Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, to industry news, and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
While the headlines for the last few have been largely dominated by the SBF fraud trial, a few more interesting stories have managed to sneak under the wire...
The price of BTC stabilized after reaching two-week lows following the release of U.S. macroeconomic data showing persistent inflation... On October 12, September CPI showed a year-on-year increase of 3.7%, surpassing the expected 3.6% (excluding food and energy prices, matching expectations at 4.1%--data was confirmed by the U.S. Bureau of Labor Statistics). Continued rising inflation renewed concerns about the Federal Reserve's monetary policy; the possibility of interest rate cuts in the near future now seems unlikely. This "higher for longer" interest rate scenario is putting pressure on risk assets, including cryptocurrencies, which is why Bitcoin’s ‘Inflation Hedge’ narrative takes a back seat to persistent inflation data. However, following the CPI release, the probability of the Federal Reserve raising rates further at the next FOMC meeting on November 1 remains low, at just 7.4% (according to CME Group's FedWatch Tool). CoinTelegraph
US DC Judge Amy Berman Jackson has signed multiple orders to address pending motions in the ongoing lawsuit between the SEC and Binance. Notably, she accepted an amicus brief from Circle, the issuer of USDC stablecoin, which argued that stablecoins like USDC should not be considered securities because buyers don't expect profit from them, ahead of a significant hearing on October 12. The SEC has charged Binance with various violations, including unregistered securities sales of BNB and BUSD tokens, as well as operating illegally in the United States. Binance has sought to have the lawsuit dismissed, claiming that the SEC overstepped its authority. CoinTelegraph
HODLers put away Bitcoin worth about $1.35B each month, Onchain data shows. Are we “Hodling” or is Hoarding a better descriptor? “The continued accumulation shows tightening supply and a widespread reluctance to transact, according to Glassnode.” The on-chain analytics metric called “HODLer net position change” which controls for long-term investors (LTHs) (or wallets with a history of holding coins for at least 155 days) have been taking 50,000 BTC ($1.35 billion) off the market every month. This total number of coins held by LTHs has reached a new all-time high of over 14.859 million BTC, amounting to 76% of the cryptocurrency's minted supply, or just under 71% of Bitcoin’s max 21M supply. Coindesk
In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:
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Disclaimer: This article is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.