Bitcoin breaks $69K on ETF options nod, Tether milestone

Hola folks!

The global crypto market saw a sharp rebound over the past week, as BTC crossed the $69k mark for the first time in three months. The rally has fueled speculations of BTC testing new all-time highs. The broader crypto market also had much to cheer about as tokens such as SOL and ETH gained up to 7% in the past week. 

The rising crypto prices have renewed hopes of a mega crypto bull run, cheering crypto traders and investors across the globe. Read today’s newsletter to know more about how crypto prices changed in the past week and the developments that boosted the crypto rally. 

Bitcoin has surged past the $69,000 mark for the first time in three months, fueling speculation about a potential retest of all-time highs. The October-November-December (OND) quarter has historically been bullish, particularly in Bitcoin halving years, adding momentum to the upward trend. The past 24 hours saw a 1.5% rise in Bitcoin’s price, driven by significant increases in futures open interest, suggesting continued capital inflows. 

Despite BTC nearing $70,000, some analysts remain cautious, anticipating short-term consolidation before any major move higher. Macro factors such as jobless claims and the Fed's Beige Book on the state of the US economy also loom, adding complexity to the market outlook.

On the regulatory front, several key developments are providing tailwinds for the crypto sector. US regulators approved applications for options trading on spot Bitcoin exchange-traded funds (ETFs), marking a significant step toward greater institutional adoption. Meanwhile, Japan’s Democratic Party is pushing for a reduction in crypto taxes, proposing a 20% flat rate, which could make the country more crypto-friendly. 

The crypto community is also abuzz with speculation about how the US elections might impact the market. Many expect Bitcoin to soar higher if Trump wins, possibly triggering a ‘God candle’—a massive daily price surge. 

Tether’s USDT stablecoin also reached a record $120 billion market cap, signaling strong liquidity and potential for further crypto market rallies.

The broader crypto market followed Bitcoin’s lead, with altcoins seeing impressive gains. 

Solana (SOL) jumped over 7%, driven by a speculative wave of AI-themed meme coins returning to its network. Other major cryptocurrencies, including Ethereum (ETH), Cardano (ADA), and Binance Coin (BNB), saw rises of up to 4%. Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also joined the rally, climbing around 3%. 

This broad-based recovery suggests that speculative trading and thematic investments are playing a key role, with many traders betting on favorable outcomes from the upcoming US elections, particularly if Donald Trump wins, which could trigger further bullish moves in crypto markets.

• BTC 68,274.13 ⏫ 5.73% 

• SOL $166.82 ⏫ 9.41%

• DOGE $0.1451 ⏫ 29.26% 

• SHIB $0.00001876 ⏫ 4.32%

(All data here is as of 3.00 p.m., 21 October 2024)

Before we conclude, here’s a quick look at some important news from around the crypto world.

• The US SEC has approved stock exchange rule changes that permit the listing of options tied to spot Bitcoin ETFs, broadening the investment ecosystem around products that’ve received billions of dollars of inflows this year. Read more here. 

• Dogecoin (DOGE) jumped late US hours on Oct. 17 as entrepreneur Elon Musk further revealed plans for his proposed “Department of Government Efficiency” at a Pennsylvania town hall. The event encouraged early voting in the crucial state where Republicans and Democrats are in lockheads. Read more here. 

That’s it for now. Thanks for sticking around.

See you later, folks! 👋

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