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gm 20/10

gm 20/10

Summary
gm, Bitcoin rose nearly 4% to $111,026 amid news that Japan's Financial Services Agency is considering regulatory reforms to allow banks to hold cryptocurrencies and operate licensed exchanges. BNB outperformed the broader market, gaining approximately 3% following China Merchants Bank International's tokenization of its USD money market fund on BNB Chain and potential Coinbase listing consideration. Institutional interest in Bitcoin continues to evolve as platforms like Rootstock enable yield-generating opportunities beyond passive holdings, while a scheduled meeting between Presidents Trump and Xi Jinping on October 31 has further boosted market sentiment by signaling potential de-escalation of trade tensions that recently contributed to significant market volatility.

News Headlines
📉 Satoshi's Bitcoin Stash Lost Over $20B Amid Market Crash

  • Satoshi Nakamoto's Bitcoin holdings decreased by over $20 billion following a recent market crash triggered by mixed US-China trade relations signals and excessive leverage.
  • Despite the significant downturn, Bitcoin maintained a value above $100,000, with analysts from The Kobeissi Letter viewing this as a temporary setback that doesn't fundamentally alter the long-term outlook.

📊 John Bollinger Signals Potential Major Market Move Coming

  • Renowned technical analyst John Bollinger has identified potential W bottom patterns in Ether and Solana charts, suggesting a major market move may be imminent.
  • Bollinger's last call to "pay attention" resulted in Bitcoin surging from below $55,000 to over $100,000, though analysts caution that the market is not in a bear phase despite recent struggles to break resistance at $108,000.

💰 BitMine Accumulates $1.5B in Ether Despite Treasury Bubble Fears

  • BitMine has purchased $1.5 billion worth of Ether (379,271 ETH) following the recent market crash, becoming the largest Ether treasury company with over 3 million ETH (2.5% of total supply).
  • Fundstrat's Tom Lee warns that the digital asset treasury bubble may be deflating, noting that many DATs are trading below their net asset value, though he remains optimistic about Ethereum's potential.

📈 XRP and Solana Lead Market Sentiment Recovery While Bitcoin and Ether Lag

  • XRP and Solana's options markets show renewed bullish sentiment with positive risk reversals across multiple expirations, indicating growing trader confidence.
  • Meanwhile, Bitcoin and Ethereum remain in a bearish state with options reflecting concerns about downside risks, creating a split in market confidence among major cryptocurrencies.

🐂 Galaxy Digital Analyst Identifies Three Major Tailwinds for Crypto's Next Rally

  • Alex Thorn of Galaxy Digital maintains that the structural bull market in crypto remains intact despite the October 10 sell-off, citing three substantial tailwinds: AI capital expenditure, stablecoins' increasing role as payment rails, and tokenization of real-world assets.
  • While cautioning about near-term market fragility, Thorn maintains a positive medium-term outlook for major assets like Bitcoin, Ethereum, and Solana as these factors support recovery after recent volatility.

Market Metrics

Fundraising & VC
1. Daylight (Undisclosed, $75M) - Decentralized energy company
2. Jito (Strategic, $50M) - Liquid staking protocol and MEV infrastructure provider on Solana

Regulatory
🚫 Beijing Blocks Tech Giants' Hong Kong Stablecoin Plans

  • Chinese regulators have instructed tech giants Ant Group and JD.com to halt their plans to launch stablecoins in Hong Kong, reinforcing Beijing's authority over monetary policy.
  • The directive from the People's Bank of China and Cyberspace Administration prohibits private entities from issuing currency-like assets, signaling concerns about circumventing mainland restrictions.

💱 Stablecoins Likened to "Central Business Digital Currencies"

  • Venture capitalist Jeremy Kranz warns that privately-issued stablecoins function as "central business digital currencies" that allow issuers like banks to control users' funds, similar to concerns raised about CBDCs.
  • He highlights specific risks including potential fund freezes by issuers, bank run vulnerabilities with overcollateralized stablecoins, and market volatility risks with algorithmic versions.

🗽 Andrew Cuomo Plans Crypto-Fueled NYC Mayoral Campaign

  • Bitcoin's mining difficulty recently decreased to 146.7 trillion (-2.7%) despite hashrate reaching a record high of over 1.2 trillion hashes per second, creating a temporary window of easier mining.
  • The next adjustment on October 29 is predicted to increase difficulty to 156.92 trillion, intensifying competition among miners already facing reduced block rewards and rising operational costs.

⚡ Bitcoin Mining Difficulty Decreases Temporarily

  • Bitcoin's mining difficulty recently decreased to 146.7 trillion (-2.7%) despite hashrate reaching a record high of over 1.2 trillion hashes per second, creating a temporary window of easier mining.
  • The next adjustment on October 29 is predicted to increase difficulty to 156.92 trillion, intensifying competition among miners already facing reduced block rewards and rising operational costs.

💰 XRP Investor Loses $3M in Cold Wallet Security Breach

  • An XRP investor lost over $3 million after unknowingly compromising his cold wallet by entering his seed phrase into the Ellipal mobile app, converting it from a secure cold wallet to a vulnerable hot wallet.
  • The theft involved initial test transactions followed by a withdrawal of approximately 1.21 million XRP to a newly created wallet, representing nearly all of the victim's retirement savings.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency has broken up through resistance at points 109600. This predicts a further rise. Negative volume balance indicates that sellers are aggressive while buyers are passive, and weakens the currency. The short term momentum of the currency is strongly negative, with RSI below 30. This indicates increasing pessimism among investors and further decline for Bitcoin. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The currency is overall assessed as technically positive for the short term.

Ethereum - Ethereum is in a falling trend channel in the short term. Falling trends indicate that the currency experiences negative development and falling buy interest among investors. The currency is moving within a rectangle formation between support at 3861 and resistance at 4660. A decisive break through one of these levels indicates the new direction for the currency. The currency has support at points 3780 and resistance at points 4300. The volume balance is negative and weakens the currency in the short term. The currency is overall assessed as technically negative for the short term.

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