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Bitcoin price peels back from its weekly high, but BTC derivatives markets look good 

Coin Telegraph
Bitcoin price peels back from its weekly high, but BTC derivatives markets look good 
Coin Telegraph

Wider economic and stock market-related issues are impacting Bitcoin’s softening price, but futures market data shows traders still feel bullish.

Bitcoin’s (BTC) price momentum has cooled since the Oct. 29 rally toward the all-time high, but the derivatives market continues to project traders’ optimism in a price recovery. 

The analysis of Bitcoin futures and options markets suggests that traders are maintaining positions without excessive leverage, which is crucial for a sustainable push toward new all-time highs. However, understanding the trigger for Bitcoin's price drop to below $69,000 on Nov. 1 remains essential.

Bitcoin 1-month options delta skew, put-call. Source: Laevitas.ch

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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Israel-Hamas conflict creates recruitment challenges for blockchain industry

Coin Telegraph
Israel-Hamas conflict creates recruitment challenges for blockchain industry
Blockchain

 Increased emigration from Israel has led to fears of a brain drain.

A year on from the start of the Israel-Hamas war, the Israeli blockchain industry is facing the challenges of widening geopolitical unrest in the region, with some talent “hesitant to consider” roles within its borders. 

Despite this, Israeli business leaders who spoke to Cointelegraph were optimistic about the future of the country’s blockchain industry.

An August report from Statista shows 60,000 Israelis had emigrated in the previous 24 months from May. The business statistics platform also noted a 25% increase in emigration from February 2023.

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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Bitcoin price drops under $67K as investors chase profit in stocks 

Coin Telegraph
Bitcoin price drops under K as investors chase profit in stocks 
Biden

Bitcoin pulled back from its range high as investors moved to greener pastures, but a possible misstep by the SEC could benefit BTC. 

Bitcoin (BTC) briefly ventured above $68,000 on Oct. 16, the highest level since August, but holding this level proved harder than anticipated. With Bitcoin price now trading below $67,500, the primary question at hand is whether BTC price can restore its bullish momentum. 

Stronger-than-expected economic data in the United States reduced investors’ appetite for alternative hedging instruments, while a strong earnings report by TSMC shifted traders’ attention to the stock market. 

The macroeconomic environment played an important role in Bitcoin’s rejection at $68,000, but one event in the cryptocurrency industry in particular has triggered expectations of a more benevolent attitude toward crypto from the current Biden-Harris administration.

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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Bitcoin price fell 24%+ the last time this metric turned negative — Will it happen again? 

Coin Telegraph
Bitcoin price fell 24%+ the last time this metric turned negative — Will it happen again? 
Coin Telegraph

Bitcoin derivatives metrics shifted as BTC price fell under $59,000 today. Are lower prices incoming?

Bitcoin (BTC) declined by 5.3% between Oct. 9 and Oct. 10, reaching a three-week low of $58,900. The market correction began after the United States reported higher-than-anticipated consumer inflation data, suggesting traders are concerned that the Federal Reserve has less incentive to continue cutting interest rates in the near future.

The reaction from Bitcoin price reflects investors’ view that there is an increased chance of a recession. The US Bureau of Labor Statistics reported a 0.2% increase in the Consumer Price Index (CPI) for September compared to the prior month, which triggered concerns of 'stagflation' among investors, according to Yahoo News. In this scenario, prices continue to rise despite economic stagnation, a situation that runs contrary to the central bank's objectives of stimulating growth while controlling inflation.

Meanwhile, US jobless claims rose to a 14-month high, according to data released on Oct. 10. Initial filings for unemployment benefits unexpectedly increased, reaching a seasonally adjusted 258,000 by Oct. 5. Although part of the rise can be attributed to a labor strike at Boeing, the broader negative impact on the economy remains a significant concern for policymakers, as reported by CNBC.

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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Bitcoin Is Digital Oil Well Fueling Rural Texas Economic Revival, Mayor Says

Bitcoin.com
Bitcoin Is Digital Oil Well Fueling Rural Texas Economic Revival, Mayor Says
Alcoa
Bitcoin Is Digital Oil Well Fueling Rural Texas Economic Revival, Mayor SaysMayor Ward Roddam of Rockdale, Texas, sees bitcoin mining as the key to his town’s resurgence after the devastating closure of its largest employer, Alcoa. Comparing it to Texas’ oil boom, Roddam highlights how this modern technology is creating jobs, boosting revenue, and funding essential services. With over $1 billion in investments, bitcoin mining could […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

New York Regulator Hiring Blockchain Analyst to Tackle Crypto Crimes

Bitcoin.com
New York Regulator Hiring Blockchain Analyst to Tackle Crypto Crimes
AML
New York Regulator Hiring Blockchain Analyst to Tackle Crypto CrimesNew York’s financial regulator has a job opening for a Virtual Currency Senior Blockchain Analytics Analyst. The permanent position focuses on preventing financial crimes such as money laundering and fraud by ensuring compliance in the growing virtual currency sector. The role involves using blockchain analytics to monitor risks. Applications are due by Oct. 14. New […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Tether onboards head of government affairs from PayPal

Coin Telegraph
Tether onboards head of government affairs from PayPal
Business

Jesse Spiro said he intended to work with industry leaders and lawmakers to help grow the ecosystem in his role at Tether.

Stablecoin issuer Tether announced that Jesse Spiro will join the firm as its head of government affairs after three years at PayPal.

In a Sept. 13 notice, Tether said Spiro would be responsible for “leading policy and engagement efforts with lawmakers, regulators, and key stakeholders” in his role at the company. He was the head of regulatory relations for PayPal’s blockchain and crypto business from 2021 to 2024 and worked at Chainalysis for more than two years in roles concerning policy and government affairs. 

According to Tether CEO Paolo Ardoino, Spiro’s appointment was part of Tether’s “commitment to responsible innovation” in the crypto space. Spiro said he intended to work with industry leaders and lawmakers to help grow the ecosystem.

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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

UBS Urges Caution Despite Positive US Economic Data

Bitcoin.com
UBS Urges Caution Despite Positive US Economic Data
bitcoin.com
UBS Urges Caution Despite Positive US Economic DataUBS reported on Friday that U.S. stocks extended their rally as new economic data, including a 1% rise in July retail sales, eased concerns about a potential recession. Despite the encouraging consumer resilience, UBS cautioned that the risk of a significant economic slowdown remains, especially after weaker July jobs data. Investors are advised to wait […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

New York DA’s Office Hiring Full-Time Crypto Analyst for Cybercrime Bureau

Bitcoin.com
New York DA’s Office Hiring Full-Time Crypto Analyst for Cybercrime Bureau
Analyst
New York DA’s Office Hiring Full-Time Crypto Analyst for Cybercrime BureauThe New York County District Attorney’s Office is hiring a full-time cryptocurrency analyst for its Cybercrime and Identity Theft Bureau. This role involves analyzing cryptocurrency theft complaints, conducting blockchain transaction analyses, and providing expert testimony. NY District Attorney Seeks Cryptocurrency Analyst The New York County District Attorney’s Office has put up a job posting for […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Bitcoin price struggles as investors expect Fed interest rate cuts — Why?

Coin Telegraph
Bitcoin price struggles as investors expect Fed interest rate cuts — Why?
Coin Telegraph

Bitcoin price is stuck in a downtrend even though investors are betting on Fed interest rate cuts. What gives?

The United States Consumer Price Index (CPI) rose by 3% year-over-year in June, slightly below the market consensus of 3.1%. Analysts claim that this CPI release was bullish for Bitcoin, but traders are questioning why its price remains below $58,000. Three factors could possibly explain investors’ lack of enthusiasm.

According to trader, YouTuber and analyst Daan Crypto, Bitcoin’s (BTC) weakness can be attributed to scalpers and market makers trying to liquidate leveraged longs. However, the trend favors “continuation higher,” meaning BTC should bounce back to $60,000 in the near term. Essentially, if the US central bank cuts interest rates, incentives for fixed-income investments are reduced, and some of this money will seek higher returns elsewhere.

Chris Larkin, managing director of trading and investing at E-Trade, told CNBC that the Federal Reserve is “one step closer to a September rate cut,” especially after real average hourly earnings for workers slowed 3.9% from the prior year, according to a Bureau of Labor Statistics report. Additionally, the labor force participation rate slightly increased to 62.6% in June from 62.5% in May. According to CNN, slowing wages is a strong incentive for the Fed to begin cutting interest rates. 

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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

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