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Peter Davis

An writer at FOMOdrive

  • Oct 17, 2023
  • 2 min read

The head of BlackRock explained the reasons for the recent Bitcoin rally

Bitcoin is purchased by investors as a form of protection.

If the spot ETF is approved, it is expected that the price of Bitcoin will rise to between $50,000 and $73,000.

The difficulty of Bitcoin mining has reached its peak.

XRP has been integrated into Roblox by its developers as a payment option.

The difficulty of mining the first cryptocurrency rose by 6.47%, reaching a record high of 61.03 T. According to Glassnode, the 7-day moving average peaked at 469.9 EH/s on October 12, with an average hashrate of 465.6 EH/s since the previous change in value.

CryptoQuant estimated that the approval of a spot ETF will cause Bitcoin to reach between $50,000 and $73,000. This event will likely result in a surge of institutional investors adopting the asset class. With Ripple and Grayscale's recent successes against the SEC, the chances of this happening by March 2024, when decisions on applications are due, have significantly increased.

Larry Fink, the CEO of investment company BlackRock, stated that the recent surge in Bitcoin's price was not due to rumors of a potential approval of a spot Bitcoin ETF. He further explained that during times of instability and geopolitical turmoil, people tend to invest their money in safe assets such as treasury bonds and gold, and he included Bitcoin as one of those safe assets.

An internal investigation revealed that Cointelegraph had not followed its editorial policy of fact-checking news before publishing details of a fake Bitcoin ETF.

For the first time since the Shanghai hard fork in April, the Ethereum validators queue was empty. This indicates a stabilization in the demand for ETH staking, as reported by Coinbase. The "reaching of validators at peak power" in recent months has caused staking yields to drop from over 5% to 3.5%.

The plan approved by creditors and the new management of FTX will result in clients receiving payments of $9.2 billion for claims against the exchange in mid-2024, should it go through bankruptcy proceedings.

Roblox, an online gaming platform with over 200 million monthly active users, has teamed up with cryptocurrency payment provider BitPay to incorporate XRP as a payment option.

A notice obtained by Decrypt has revealed that Binance.US is no longer offering FDIC insurance for deposits.

The FTC has cautioned that cryptocurrency deposits are not protected by the Federal Deposit Insurance Corporation (FDIC) and individuals will not be able to receive reimbursement for any money they may lose.

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