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Bitcoin Approaches $64K Amid Growing Optimism For 'Soft Landing' And A 'Goldilocks' US Economy – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

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Bitcoin Approaches K Amid Growing Optimism For 'Soft Landing' And A 'Goldilocks' US Economy – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Bitcoin BTC/USD has seen a notable increase of 1.08% over the past 24 hours, approaching the $64,000 mark. This surge is attributed to positive U.S. employment data and the anticipated reduction in interest rates.

What Happened: The cryptocurrency is currently trading at $63,526, recovering from a recent dip near $60,000 last Thursday. This rebound aligns with the U.S. monthly jobs report released on Friday, which showed 254,000 jobs added in September, surpassing the Dow Jones forecast of 150,000, The Block reported on Monday.

Min Jung, an analyst at Presto Research, highlighted increased optimism for a “soft landing,” suggesting the U.S. economy is in a “Goldilocks” state, according to the report. Rachel Lucas from BTCMarkets pointed out that improved market sentiment and the anticipation of a U.S. Federal Reserve rate cut in November contributed to the rally.

See Also: ‘Dogecoin Killer’ Shiba Inu Rallies 10%: What Is Going On?

Why It Matters: The CME Group’s FedWatch Tool indicates a 90.5% probability of the Fed reducing rates to a range of 4.50% to 4.75%. Lucas also noted that reduced Bitcoin holdings on centralized exchanges supported the rally by decreasing market selling pressure.

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However, both Lucas and Jung warned that geopolitical tensions in the Middle East could threaten the sustainability of Bitcoin’s recent gains. Lucas mentioned that despite a slow start to October, analysts remain hopeful for a continued recovery.

The recent surge in Bitcoin’s price follows a trend of positive market movements. Earlier in the week, Bitcoin, Ethereum ETH/USD, and Dogecoin DOGE/USD experienced strong gains due to positive labor market data, signaling the end of the “summer lull seasonality” and the start of the fourth quarter bull seasonality.

The positive market sentiment was further bolstered by the UAE’s decision to exempt cryptocurrency transactions from value-added tax (VAT), earning the country the title of “cryptocurrency capital.”

Price Action: Bitcoin is trading at $63,526.30, up 1.08% in the last 24 hours. Year to date, the cryptocurrency has gained $19,321.93, reflecting a 43.71% increase, according to data from Benzinga Pro.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote

Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Crypto

Bitcoin, Ethereum, Dogecoin Spike As Market Stays Upbeat After Better-Than-Expected Jobs Report: Analyst Says Every Bull Run Started In October — Will 2024 Follow The Trend? – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

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12 hours ago

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October 6, 2024

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Bitcoin, Ethereum, Dogecoin Spike As Market Stays Upbeat After Better-Than-Expected Jobs Report: Analyst Says Every Bull Run Started In October — Will 2024 Follow The Trend? – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Leading cryptocurrencies rallied Sunday overnight as investors remained optimistic following a healthy employment report.

Cryptocurrency Gains +/- Price (Recorded at 8:45 p.m. EDT)
Bitcoin BTC/USD +2.51% $63,448.35
Ethereum ETH/USD
               		 +3.17% $2,485.32
Dogecoin DOGE/USD           +3.53% $0.113

What Happened: Bitcoin steadily inched upward throughout the day, before a sharp breakout to nearly $64,000 late evening. The world’s largest cryptocurrency attempted to recover from last week’s losses, exacerbated by geopolitical tensions.  

The late-hour surge also saw Ethereum spike to $2,490, up from a loss of more than 5% the previous week.

Total cryptocurrency liquidations hit nearly $112 million in the last 24 hours, with downside bets getting the most affected.

Bitcoin’s Open Interest soared 5.83% in the last 24 hours, indicating a sharp surge in speculative interest for the leading cryptocurrency. 

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The Cryptocurrency Fear & Greed entered the “Neutral” zone after languishing in “Fear” last week.

Top Gainers (24-Hours)

Cryptocurrency Gains +/- Price (Recorded at 8:45 p.m. EDT)
Popcat (POPCAT) +18.22% $1.44
dogwifhat (WIF) +16.52% $2.60
BIttensor (TAO) +15.41% $645.02

The global cryptocurrency stood at $2.2 trillion, following an increase of 2.35% in the last 24 hours.

Stock futures were little changed overnight. The Dow Jones Industrial Average Futures fell 6 points, or 0.01%, as of 8:50 p.m. EDT.  Futures tied to the S&P 500 were down 0.06%, while Nasdaq 100 Futures lost 0.1%.

Major averages ended last week on a high after healthy labor market signs emerged from the September jobs report released Friday. Nonfarm payrolls rose from 159,000 in August to 254,000 in September, bettering economists’ forecasts.

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This week, investors would watch for the minutes of FOMC from September’s policy meeting, due for release on Wednesday, and the Consumer Price Index data, slated for Thursday.

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely-followed cryptocurrency analyst Kyle Chassé attributed Bitcoin’s latest rally to whale demand, noting a sharp surge in accumulation by wealthy investors.

“This is proof of demand. We know the supply is starting to dwindle. This is how it starts,” the analyst stated.

Another noted cryptocurrency researcher, 0xNobler, drew attention to the historical tendency of a Bitcoin bull run in October.

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“The next target for $BTC is ~$260,000 and many altcoins will follow the lead. Every $100 today = $10,000 in Q1 2025,” the analyst predicted.

Photo by CMP_NZ on Shutterstock

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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MicroStrategy Makes Next Big Step With Bitcoin Advocate Search

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20 hours ago

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October 6, 2024

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MicroStrategy Makes Next Big Step With Bitcoin Advocate Search

MicroStrategy, a big name in software and a leader in Bitcoin adoption among companies, is making big moves to bring cryptocurrency into its business even more. The company recently announced it is looking for a manager of Bitcoin Advocacy and this role is all about boosting its Bitcoin development and advocacy initiatives.

This key position will be in charge of planning and executing MicroStrategy’s annual Bitcoin conference and leading internal and external educational initiatives to encourage corporate adoption of the cryptocurrency.

The chosen candidate will spearhead advocacy efforts to strengthen the company’s position in the Bitcoin community. They will also work with different teams to make the most of partnerships and contribute to creative marketing campaigns.

MicroStrategy’s Bitcoin hub

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One of the main tasks will be setting up a Bitcoin hub at MicroStrategy’s office in the capital of the USA, Washington, D.C. This hub will make it easier for people to work together, provide a place to work together, host meetups among developers of Bitcoin and arrange corporate seminars focused on cryptocurrency education, aimed at increasing awareness on university campuses.

The role also includes developing marketing plans for Bitcoin projects, supporting finance activities like investor relations and market research and improving internal training for employees on the matter.

The ideal candidate is someone with over five years of experience in event management, advocacy, or marketing, ideally with a focus on Bitcoin or technology. A strong understanding of the cryptocurrency landscape and an established network within the BTC and blockchain communities are essential, says the announcement.

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Uruguay Enacts Bill 20.345: Uruguay’s Legislative Advances in Cryptocurrency Oversight

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1 day ago

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October 6, 2024

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Uruguay Enacts Bill 20.345: Uruguay’s Legislative Advances in Cryptocurrency Oversight
  • Uruguay passes Bill 20.345, positioning itself as a global and regional leader in cryptocurrency regulation.
  • The new law categorizes cryptocurrencies, establishing a framework that recognizes digital assets distinct from fiat currency.

Uruguay has recently made significant strides in regulating the cryptocurrency sector with the enactment of Bill 20.345, focusing on Bitcoin (BTC) and other digital currencies. This legislation positions Uruguay as a pioneer not only in Latin America but also globally, where few jurisdictions have established specific legal frameworks for cryptocurrencies.

As reported by Crypto News Flash, Uruguay now joins nations like El Salvador, Brazil, Argentina, and Venezuela, which possess some of the most developed cryptocurrency regulations in Latin America. This development has sparked both national and international discussions about the implications of such regulation.

The Uruguayan Fintech Chamber (CUF) was among the first to comment on the law, praising the government’s initiative as a significant first step in addressing cryptocurrency operations and recognizing them more formally within the national economy.

According to the CUF, the law establishes a basic framework that acknowledges cryptocurrencies, treating them as assets rather than fiat currency. This is seen as a crucial move towards legitimizing crypto currencies in Uruguay, providing clear guidelines for exchanges and other businesses in the sector to operate legally and transparently.

In the long term, this law has the potential to transform the financial landscape in Uruguay, attracting new investors and companies in the fintech sector. In addition, it provides a solid foundation for the development of new technologies and financial services based on virtual assets, which could position Uruguay as a benchmark in the region. – Uruguayan Fintech Chamber.

Furthermore, the legislation categorizes digital currencies into four types as defined by the Central Bank of Uruguay: “value currencies,” “utility tokens,” “stablecoins,” and “others.” This classification aims to create a more transparent regulatory environment and is a key aspect of the law highlighted by Uruguayan lawyer Juan Echeverría. 

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He noted that this categorization is vital for clarifying the legal status of different types of digital currencies and enhancing measures against money laundering and terrorism financing.

However, the law also introduces challenges, particularly concerning its implementation. The Central Bank of Uruguay is expected to issue detailed regulations in the coming months, which will include the steps for registering cryptocurrency platforms and the operational and legal requirements these entities must fulfill.

For the Fintech Chamber, understanding how these regulations will be executed and the timelines involved is critical. The ability of businesses to quickly adapt to these new legal and operational demands will be essential for the sustainable growth of the sector.

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