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While the reason behind the recent drop is not clear, some community members attribute Bitcoin’s latest surge to 661 BTC futures contracts liquidation on the Bakkt platform, with the last recorded trading price settling at $7,890 per Bitcoin. Twitter account Bakkt Volume Bot, which carries out live tracking on the platform, indicated the following performance:
What caused this rise is not too clear with quite a few candidates as a number of things seem to be moving. First of all, many think the fall earlier this week was due to the October bitcoin futures contract on CME expiring. That happened at 4PM London time earlier today, with the above jump being 45 minutes after the contract expired.
For those who have living under a rock, the bearish cryptocurrency trend reversed on Friday morning, with the cryptocurrency bottoming at $7,400 to surge to $7,700. Then, about an hour or two ago, BTC shot up by $800 in a ten-minute time frame, liquidating $150 million worth of short positions in the process. In the past 12 hours, Bitcoin is up 14%.
Bitcoin has been trading in a choppy price zone since breaking down from its 2019 high in June, but two recent developments should make us optimistic about its long-term future. There is speculation abound over how Bitcoin will close out the final year of the decade. Its next halving is still a few months away, tentatively scheduled to happen in May. In preparation, many traders are expecting a steady uptrend preceding it. However, the market is still feeling out a local bottom in the meantime.
As reported by Xinhua and translated by Cointelegraph, China’s General Secretary Xi Jinping issued a statement at a Politburo session regarding blockchain technology use in China.
“We must take blockchain as an important breakthrough for independent innovation of core technologies,” he noted in his speech. “Clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”
The Xinhua news was published at 5:24 AM CST, with a green candle on the BTC / USD chart seen within the hour.
Bitcoin futures trading platform Bakkt has set a new record. The New York-based platform is sustaining its recent strong performance, dramatically picking up steam after a sluggish start in September. Bakkt has traded 770 Bitcoin futures contracts so far today, smashing Wednesday’s all-time high of 590. The Bakkt Volume Bot on Twitter calculates that the platform is on track to reach fresh highs.
This occurrence definitely dampened most people’s spirits who were already disappointed about the recent Bitcoin performance and now feel a bit more helpless. It caused many in the Bitcoin community to think about whether or not there’s a chance for Bitcoin to repeat the bull run it did back in 2017.
Bitcoin’s current all-time high is about $20,000 which happened almost two years ago in December 2017. Since then, the community has been extremely optimistic about its chances to revisit $20k but has been disappointed so far.
According to the report, 14.4% of Americans now own some form of crypto as opposed to 7.95% in 2018. This is a big jump considering the market conditions and can be seen as a sign of increased awareness about cryptocurrencies and declining trust in Fiat money.
The average respondent held $5447 worth of crypto whereas the median amount was $360. This indicates that small investors are now buckling up for the shift towards crypto. It is widely believed in the crypto market that small investors often stay away because of the complicated user experience and the steep learning curve. However, this data shows otherwise.
On October 25, Binance officially announced that it would be supporting growth of decentralized finance (DeFi) by collaborating with Chainlink to connect the cryptocurrency data on its platform to blockchains.
In its official announcement, Binance said that while base layer development is accelerating, it is important to remember that the logic behind smart contracts is reliant on the received data. This means that even with flawless code, unreliable data triggering the smart contract could fail. CEO Changpeng Zhao said,
The cryptocurrency-powered Brave browser has enabled its privacy-centric ads that lets users earn its Basic Attention Token (BAT) in 20 more countries with a new update. According to a GitHub page, Brave’s v0.70 version comes with a number of improvements that include a few fixes and improved support for various privacy-related features, as well as the roll-out of its Brave Ads program to 20 new countries.
Crypto Capital, a digital payments processing firm tied to the infamous Bitfinex Tether controversy has managed to attract the media limelight for all the wrong reasons, once again. Per sources close to the matter, the company’s president was arrested by Polish law forces on the basis of a European Arrest Warrant issued by the prosecutor’s office in Warsaw. Reportedly, Molina Lee’s arrest is connected to $350 million seized by the Polish Ministry of Justice sometime back. The seized funds reportedly belonged to a local firm allegedly affiliated with Crypto Capital, named Crypto SP. Z.O.O. The report reads in part:
Over the years, Facebook has had more than its fair share of problems that revolve around the privacy and authenticity of the content found on its platform. There have been many cases of reported breaches causing private data of many of its users to fall into the hands of others, without the users’ consent. There have also been stories surrounding the dissemination of a lot of false or harmful information and even advertisements, on Facebook.
For example, on two separate occasions in Arnhem I met a complete stranger who, though not working in Bitcoin, owned bitcoin. Once was in the cab with Patrick van der Meijde (the founder of BitKassa) upon arriving in Arnhem, and the other time was while talking with a stranger outside the restaurant Meem: Eten en Drinken. These were average dudes in a smaller Dutch city (and, though it is arguably a bitcoin hotspot, my point stands).
Arca Chief Investment Officer Jeff Dorman joined CoinDesk’s Brad Keoun on Thursday, Oct. 24, to talk about the current downward trend in crypto pricing and why things may be looking up. (On Friday, bitcoin’s price shot up 13 percent to more than $8,400.) “It’s always difficult real-time to understand what’s causing a price decline or a price appreciation. After the fact, you can piece together pieces of news that may have caused it,” said Dorman, adding: