Bitcoin is showing early signs of a bull run, with predictions of reaching $100,000 within three months.
Network economist Timothy Peterson noted that Bitcoin’s “ignition” for a new bull market has already started, with key support at $66,500 keeping bulls in control.
Analysts from Kraken suggest that as long as Bitcoin holds above this level, it may approach its previous all-time high of $73,800. With significant market developments, including potential interest from Microsoft, momentum appears strong for further gains.
Follow along as we more insights and key crypto news from the past week!
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TOP CRYPTO NEWS RECAP (October 20 - October 26, 2024)
● MicroStrategy Nears $50 Billion Market Cap as Investor Optimism Rise
● US Government Crypto Wallet Compromised in $20M Hack, Attacker Returns Majority of Funds
● Ripple vs. SEC: Court Clarifies XRP's Status in Institutional Sales
● Microsoft Shareholders to Vote on Potential Bitcoin Investment Assessment
● HBO Documentary Sparks Safety Fears for Peter Todd After Satoshi Nakamoto Claim
● Trump Proposes Replacing Income Tax with Tariffs and Suggests Bitcoin to Offset National Debt
MicroStrategy Nears $50 Billion Market Cap as Investor Optimism Rise
MicroStrategy's stock surge has pushed its market cap to $43.35 billion, nearing a $50-billion milestone as investor enthusiasm grows. The company, now the 477th-most valuable globally, has seen its trading volume climb to 17.65% of Nvidia's in October, indicating heightened trading interest. Additionally, MicroStrategy's net asset value premium has reached its highest level since early 2021, supported by Bitcoin's stability around $68,000. These trends suggest potential for continued growth in MicroStrategy's market value.
US Government Crypto Wallet Compromised in $20M Hack, Attacker Returns Majority of Funds
On October 24, a hacker breached a U.S. government crypto wallet containing assets seized in the 2016 Bitfinex hack, draining $20 million. Arkham Intelligence reported that the attacker initially transferred funds, including USD Coin, Tether, and aUSDC, to launder through other addresses. However, within 24 hours, the hacker returned approximately 88% of the stolen assets, valued at $19.3 million, back to the government-controlled wallet. The incident underscores ongoing security challenges, amid an increase in major crypto-related hacks in October 2024.
Ripple vs. SEC: Court Clarifies XRP's Status in Institutional Sales
Ripple's legal battle with the SEC took another turn as the SEC appealed a court’s partial summary judgment that favored Ripple, particularly regarding XRP’s classification in institutional sales. The appeal did not challenge the court's ruling that XRP is not considered a security in programmatic sales on digital asset exchanges. Judge Analisa Torres' initial July 2023 ruling confirmed that XRP does not qualify as a security in this context, marking a significant legal clarification for Ripple and the broader cryptocurrency industry.
Microsoft Shareholders to Vote on Potential Bitcoin Investment Assessment
In December, Microsoft shareholders will vote on whether the company should publicly assess adding Bitcoin to its balance sheet. According to a filing with the U.S. Securities and Exchange Commission, the proposal, “Assessment of Investing in Bitcoin,” will be considered at a Dec. 10 meeting. However, Microsoft's board advises voting against the proposal, citing its current practice of evaluating diverse assets, including Bitcoin. Although Microsoft previously accepted Bitcoin payments for Xbox, it currently prioritizes AI technology over blockchain investments.
HBO Documentary Sparks Safety Fears for Peter Todd After Satoshi Nakamoto Claim
Peter Todd, a Canadian cryptographer, says he has gone into hiding after an HBO documentary aired on Oct. 9 suggesting he might be Bitcoin’s creator, Satoshi Nakamoto. The documentary, “Money Electric: The Bitcoin Mystery,” hinted at Todd’s identity as Nakamoto, ending with his ambiguous remark, “Well yeah, I’m Satoshi Nakamoto.” Todd denies the claim and argues that director Cullen Hoback misrepresented his comments, exposing him to safety risks. Hoback downplays the risks, yet Todd warns that such accusations can endanger those mistakenly linked to Nakamoto’s immense wealth.
Trump Proposes Replacing Income Tax with Tariffs and Suggests Bitcoin to Offset National Debt
Former President Donald Trump, appearing on the Joe Rogan Experience, proposed eliminating the federal income tax and funding the government through tariffs on imports, citing policies from the 1890s. Trump argued tariffs would protect domestic jobs and increase dollar demand. Additionally, he floated the idea of using Bitcoin to reduce the $35 trillion national debt, suggesting the US could repay creditors with Bitcoin assets. While critics warn of inflationary effects from tariffs and bureaucratic challenges in creating a Bitcoin reserve, Trump maintains these strategies could benefit the US economy.
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