Koinbulteni

Bitcoin (BTC), although it started October on a bad note despite historically showing good performance, investors see it as a buying opportunity.

According to information provided by the on-chain analysis platform Spot On Chain, smart retail investors saw the recent market crash as an opportunity to take new Bitcoin positions.

They made millions of dollars from Bitcoin

Four different investors who drew attention in the last four days bought a total of 307 Wrapped Bitcoin ($18.8 million) among themselves.

Wrapped Bitcoin (WBTC), developed in accordance with the ERC-20 standard, is pegged to Bitcoin in terms of value and can be used in the Ethereum ecosystem.

The address with code "0xf553" has traded with 100% success rate so far and earned $1.64 million. The success rate of the address "0xe13b" was 80% with a profit of $1.12 million.

Each of the addresses with the codes "0xb8ae" and "0x23a6" has succeeded in all of their total last 11 transactions in the past and have earned a total of $1.45 million between themselves.

Is it a buying opportunity?

According to Spot On Chain records, these investors' average purchase price per unit was $61,380.

Standard Chartered analysts stated in their announcement this week that the drop in Bitcoin after the escalation in the Middle East may actually have created a buying opportunity.

Although the cryptocurrency market has been hit by the tension in the Middle East, investors still expect a rise in the long run.

André Dragosch, Bitwise Europe Research Director, stated that the net buying volume on spot Bitcoin exchanges has exhibited a negative trend in the last three days. However, investors who are selling BTC are also losing power.

Dragosch stated that due to the drop experienced this week, the long position is liquidated at levels unseen since August. Meanwhile, Bitwise Crypto Asset Sensitivity Index shows that market sensitivity has dropped from high levels to neutral levels.

Bitcoin investors are optimistic in the long run

Dragosch, referring to Glassnode data, stated that Bitcoin's illiquid supply has recently reached an all-time high and that the supply of Bitcoin with high liquidity has decreased to its lowest level since the beginning of the year. This indicates a change in market dynamics.

Bitwise Europe Research Analyst Ayush Tripathi, despite the recent decline, pointed out that the supply of BTC held by investors considered as "long-term investors," who have been holding Bitcoin for at least 155 days, has increased.

The fact that this supply has been increasing since the beginning of October, despite the weakening of short-term demand, indicates that the trust in Bitcoin continues in the long term.

HBO's new documentary aims to uncover the identity of Bitcoin's mysterious creator, Satoshi Nakamoto.

Nakamoto, who is known as the anonymous founder of Bitcoin, disappeared in December 2010. If Nakamoto is still alive, he may be in control of approximately 1.1 million Bitcoins. This amount is worth approximately 67 billion dollars at current prices.

The documentary, titled "Money Electric: The Bitcoin Mystery," will be released on Wednesday, October 9, and was created by director Cullen Hoback, who also directed the documentary "Q: Into the Storm," which gained attention for uncovering the people behind the QAnon conspiracy theory. The trailer for "Money Electric: The Bitcoin Mystery" was released on Thursday.

In an interview with Fast Company, Hoback said, "We're making a strong argument in the film, and our process of revealing identity will be quite surprising. I think this will cause some controversy." Hoback acknowledged that identifying the person they address in the documentary would be controversial and stated that it was inherent in this field. Hoback added,"We had much more evidence that we couldn't include in the film."

Has Satoshi Nakamoto's identity been revealed?

Galaxy Digital's Research Head Alex Thorn stated that the documentary claims that Len Sassaman is the true identity of Nakamoto. Thorn also shared a link to a Medium article from 2021 that discusses the theory that Sassaman could actually be Nakamoto. Len Sassaman, who died by suicide in 2011, may be the mysterious creator of Bitcoin, according to some speculations.

Bit****coin and altcoins: General market overview (4 October)

• Bitcoin is trading at $61,111 with a 0.2% decrease at the time of writing, and 2,093,470 TL against Turkish lira.
• Ethereum (ETH) %0.4 down 2,378 BNB (BNB) %0.2 down 548, Ripple (XRP) %1.4 down 0.526, Dogecoin (DOGE) %2.7 up 0.108, Dogecoin (DOGE) %2.7 up 0.108, Solana (SOL) %2 down around $138.
• Aave (AAVE) rose by 6.8% in the last 24 hours, making it the top-performing altcoin, while Sui (SUI) had the largest decrease in price, falling by 11.6%.
• Aave (AAVE) trades at $150.1 while Sui (SUI) trades at $1.7.
• The dollar index (DXY) is trading at 101.84 level.
• While the market value of Bitcoin is around $1.21 trillion, the total value of the cryptocurrency market is at $2.22 trillion.
• The volume of the cryptocurrency market in the last 24 hours is around 119 billion dollars.
• The USD/TRY is at the level of 34.22 with a 0.42% increase, while the EUR/TRY exchange rate is at the level of 37.8 with a 0.26% increase.
• In the last 24 hours, 192 million dollars were liquidated from the cryptocurrency market, affecting more than 73 thousand cryptocurrency investors.
• The long positions constitute 74.25% of the liquidated positions, with Bitcoin (BTC) being the most liquidated.

The US Securities and Exchange Commission (SEC) has announced that it will appeal the decision of a federal judge in the case against Ripple.

Two months after the final decision taken by Judge Analisa Torres in the case with Ripple, the SEC filed an appeal notification.

Last July, Judge Torres ruled that Ripple violated federal securities laws with the institutional sales of XRP, but stated that sales to retail exchanges did not violate securities laws.

SEC, could not get the fine it wanted

Judge Torres imposed a $125 million fine on Ripple in August. However, this amount did not satisfy the SEC, which wanted a $2 billion fine for Ripple.

A spokesperson from the SEC said in a statement, 'We believe that the district court's decision in the Ripple case contradicts decades of Supreme Court precedents and securities laws, and we look forward to presenting our case in the Second Circuit Court of Appeals.'

Response from Ripple

The first response from Ripple came from CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty's social media posts.[SEC]Ripple stated that it has already won in the crypto industry and the rule of law, not only in terms of losing the lawsuit, and emphasized that today XRP's non-security status is legally recognized.

Alderoty described the appeal as "disappointing but not surprising". Alderoty believes that it is difficult to reverse the decision made by the regional court.

It is worth mentioning that the SEC has only filed an appeal notice for now, and the official appeal application may come in a few months.

Meanwhile, on the same day, Bitwise applied to create an exchange-traded fund (ETF) that would invest in XRP.

Bitcoin and altcoins: General market overview (October 3rd)

• During writing, Bitcoin is trading at $61,189 with a 0.3% decrease, and 2,099,470 TL against Turkish lira.
• Ethereum (ETH) is around 2,387 BNB (BNB) with a decrease of %3.3, 549 with a decrease of %0.8, Ripple (XRP) is around 0.5336 with a decrease of %10.7, Dogecoin (DOGE) is around 0.107 with a decrease of %9, Dogecoin (DOGE) is around 0.1053 with a decrease of %2.2, Solana (SOL) is around $141 with a decrease of %3.6.
• In the last 24 hours, Flare (FLR) became the highest gainer altcoin with a rise of 15.4%, while Beam (BEAM) experienced a decrease of 16.6% in price, making it the altcoin with the highest decrease.
• Flare (FLR) trades at 0.01702 dollars while Beam (BEAM) trades at 0.0158 dollars.
• The Dollar index (DXY) is trading at 100.37 level.
• When Bitcoin's market value is around $1.25 trillion, the total value of the cryptocurrency market is at $2.37 trillion.
• The volume of the 24-hour cryptocurrency market is around $150 billion.
• Dollar/TL is at 34.18 level with a 0.25% increase, while Euro/TL parity is at 38.18 level with a 0.17% increase.
• In the last 24-hour period, 236 million dollars were liquidated from the cryptocurrency market, affecting more than 85,000 cryptocurrency investors.
• Liquidated positions constituted 75.35% of which the majority were long positions, with the most liquidation occurring in Bitcoin (BTC).

The tension between Iran and Israel has revealed the price differences between Bitcoin and gold

Presto Research analysts said, "Historically, October has been a strong month for Bitcoin, with only two losses in the last 11 years." Analysts evaluated the performance of gold in the last 24 hours as a measure showing differences in maturity levels between gold and BTC.

The Presto Research team said, "The price movement in BTC (BTC -4%, gold +0.8%) after Iran's attack, especially considering BlackRock's portrayal of BTC as a hedging asset similar to gold, is confusing.

Analysts added, “The fact is that the difference in short-term price movements of these two reflects their maturity stages.”

"Gold is a much more mature asset with a 5,000-year history of storing value. So there's not much room for additional network effects anymore. BTC, on the other hand, shares the characteristics that make gold a good store of value (in many cases, better), but it is only 15 years old. This shows that BTC is still in the early stages," he said.

Crypto investment and asset management company Bitwise has pressed the button for Ripple (XRP) ETF.

The news that pleased Ripple investors came from Bitwise on October 1st. According to a statement by a Bitwise spokesperson, the company has taken the first steps to launch an XRP ETF.

In this regard, the company formalized the first step of the application by submitting the necessary forms in the United States Delaware.

Bitwise Chief Investment Officer Matthew Hougan confirmed the application to The Block on Tuesday.

We can confirm that this application was made by us. This is an ETF registration in Delaware and we will share more details and comments tomorrow.

Will Ripple be able to overcome the SEC barrier this time?

The Securities and Exchange Commission (SEC) had previously not approved a spot XRP ETF. However, the resolution of the 4-year SEC-Ripple case in recent months has raised the possibility of an ETF again.

The confirmation of the news, which initially spread as speculation, also had a positive impact on the price of Ripple.

Yesterday, Ripple price unexpectedly surged, causing suspicion among investors. Then, it experienced a sharp drop down to $0.578 due to the tension between Israel and Iran.

However, with the spread of ETF news, the price rose by 9% to $0.627. Yet, this increase was not sustainable, and the negative atmosphere in the market once again pulled XRP down.

According to CoinGecko data, XRP is currently trading at $0.599.

What is the situation of Bitcoin and altcoins: An overview of the markets (October 2)

• Bitcoin is trading at $61,467 with a 3.7% decrease, and against the Turkish lira at 2,112,133 TL during writing.
• Ethereum (ETH) is around 2,474 with a %6.4 decrease, BNB (BNB) is around 552 with a %4.8 decrease, Ripple (XRP) is around 0.597 with a %3.7 decrease, Dogecoin (DOGE) is around 0.107 with a %9 decrease, Toncoin (TON) is around 5.4 with a %6.1 decrease, and Solana (SOL) is around $146 with a %5.8 decrease.
• In the last 24-hour period, Wormhole (W) became the altcoin with the highest increase with a 3.7% rise, while Starknet (STRK) experienced a 15.5% decrease, making it the altcoin with the most significant price drop.
• Wormhole (W) trades at 0.317 dollars while Starknet (STRK) trades at 0.391 dollars.
• The dollar index (DXY) is trading at 100.37 level.
• While the market value of Bitcoin is around $1.25 trillion, the total value of the cryptocurrency market is at $2.37 trillion.
• The volume of the cryptocurrency market in the last 24 hours is around 77 billion dollars.
• Dollar/TL is at 34.18 with %0.25 increase, while Euro/TL parity is at 38.18 with %0.17 increase.
• In the last 24-hour period, $154 million was liquidated from the cryptocurrency market, affecting more than 63,000 cryptocurrency investors.
• The long positions constitute 70.62% of the liquidated positions, with Bitcoin (BTC) being the most liquidated cryptocurrency.

Japanese investment company Metaplanet Inc. announced that it has purchased an additional 107,913 Bitcoins worth about 1 billion yen (6.9 million dollars). The company reaffirmed its confidence in Bitcoin, the world's largest cryptocurrency.

The company traded on the Tokyo Stock Exchange stated that it made its latest purchase at an average price of 9.26 million yen (64,168 dollars) per Bitcoin.

With this latest purchase, the company's total Bitcoin holdings reached 506,745 BTC, which is approximately $32.2 million at current prices. Metaplanet acquired all the Bitcoins it owns for a total of 4.75 billion yen, at an average price of 9.37 million yen ($64,931).

According to CoinGecko data, Bitcoin has lost approximately 1% in the last 24 hours, falling below $64,000.

They see Bitcoin as a reserve asset

In May, Metaplanet, which has accelerated Bitcoin purchases in recent months, stated that it adopted Bitcoin as a strategic treasury reserve asset. This strategy of the company demonstrates its confidence in investors and the crypto market.

By the way, MicroStrategy, led by Michael Saylor, maintains its position as the largest institutional Bitcoin holder with 252,220 BTC. It is followed by Marathon Digital with 26,200 BTC. According to BitcoinTreasuries data, Metaplanet's recent purchases have propelled the company to the top ranks among the largest institutional Bitcoin investors.

Bitcoin (BTC), although it has experienced a decline in the past 24 hours, had an exceptionally positive September.

According to CoinGecko data, Bitcoin has gained 10 percent in value in the last 30 days. Historically, Bitcoin had closed a total of eight September months in the negative territory since 2013.

Bitcoin can close the year strongly

Again, historical data indicate that BTC gained strength in October after a bad September. According to Coinglass data, BTC only closed October with a loss in 2014 and 2018 since 2013.

2020, 2021, 2022 and 2023 showed increases of 27 percent, 39 percent, 5 percent, and 28 percent in October, respectively.

The positive trend of September may also be a positive sign for October, which is traditionally a strong month for Bitcoin.

It may be a surprise for investors

However, Charlie Morris, the founder of investment firm ByteTree, believes that the widespread expectation of a strong harvest could surprise investors. Morris said, 'An investor with a contrarian view who sees an idea becoming very popular is always cautious because popularity indicates that money has already been invested according to that event.'

Morris' report also states that Bitcoin consolidated for about six months after the halving and then reached new highs. If this model is valid considering that this year's halving took place on April 19, it is possible to see new highs towards the end of October.

The price of Bitcoin (BTC) moved downwards after the comments of Jerome Powell, the President of the Federal Reserve (Fed), about interest rate policy.

Fed Chairman Powell said that the central bank will lower interest rates “over time” and reiterated the view that the U.S. economy stands on solid ground.

Powell, by indicating that inflation will continue to progress towards the Fed's 2 percent target, said that current economic conditions have created the environment needed for mitigating price pressures.

The Fed Chairman added that their decision to cut interest rates in September is not expected to be repeated in the next two meetings. Powell said, 'This is not a committee that is in a hurry to lower interest rates quickly. Ultimately, the incoming data will guide us. If the economy slows down more than we expected, then we can lower rates faster. If it slows down less than expected, we can lower rates more slowly.'

The price of Bitcoin has shown a slight decrease

Low borrowing rates are generally seen as a positive sign for risky assets such as stocks and cryptocurrencies. In this context, following the interest rate cut in September, the price of Bitcoin increased by more than 7 percent.

According to CoinGecko data, Bitcoin experienced a small-scale decline of 1.2% and fell to $63,842 after Powell's latest statements.

Bitcoin and altcoins: General market overview (October 1)

• Bitcoin is trading at $63,877, down %1.2, and at 2,112,133 TL against the Turkish lira at the time of writing.
• Ethereum (ETH) is around 2,644 with a 0.1% decrease, BNB (BNB) is around 581 with a 2.7% decrease, Ripple (XRP) is around 0.65 with a 5% increase, Dogecoin (DOGE) is around 0.123 with a 3.7% decrease, Toncoin (TON) is around 5.82 with a 0.2% increase, Solana (SOL) is around $157 with a 0.4% increase.
• Sui (SUI) rose the most with a 8.1% increase in the last 24 hours, while Conflux (CFX) had the largest decline with a decrease of 7.9% in price.
• Sui (SUI) trades at $1.88 while Conflux (CFX) trades at $0.1882.
• The dollar index (DXY) is trading at 100.37 level.
• While Bitcoin's market value is around $1.25 trillion, the total value of the cryptocurrency market is at $2.37 trillion.
• The volume of the cryptocurrency market in the past 24 hours is around 77 billion dollars.
• The USD/TRY is at 34.18 with a 0.25% increase, while the EUR/TRY pair is at 38.18 with a 0.17% increase.
• While $154 million was liquidated from the cryptocurrency market in the last 24 hours, more than 63,000 cryptocurrency investors were affected by this situation.
• Liquidated positions constitute 70.62% of the long positions, with the most liquidation occurring in Bitcoin (BTC).