CryptoNews of the Week

Publish date: Wed, 01 Nov 2023, 10:27 AM
CryptoNews of the Week

– October 31 is bitcoin's birthday. On this very day in 2008, an individual or group using the pseudonym Satoshi Nakamoto published a document titled "bitcoin: A Peer-to-Peer Electronic Cash System". However, it's worth noting that bitcoin only made its debut as a cryptocurrency in the market on January 3, 2009. On this day, a block was mined containing the date and a brief excerpt from The Times article: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks".

On January 12, 2009, Nakamoto executed the first transaction on the network, sending cryptocurrency to developer Hal Finney. That same year, bitcoin was listed on the New Liberty Standard exchange. On this platform, one could purchase 1309 BTC for just $1 (worth nearly $55 million today).

– According to experts at CoinGecko, the "Uptober effect" is a reality, not merely an internet meme. (The term is derived from the combination of the words "up" and "October"). In eight out of the past ten years, the cryptocurrency market has shown growth in October compared to the preceding month. On average, the "Uptober effect" results in a 14% increase in the total market capitalization of digital assets – ranging from 7.3% in 2022 to 42.9% in 2021, as calculated by CoinGecko. The exceptions were in 2014 and 2018 when the market declined by 12.7% and 8.3% respectively over the month.

This year, starting from $27,000 on October 1st, bitcoin tested the $35,000 mark by October 24th, reflecting an approximately 30% growth. Even more significant rallies were shown by altcoins like Solana (SOL) and Chainlink (LINK).

– "Bitcoin is gold for the young," opined billionaire Stanley Druckenmiller, a former associate of George Soros at the Quantum Fund. "I'm 70 years old, and I have gold. I was taken aback when bitcoin started to emerge. But it's evident that the younger generation views it as a savings mechanism because it's much more convenient to handle," he observed. He believes that the foremost cryptocurrency has attained a brand stature akin to the precious metal, which has maintained its allure for 5,000 years. "I have an affinity for both. I don't possess bitcoin, but perhaps I should," Druckenmiller remarked.

– Peter Schiff, another "gold bug" and the head of Euro Pacific Capital, posits that the final nod from the SEC for spot bitcoin ETFs will spell the end for the bullish rally of the principal cryptocurrency. Currently, bitcoin is trading around $35,000, as speculators are banking on a favourable regulatory decision. This optimism might very well represent the zenith of the rally unless bitcoin sells off sooner. In Schiff's view, crypto traders might commence offloading coins, locking in profits even prior to any definitive decision from the SEC.

– A well-known bitcoin maximalist, TV host, and founder of Heisenberg Capital, Max Keiser, went on a tirade, dubbing Ethereum a "shitcoin" and its creator, Vitalik Buterin, a "terrorist". "Shitcoins like ETH, XRP, BNB, ADA, and thousands of others are crafted by financial terrorists and are indubitably employed to fund terrorism. Do your job and incarcerate everyone associated with these coins!" Keiser urged law enforcement. This former trader perceives bitcoin as distinct from other digital assets since it embodies a digital commodity designed to combat central banks and criminals vested with power. According to Keiser, in contrast, shitcoins were merely concocted to destabilize the financial system. Keiser's statement predictably drew a torrent of criticism. The blunter members of the crypto community labelled him a scammer, wishing him behind bars. The more courteous individuals advised the TV host to delve into the documentation of other cryptocurrencies to fathom their nuances.

– According to Guy Gotslak, co-founder and president of My Digital Money, Ethereum will reach $10,000 sooner than many expect. He believes that ETH has all the fundamentals required for significant growth, and it will be a walk to the top, not a giant leap.

During the recent cryptocurrency market rally, Ethereum increased by 21%, and the majority of the crypto industry participants believe that bitcoin's growth influenced ETH's rise. However, Gotslak thinks otherwise, being confident that the price movement of the main altcoin is independent of what happens with bitcoin.

The trading expert is optimistic about ETH's prospects, as he believes the market is looking for a safe haven. His confidence is also based on the numerous use cases of the Ethereum blockchain, which has been chosen by several Fortune 500 companies. Gotslak asserts that, with further technological advancements, this blockchain will become the most used, and ETH will become the most popular cryptocurrency.

– Michael Van De Poppe, founder of the venture company Eight and CEO of MN Trading, believes that bitcoin has officially entered a bullish market phase. The expert thinks the asset is ready for a rally to $50,000, after which a pullback will occur, followed by a new all-time high (ATH). Van De Poppe noted that BTC would face resistance at the $38,000 level but would likely continue to rise, reaching $45,000-50,000 by January 2024. However, he also mentions that a drop below $33,000 is still possible and sees it as an excellent opportunity for long positions.

Van De Poppe predicts that after the April halving, there will be a consolidation and sideways movement for an extended period before bitcoin begins to set new highs.

Look Into Bitcoin creators also believe that after BTC surpassed the $34,000 mark, it started the early phase of the bullish market. The next targets are $41,900 and $65,050.

A trader by the nickname Rekt Capital is less optimistic, expecting a significant drop by March 2024. After the halving, the expert anticipates a consolidation in the $24,000-30,000 range and then a parabolic growth to six-digit figures.

– In an interview with CNBC, renowned cryptocurrency enthusiast Anthony Pompliano expressed optimism about bitcoin's bullish trend. He emphasized that BTC's price rise is due to solid demand and supply. "Bitcoin is the most disciplined central bank in the world. [...] Bitcoin's supply is limited to 21 million coins, and this starkly contrasts with central banks that can issue an unlimited amount of money and bonds. Due to bitcoin's scarcity and its decentralized nature, it has become an attractive asset, especially during times of economic uncertainty," stated Pompliano.

– In the US, bitcoin mining is beginning to be used for heating saunas. Such a sauna has started operating in Brooklyn, New York. The heat generated by mining equipment is used as the source of water heating. As saunas become increasingly popular among Americans, this development benefits miners, as it adds another point to the discussion on the public benefit or significance of such entrepreneurial activity.

Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

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