Intro
Bitcoin has shown strong momentum, rallying back to $64K, and many investors are eyeing the opportunity.
However, political developments, such as Trump leading Harris in polls, and key economic events like the Federal Reserve’s upcoming inflation data, could significantly impact market volatility.
If you’re bullish on Bitcoin’s long-term potential and are comfortable with market swings, now might seem like an opportune moment to buy.
But remember, your investment should align with your risk tolerance and financial strategy.
This is not financial advice. Always DYOR. With that out of the way, read on for the important flash news.
Bitcoin Price Explodes to $64K, Dogwifhat (WIF) Soars 20% Daily
Bitcoin’s price regained its footing by pushing toward $64,000 but it was meme coins that took center stage today.
Crypto markets gained marginally over the weekend with total capitalization climbing more than $100 billion to $2.32 trillion by Monday morning in Asia.
In what seems to be a very bullish Monday, the BTC price was able to recover almost all of the losses it incurred at the beginning of the month. At the time of this writing, the cryptocurrency is trading at $63,500, having charted a local high at slightly below $64,000 earlier.
Source: Quantify Crypto
Meme coins, on the other hand, took center stage. The entire category is up by around 10%, but some individual performances are even more impressive. For example, Dogwifhat (WIF) is up by 20% at the time of this writing, more or less the same as POPCAT and MOG.
These Important Events Can Impact Bitcoin’s Price This Week
A busy week lies ahead on the United States economic calendar, with all eyes on key inflation data which could influence central bank policy decisions.
Source | @KobeissiLetter X
The Federal Reserve will release the minutes from its September meeting on Wednesday, providing another look at how monetary officials are viewing the current economy. The core Consumer Price Index (CPI) report, one of two major indicators used to measure inflation, will be released on Thursday.
September’s Producer Price Index (PPI) will be released on Friday. This report reflects prices for producers and manufacturers, which directly affects retail prices. It is considered a leading indicator for inflationary pressures and the following month’s CPI.
However, escalating conflict in the Middle East and Israeli retaliation could dampen the crypto market’s recovery.
Telegram to Let Users Convert Digital Gifts into NFTs by 2024
The Gifts feature, introduced on October 5, 2024, allows users to send animated digital artworks with personalized messages to their contacts. Telegram is taking its first major step into the NFT space with a new feature allowing users to convert digital Gifts into blockchain-based assets.
Durov teased the plans of NFT conversion for limited edition gifts into Ton based NFTs on his Telegram channel.
Elon Musk: Crypto Betting Platforms Are Better than Polls
Elon Musk has sided towards betting platforms in his recent statement on X. Musk suggested that decentralized prediction markets like Polymarket, where participants stake real money on electoral outcomes, provide a more accurate forecast than traditional opinion polls.
Source | @elonmusk X
Polymarket, a decentralized prediction market platform, currently shows Donald Trump leading Kamala Harris by 3%, with 50.6% of bets favoring the former president.
Ethereum Proposal ‘EIP 7781’ Aims to Reduce Block Timing
Ethereum could soon see a significant performance upgrade with a new proposal to increase network speed and efficiency. A recent Ethereum Improvement Proposal (EIP-7781), introduced by Illyriad Games co-founder Ben Adams, aims to slash block times from the current 12 seconds to just 8 seconds.
Source | Ethereum Github
UAE Removes Crypto Transaction Taxes: Will US Follow Same?
Source | CryptoSlate
The UAE has made headlines by eliminating all taxes on cryptocurrency transactions, aiming to boost crypto adoption in the region. With these changes set to take effect on November 15, many are now looking to the United States to see if it will follow the same, especially as the nation prepares for crucial elections on November 4.
Hurricane Milton Intensifies, Threatens Florida After Lashing Mexico
Source | NOAA
Hurricane Milton strengthened rapidly in the Gulf of Mexico on October 6, posing a growing threat to Florida’s western coast after bringing heavy rains to Mexico, meteorologists warned.
Crypto Sponsorships in EPL Rises to £130 Million, Signaling Industry’s Legitimacy Efforts
Source | Coingape
Crypto firms have spent up to £130 million ($170 million) on sponsorships in the English Premier League (EPL) for the 2024/25 season. The data from sports sponsorship agency SportQuake highlights a growing relationship over the last few years.
Mayor of Rockdale Says Bitcoin Mining Saved the Town’s Economy
Rockdale, a small town in Texas, went through an economic disaster in 2008. The Alcoa aluminum plant, once the largest employer in town, shut down due to rising energy costs and new regulations.
Source | Aaron M. Sprecher / Greenpeace
Rockdale’s fortunes changed when Bitcoin came into the picture. The same energy infrastructure left behind by Alcoa became the perfect setup for Bitcoin mining.
U.S. Takes Legal Steps to Seize Stolen Crypto from North Korean Hackers
Source | Depositphotos
The United States is coming after North Korean hackers who stole over $2.67 million in crypto. On October 4, the government filed two complaints to seize this stolen crypto. The target? The infamous Lazarus Group, a hacking crew linked to the North Korean government.
Meme Coin Neiro Pumps Over 50%, Hits New ATH
Meme coin Neiro gained over 50% in the last 24 hours, reaching a new all-time high with its latest rally. According to data from CoinGecko, Neiro surged by over 50% in a day, with its price reaching $0.00146 during the period.
Source | @neiroethcto X
Aptos (APT) Leads the $451 Million Token Unlock This Week
According to data from TokenUnlocks, over $451 million worth of tokens are scheduled for release between October 8 and October 14, 2024, with Aptos ($APT) leading the pack.
Source | Wu Blockchain
Seize the Market’s Next Move
Markets are gearing up for a potentially explosive Q4, with election uncertainty, rate cuts from both the Fed and China, and an increasing M2 money supply all setting the stage for volatility and opportunity. Whether you’re bullish on Bitcoin, interested in the broader crypto market, or just watching how these factors play out, now is a crucial time to stay informed and make well-considered decisions.
Always remember to DYOR – educate yourself on the latest trends and analysis by visiting our blog at blog.millionero.com. And when you’re ready to trade, you can access futures and spot markets seamlessly at Millionero Spot and Millionero Perpetuals. Stay sharp, stay informed, and happy trading!