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Peter Davis

An writer at FOMOdrive

  • Oct 01, 2023
  • 3 min read

What will happen to Bitcoin in October?

Contrary to the usual pattern, Bitcoin defied the expectation that September is the worst month of the year.

A decision on three additional Bitcoin ETF applications has been postponed by the SEC.

Before the launch of the digital dollar, Robert Kiyosaki urged people to invest in Bitcoin.

The company CommEX acknowledged that there were former employees of Binance now working for them.

At the end of September, Bitcoin defied the usual seasonal trends and saw a moderate increase of 4.1%, bringing its value up to $27,100. This rise was in stark contrast to the S&P 500 index, which experienced a significant drop, and the US dollar, which saw an increase.

The US Securities and Exchange Commission (SEC) has delayed its ruling on applications for spot Bitcoin ETFs from BlackRock, Invesco, Bitwise and Valkyrie. The companies had anticipated a response from the regulator by October 16-19, but the new date is now set for mid-January 2024.

On September 27, the SEC postponed a decision on applications from 21Shares, VanEck, and Hashdex to launch an Ethereum-based spot ETF. Invesco and Galaxy Digital have also jointly filed with the regulator to create such an ETF. The SEC is currently considering all of these requests.

VanEck, an asset management company, has announced the launch of the Ethereum Strategy ETF. This actively managed ETF will be based on CFTC-regulated Ethereum-based futures settlement, similar to the company's Bitcoin Strategy ETF (XBTF) which was launched in November 2021.

Heath Tarbert, Circle's General Counsel and former head of the CFTC, stated that buyers of stablecoins do not anticipate any profit, thus making this type of asset not fall under the definition of an investment contract. His comments were in response to the SEC's allegations against Binance, which included the accusation of selling unregistered securities, concerning Binance USD (BUSD).

The open-source Perimeter protocol, developed by Circle, serves as the foundation for the creation of tokenized lending markets.

Robert Kiyosaki suggested that it is essential to invest in gold, silver, and the first cryptocurrency before the introduction of the digital dollar. He warned that when CBDC is released, privacy will be lost and gold, silver, Bitcoin, and cash will become invaluable.

In an open letter, CommEX revealed that its team includes former employees of Binance who had a hand in developing the platform. However, the company chose not to name its beneficiaries, as they "prefer to remain non-public figures."

October is one of the five most favorable months of the year in terms of seasonality. Over the past 12 years, Bitcoin has seen an increase in value at the end of the month 8 times, with an average increase of 29.6% and an average decrease of 15.2%. If the trend continues, Bitcoin could end October around $35,100, setting a new high for the year. Alternatively, it could end the month at around $23,000.

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