Bitcoin and Ethereum’s Price Surge, SEC’s ETF Dilemma, and the Blockchain Buzz from Google to Brazil

Written by BTSE

October 2, 2023

Bitcoin and Ethereum’s Price Surge, SEC’s ETF Dilemma, and the Blockchain Buzz from Google to Brazil

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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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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