belief in the enduring value of this digital asset," he added.

Exchange reserves falling

Mourad attributed the recent support above $27,000 as a consequence of the long-term holder cohort's tendency to "hodl" and accumulate. The analysis is supported by on-chain data from CryptoQuant, which shows exchange reserves falling this week, suggesting a sentiment to remove assets to cold wallets. The data reveals that almost 12,400 bitcoin have been removed from cryptocurrency exchanges since the beginning of this week.

The analyst suggested that the short-term holder profit and loss on-chain metric reveals that this cohort sold mostly at profit at the beginning of the week.

"Short-term holders have chosen to take advantage of bitcoin's upward momentum, particularly the surge to $28,500, seizing the opportunity to either secure profits or limit their losses," he added.

#BTC $BTC
Bitcoin is grappling with heavy resistance at the $28,000 level, where two key moving averages have capped rallies this week.

Crypto markets rebounded after blowout U.S. employment data, led by AVAX and SOL.

BTC eschewed its correlation with long-duration bonds and equities, bringing back its "digital gold" narrative, one analyst said.

Bitcoin (BTC) is once again flirting with key resistance at $28,000 on Friday as crypto and traditional markets rebounded from early losses caused by stronger-than-expected U.S. employment data.

The largest cryptocurrency by market capitalization slid nearly 2% to below $27,300 on news that the U.S. economy added 336,000 jobs in September, almost doubling economist expectations. The losses were short-lived, however, with bitcoin quickly rebounding to just above $28,000.

The price stood just below that level at press time, up 1.5% over the past 24 hours and slightly underperforming the broader crypto market proxy CoinDesk Market Index’s (CMI) 1.6% advance.

Alongside, U.S. stocks recovered from sharp early losses, with the Nasdaq sporting a 1.75% advance shortly before the close of Friday trade.

Ether (ETH) halted its losing streak against BTC, outperforming the market and bouncing nearly 2%. The second largest crypto asset was changing hands at $1,650 during afternoon hours.

Layer 1 network Avalanche’s AVAX and Solana’s SOL led the market rebound among major altcoins, gaining 6% and 3.8%, respectively.

He explained that when the Federal Reserve jacked up interest rates last year, the value of long-duration bonds tanked, putting pressure on risk assets like bitcoin. As the pace of rate hikes slowed and speculation began about a Fed pivot earlier this year, long-duration bonds and BTC rallied

This Friday marks the deadline for the SEC to appeal the Grayscale Bitcoin Spot ETF decision.

If they don't appeal the court's decision, they will have no further options to decline any other Spot Bitcoin ETFs, and thus, they will be forced to approve them all.

So if the SEC doesn't appeal by the end of Friday, we are essentially guaranteed to see all the Spot ETFs approved.#BTC