CryptoNews📰
👉 On October 16, the bitcoin exchange rate soared to $30,102 before plummeting to $27,728. Following BTC, other digital assets also experienced a sharp increase in price, only to subsequently decline steeply. According to Coinglass data, the surge in prices led to the liquidation of over 33,000 trading positions, resulting in trader losses of $154 million. Of this amount, $92.0 million was attributed to bitcoin, $22.7 million to Ethereum, and $4.6 million to Solana.
The spike in prices occurred after Cointelegraph published a report stating that the U.S. Securities and Exchange Commission (SEC) had approved BlackRock's application for a spot bitcoin exchange-traded fund (ETF). It later emerged that the news was false. Cointelegraph's editorial team apologized for disseminating inaccurate information. The publication explained that one of its staff members had seen the news about the approval of the BTC ETF on Platform X (formerly Twitter) and decided to publish it as quickly as possible, without conducting fact-checking or obtaining approval from the supervising editor. Representatives from the SEC also emphasized that "the SEC itself is the best source of information about the SEC," and advised users to "exercise caution regarding what they read online."
In response, BlackRock CEO Larry Fink clarified that he could not comment on the status of the application's review. The executive also believes that the bitcoin rally was not so much driven by rumours of the approval of a spot BTC ETF, but rather by people's desire to utilize quality assets. He included bitcoin, gold, and Treasury bonds in this category of quality assets.
👉 Opinions among crypto industry representatives are divided regarding what lies ahead for BTC. For example, trader, analyst, and founder of venture firm Eight, Michael Van De Poppe, believes that the false report will not hinder the cryptocurrency's growth. According to his observations, the coin has already entered a phase of positive movement. "The trend is already upward. The lows have been set for us to buy cryptocurrency. Sooner or later, a bitcoin ETF will enter the market; it just won't happen today," says the head of Eight.
The authors of the analytical channel Root on Platform X (formerly known as Twitter) also think that the false news did not exert significant pressure on the cryptocurrency. In their view, the coin's pump, despite the subsequent correction, has actually helped improve its position. However, there is also a substantial portion of the crypto community that holds a negative outlook, predicting that the coin could drop to the $19,000-$23,000 range.
👉 The founder of SkyBridge Capital and former White House Communications Director, Anthony Scaramucci, believes that the first cryptocurrency is "in many ways more valuable than gold" and could "easily" reach a market capitalization of $15 trillion. According to his calculations, at such a capitalization, the price of bitcoin would be approximately $700,000.
Scaramucci asserts that the current financial system is "broken." "Strange things could happen when you see countries that are hostile to the U.S. trading in bitcoin or other assets, distancing themselves from the dollar because the United States has used its currency to assert its personal geopolitical will," he said. However, Scaramucci clarified that bitcoin is unlikely to become the "universal standard of money," as some crypto maximalists desire.
👉 Italian car manufacturer Ferrari has added digital assets as a payment method in the U.S. According to Reuters, this feature will be extended to Europe in Q1 2024. Initially, the company is accepting bitcoin, Ethereum, and the stablecoin USDC.
Ferrari management stated that the decision was made in response to customer requests. "Some of these are young investors who have built their fortunes on digital assets. Others are more traditional investors looking to diversify their portfolios," company representatives explained.
