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Bitcoin ETFs On The Horizon: Experts Predict 90% Chance Of SEC Approval

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In a resounding declaration, the well-known Bitcoin investor Lark Davis confidently forecasts a 90% chance of Bitcoin Exchange-Traded Funds (ETFs) getting approval before January. Davis announced this on X, finding widespread agreement in the crypto community, indicating growing confidence in this prediction.

The crypto enthusiast, Mister Crypto, unwaveringly upholds this claim, consistently echoing analogous convictions for several lunar cycles. He maintains that the go-ahead signal for all ETFs is nigh, with a robust likelihood of materialization before the year’s end.

Web3 luminary David Parker also hails the prospective ETF approval as a boon to his industry sector. Parker envisions this development as a potential New Year’s gift to the Web3 community within the blockchain domain. With palpable excitement, he remarks, “Wow, January. That would be a nice New Year’s present for us web 3 people. I’m ready! Can be January or March, I’m so ready!”

Bitcoin ETF Approval Breakthrough

Bloomberg’s crypto ETF analysts also see a 90% chance of a spot Bitcoin ETF gaining approval from the U.S. SEC. This optimism follows updates to Ark Invest and 21Shares’ ETF prospectuses, while the SEC opted not to contest a court’s ruling allowing Grayscale’s GBTC product transformation into a Bitcoin ETF.

Bloomberg’s Eric Balchunas and James Seyffart, eminent ETF analysts, assert the same probability of an SEC nod for a spot Bitcoin ETF. Their prediction hones in on January 10 as the potential breakthrough. Recent application updates signal positive engagement with the SEC. Notably, Ark Invest supplemented five pivotal pages covering risk disclosures and additional context.

“This back-and-forth between the SEC and fund sponsors is standard practice for new launches but a first for spot Bitcoin ETF applications, indicating that the SEC is working to approve Ark’s proposal.”

James Seyffart highlights the SEC’s strategic move in abstaining from an appeal in the Grayscale case. He further intimates that if the deadline for the Grayscale lawsuit concerning GBTC’s transition to a spot Bitcoin ETF arrives this year, SEC approval may materialize sooner. Analysts are unanimous in their belief that the SEC Division of Trading & Markets is feeling the squeeze, with both the courts and other issuers applying pressure for a spot Bitcoin ETF approval.

Ethereum Whales Resurge: $7M Transfer Sparks Speculation

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In a startling turn of events, a long-dormant Ethereum whale has sprung to life, executing a substantial transaction after three years of dormancy. A prominent Blockchain investigator, OnchainDataNerd, reveals a staggering transfer of 4,500 ETH, valued at nearly $7 million, to the Binance exchange.

Remarkably, this enigmatic whale initially acquired 11,900 ETH in June 2020 on the Bitfinex exchange, investing a modest $2.89 million. Fast forward to today, and Ethereum’s value has catapulted, with each coin now commanding a price of $1,542. This surge translates to a potential profit of $15.56 million should the whale opt to liquidate the entirety of their initial investment.

However, this notable transfer pales compared to the broader movement of Ethereum to centralized crypto exchanges. Recent disclosures from prominent blockchain tracker Whale Alert expose 59,860 ETH migrating to two of the industry’s leading trading platforms.

Ethereum’s Future Takes an Intriguing Turn

WhaleAlert also reveals substantial deposits orchestrated by anonymous whales, funneling 22,699 ETH and 22,157 ETH into Coinbase, complemented by an extra 15,000 ETH directed at GateIO. This surge in cryptocurrency totals a notable $92.3 million in fiat, showcasing the magnitude of these transactions within the crypto realm.

Fresh insights from on-chain data analyst Santiment, unveiled earlier this week, shed light on an intriguing trend among Ethereum’s top 10 wallets. Regardless of their affiliation with exchanges, these addresses are amassing substantial quantities of the second-largest cryptocurrency.

Presently, the top 10 addresses associated with exchanges account for a significant 8.51% of Ethereum’s overall supply. Meanwhile, wallets independent of exchange platforms have substantially bolstered their holdings, boasting an impressive 39.22 million ETH.

The cryptocurrency community watches with bated breath as Ethereum’s landscape evolves, witnessing unprecedented wealth distribution shifts and dormant whales’ resurgence. This unexpected turn of events leaves many speculating about the future trajectory of this dynamic digital asset.

Ferrari Fuels Crypto Revolution, Accepts Payments In Cryptocurrencies

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The premier luxury sports car manufacturer, Ferrari, is accelerating its adoption of cryptocurrency. As per the recent report, the company enables customers in the United States to buy their top-tier vehicles using cryptocurrencies such as Bitcoin and Ethereum. Furthermore, it intends to extend this crypto payment feature to European markets in response to robust demand from its customer base.

Renowned Chinese crypto journalist Colin Wu revealed on the X platform that Ferrari, known for its high-performance cars, now accepts cryptocurrency payments such as Bitcoin, Ethereum, and USDC stablecoin for transactions in the United States. This groundbreaking step caters to the rising interest from their wealthy clientele, including investors and conventional buyers seeking portfolio diversification.

Enrico Galliera, Chief Marketing and Commercial Officer explains that this foray into cryptocurrency aligns with the company’s commitment to achieving carbon neutrality by 2030. Furthermore, he highlights the cryptocurrency sector’s efforts to reduce its carbon footprint through software innovations and renewable energy usage.

Ferrari Targets New Audience with Crypto Purchase 

Ferrari’s ambition extends beyond embracing cryptocurrency; they aim to connect with a wider audience and attract prospective customers who may not have previously considered owning one of their prized vehicles. While specific details regarding the number of cars available for cryptocurrency transactions remain undisclosed, Galliera emphasizes the strength of its order portfolio, with bookings secured well into 2025.

Ferrari partnered with BitPay, a prominent cryptocurrency payment processor, to facilitate this crypto venture. BitPay will immediately convert cryptocurrency payments into traditional currency, safeguarding dealers and the company from the notorious volatility of the digital asset market.

What sets Ferrari apart in this endeavor is their commitment to providing a seamless experience for customers. Using cryptocurrency to purchase a car comes without additional fees or surcharges, ensuring the transition to this new payment method is as smooth as one of their finely tuned engines.

Ferrari’s crypto payment system will extend its reach to European markets by the first quarter of the upcoming year. The company also plans to gradually introduce this payment option to regions where cryptocurrency usage is legally accepted. Europe, the Middle East, and Africa (EMEA) represent Ferrari’s largest market, accounting for approximately 46% of car shipments in the first half of the current year.

Ferrari’s bold move into cryptocurrency payments underscores a growing trend among established companies aiming to cater to evolving customer preferences and venture into the digital financial landscape. The roar of a Ferrari’s engine might soon be accompanied by the hum of blockchain transactions, forging a new era for the luxury car market.

LOOM Defies Market Trends, 500% Growth In 30 Days

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In a meteoric surge, Loom Network (LOOM) has catapulted over 23% within the last 24 hours, propelling this cryptocurrency into the esteemed echelons of the top 100 by market capitalization. The rally marks a spectacular continuation of the remarkable buy pressure that has characterized the Network’s performance over the past month, boasting an awe-inspiring surge of over 500% in the last 30 days.

September witnessed a formidable surge of over 240% in Loom Network’s price, coinciding with its listing on the Gate.io crypto exchange. Despite a crypto landscape that has exhibited a degree of stagnation in recent weeks, this altcoin has boldly defied market expectations, embarking on an exhilarating parabolic trajectory.

According to on-chain data provider Santiment, LOOM achieved record highs, reaching $0.28 on Friday. The crypto community is abuzz with enthusiastic discussions, as the network has claimed the spotlight, surpassing notable figures such as Sam Bankman-Fried (SBF) and the enduring Bitcoin. This surge underscores LOOM’s growing importance in the crypto realm.

LOOM’s Potential Reversal Or Bullish Rally

The recent meteoric rise of Loom Network lacks a clear catalyst. Yet, analysts are eyeing heightened whale activity on Upbit, particularly in the LOOM/KRW pair, which has become a hotspot for buying. On-chain data shows a staggering $374 million 24-hour volume in this pair, propelling the network’s total trading volume to a remarkable $677 million, up over 209% in the last day.

As of writing, LOOM is currently trading at $0.2715, with a 24-hour trading volume of approximately $255,265,591. This reflects a 1.56% increase in price over the last 24 hours, following an impressive 77.58% surge in value over the past week.

Amid this exhilarating ascent, some analysts remain cautious, sounding the alarm for a potential sharp reversal. The absence of a definitive catalyst combined with an extreme overbought status, particularly underscored by the Relative Strength Index (RSI), portends a scenario ripe for a potential downturn.

A prominent crypto analyst, BitcoinHabebe, sounds cautionary, revealing that a single Upbit wallet currently cradles a staggering 653 million, roughly half of the supply. Should a sell-off be triggered, the magnitude could be seismic.

In anticipation of potential sell-offs and significant profit-taking moves, LOOM may face susceptibility to a bearish shift toward support levels at $0.16 or lower. Conversely, if the bulls resurgence, we may observe an upward surge towards the $0.30 range. Positive market sentiment in the coming weeks could enhance prospects, contingent on buyers effectively turning resistance into support.

Bitcoin’s Rise: Analyst Predicts $137K Peak By 2024

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In a recent revelation, a renowned cryptocurrency trader known as the Titan of Crypto unveiled a bullish prediction for Bitcoin’s next market cycle. Drawing insights from a meticulous analysis of BTC’s historical price movements, the trader outlined a potential price target for the impending cycle’s zenith.

According to Titan’s estimations, Bitcoin could surge to an astonishing $137,000, with this pinnacle anticipated to materialize in August of 2024. As of the latest update, the cryptocurrency juggernaut was changing hands at $27,900.35. Over the past 24 hours, it demonstrated a modest uptick of 0.17%.

In a resounding display of strength, Bitcoin’s value ascended by over 3% in the past week alone. Moreover, the preceding month saw the cryptocurrency monarch achieve an impressive 6.57% surge on the monthly time scale.

Bitcoin’s Downturn To Upswing Journey

Bitcoin (BTC) experienced a notable downturn, with its 24-hour trading volume plummeting by over 48%. This decline culminated in a total volume of $6,951,099,043. The Titan of Crypto’s optimistic prognosis for BTC pegged at $137K, hinges on a substantial 59% upswing from its previous all-time zenith of $68,789.36, reached in November 2021.

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Source: Tradingview.com

The current market landscape witnessed Bitcoin’s spirited attempt to breach the $27,915 resistance threshold. If successfully closing a daily candle above this critical juncture within 48 hours, BTC may set its sights on the next pivotal level at $29,210 in the ensuing fortnight.

However, the inability to achieve a daily candle closure above $27,915 could disturb the positive sentiment. In this less optimistic scenario, the cryptocurrency’s price might gravitate towards retesting the immediate support at $26,915 for the subsequent week.

Despite the potential pitfalls, Bitcoin currently finds itself within the confines of a constructive medium-term price channel. This encouraging pattern suggests that the cryptocurrency’s value may witness an upswing in the forthcoming days, an evolution following a sequence of higher lows and higher highs in recent weeks.

Crypto Advocate Deaton Opposes SBF Supporters Amid Ongoing Legal Trials

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In the crypto realm, John Deaton, a notable legal figure and fervent advocate for the digital currency space, has certainly expressed his disapproval of the supporters of ex-FTX CEO Sam “SBF” Bankman-Fried. This comes amid the legal proceedings entangled with the downfall of their cryptocurrency enterprise. John Deaton’s impassioned stance underscores the gravity of the situation, shedding light on the intricacies of this crypto controversy.

Prominent crypto advocate Deaton, on X (formerly Twitter), contends that depicting SBF as well-intentioned but financially mistaken is misguided. He opposes granting sympathizers platforms like CBS’s 60 Minutes, stressing the need for accurate representation in crypto. This candid statement highlights the ongoing discourse about SBF’s industry role.

SBF Allegations Divide Crypto Community

The crypto realm is divided, with some expressing deep concern over SBF’s alleged involvement in investor fraud while others seek to cast him in a positive light in the media. Even after FTX declared bankruptcy, SBF continued to make public appearances, often portrayed as a luminary, sparking discontent within the Web3 community.

FTX has managed to recover an impressive $7 billion in assets successfully. Nevertheless, an increasing chorus is calling for SBF’s sentencing to serve as a stark deterrent for other pioneers in the industry. John Deaton is resolute in holding Joseph Bankman and Barbara Fried, SBF’s parents, accountable for their alleged involvement.

While FTX’s present leadership aggressively pursues legal action, it’s worth noting that regulatory agencies have, thus far, refrained from initiating legal proceedings against SBF’s parents. John Deaton is not alone in his belief that Bankman and Fried bear full responsibility for their son’s purported misdeeds — a sentiment echoed by several industry insiders.

According to a recent report, Stanford University has opted to return the entirety of its donations from FTX, totaling approximately $5.5 million. The move underlines the gravity of the situation and the broader impact of the controversy surrounding SBF and FTX.

Stars Arena Security Breach: Crypto Vulnerability Exposed

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In the crypto sphere, Stars Arena stands at the forefront of security concerns in the dynamic landscape of digital platforms and online transactions. In this rapidly evolving environment, ensuring the integrity of these platforms is paramount for businesses and users alike. Despite their robustness, even the most fortified systems encounter challenges daily.

According to a recent report, Stars Arena suffered a major security breach, resulting in a substantial loss of $2.9 million. A thorough investigation revealed that the breach stemmed from a reentrancy vulnerability. PeckShield Inc., a distinguished cybersecurity firm specializing in scrutinizing potential weaknesses in digital platforms, unveiled this crucial finding.

Reentrancy attacks occur when an external contract seizes control of its state, allowing it to make unanticipated calls into the contract before the initial function invocation concludes. In more straightforward language, think of it as a virtual loophole that empowers malicious actors to siphon funds or exploit a system continuously.

Stars Arena Breach And DeFi’s Vulnerability Alert

PeckShield’s exhaustive analysis pinpointed the vulnerability within the Stars Arena Shares contract. This discovery is a testament to the importance of ceaseless vigilance and periodic system updates. It’s a stark reminder that no matter how robust a system appears, it remains susceptible to lurking threats. Timely assessments and proactive measures are the armor against potential financial devastation.

The Stars Arena incident is a compelling reminder of online platforms’ persistent challenges in the crypto landscape. It underscores the critical need for proactive rather than reactive digital security measures and highlights the vital role of vigilant users in ensuring secure platform interactions.

Just a fortnight ago, Linear Finance, a decentralized finance (DeFi) platform rooted in blockchain technology, bore the brunt of a devastating attack that wiped out the entire $LUSD liquidity from prominent exchanges such as PancakeSwap and Ascendex.

The aftermath was nothing short of catastrophic, with the value of $LUSD plummeting to zero, resulting in substantial financial casualties for investors. This unfortunate event, akin to Stars Arena’s breach, spotlights the frailties within the DeFi realm while casting a shadow of doubt upon the cryptocurrency market’s overall reliability.

HTX Remarkable Recovery: Hacker Returns Stolen $8.2M In ETH

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In a surprising turn of events, the elusive hacker responsible for breaching HTX Global, formerly Huobi, has made amends by returning the entire sum of stolen assets. Blockchain analytics insights provider Lookonchain reported that a substantial amount of 4,999 Ether (ETH), valued at an impressive $8.2 million, has been refunded to HTX Global.

The security breach that sent shockwaves through the cryptocurrency community occurred last Monday when an unidentified hacker successfully infiltrated the HTX Global platform, resulting in the staggering loss of Ethereum assets.

In a swift response to the attack, TRON founder and the exchange’s advisor Justin Sun wasted no time assuring the public that the losses incurred from the hack had been fully covered and all associated issues were promptly resolved.

HTX’s Response To Cyberattack

Sun emphasized that the stolen funds represented only a fraction of HTX Global’s vast asset pool, boasting a staggering $3 billion. To incentivize the hacker’s act of goodwill, a substantial 5% Whitehat reward, amounting to $400,000, was pledged if the stolen funds were returned. Furthermore, the hacker was offered the prestigious role of security Whitehat advisor should a voluntary refund be initiated expeditiously.

Sun revealed that HTX’s security team had detected the breach. Interestingly, before this discovery, on-chain security firm Cyvers Alerts had already flagged suspicious transactions linked to the Mixin Network. These transactions led investigators to the hacked funds, tracing them back to HTX and the renowned cryptocurrency exchange Binance.

This cyberattack on HTX Global unfolded just weeks after rumors regarding the exchange’s financial stability had begun circulating. Notably, prominent developer and Dogecoin (DOGE) advocate Mishaboar had advised DOGE holders to withdraw their assets from the exchange, citing concerns about the exchange’s opaque Proof-of-Reserve claims.

Proof-of-reserve claims, often touted as indicators of a protocol’s financial health, were criticized by Mishaboar for their potential to mislead and provide an inaccurate representation of an exchange’s actual liabilities. Justin Sun urged the community to dismiss the rumors to quell these growing concerns.

With the unexpected news of the hacker’s full refund, customers are likely to regain trust and security in HTX Global amidst the recent controversies. The return of stolen assets serves as a beacon of hope for cryptocurrency enthusiasts and reinforces the resilience of the digital asset ecosystem in the face of adversity.

Joe Rogan Applauds Bitcoin As Potential Universal Currency

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During a recent episode of the highly popular Joe Rogan Experience podcast, the reputable host Joe Rogan conveyed his bullish outlook on Bitcoin (BTC). He extolled it as a promising universal cryptocurrency and praised it as the most fascinating crypto asset with the greatest prospects for global adoption in the digital currency arena. As a distinguished personality in the podcasting industry, Joe Rogan regards BTC as having the capacity to become the most universally recognized digital currency.

During his conversation with Sam Altman, the visionary founder of OpenAI, Rogan confidently asserted, “That’s the one that has the most likely possibility of becoming a universal viable currency.” Bitcoin’s status as the reigning champion of the cryptocurrency market further solidifies its position in this regard.

Rogan Praises Bitcoin’s Limited Supply and Integration

Rogan finds BTC’s controlled supply particularly fascinating, emphasizing that its limited quantity and mining process contribute to its allure. He also commends individuals who have seamlessly integrated BTC into their daily lives. One notable example he highlights is Andreas Antonopoulos, a tech entrepreneur from Greece whose pioneering work exemplifies the practical use of BTC in everyday transactions.

“When he talks about it, he’s living it. Everything he pays for is in Bitcoin, he pays his rent in Bitcoin, everything he does in Bitcoin.”

Since its inception, BTC, the pioneering digital asset, has maintained a firm grip on the financial landscape. Nevertheless, it’s essential to acknowledge that a limited group of entities and individuals exert substantial sway over this valuable digital asset.

Furthermore, Bitcoin has established itself as one of the most lucrative assets over the past decade, boasting an impressive track record of financial success. According to data from Blockchain.com, out of 3,597 days, BTC has consistently delivered profitability for investors on an astonishing 3,129 occasions. This remarkable performance reaffirms its standing as a highly valuable and dependable investment vehicle.

Notably, Joe Rogan delved into the Bitcoin realm several years back when he inked a groundbreaking deal, netting him a substantial payment of $100,000 in BTC, further bolstering his unwavering confidence in the enduring potential of this cryptocurrency.

Tron Dominates Daily Active Addresses, Surpassing Ethereum And BNB

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In a remarkable surge, Tron, the blockchain platform facilitating smart contracts and decentralized applications (dapps), has witnessed explosive growth in its Daily Active Addresses (DAA). DAA, a key metric measuring the number of unique addresses engaged in token transactions on a blockchain daily, is emerging as a game-changer for Tron’s ecosystem.

As of October 6, data shared by DeFi analyst Alex Wacy, citing Token Terminal, unveiled a startling revelation. Tron boasts over 1.9 million DAA, more than double that of BNB Chain, which, at the time of reporting, stood at 915,000. Ethereum and Polygon trailed behind with 320,000 and 301,000 DAA, respectively, while Bitcoin, the pioneer of blockchain technology, held 570,000 daily active addresses.

This rapid growth implies that Tron is creating 200,000 new addresses daily. Furthermore, essential metrics underscore Tron’s dominance, showcasing participation from a substantial 188 million unique accounts in a remarkable 6.5 billion transactions. This highlights the Network’s commanding presence in the cryptocurrency ecosystem.

Tron’s Dominance In Stablecoin Transactions

Analysts suggest that the surge in Tron’s DAA might be attributed to its pivotal role in stablecoin transactions. Stablecoins, designed to maintain parity with the value of traditional fiat currencies like the USD, find a robust home within the network, with approximately $45 billion of all stablecoins adhering to the TRC-20 standard. Notably, 50% of all USDT transactions occur on the Tron blockchain.

Tron’s ascent in DAA is particularly noteworthy amidst a cryptocurrency landscape grappling with volatility and relatively subdued on-chain activity, particularly in areas like DeFi, the metaverse, non-fungible tokens (NFTs), and blockchain technology.

DeFiLlama data shows a significant decline in Total Value Locked (TVL) in DeFi, now below $40 billion from a peak of $173 billion in late 2021. When examining Daily Active Addresses (DAA), newer third-gen platforms like Tron, BNB Chain, and NEAR Protocol outpace legacy networks such as Bitcoin and Ethereum in terms of cost-effective fees and throughput, attracting more users.

However, it’s important to note that Bitcoin and Ethereum remain prominent despite lagging in DAA. While DAA is a pivotal metric for gauging user interaction with a network, Bitcoin and Ethereum still reign as the preferred blockchain choices.

Bitcoin’s enduring dominance is attributed to its first-mover advantage, robust adoption, and extensive listing on virtually all major exchanges, facilitating daily transfers worth millions, if not billions, of dollars. These factors have solidified its position above Ethereum, although the latter boasts higher activity density, especially regarding fees generated from smart contract executions and transfers.

CryptoFees, a reputable source for economic data related to blockchain protocols, reveals that Ethereum has accrued over $2 million in transaction fees, surpassing Bitcoin’s earnings by more than double. Despite Tron’s impressive surge in DAA, the established giants of the blockchain domain maintain their positions, each exhibiting distinctive strengths and attributes.