US Spot Bitcoin ETFs Cash Out
US spot Bitcoin ETFs experienced a major outflow of over $300 million in the first week of October 2024, ending three weeks of regular inflows. The reversal of this trend occurred in parallel with Bitcoin prices falling from around $65,000 on September 27 to $62,000 on October 4. During the same period, Ethereum ETFs saw a net outflow of $30.7 million. The main drivers of this trend include increasing macroeconomic uncertainty and geopolitical events such as the Iran-Israel conflict. Analysts note that despite the small daily inflows, especially on October 4, the overall outflow trend continues.
Telegram Founder’s Personal Tragedy
Telegram founder Pavel Durov has gone public about his partner’s miscarriage, partly attributing it to the stress of ongoing legal battles against the platform. The statement comes as Telegram faces increasing scrutiny and legal pressure in several countries over financial regulation. Durov said the legal challenges have put a huge strain on his family and have had a profound impact on his personal life. He has also criticized such aggressive legal action, arguing that regulatory interventions can negatively impact tech entrepreneurs and stifle innovation. Durov’s public disclosure comes amid efforts to reshape Telegram’s complex legal landscape and compliance framework. Durov’s comments highlight the often-overlooked human dimension of high-profile legal battles, and the repercussions they can have on tech leaders and their families that extend far beyond the boardroom.
Crypto Attacks Decrease in Q3
The third quarter of 2024 saw the lowest number of crypto attacks in the last three years, with total losses reaching $440 million. While this is a significant decrease compared to previous quarters, it does indicate that security threats in the digital asset space continue. DeFi platforms, in particular, have become a major target again, accounting for the majority of lost funds. A large portion of these attacks were carried out using vulnerabilities in smart contracts and bridges, demonstrating the need for stronger security measures in the DeFi ecosystem. Despite the decrease in the number of cases, the financial impact is still high, reflecting the sophistication of these cyberattacks. The decrease in attacks may be due to the increased attention and security protocols implemented by centralized and decentralized platforms. However, experts warn that the sector needs to remain proactive, as cybercriminals continue to work to find vulnerabilities and develop new methods in the evolving DeFi world.
Taiwan’s New AML Regulations
Taiwan’s Financial Supervisory Commission (FSC) has introduced new anti-money laundering (AML) regulations targeting virtual asset service providers (VASPs) operating in the country. These rules are in line with international standards set by the Financial Action Task Force (FATF) and aim to prevent the use of cryptocurrencies in illegal activities such as money laundering and terrorist financing. The new guidelines include stricter know-your-customer (KYC) requirements, enhanced transaction monitoring, and mandatory reporting of suspicious activities. This regulatory change reflects Taiwan’s efforts to keep its cryptocurrency market transparent and compliant. The FSC has also required VASPs to regularly audit their AML procedures and report compliance results to the authorities. These measures are expected to enhance the integrity of Taiwan’s digital asset market and position the country as a safe environment for legal crypto activities.
TeraWulf’s Share Sale
Bitcoin miner TeraWulf has taken a significant step as part of its capital restructuring strategy by selling a 25% stake in its Nautilus facility for $92 million. Known for its advanced infrastructure, the Nautilus facility is considered a key asset in TeraWulf’s portfolio, and this partial stake sale will help the company increase its liquidity and optimize its financial resources. This move comes at a time when the crypto mining industry is facing increasing operational costs and market uncertainties. The funds raised will be used to strengthen TeraWulf’s balance sheet and potentially expand its operations. With this strategic stake sale, TeraWulf aims to ensure long-term sustainability amidst volatile crypto prices and changing regulations, and maintain its competitive position in the Bitcoin mining industry.
Bitwise’s New ETF Strategy
Bitwise has made a significant change to its ETF strategy by launching an integration that brings together Bitcoin and Ethereum futures ETFs and US Treasuries. Dubbed a “dynamic crypto and treasury” strategy, the new approach aims to reduce overall volatility and improve the risk-reward ratio. The move comes in response to investors seeking greater stability in their crypto investments, Bitwise Chief Information Officer Matt Hougan said. The strategy change reflects fund managers’ increasing tendency to create more balanced investment vehicles by blending digital assets with traditional financial instruments. By adding treasuries to its portfolio, Bitwise aims to provide a safer option for more cautious investors who want exposure to crypto investments but don’t want to be completely exposed to high volatility.
El Salvador’s Bitcoin Move
Despite ongoing concerns from the International Monetary Fund (IMF), El Salvador is sticking to its Bitcoin adoption strategy and increasing its investments. The Central American country continues to promote Bitcoin as a tool for financial inclusion and economic growth, arguing that the digital currency offers an alternative to traditional financial systems. This stance has drawn criticism from international organizations that have noted potential risks to the country’s financial stability. However, President Nayib Bukele’s administration has dismissed these concerns and focused on the long-term benefits of Bitcoin adoption. The government has also launched several educational programs to increase citizens’ knowledge of Bitcoin and a series of infrastructure projects aimed at expanding the use of digital currencies.
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BITCOIN (BTC)
BTC is priced at $63,414 with a 0.92% gain as of the morning hours. It is trading at 63,432.50 in the 4-hour time frame. While the 62,360.14 level has been determined as a significant support level, the 64,000.00 level stands out as a significant resistance level. In addition, the 60,000.00 and 57,000.00 levels have also been marked as critical support areas. According to the analysis, the ascending trend line has been broken and the price fell below this line and then recovered by finding support at 62,360.14. The price is currently testing the resistance at 64,000.00. If this resistance is broken, the uptrend may continue, otherwise the probability of the price falling back to 62,360.14 increases.
ETHEREUM (ETH)
ETH is priced at $2484 with a 1.82% increase in value as of the morning hours. It is traded at 2,484.29 in the 4-hour time frame. While the 2,461.59 level has been determined as an important support level, the 2,338.99 level stands out as another support level below. In upward movements, the 2,560.00 level is defined as an important resistance, while the 2,680.00 level is defined as the upper resistance zone. The price has previously found support at the 2,338.99 level and has started to rise and is currently trading above the 2,461.59 level and is moving towards the 2,560.00 resistance. If this resistance is broken, the uptrend may continue. However, if this level is not overcome, the price is likely to pull back to the 2,461.59 level.
RIPPLE (XRP)
XRP is priced at $0.5273 with a 1.09% gain as of the morning hours. It is trading at 0.5403 in the 4-hour time frame. According to the analysis, the 0.5300 level is determined as an important support, while the 0.5100 level stands out as another support point below. In upward movements, the 0.5600 level is defined as an important resistance and the 0.5900 level is marked as the upper resistance zone. The price recovered by finding support at the 0.5100 level and is currently trading at 0.5403 and moving towards the 0.5600 resistance. If this resistance is broken, the uptrend may continue, otherwise the price is likely to pull back to the 0.5300 level.
AVALANCHE (AVAX)
AVAX is priced at $27.32 with a 1.41% increase in value as of the morning hours. It is trading at 27.31 in the 4-hour time frame. According to the analysis, the 24.69 level has been determined as an important support, while the 22.82 level and 21.88 level stand out as lower support areas. The 28.00 level has been defined as an important resistance in upward movements. The price has found support at the 24.69 level and has started to rise and is currently trading at the 27.31 level and is moving towards the 28.00 resistance. If this resistance is broken, the uptrend may continue, otherwise the price is likely to fall back to the 24.69 level.
SOLANA (SOL)
SOL is priced at $148.96 with a 1.70% increase in value as of the morning hours. It rose to $162. It is traded at 148.82 in the 4-hour time frame. According to the analysis, the 146.00 level is determined as an important support, while the 134.00 level stands out as another support point below. In upward movements, the 163.70 level is defined as an important resistance. The price has recovered by finding support at the 134.00 level and is currently trading at 148.82 and is moving towards the 163.70 resistance. If this resistance is broken, the uptrend may continue, otherwise the price is likely to fall back to the 146.00 level.
