What Happened in Crypto Today: Bitcoin To Hit 85K by Year End
Uptober literally came early.
Look what the crypto cat dragged in – a surge of green candles and a whiff of optimism. And it's not even October yet.
Bitcoin's been acting like a yo-yo lately, bouncing up and down near that sweet 64K mark.
The crypto community is getting too excited. Why? Upcoming US elections.
But we've all seen this movie before – the one where Bitcoin teases us with a bull run, only to take an unexpected dip when we are all in.
Still, there's something different in the air this time. Maybe it's the way institutional money's been creeping in, or how blockchain tech is slowly but surely worming its way into mainstream conversations.
So what exactly is going on in the market? Let’s make sense of it all! Here is a quick rundown of the top headlines from the past 24 hours:
Kamala Harris breaks her crypto silence. Is she turning out to be the blockchain messiah we've been waiting for? 🤔
Coinbase's cbBTC drama: Full refunds promised. But why was that clause there in the first place? 🧐
Bitcoin to hit $85K? But how accurate is this prediction? 📈
Harris vs. Trump: Who's better for crypto? VanEck's got some thoughts that might surprise you. 🗳️
Elon Musk and Nayib Bukele's tech summit: Just a friendly chat, or the start of something bigger? 🚀
Before all that,
A Quick Market Analysis…
The crypto market is giving us mixed signals. Bitcoin's recent rally following the FOMC rate cut has turned heads, but the options market is telling a different story.
Traders seem to be hedging their bets, increasing protection against downside moves while cooling on upside potential. It's like they're expecting Bitcoin to play it cool in a range for a while.
This cautious optimism reminds us of the market's reaction to the US SEC's approval of spot Bitcoin ETFs in January 2024. Back then, we saw a similar pattern of initial excitement followed by a period of consolidation as the market digested the news.
Glassnode's data paints a picture of a Bitcoin market in a bit of a holding pattern. Both supply and demand sides are showing signs of inactivity, with minimal capital flowing in or out.
The Realized Cap, which tracks the value of all bitcoins at the price they last moved, has plateaued at $622 billion over the past two months.
This stagnation is further evidenced by the Net Realized Profit/Loss metric oscillating around zero, suggesting a market in equilibrium.
The market's current state of low volatility suggests we might be due for a volatility explosion. Historically, periods of compressed volatility often precede significant market moves.
What Should You Do?
Given the current market dynamics, it might be wise to keep a close eye on volatility indicators. Consider setting up alerts for significant price movements or sudden increases in trading volume. If you're thinking of entering or exiting positions, be aware that the market could be coiling for a big move in either direction.
Also, pay attention to macroeconomic factors and geopolitical events.
Now let’s dive into today’s news stories!
Harris Breaks Crypto Silence
Kamala Harris has finally broken her silence about crypto.
After months of silence, Harris has laid out her vision for AI and digital assets, striking a balance between innovation and consumer protection.
Harris is talking about "investing in America's competitiveness and future," with a focus on promoting innovative technologies like AI and digital assets. But she's not giving crypto a blank check - consumer and investor protection is high on her agenda.
The community has been waiting with bated breath for any sign of where potential presidents stand on crypto. Her statement is like the first drop of rain in a drought - not quite a downpour, but enough to get everyone's attention.
So is it finally bullish for crypto? Read the full story!
Coinbase's cbBTC Cleanup
Coinbase's Chief Legal Officer, Paul Grewal, is on damage control duty, clearing the air about the exchange's refund policy for its new "wrapped Bitcoin" offering, cbBTC.
The drama started when users spotted a clause in the cbBTC agreement that seemed to suggest Coinbase might shortchange customers if the underlying Bitcoin went missing.
Grewal's message? Don't worry, we've got you covered. He's promising full refunds if Coinbase loses the Bitcoin, whether through negligence or some nefarious deed.
So what is this clause exactly about? Read the full story!
$85K on the Horizon?
Crypto experts are seeing green for Bitcoin.
The buzz? BTC could be gearing up for an "explosive move" as we close out 2024.
Titan, a crypto trader with a keen eye on the charts, is pointing to Bitcoin's weekly RSI as the harbinger of big things to come. This technical indicator has just burst through the 50/100 mark.
Titan's got a theory about September closings. If BTC can wrap up the month above $59,000, we might be in for a very merry crypto Christmas.
But how accurate is this prediction? Read the full story!
Harris’ Win Will Be Good for Crypto
VanEck’s analysts are suggesting that a Kamala Harris presidency might actually be better for Bitcoin than a Trump sequel.
Matthew Sigel and Patrick Bush, the brains behind this contrarian take, argue that Harris's presidency could inadvertently become Bitcoin's best friend. How? By continuing economic policies that might weaken the US dollar, potentially driving more people to Bitcoin as a hedge against inflation.
It's a "be careful what you wish for" scenario for dollar bulls.
VanEck's team is essentially saying that Harris's policies could accelerate the very issues that make Bitcoin attractive in the first place.
But what about Trump’s victory? Read the full story!
Bitcoin Takes Center Stage at Tesla HQ
Elon Musk and Nayib Bukele just had a tech summit. The Salvadoran president swung by Tesla's Austin gigafactory, and it wasn't just for a tour and a handshake.
Musk called Bukele "an amazing leader" on X. Their chat? A deep dive into the "nature of reality" and how AI and robotics are reshaping our world.
El Salvador's been riding the tech wave hard since making Bitcoin legal tender in 2021. Now, they're eyeing AI as the next frontier.
Cathie Wood of ARK Invest is all in, predicting El Salvador's GDP could skyrocket tenfold by 2029.
But how is it possible? Read the full story!
