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Here are 5 Things to Know in Crypto This Week… 👇💡

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.

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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.

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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.

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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.

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J.P. Morgan Analysts Identify Key Catalysts Shaping Crypto’s Near-Term Outlook 🐂

• 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.

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