RE: LeoThread 2024-10-24 14:48

In the past week, U.S. Bitcoin ETFs saw $2 billion in inflows, with $1.7 billion just from the iShares Bitcoin Trust. This hints at a growing interest in crypto as prices hover around $67,000.

Historically, gold and Bitcoin have had some link. In 2020, gold hit record highs in August, and a few months later, Bitcoin followed with its own surge. Some think a pause in gold's climb could give Bitcoin the space to rise next.

What do you think?

Right now, gold is at record levels, up over 20% this year. The metal just reached highs above $2,700, while silver also saw big gains, almost touching $35. This shows that many investors are turning to precious metals during uncertain times.

Bitcoin, on the other hand, has been trading between $50,000 and $70,000 since April. This range might be due to a mix of factors, like market uncertainty and macroeconomic influences. Yet, some are betting on a breakout soon

The Bitcoin ETF inflows is not just from people holding positions. About 40% of recent inflows involve basis trades, which means some traders are taking advantage of price differences between different markets.

The relationship between gold and Bitcoin goes beyond price moves. In late 2019, gold began its rise from $1,450, ahead of monetary easing and pandemic lockdowns. Bitcoin stayed mostly flat until late 2020, when it started its own rally.

There seems to be a pattern. When gold’s momentum slows, Bitcoin picks up speed. This could be because some investors see both assets as stores of value but switch between them depending on market conditions.

Gold ETF inflows have been mostly captured by the SPDR Gold Shares fund, which is popular with U.S. retail investors. The fund has been seeing consistent monthly growth since July, suggesting ongoing faith in gold as a safe haven.

Meanwhile, the U.S. election is also stirring market. Some traders believe Bitcoin could surge to new highs after the election. The idea is that once political uncertainty clears up, the market may have more room to grow.

Compared to Bitcoin, gold has outperformed when adjusted for risk. This means that for the same level of risk, gold has delivered better returns this year. However, Bitcoin has still gained 40% in 2024, which is not a small achievement.

Another factor helping Bitcoin's rise is the increase in stablecoin liquidity. Higher liquidity in the crypto space means more money is flowing in, which can support higher prices for assets like Bitcoin.

Looking at historical data, Bitcoin's biggest gains often come after long consolidation periods. This has been true before, and with the current range-bound trading, some hope it could happen again.

Gold and Bitcoin may appeal to similar types of investors, but they don’t move the same way all the time. In 2020, gold led the way before Bitcoin followed. But now, it’s hard to predict if the same pattern will play out.

Silver shouldn't be ignored either. It has climbed 43% this year, a jump that some may have overlooked. While it’s not as popular as gold or Bitcoin, it still attracts those seeking to hedge against economic instability.

Some experts believe that the recent inflows into Bitcoin ETFs show a growing acceptance of the asset. While regulation remains a challenge, having these investment products can be a "Trojan horse" for wider adoption.

The market isn’t just about prices and inflows, though. Traders are also keeping an eye on macro events, such as monetary policies and inflation rates. These factors can impact both traditional assets like gold and newer ones like Bitcoin.

There’s also talk about how central bank policies are affecting asset prices. With ongoing monetary easing, some believe that both gold and Bitcoin can continue to benefit as people look for alternatives to cash.

The connection between gold and Bitcoin may not last forever. As the market matures, Bitcoin may develop its own dynamics, separate from traditional safe havens like gold. Still, for now, many are comparing the two.

whether you’re betting on gold or Bitcoin, it’s important to keep an eye on the bigger picture. Both assets have a role to play, especially when markets are unpredictable. For now, they seem to be moving in tandem, at least to some extent.

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quiet an insightful video. Thanks for including it here bro

Some of the main features of cryptocurrencies include:

• Decentralization: Cryptocurrencies operate on a decentralized network, meaning there is no central authority controlling them.

• Cryptography: Cryptocurrency transactions are safe and secure through advanced encryption.

• Limitation: Most cryptocurrencies have a limited supply, which can help prevent inflation.

• Anonymity: Cryptocurrency transactions can be made anonymously, which provides greater privacy.

Some examples of popular cryptocurrencies include Bitcoin, Ethereum, Litecoin, and many others. However, it's important to note that the cryptocurrency market can be volatile and risky, so it's important to do your research and consider consulting a financial expert before investing.

smart, I must include links. Thanks G

It will be great to have this daily threadcast.

But Task, it's premium from today and maybe your threadcast won't go to the top.

I remember Caleb had to wait a few days for his threadcast to rise to the top.

I don't know if this is a rule, but I don't think this threadcast will go up today unfortunately.

But I could be wrong.

Has it been traced yet?

It comes as Bitcoin’s price breached $69,000 on Sunday—the asset’s all-time high, set on March 14, stands at just above $73,700.

That has some experts postulating the asset’s move lower this week may have been short-lived.

“We don’t see this necessarily as linked to U.S. election odds moving around but more of a natural liquidity hunt after a big move up last week,” Ryan McMillin, chief investment officer at crypto fund manager Merkle Tree Capital, told Decrypt.

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Speaking of the current rise in whale holdings, the researcher mentioned that it is an optimistic long-term sign and said,

This accumulation phase can be characterized as calm before the storm in the medium and long term.

BaroVirtual added that BTC’s price could often move in a sideways trend when the whale’s holding positional value exhibits a new peak, but it creates more demand during a bull market.

Therefore, Bitcoin's parabolic price rise occurs when the whales gradually reduce their holdings, and retail investors absorb the selling pressure from the market.

Previously, Cointelegraph reported that Bitcoin whale accumulation is currently similar to its 2020 trend. The Bitcoin whale ratio on spot exchanges had matched its previous high from 2020, with whale wallets accumulating over 1.5 million BTC over the past six months.

Bitcoin reclaims $67,000 as ETF inflows turn positive

On Oct. 22, Bitcoin ETF flows registered its first net negative of $79.1 million in two weeks after BTC prices dropped 3% a day prior. While the community expected a cooldown period from the institutions, data shows ETF inflows surging to $192.4 million on Oct. 23.

The positive inflows were observed on a negative daily candle for BTC, which inferred continued bullish sentiment from institutions regardless of short-term declines.

Meanwhile, Moustache, an independent crypto analyst, shed light on Bitcoin’s golden moment indicator, which recently turned bullish.

The analyst claimed that the indicator has successfully called the beginning of a bullish leg four times in the last four years, making it a reliable tool.

From a technical perspective, Bitcoin has managed an immediate recovery above $67,000 after exhibiting a V-pattern from the first orderblock or demand zone.

As reported by Cointelegraph on Oct. 23, the most bullish scenario for BTC was an immediate jump from $64,500 after the crypto asset mirrored July's ‘fractal’ pattern.

At the moment, BTC’s price action is playing out as expected, but further bullish confirmation will be attained after a daily candle move above the overhead resistance at $67,800.

During an onstage appearance at D.C. Fintech Week this afternoon, the crypto executive appeared to compliment what he saw as the sophistication of Harris’ approach to digital assets, in contrast with the strategy of her election opponent, former president Donald Trump.

“Obviously, Trump came out early and very aggressively… and said he’s the crypto president,” Garlinghouse said. “Kamala and Team Harris have been more nuanced.”

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The $79 million in net outflows from US spot Bitcoin ETFs on Oct. 22 raised some concerns, particularly as Oct. 23 marked the highest level for the US US Dollar Index (DXY) in three months, suggesting that traders were shifting to cash for safety.

Additionally, weak US real estate data on Oct. 23 sparked fears of a slowdown in the world’s largest economy. According to the Mortgage Bankers Association, US mortgage applications for home purchases and refinancing fell to their lowest levels since August during the week ending Oct. 18, marking the third consecutive decline. This drop was primarily driven by rising mortgage costs. As Bloomberg noted, “still-elevated asking prices risk extending a more than year-long period of sluggish housing demand.”

However, the uncertainty surrounding the weakening US economy faded when $192 million in spot Bitcoin ETF inflows were announced on Oct. 23. Interestingly, this surge was driven entirely by BlackRock’s iShares IBIT, as both Bitwise’s BITB and Ark’s ARKB saw $124 million in net outflows on the same day. Furthermore, recent earnings reports and positive job market data have made investors less risk-averse.

The number of new unemployment aid applications in the US dropped by 15,000 in the week ending Oct. 19, according to the Labor Department. Meanwhile, the number of people receiving benefits after their initial week of aid, a proxy for hiring, increased by 28,000. These so-called continuing claims suggest a stronger job market, which could pave the way for further interest rate cuts from the Federal Reserve.

Another source of optimism in traditional markets came from the tech sector, as NVidia’s memory chip supplier, SK Hynix, reported record quarterly profits. The South Korean chipmaker's earnings were driven by robust demand from the generative artificial intelligence sector, according to CNBC.

Tesla, another major player in the US tech industry, saw its stock rise 17% after CEO Elon Musk announced on an earnings call that the company’s revenue could grow by as much as 30% in 2025. Tesla posted earnings of $0.72 per share, surpassing Bloomberg’s consensus estimate of $0.60. Additionally, the company’s energy generation and storage segment achieved a record 30.5% gross margin, further boosting Tesla’s share value, as reported by Yahoo Finance.

Some may argue that Bitcoin’s drivers differ from those of the stock market, particularly tech stocks. However, the reality is that the 50-day correlation between Bitcoin and the stock market has remained above 80% throughout October.

While this correlation fluctuates between positive and negative phases, Bitcoin and tech stocks often move in tandem when core drivers and risks align, such as during periods of higher market liquidity or concerns about an economic recession.

Ultimately, while spot Bitcoin ETF inflows contributed, it appears that favorable momentum from tech stocks and the strong job market were the primary factors behind Bitcoin’s price gains on Oct. 24.

According to an October 23 filing, Judge John Koeltl has ordered Mashinsky and prosecutors in the case to present arguments regarding his motion to dismiss certain charges in his indictment and to “preserve testimony.”

In addition to the November 13 hearing, a pretrial conference has been set for January 16, with a jury trial scheduled to begin on January 28, 2025.

The upcoming court appearance follows a motion by the former CEO’s legal team in September. The filing sought testimony from six witnesses who reside outside the United States, including former Celsius Chief Revenue Officer Roni Cohen-Pavon.

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I love your format. You included the link in the title right?

Speaking at an Oct. 24 virtual event hosted by Public Citizen and Americans for Financial Reform, Rep. Lee took aim at the “influence and control” special interest groups like crypto Super PACs used to target lawmakers running for reelection in 2024.

The Pennsylvania Representative claimed that money from the digital asset industry was being used to “silence the few representatives actually fighting to hold them accountable.”

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In a bipartisan vote, the bill passed by a staggering 176 to 26 margin but must still be approved in the Pennsylvania Senate and signed by Pennsylvania Governor Josh Shapiro to become law.

HB-2481 was written by the Bitcoin advocacy group Satoshi Action Fund. Co-founder and spokesperson for the advocacy group Dennis Porter had this to say following the passage of the bill:

"Support for Bitcoin transcends traditional party lines, appealing to voters who prioritize economic freedom, technological innovation, and digital privacy. Bitcoin also provides a pathway to escape CBDCs, an issue top of mind to many voters."

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Kendrick expects BTC to reach around $73,000 by Nov. 5, the day of the elections. If Republican former president Donald Trump is elected to a second term, Kendrick thinks BTC will rise around 4% when the result is announced, based on options information, and will rise another 10% within a few days. Kendrick wrote in a note:

“Our base case is that Bitcoin rises to around USD 73,000 by Election Day, catching up to betting-market probabilities of a Trump win; this is slightly below the c.USD 73,800 all-time high recorded in March.”

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On Oct. 23, Solana generated some $8.7 million in economic value from network activity, up from just under $8 million one day prior, Blockworks’ data analytics manager, Dan Smith, said in a post on the X platform.

That figure accounts for all revenue sources, including base fees, priority fees, and tips, among others, according to Blockworks Research.

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This future state —which Coinbase Ventures dubs the “Agentic Web”— will feature self-directing AIs creating decentralized applications and transacting in cryptocurrency with both human users and other AIs, according to the report.

“We predict a future where agents will have their own crypto wallets to autonomously transact […] or leverage stablecoins to pay humans and other agents to complete tasks necessary for their overall objective function,” Coinbase Ventures said.

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Stablecoins like USDC (USD Coin) are pegged to stable assets, making them less volatile than cryptocurrencies like Bitcoin. They are already popular for payments, remittances, and trading. As blockchain adoption grows, stablecoins could bring financial services to millions of unbanked people worldwide, making transactions cheaper and more efficient.

Currently, USDT (Tether) dominates with a $120 billion market cap, while USDC has grown to around $35 billion. Tether’s success is partly due to its focus on emerging markets, where access to USD is limited. In contrast, USDC is more popular in developed markets. However, Circle is expanding USDC’s reach in places like Latin America and Southeast Asia, where it's being adopted for cross-border payments.

There are growing examples of stablecoin use cases. One notable case involves a large energy trade between the Middle East and Africa, settled with USDC. Additionally, Stripe, a major payment processor, recently added USDC as a payment option, and within 24 hours, users from 70 countries chose this method. This shows the increasing relevance of stablecoins in global commerce.

Stablecoin regulation is a priority for global financial bodies. Allaire noted that by the end of 2025, many G20 countries and emerging markets will have stablecoin regulations in place. In the U.S., bipartisan support exists for the Payment Stablecoin Act, which could bring more clarity to the regulatory environment. Regulation will be crucial for stablecoins to achieve mainstream

Circle plans to go public despite uncertainties surrounding U.S. crypto regulations. Allaire believes a public listing will boost transparency and trust. Although the U.S. elections could affect the timing, the company remains focused on complying with evolving regulations to ensure its success in a regulated environment.

The stablecoin market would need a compound annual growth rate of nearly 48% over the next decade to reach Allaire’s prediction. This ambitious growth is driven by increasing digital payment adoption, a shift towards blockchain-based credit markets, and broader financial digitalization. Asset tokenization and smart contracts could further accelerate this trend.

If stablecoins reach a 10% share of the global economy, they could redefine financial transactions. Blockchain-based credit markets could replace traditional banking's fractional reserve lending, making loans more transparent and efficient. This shift would be comparable to how e-commerce transformed retail, potentially leading to billions of users engaging with blockchain-based financial services.

Looks excellent to me. That is how I do it.

Some prefer just the headline and a link but I think having the short paragraph helps a great deal. It also aids in providing more data for #leoai.

This could be a very popular threadcast since Crypto is so popular on threads. Commit to it each day and I think it will serve you well.

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Despite Bitcoin’s gains, Ether (ETH) continued to show relative weakness, rising only 1.1%. It hit a new low against Bitcoin, reflecting a pattern where Ethereum has lagged behind other major cryptocurrencies in recent months. Experts attribute this to weaker on-chain activity compared to Bitcoin and Solana.
#Ethereum #CryptoTrends

Solana outperformed most cryptocurrencies, gaining around 3% and reaching a record high against Ether. Its market capitalization is nearing an all-time high of 3.70% dominance in the crypto space. This surge may be tied to higher transaction volume and increased developer activity on the Solana network. #Solana #Blockchain

one thing I would do is to link to the story, not just the home page.

Pull up the entire url to the article itself.

For this one it is this:

https://www.coindesk.com/markets/2024/10/24/bitcoin-climbs-3-to-retake-68k-with-solana-outperforming-ether-showing-relative-weakness/

MicroStrategy stock jumped nearly 10%, reaching its highest level in 25 years. The company's decision to hold a substantial portion of its assets in Bitcoin has made it a standout in the corporate world. Analysts argue that MicroStrategy’s pioneering strategy in corporate finance sets it apart from other companies with Bitcoin holdings. #MicroStrategy #CorporateFinance

Overall, the crypto market showed signs of recovery after a brief downturn

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“Historically, this kind of activity has been followed by bearish price movements, and we may be seeing the beginning of a price dip as a result,” Hyblock Capital CEO and co-founder Shubh Varma opined in an Oct. 23 analyst note viewed by Cointelegraph.

Varma pointed out that “there have been unusually large BTC ETF inflows over the past several days, with inflows exceeding $300 million on multiple occasions.”

Between Oct. 11 and 21, spot Bitcoin ETFs saw a seven-day streak of inflows totaling around $2.68 billion before clocking an outflow day of $79.1 million on Oct. 22, according to Farside data.

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BlackRock's iShares Bitcoin Trust (IBIT) is leading the pack with 396,922 BTC, approaching the 400,000 mark. It shows the increasing institutional interest in Bitcoin through ETFs, which offer a regulated and simplified way for investors to access crypto. #BlackRock #BitcoinTrust

Last week, U.S. Bitcoin ETFs saw their strongest inflows since March, taking in over $2.1 billion in just five days. On October 14 alone, $555 million poured in, showing a revived investor interest alongside Bitcoin’s price rally. #CryptoInvesting #MarketTrends

Bitcoin's recent rally has been fueled by multiple factors, including anticipation of the U.S. presidential election and hopes for a more crypto-friendly administration. This sentiment has also driven the latest surge in ETF inflows. #Election2024 #BitcoinRally

ETFs have become significant players in Bitcoin accumulation, with funds now collectively holding more BTC than even major exchanges. Binance holds 636,000 BTC, mainly for customer accounts, placing it second after Satoshi Nakamoto. #CryptoExchanges #BitcoinHoldings

The surge in Bitcoin ETFs shows growing acceptance of cryptocurrency in traditional finance. They provide a bridge for institutional investors who may be wary of directly buying and holding crypto assets. #InstitutionalAdoption #CryptoETFs

With the upcoming "golden cross" on Bitcoin’s charts (when the 50-day moving average crosses above the 200-day moving average), some analysts predict further price increases. Such technical indicators can influence market sentiment.

Despite the growth of ETFs, some analysts caution against relying solely on institutional inflows for Bitcoin’s future. While they can bring stability, the market still faces risks like regulatory changes or macroeconomic factors.

The ETF inflows mirror a broader trend of interest in digital assets as hedges against inflation and economic uncertainty. Investors are viewing Bitcoin as a viable alternative to traditional assets like gold.

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Speaking at DC Fintech Week, Garlinghouse shared that Citibank gave him just five days to move his funds, citing concerns over federal scrutiny associated with banking high-profile crypto figures. He noted that this wasn’t his first time being “de-banked.”

The CEO criticized the Biden administration’s approach to crypto, specifically naming SEC Chair Gary Gensler for leading what he called a "reign of terror" against the industry. He believes the upcoming U.S. election will bring a "reset" to crypto policy.

Garlinghouse hinted that the future of U.S. crypto policy will largely depend on who leads regulatory agencies post-election. He sees this period of scrutiny as a "speed bump" for the industry and anticipates a more favorable regulatory landscape ahead.

Garlinghouse advised crypto startups to consider incorporating outside the U.S. due to regulatory uncertainty, despite being "pro-U.S." himself. He mentioned Ripple’s own legal battles with the SEC as an example of the risks involved.

Ripple’s CEO remains optimistic about crypto’s long-term growth, suggesting an XRP exchange-traded fund (ETF) is "inevitable." He expressed confidence that the U.S. will ultimately adopt a more supportive stance on digital assets.

Ripple has actively supported the Fairshake PAC, a pro-crypto group influencing the 2024 election. Garlinghouse, however, maintains neutrality regarding political party endorsements, indicating a focus on crypto-friendly policies over party politics

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According to an announcement by BitcoinOS (BOS), Cardano’s integration into the BOS Grail Bridge has been completed. This makes Cardano the first major layer-1 blockchain to be included in the BOS infrastructure, providing access to significant liquidity within the Bitcoin network.

As stated in the announcement, EMURGO, the founder of the Cardano network, collaborated with BOS to enhance liquidity via the Grail Bridge. This partnership will facilitate the reliable bridging of BTC and other assets on the Bitcoin network.

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X launched at a price of about $0.000096 per data from CoinMarketCap and has been volatile throughout the day, dipping as low as about $0.00005 before bouncing up to a peak of $0.00013. It has since fallen to roughly $0.00087 by press time.

Pre-market traders had been betting on the price of the latest Telegram game token launch on platforms like Bitget and Kucoin, with an average trading price of $0.0002 ahead of the token launch. But the actual opening price was about half of that.

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Microsoft (NASDAQ: MSFT) will have its annual shareholders meeting on December 9 and those who are invested in the company will vote on a number of items, according to a Thursday filing by the Securities and Exchange Commission.

One of the proposals up for a vote is the "Assessment of investing in Bitcoin," with the board recommending shareholders vote against it.

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