Bitcoin Hits Unusually Calm ‘Uptober’ as Traders Await Election

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The original cryptocurrency moved less than 5% for 34 straight sessions through yesterday, on par with the longest such streak of calm in a year, according to data compiled by Bloomberg. The doldrums in price movement has disappointed many in the crypto community since the asset class has historically performed well in October, earning the nickname “Uptober.”

In previous Octobers over the past 10 years, Bitcoin only fell twice and posted an average gain of more than 20% for the month, compared with an average advance of about 6% in all months in that past decade, according to data compiled by Bloomberg.

Many attribute the current stagnation to a lack of clear drivers, with attention focused on the upcoming U.S. presidential election. Republican candidate Donald Trump, now a vocal supporter of the cryptocurrency industry, has even ventured into decentralized finance with his World Liberty Financial project. The position of his opponent, Vice President Kamala Harris, is less clear as a crackdown on the industry under President Biden shows no signs of abating.

The US Securities and Exchange Commission on Thursday accused Cumberland DRW, the crypto arm of Chicago-based proprietary trading giant DRW Holdings LLC, of operating as an unregistered securities dealer in more than $2 billion of digital assets. The SEC previously brought a string of actions against other crypto players such as Binance and Coinbase.

“We’re awaiting the election for the next big move,” said Leo Mizuhara, chief executive officer and founder of crypto asset manager Hashnote. “Many are anticipating that a Trump presidency would be positive for Bitcoin. Kamala is a bit more of a toss-up with some people thinking she’ll stay the Democratic line of being hostile, but many have hope that she is more crypto and tech friendly than her predecessor.”

In the options market, traders are betting on higher volatility going into the November election, according to Zaheer Ebtikar, founder of crypto fund Split Capital.

“Most of people in crypto wait to trade until some sort of spot actions,” said Ebtikar. “And after seeing Cumberland and other recent enforcement cases brought to the crypto companies, a big part of Donald Trump’s policy is to be crypto 

friendly.”

Bitcoin Gets a Boost as Mt. Gox Postpones Repayments

 Mt. Gox now has another full year to repay billions of dollars in Bitcoin to users of the hacked exchange. Here's why BTC is now rising

Mt. Gox, once the world's largest Bitcoin exchange until it shut down in 2014 following a series of hacks, has started paying back the billions of dollars in BTC owned to customers. But its deadline for finishing that process has now been delayed, and the price of Bitcoin has been climbing since.

Bitcoin is now back above $62,200, rising nearly 3% over the past 24 hours after dipping under $59,000 on Thursday. Traders may be responding to the notion that a delay in Mt. Gox repayments could mean less sell pressure on the markets, as billions of dollars worth of Bitcoin may not be flowing to users who would potentially dump it and cash out.

The Mt. Gox rehabilitation team shared in a notice posted Thursday that the deadline for repayments has been extended for a full year, from October 31 this year to the same date in 2025—with permission from the court, due to various issues that have come up during the process.

The note to creditors said that “many rehabilitation creditors still have not received their repayments because they have not completed the necessary procedures for receiving repayments.”

Bitcoin (BTC) Crypto News Today

 

Bitcoin (BTC) was invented by a pseudonymous individual or group named Satoshi Nakamoto in 2008 and is the world’s first enduring cryptocurrency that succeeded where decades of digital cash experiments failed. 

Bitcoin’s monetary policy is enforced through a unique blend of software, cryptography and financial incentives rather than the whim of trusted third parties. The Bitcoin network is powered by a cryptographically secure, verifiable database called the blockchain — itself a technological phenomenon. 

The Bitcoin ecosystem consists of a global network of stakeholders, including the miners that secure the network and drive the issuance of the Bitcoin currency, the traders who speculate on this radically market-driven asset, and the builders working to onboard people to the cryptocurrency paradigm. 

At Cointelegraph, we are chronicling the ongoing story of Bitcoin and the rise of a borderless, permissionless financial system. What has changed since Satoshi wrote the Bitcoin white paper? How is Bitcoin trading developing over the years, what are the best ways of investing in Bitcoin, and how do Bitcoin futures influence blockchain adoption? How will industry stakeholders work to make Bitcoin a mainstay in people’s lives, and will incumbent and legacy systems accept or fight this change? 

Stay tuned. 

Crypto Price Today (11th Oct 2024): Bitcoin Price Holds Strong | $35 Million Lost in Latest Scam!

 

Crypto Market Today: The crypto industry has shown stability over the previous day, with the global market cap now sitting at $2.14 trillion. While, the investors remain cautious, as the Fear & Greed Index is at 37, signaling the presence of fear. In the meantime, the legal happenings around the Bitfinex hack continue, as the U.S. prosecutors suggest an 18-month prison for Heather Morgan, for being involved in the laundering of 120,000 stolen Bitcoin. On the other hand, the industry also came across the latest scam, wherein the victim lost $35 million when clicked on a malicious permit link.

Bitcoin Price Update: BTC Holds Strong Despite Uncertainty!

Bitcoin price has held its ground firm as it rises just above the $61k mark. Irrespective of the minor fluctuations, BTC price seems to be ranging within a predictable bandwidth. Successively, investors are keen on the psychological resistance at $65k, which is the crucial level for traders.

Curious about BTC’s future price targets? Our Bitcoin Price Prediction answers that and much more!

Altcoins Watch: Celestia Becomes Top Gainer!

Ethereum price has built some momentum, rising up by 0.75% to its price tag of $2,416.99. Other notable altcoins, such as Solana and XRP have also registered modest gains of 1.51% to their price tags of $141.91 and $0.5352.

Interested in the long-term price targets of ETH? Read our Ethereum Price Prediction

Top Gainers & Losers:

Celestia has emerged as the frontrunner in the top gainers list with an 8.05% surge over the previous day. Dogwifhat has also made notable moves, rising by 6.24%. Sui also showed promising numbers with a 5.60% gain.

However, not all is rosy. Fantom takes a hit, dropping by 5.81%, leading the pack among today’s top losers. Helium and FTX Token also saw declines, with losses of 3.87% and 2.54% respectively.

As the market navigates through a mix of gains and minor losses, traders are cautiously optimistic, with many looking for signs of stronger momentum. This comes as Fidelity continues investigating a data breach affecting 77,000 customers, adding to the complexity of the market’s dynamics.

Crypto Today: Bitcoin, Ethereum and XRP gain on Friday, meme coin NEIRO erases recent gains

 

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Crypto Today: Bitcoin, Ethereum and XRP gain on Friday, meme coin NEIRO erases recent gains

10/11/2024 12:34:58 GMT

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By

Ekta Mourya

Crypto Today: Bitcoin, Ethereum and XRP gain on Friday, meme coin NEIRO erases recent gains

Bitcoin steadies above $60,000 on Friday, gains over 1% on the day. 

Ethereum trades above $2,400, while BlackRock Spot Ethereum ETF sees a $17.8 million inflow on Thursday. 

XRP is back above $0.5300 as Ripple files cross-appeal in SEC lawsuit.

Meme coin NEIRO corrects nearly 9% on the day after posting over 50% gains in October. 

Bitcoin, Ethereum and XRP updates

Bitcoin trades just above $61,100 at the time of writing on Friday. The largest crypto-asset by market capitalization gains over 1.20% on the day. 

Ethereum exchanges hands above $2,400 and gains over 1% on Friday. BlackRock’s Spot Ethereum Exchange Traded Fund (ETF) ended its neutral flows streak with $17.8 million inflows on Thursday. 

XRP hovers above $0.5300 as Ripple announces its counter-appeal filing against the US Securities and Exchange Commission (SEC) lawsuit. 

Chart of the day: NEIRO

NEIRO gained over 70% at some point in October. The meme coin trades at $0.00155934 at the time of writing and could erase its newfound gains, sweeping liquidity at the upper boundary of a Fair Value Gap (FVG) at $0.00128254, as seen in the NEIRO/USDT daily chart below. 

The support level coincides with the 10-day Exponential Moving Average (EMA) for the meme coin. 

The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars under the neutral line, signaling negative underlying momentum in NEIRO price trend. The Relative Strength Index (RSI) reads 57.01, close to neutral. 

NEIRO/USDT daily chart

A daily candlestick close above resistance at $0.00170158 could invalidate the bearish thesis, and NEIRO could rally toward its October 9 peak of $0.00194929. 

Market updates

Binance executive Tigran Gambaryan was denied bail by a Nigerian judge on Friday. Gambaryan is the head of financial crime compliance at Binance, and US lawmakers have said previously that the executive has been unjustly detained. 

Standard Chartered has forecasted a spike in Solana price if former US President Donald Trump wins the November elections. Geoffrey Kendrick, the digital assets chief, predicted a 400% rally in Solana. 

Derivatives exchange Bitnomial has challenged the SEC’s stance on XRP and its legal clarity as a non-security on cryptocurrency exchanges. The exchange slams the regulator for its “regulation by enforcement” approach.

Industry updates

Binance announces the launch of a pre-market trading platform. This could allow users to trade tokens before they are listed on spot markets, according to the official announcement. 

Binance’s former CEO Changpeng Zhao announced that he will attend the Binance Blockchain Week in Dubai on Oct 30-31 in his personal capacity.

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