On October 1, Bitcoin (BTC) and Ethereum (ETH) prices experienced a sudden surge of nearly 4%, resulting in the liquidation of over $70 million in crypto shorts. This unexpected price jump, which saw Bitcoin briefly touch $28,047 and Ethereum peak at $1,750, has led to speculation within the crypto community. Some attribute the spike to the onset of “Uptober,” a term suggesting October’s historically bullish trend for cryptocurrencies. Others hint at insider knowledge. Despite the optimism, many analysts predict the U.S. Securities and Exchange Commission’s potential approval of a Bitcoin ETF might only come around January 2024.
What to Watch Out for Today
1. Invesco and Galaxy Dive into Ethereum ETF Race Amid SEC Hurdles: Asset giants Invesco and Galaxy Digital are the latest to apply for an Ethereum spot ETF. But here’s the catch: while futures ETFs are getting the green light, spot crypto ETFs are still in the waiting room. With the SEC facing heat after a lawsuit loss to Grayscale, will we see a shift in the tide? If approved, this could be a game-changer for crypto investments in the U.S., especially with Ethereum futures products launching soon. Long Ethereum?
2. Google Cloud Steps Up as a Validator for Polygon’s PoS Network: Big news from the tech giant! Google Cloud is now an official verification node for the Polygon (MATIC) Layer 2 Proof of Stake (POS) network. With Polygon Labs also launching a dashboard for monitoring these nodes, it’s clear that the integration of major tech players and blockchain is deepening. Long Polygon?
3. Brazil’s Blockchain-Powered Digital ID is Here: Brazil is making moves in the blockchain space by launching a national identity program powered by the tech. The first states to hop on board? Rio de Janeiro, Goiás, and Paraná. This isn’t just about IDs; it’s about combating crime, streamlining services, and more. And with Brazil also unveiling details about its central bank digital currency, DREX, the nation’s blockchain journey is just getting started.
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