The past week in crypto news: Bitcoin fluctuates amid global uncertainty, Ethereum ETFs make waves, and speculation swirls around Satoshi, the Bitcoin’s creator. Let’s dive into the main topics that are shaping the crypto market.
Satoshi Nakamoto Speculation Resurfaces
The mystery surrounding Bitcoin’s anonymous founder, Satoshi Nakamoto, continues to spark debate. Last week, HBO teased a new documentary that promises to reveal the true identity of Satoshi. Most predictions suggest that Len Sassaman, a privacy advocate who passed away in 2011, could be the man behind Bitcoin. Director Cullen Hoback, known for his work on QAnon, leads the investigation, which could offer new insights into the origins of Bitcoin and its creator.
Bitcoin Fluctuates Amid Geopolitical Tensions
Bitcoin had a turbulent start to October, falling nearly 4% on October 1 to retest the $60,000 (€55,000) support level. This followed its best September since 2013, where it posted a gain, defying its usual trend of losses during the month. Geopolitical tensions, particularly in the Middle East, weighed heavily on global markets, contributing to Bitcoin’s decline. Outflows from Bitcoin ETFs further increased selling pressure, with $242.6 million exiting the market on October 1. However, positive momentum returned on October 4 as Bitcoin recovered slightly amid broader market consolidation.
Despite the short-term downturn, traders remain optimistic about Bitcoin’s prospects, viewing the €55,000 level as a crucial support point. Historically, October has been bullish for Bitcoin, closing higher in all but two instances since 2013.
Ethereum ETFs Momentum Grows
Ethereum has seen renewed excitement in the market as BlackRock’s Ethereum ETF surpassed $1 billion in total value. This surge reflects increasing institutional interest in Ethereum as a valuable asset. Analysts believe this signals growing confidence in Ethereum’s long-term potential, especially as more companies launch similar Ethereum ETFs.
Additionally, Ethereum’s network is set for improvements. A new Ethereum Improvement Proposal (EIP) aims to reduce block creation times, improving network efficiency. This update could further boost Ethereum’s attractiveness to institutional investors as the blockchain becomes faster and more scalable.
XRP & SEC: Legal Battles Continue
The ongoing legal battle between Ripple and the U.S. SEC took another turn as the SEC filed a notice to appeal Judge Analisa Torres’ ruling that XRP is not a security. Although the details of the appeal are still unclear, this move could prolong the case for another year or two, legal experts suggest. Following the announcement, XRP’s price dropped by 9%, and this uncertainty continues to weigh on Ripple’s future, despite prior optimism.
This week has been marked by Bitcoin’s fluctuations, a surge in Ethereum ETF interest, and ongoing legal battles. As speculation around Satoshi’s identity reignites and the SEC’s appeal weighs on XRP, the crypto news landscape remains as dynamic as ever. Stay tuned for more updates next week and be sure to catch up on last week’s crypto news if you missed it!
