1. SEC Chair: Cryptocurrencies Unlikely to Become Mainstream Currency
SEC Chair Gary Gensler stated at a NYU event that Bitcoin and other cryptocurrencies are improbable as widespread payment methods, more likely remaining stores of value. He highlighted pervasive fraud in the crypto sector, with industry leaders facing incarceration in 2024. Existing regulations like the Howey Test suffice for evaluating investment contracts, emphasizing transparency for public decision-making.
2. Bitcoin Mining Difficulty Rises 4.12% to 92.05 T
CloverPool data shows Bitcoin’s mining difficulty adjusted at block height 864,864, reaching 92.05 T with a network hash rate of 596.30 EH/s.
3. Debunked: "Digital Asset Dividends" via Digital Yuan Are Fake
Fraudsters impersonating China’s Digital Currency Research Institute spread false claims about "digital asset红利" (dividends). Authorities confirmed these announcements as fabricated, urging public vigilance against scams.
4. Bernstein Reiterates: Trump Win Could Push Bitcoin to $80K–$90K
Bernstein analysts predict Bitcoin may hit new highs if Trump wins the U.S. election, citing political tailwinds. A Harris victory might temporarily drop BTC to $40K, while altcoins like ETH/SOL could remain range-bound pending regulatory clarity.
5. Stablecoin Liquidity Hits Record $169B, Signaling BTC Bullish Base
CryptoQuant reports stablecoin supply surged to $169B (+31% YTD), with USDT ($120B) and USDC ($36B) dominating. Increased large BTC transactions and stablecoin inflows suggest upward momentum for October’s bullish season.
6. U.S. Charges Four Crypto "Market Makers" for Fraud
Prosecutors allege firms like Gotbit and CLS Global manipulated markets via wash trading, inflating token prices. The SEC/FBI probe aims to recover $25M in illicit gains linked to tokens such as Robo Inu.
7. State Street Focuses on Tokenized Bonds, Not Stablecoins
Donna Milrod of State Street revealed ongoing tokenization projects for bonds and money market funds, enhancing collateral utility. Stablecoin plans remain deferred pending clearer commercial value.
8. Bitfinex Sole Recognized Victim in 2016 Hack Case
U.S. prosecutors identified Bitfinex as the only CVRA-qualified victim in the Bitfinex hack, inviting potential claims from affected users under restitution laws.
9. Crypto Firms’ Settlement Totals Hit $32B with U.S. Regulators
CoinGecko data shows FTX ($12.7B) and Celsius ($4.7B) top the list, reflecting heightened regulatory enforcement.
10. Matrixport: Bitcoin Volatility to Decline, Favoring Option Sellers
Matrixport’s strategy suggests selling options could yield consistent profits as BTC’s post-ETF volatility narrows, with 30-day swings staying within ±20%.
11. South Korea to Form Virtual Asset Committee for ETF Approvals
The Financial Services Commission plans a dedicated body to oversee crypto exchange licensing and spot ETF policies, alongside a user-protection foundation.
12. Metaplanet Adds ¥1B in Bitcoin, Holds $38.7M
Arkham data reveals Japan’s Metaplanet, dubbed "Asia’s MicroStrategy," expanded its BTC holdings in September.
FAQ Section
Q1: Why does SEC Chair Gensler doubt crypto’s mainstream adoption?
A1: Gensler cites fraud risks and the lack of intrinsic value, favoring transparency under existing frameworks like the Howey Test.
Q2: How does Bitcoin’s mining difficulty adjustment impact miners?
A2: Higher difficulty (now 92.05 T) requires more computational power, potentially squeezing less efficient miners.
Q3: What’s the significance of stablecoin growth for BTC?
A3: Record stablecoin liquidity ($169B) signals capital readiness to enter BTC, supporting price rallies.
Q4: How might the U.S. election affect crypto markets?
A4: A Trump win could spur BTC to $80K–$90K, while regulatory uncertainty under Harris may cause short-term dips.
Q5: What are tokenized bonds, and why is State Street pursuing them?
A5: Tokenized bonds digitize traditional assets for efficiency; State Street aims to create collateral for margin trades without liquidations.
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