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- 💡 BTC Testing Key Levels, JPMorgan Analysts Turn Bullish...
💡 BTC Testing Key Levels, JPMorgan Analysts Turn Bullish...
PLUS: Is the creator of Bitcoin about to be revealed? 👀
Happy Monday All!
Here are 5 Things to Know in Crypto This Week… 👇💡
CoinMarketCap Heatmap, 10/7/2024, 6:00pm EST
MicroStrategy Surges to 6-Month High as Bitcoin Wrestles With Key Level 📈
Market Volatility: The S&P 500 and Nasdaq fell over 1%, dragging down crypto prices and leading to the liquidation of over $215 million in leveraged crypto positions.
MicroStrategy Surge: MicroStrategy (MSTR) surged 5.5% to a six-month high, potentially setting the stage for more debt offerings to buy bitcoin, despite being 44% overvalued versus BTC.
Bitcoin Fluctuations: Bitcoin (BTC) briefly dipped to $62,800 but recovered to $63,300, up 0.7% over 24 hours, though it failed to hold above the key 200-day moving average of $63,575.
Michael Saylor, MicroStrategy CEO
Crypto Betting Has Turned HBO's Satoshi Nakamoto Reveal Into a 'Sporting Event': Director 🎬
HBO's upcoming documentary "Money Electric: The Bitcoin Mystery" aims to reveal the identity of Bitcoin's creator, Satoshi Nakamoto, turning the event into a betting frenzy on Polymarket.
The film is set to premiere Tuesday, October 8th @ 9 PM EST.
Director Cullen Hoback noted the documentary's hype has led to over $6.3 million in bets on Polymarket, with candidates like Nick Szabo (23%) and Adam Back (16%) leading the odds.
Len Sassaman, once a frontrunner, saw his odds drop to 6% before stabilizing at 17%, influenced by speculation and a viral tweet suggesting he might be Satoshi.
Source: HBO Movies
Pro-Crypto Robinhood Exec in Running to Lead SEC If Trump Wins Election: Politico🦅
Donald Trump has indicated he would fire current SEC Chair Gary Gensler if re-elected, aiming to end the agency’s crypto-hostile stance.
Robinhood Chief Legal Officer Dan Gallagher is a leading candidate to head the SEC under Trump, according to Politico.
Gallagher, who has a history with the SEC as a Republican commissioner, is currently involved in Robinhood’s crypto initiatives and has expressed openness to the SEC chair role.
Gallagher has previously pledged to fight any SEC lawsuits against Robinhood, asserting that the platform’s listed assets are not securities.
Source: Decrypt
Solana Dominates New Token Launches, With Over 87% in 2024 🚀
Solana's Dominance: As of Sept. 30, 2024, Solana accounted for over 87% of new token launches, with 96,010 out of 110,180 new tokens across all tracked chains.
Rapid Growth: Solana's new token count surged from near-zero in early 2024 to consistently over 100,000 per month by mid-year.
Competitive Landscape: Solana and Base collectively account for more than 80% of new token launches, highlighting intense competition and shifting preferences among token creators.
Memecoin Influence: The rise in new tokens, particularly on Solana, is largely driven by the popularity of memecoins, with platforms like pump.fun facilitating easy token creation.
Source: Money Invest .com
Key Catalysts Identified: JPMorgan analysts highlight the seasonal “Uptober” trend, Federal Reserve interest rate cuts, and Ethereum’s upcoming “Pectra” upgrade as significant factors shaping the near-term outlook for the cryptocurrency market.
Historical Trends: October, often referred to as "Uptober," has historically been a bullish month for Bitcoin, with over 70% of Octobers yielding positive returns.
Interest Rate Cuts: Despite recent Federal Reserve rate cuts, the anticipated positive impact on the broader crypto market has yet to materialize, with a weak correlation observed between crypto market cap and the Federal Funds rate.
Source: The Block
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