WHY THE CRYPTO OCTOBER MOVEMENT
Oct 26, 2023 1,003 views 2 min read Crypto

Crypto Update

  1. Ferrari Partners with Bitpay: Ferrari now accepts cryptocurrency payments through Bitpay, expanding crypto adoption in luxury industries.
  2. Bitcoin ETF Approval: Bloomberg analysts estimate a 90% chance of Bitcoin ETF approval by January 10, 2024.
  3. Bitcoin Price Surge: Bitcoin has surged past $34,000, marking its first time above this level in over a year.
  4. Record Short Liquidations: On October 23, crypto markets saw the highest short liquidations ($280 million) since January across all assets.
  5. Bitcoin Daily Close: Bitcoin recorded its highest daily close since May 9, 2022.
  6. Tether Transparency: Tether aims to publish its reserve data in real-time in the coming years.
  7. MicroStrategy Profits: MicroStrategy’s Bitcoin holdings have moved into $750 million in profit.
  8. Warren Buffett’s Stance: Warren Buffett remains skeptical of crypto in 2023, after missing the chance to buy Bitcoin at $1,000.
  9. Grayscale Court Victory: The court ruled in favor of Grayscale, directing the SEC to reconsider its rejection of the asset manager’s Bitcoin ETF application.
  10. Crypto Investment Inflows: Digital-asset investment products recorded $66 million in inflows for the fourth consecutive week, totaling $179 million over four weeks.
  11. Exchange Inflows vs Price Increase: The ratio of exchange inflows to price increases is the lowest since 2021, signaling that spot holders are taking profits less aggressively, reflecting slightly positive market sentiment.