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Peter Davis

An writer at FOMOdrive

  • Oct 05, 2023
  • 3 min read

Arthur Hayes predicted the return of the bullish trend in Bitcoin

It is anticipated by Bitfinex that Bitcoin will have a positive October.

The SEC's appeal in the Ripple case was rejected by the court.

The Chief of the Commodity Futures Trading Commission (CFTC) has advocated for the regulation of Decentralized Finance (DeFi) projects.

A global cryptocurrency monitoring system has been created by BIS.

The nation of El Salvador has initiated the creation of the first local Bitcoin mining pool.

September marked the first time in eight years that the first cryptocurrency closed in positive territory, which has favored bullish sentiment in October, according to Bitfinex. On-chain indicators do not contradict this scenario, and the state of the crypto derivatives market also suggests the continuation of an upward trend. In particular, options are likely to lead to a spike in price fluctuations.

Arthur Hayes, the former head of the BitMEX exchange, believes that the crypto market is on the brink of a bullish trend. He claims that the demand for government bonds is a sign that the market has hit its lowest point, and traders are now turning to riskier investments. Hayes predicts that March 2024 will be a major turning point for Bitcoin.

Judge Analisa Torres of the court denied the US Securities and Exchange Commission's (SEC) appeal in the Ripple case. The SEC had asked for an interlocutory appeal in the proceedings against Ripple for not fully acknowledging XRP as a security. The court concluded that the regulator had not presented enough proof, and the appeal would not be able to "significantly move the case closer to its final resolution."

Coinbase announced that it would be filing a motion to dismiss the SEC's lawsuit against the exchange, in an effort to gain regulatory clarity for the industry. The SEC, however, has requested that a federal judge dismiss Coinbase's motion in order to resolve the regulator's lawsuit.

Rostin Benham, the head of the US Commodity Futures Trading Commission (CFTC), has suggested that the activities of DeFi protocols should be regulated. He likened the situation in the sector to that of an "unlicensed doctor".

A prototype Bitcoin transfer monitoring system, created by the Bank for International Settlements (BIS), has been developed to provide authorities with a better understanding of when, how, and where cryptocurrency is being used. This new monitoring system could potentially be the foundation for regulating the cryptocurrency industry.

Authorities in India have started creating a global system to monitor crypto exchange transactions. This crypto transaction monitoring platform will enable government bodies to observe transactions involving digital assets on all crypto exchanges globally.

Crypto industry losses from hacking and fraud totaled $685.5 million in the third quarter, a 60% increase from the same period a year prior, according to Immunefi's calculations. The number of incidents during this time frame rose by 153%.

The Volcano Energy project, in partnership with Luxor Technology, has initiated the first local Bitcoin mining pool in El Salvador. This pool, known as Lava Pool, is now mining the first cryptocurrency.

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