Bitcoin Price Forecast: BTC holds onto recent gains, with $70,000 in sight

<ul>
	<li><strong>Cosmos ecosystem builder issues an emergency alert warning about security risks in the staking module.</strong></li>
	<li><strong>The builder says the majority of the liquid staking module's code was written by North Korean agents, among other concerns.</strong></li>
	<li><strong>ATOM loses 1.4% of its value on Wednesday, down to $4.459.</strong></li>
</ul>

<p><a href="https://www.fxstreet.com/cryptocurrencies/news/bitcoin-could-move-fee-free-in-the-cosmos-ecosystem-if-this-proposal-is-approved-202406212230" target="_blank">Cosmos (ATOM) </a>faces security risks, according to the web3 builder All in Bits (AiB). The firm identified concerns with the Liquid Staking Module (LSM) that investors interact with to stake ATOM. The firm listed a timeline, with key concerns identified by the team, including a majority of the code being written by North Korean agents and 19 months of unaudited code changes. Cosmos didn't immediately respond to FXStreet's request for comment.</p>

<p>ATOM trades at $4.459 at the time of writing on Wednesday, erasing part of weekly gains.</p>

<h2 class="fxs_headline_medium">AiB uncovers security risks in ATOM staking</h2>

<p>Web3 firm AiB warned <a href="https://www.fxstreet.com/cryptocurrencies" data-fxs-autoanchor="">crypto market</a> participants of the risks associated with staking the ATOM token, the native crypto of the Cosmos Hub. Investors stake ATOM tokens to secure the network, and issues identified in the LSM could, therefore, negatively impact the Cosmos ecosystem.&nbsp;</p>

<p>The AiB’s team highlighted concerns like an Oak Security audit revealed critical vulnerabilities that North Korean developers fixed in July 2022, and the FBI informed the leader of LSM development, Zaki Manian, of Democratic People's Republic of Korea (DPRK) involvement in March 2023. AiB key concerns include that a majority of the code for the module was written by North Korean agents, and there have been 19 months of unaudited code changes.&nbsp;</p>

<p>The module is not a standalone part of the ecosystem, as it is interwoven with several other functions, and a security risk could potentially affect all of the staked ATOM tokens. The AiB’s team argues that the Cosmos Hub’s security and integrity could be undermined by a breach.&nbsp;</p>

<div class="twitter_cke fxs_external">
<blockquote align="center" class="twitter-tweet" data-dnt="true">
<p dir="ltr" lang="en">URGENT ALERT: AiB has uncovered cause for serious security concerns with Cosmos Hub's Liquid Staking Module (LSM).<br>
<br>
Timeline:<br>
* Aug 2021: LSM development begins, led by Iqlusion &amp; Zaki Manian<br>
* Jul 2022: Oak Security audit reveals critical vulnerabilities; North Korean devs…</p>
— All in Bits (@Allinbits_inc) <a href="https://twitter.com/Allinbits_inc/status/1846315815521440201?ref_src=twsrc%5Etfw">October 15, 2024</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script></div>

<h2 class="fxs_headline_medium">ATOM risks decline if downward trend continues</h2>

<p>ATOM trades at $4.459 on Wednesday. The native token of Cosmos could erase gains from early <a href="https://www.fxstreet.com/economic-calendar" data-fxs-autoanchor="">this week</a> and dip to support at $4.039, the upper boundary of a Fair Value Gap (FVG) on the ATOM/USDT daily chart. This marks a nearly 10% drop in ATOM price.&nbsp;</p>

<p>On the other side, the token currently faces resistance at the 10, 50, and 200-day Exponential Moving Averages (EMAs) at $4.589, $5.147, and $6.293, respectively.&nbsp;</p>

<p>The Moving Average Convergence Divergence (MACD) indicator in the daily chart shows red histogram bars under the neutral line, signaling underlying negative momentum in ATOM’s price trend.&nbsp;</p>

<p>In the same timeframe, the Relative Strength Index (RSI) stands near its neutral level of 50.&nbsp;</p>

<p><a href="https://editorial.fxstreet.com/miscelaneous/ATOMUSDT_2024-10-16_14-15-26-638646684884644004.png" target="_blank"><img alt="ATOM" src="https://editorial.fxstreet.com/miscelaneous/ATOMUSDT_2024-10-16_14-15-26-638646684884644004.png" style="width: 950px; height: 650px;"></a></p>

<p><small>ATOM/USDT daily chart&nbsp;</small></p>

<p>A daily <a href="https://www.fxstreet.com/rates-charts/chart/candlestick-patterns" data-fxs-autoanchor="">candlestick</a> close above $4.676 could invalidate the bearish thesis and send ATOM to test resistance at the 50 and 200-day EMAs.&nbsp;</p>


Cosmos ecosystem staked ATOM faces security risks, says web3 builder

<p>Asset management giant <strong>Ark Invest</strong> predicted a positive turn for <strong>Bitcoin&#8217;s </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) price on account of the oversold conditions witnessed for the Stablecoin Supply Ratio Oscillator (SSRO.)</p>



<p><strong>What Happened</strong>: A recent <a href="https://www.ark-invest.com/newsletters/issue-435/#trump-linked-world-liberty-financial-aims-to-raise-300-million-for-a-new-defi-lending-platform">report</a>. from the <strong>Cathie Wood</strong>-led firm revealed that the SSRO, a metric used to measure Bitcoin&#8217;s potential purchasing power, hit an oversold point of -2.27 in early September, a level not seen since the bear market lows of 2022.</p>



<p>For the curious, the SSRO is determined by dividing the Bitcoin supply by the supply of all major stablecoins, denominated in BTC. The ratio&#8217;s 200-day moving average, plus 2 standard deviations above and below, is then plotted. The SSRO tracks how the ratio fluctuates between these two standard deviation bands, also known as Bollinger bands.</p>



<p>ARK Invest posits that these oversold conditions could signal a positive turn for Bitcoin&#8217;s price. This hopeful outlook was supported by the formation of two higher local lows seen at $52,530 in early September and at $58,863 on Oct. 10, suggesting that an uptrend may be forming in the asset&#8217;s market structure</p>



<p><strong>See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41349672/coin-that-underpins-dogecoin-becomes-markets-biggest-gainer-litecoin-pops-7-after-filing-o">Coin That Underpins Dogecoin Becomes Market&#8217;s Biggest Gainer— Litecoin Pops 7% After Filing Of Spot ETF Application</a></strong></p>



<p><strong>Why It Matters</strong>: The latest prediction comes amid Bitcoin&#8217;s strengthening rally, which has seen the leading cryptocurrency grow by 7% this week.</p>



<p>Notably, CEO Wood has previously <a href="https://www.benzinga.com/startups/24/07/39865003/bitcoin-could-soar-5-837-by-2030-according-to-cathie-wood-why-that-is-a-bold-prediction">expressed bullish sentiments about Bitcoin</a>, predicting a potential surge to a per-unit price of $3.8 million by 2030. Although not impossible, it is very unlikely for BTC to achieve these numbers any time soon.</p>



<p>According to Wood, Bitcoin would hit such a valuation if institutional investors allocated more than 5% of their portfolios into it, a highly unlikely phenomenon.</p>



<p>Apart from Bitcoin, ARK Invest <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41349588/cathie-woods-ark-invest-says-ethereum-is-a-big-idea-that-will-transform-the-financial-serv">was also betting big</a> on <strong>Ethereum </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). The firm viewed Ethereum as an &#8220;institutional-grade asset&#8221; with yield-bearing potential, predicting it to play a critical role in the financial services industry.</p>



<p><strong>Price Action</strong>: At the time of writing, Bitcoin was exchanging hands at $67,194.97, up 2.17% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.</p>



<p><strong>Read Next: </strong></p>



<ul>
<li><strong><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41350336/elizabeth-warren-says-rival-john-deaton-wants-to-go-to-washington-to-fight-for-his-crypto-">Elizabeth Warren Says Rival John Deaton Wants To Go To Washington To Fight For His &#8216;Crypto Buddies&#8217; — Republican Fires Back, Claiming He&#8217;s Upset Crypto Billionaires More Than Anyone Else</a></strong></li>
</ul>



<p><strong><em>Disclaimer:</em></strong><em> This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.</em></p>



<p><em>Photo courtesy: Ark Invest</em><a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" target="_blank" rel="noreferrer noopener"></a></p>    

Cathie Wood's Ark Invest Says 'Uptrend' Developing In Bitcoin's Market Structure Because Of This Reason

<p>Global investment bank <strong>Morgan Stanley</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) has actively pitched stocks and investments tied to <strong>Bitcoin </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) to its clients this year, despite executive chairman <strong>James Gorman's</strong> skepticism about the leading cryptocurrency&#8217;s potential.</p>



<p><strong>What happened</strong>: Earlier this year, Gorman, who stepped down from his CEO role after a 14-year stint, <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36504424/former-morgan-stanley-[%E2%80%A6]s-gorman-says-bitcoin-is-not-a-fad-i-just-dont-think-its-a-c">famously discussed his reservations</a> about Bitcoin's investment appeal.&nbsp;</p>



<p>"It should play for wealthy people a very small role in their financial fabric because it's so speculative, it's so volatile," Gorman had said.&nbsp;</p>



<p>"I just don't think it's a core investment. I think it's a speculative asset of which there are plenty of choices."</p>



<p>These remarks were made before the first-ever <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41331856/bitcoin-spot-etfs-saw-555-8m-net-inflows-on-monday-monster-day">Bitcoin exchange-traded funds</a> (ETFs) opened for trading on Wall Street.</p>



<p>A lot has changed since then.</p>



<p><strong>See Also</strong>: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41349588/cathie-woods-ark-invest-says-ethereum-is-a-big-idea-that-will-transform-the-financial-serv"><strong>Cathie Wood&#8217;s Ark Invest Says Ethereum Is A Big Idea That Will Transform The Financial Services Industry</strong></a></p>



<p><strong>Why It Matters: </strong>About seven months after the launch in early January, the banking giant authorized its vast network of financial advisors, about 16,000 strong, <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40137742/morgan-stanley-takes-bold-step-into-crypto-market-offering-bitcoin-etfs-to-select-clients">to recommend Bitcoin ETFs</a> to clients.</p>



<p>It&#8217;s worth mentioning that only clients with a net worth exceeding $1.5 million and a high-risk tolerance will be eligible for these Bitcoin ETF offerings. Moreover, the bank would monitor clients' cryptocurrency holdings to prevent excessive exposure.</p>



<p>According to the recent 13F <a href="https://www.sec.gov/Archives/edgar/data/895421/000089542124000408/0000895421-24-000408-index.htm">filing</a> with the SEC, the firm revealed substantial exposure to Bitcoin ETFs, worth roughly $189 million, with the largest position in IBIT.</p>



<p>Morgan Stanley did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comment.</p>



<p><strong>Price Action</strong>: At the time of writing, Bitcoin was exchanging hands at $67,125, up 2.25% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp; Shares of Morgan Stanley closed 0.053% lower at $112.22 during Tuesday's regular trading session.</p>



<p><strong>Read Next:</strong><em>&nbsp;</em></p>



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41350336/elizabeth-warren-says-rival-john-deaton-wants-to-go-to-washington-to-fight-for-his-crypto-"><strong>Elizabeth Warren Says Rival John Deaton Wants To Go To Washington To Fight For His &#8216;Crypto Buddies&#8217; — Republican Fires Back, Claiming He&#8217;s Upset Crypto Billionaires More Than Anyone Else</strong></a></li>
</ul>



<p><em>Photo courtesy: Unsplash</em></p>    

Morgan Stanley Chair James Gorman Once Said Bitcoin's Role In Wealthy People's Financial Fabric Would Be Very Small: The Investment Bank Is Now On A Roll Recommending King Crypto To Clients

<p>Sen. <strong>Elizabeth Warren</strong> (D-Mass.) and her Republican challenger <strong>John Deaton </strong>exchanged blow for blow over the subject of cryptocurrencies in the first debate between the two Senate hopefuls on Tuesday.</p>



<p><strong>What happened</strong>: Co-sponsored by the WBZ News and The Boston Globe, the two politicians with diametrically opposing views on the asset class put forward their arguments.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Elizabeth Warren vs. John Deaton Massachusetts Senate debate" width="500" height="281" src="https://www.youtube.com/embed/T2-YC34UgOo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<p>Warren accused Deaton of receiving the maximum funding from the big cryptocurrency lobby to win the Massachusetts seat.</p>



<p>"There's one candidate on the stage who gets 90% of their funding to keep their campaign going from one industry, the crypto industry," said Warren, who was running for a third term.</p>



<p>The senator claimed that Deaton wants to go to Washington only to fight for his "crypto buddies," unlike her, who "fights for everybody."</p>



<p>Deaton clapped back, saying he had upset cryptocurrency billionaires more than anyone else.&nbsp;</p>



<p>"I exposed all this regulatory capture by former SEC Chair, by the way, appointed by Donald Trump," the senate hopeful stated,<a href="https://www.benzinga.com/money/could-ripple-win-the-sec-lawsuit"> in a reference to</a> <strong>Jay Clayton.</strong></p>



<p>The pro-cryptocurrency attorney then accused Warren of double standards, by advocating for a ban on <strong>Bitcoin&#8217;s </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) self-custody while supporting <a href="https://www.benzinga.com/content/38879560/breaking-senate-overwhelmingly-votes-to-overturn-the-secs-sab121">big banks' right</a> to custody the asset.</p>



<p>In her defense, Warren stated that she was okay with people buying and trading cryptocurrencies as long as they were subjected to the same laws as other traditional market players and avoided being exploited by terrorists, drug dealers, and human traffickers.&nbsp;</p>



<p><strong>See Also</strong>: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41322645/mark-cuban-defends-kamala-harris-crypto-knowledge-appears-to-take-dig-at-trump-for-selling"><strong>Mark Cuban Defends Kamala Harris&#8217; Crypto Knowledge, Appears To Take Dig At Trump For Selling Tokens And Merchandise: &#8216;Unlike Your Guy, She Doesn&#8217;t Pretend&#8217;</strong></a></p>



<p><strong>Why It Matters</strong>: Deaton is <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37217615/crypto-crusader-john-deaton-battles-critic-elizabeth-warren-in-high-stakes-senate-race">well-recognized in the cryptocurrency community for his support</a> of Ripple Labs in the ongoing legal tussle with the SEC, representing several individual XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) holders in the case.&nbsp;&nbsp;</p>



<p>Deaton&#8217;s effort has indeed received financial support from prominent industry figures, including the <strong>Winklevoss twins</strong>, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39852340/elizabeth-warrens-opponent-gets-a-1m-donation-in-bitcoin-from-winklevoss-twins-spent-the-l">who donated $1 million in Bitcoin</a> to the attorney.&nbsp;</p>



<p>Additionally, Commonwealth Unity Fund, a cryptocurrency-focused super PAC, has <a href="https://www.opensecrets.org/outside-spending/detail/2024?cmte=C00875856&amp;tab=targeted_candidates">spent </a>nearly $1.69 million to bolster Deaton&#8217;s fight against Warren, according to OpenSecrets.</p>



<p>In contrast, Warren has <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39070738/remember-elizabeth-warrens-anti-crypto-campaign-donald-trump-promises-to-keep-elizabeth-wa">come under fire from cryptocurrency enthusiasts over the years</a> because of her critical stance on the industry, accusing it of facilitating illegal activities, including money laundering and terrorism.</p>



<p><em>Photos courtesy: Gage Skidmore via Flickr and John Deaton Campaign</em></p>



<p><strong>Check This Out:</strong></p>



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<li>Lawmakers Made Huge Investments This Year<strong>. </strong><a href="https://www.benzinga.com/gov-trades"><strong>Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</strong></a></li>
</ul>    

Elizabeth Warren Says Rival John Deaton Wants To Go To Washington To Fight For His 'Crypto Buddies' — Republican Fires Back, Claiming He's Upset Crypto Billionaires More Than Anyone Else

Litecoin's first spot ETF filed by Canary Capital

<p><strong>Litecoin </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ltc/usd">LTC</a>) topped the biggest gainers list Tuesday after digital asset trading and management firm <strong>Canary Capital</strong> filed for an exchange-traded fund (ETF) tracking the proof-of-work (PoW) cryptocurrency's price.&nbsp;</p>



<p><strong>What happened</strong>: The coin, created from the hard fork of <strong>Bitcoin </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) in 2011, was up over 7% as of this writing, outperforming all the cryptocurrencies in the market, including Bitcoin itself.</p>



<p>LTC experienced a whopping 149% increase in trading volume over the last 24 hours, as buying pressure catapulted the coin to its highest value in two and a half months.</p>



<p>The rally was spurred by an S-1 <a href="https://www.sec.gov/Archives/edgar/data/2039461/000199937124013330/litecoin-s1_101524.htm">filing </a>submitted by Canary Capital on Tuesday—a prerequisite for issuers to file to offer new securities.</p>



<p>The proposed Canary <strong>Litecoin</strong> ETF aims to provide exposure to the price movement of LTC held by the trust.</p>



<p><strong>See Also</strong>: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41322645/mark-cuban-defends-kamala-harris-crypto-knowledge-appears-to-take-dig-at-trump-for-selling"><strong>Mark Cuban Defends Kamala Harris&#8217; Crypto Knowledge, Appears To Take Dig At Trump For Selling Tokens And Merchandise: &#8216;Unlike Your Guy, She Doesn&#8217;t Pretend&#8217;</strong></a></p>



<p>The application for a Litecoin ETF comes a week after Canary Capital filed for a <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41243775/xrp-etf-buzz-increases-as-canary-capital-pursues-sec-for-greenlight-on-its-fund-will-the-g">similar investment vehicle that tracks the price</a> of payment-focused cryptocurrency <strong>XRP </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>).</p>



<p>While Litecoin was originally <a href="https://litecoin.org/">intended </a>to be a payment method, it has since evolved into a tool for speculation and investment, trading regularly in the market.</p>



<p>Interestingly, the <strong>Dogecoin </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) network's underlying technology is derived from Litecoin.</p>



<p><strong>Billy Markus</strong>, the co-creator of Dogecoin, said in a 2021 interview with Benzinga that the auxiliary proof-of-work or AuxPOW, announced in 2014 after it was suggested by Litecoin&nbsp;creator <strong>Charlie Lee</strong>, allowed Dogecoin to be&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/21/04/20804274/dogecoin-co-creator-says-meme-crypto-has-been-one-of-the-most-secure-coins-for-years" target="_blank" rel="noreferrer noopener">merge-mined with any Scrypt coin.&nbsp;</a></p>



<p>Like Bitcoin, Litecoin <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38690567/this-bitcoin-offshoot-tops-digital-payments-escapes-sec-scrutiny-but-remains-undervalued-t">has evaded scrutiny from U.S. regulators</a> on the contentious security vs. commodity debate, a factor possibly motivating issuers to file for ETF applications.</p>



<p><strong>Why It Matters</strong>: The much-touted decentralized finance (DeFi) project was launched by Trump last month, with<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41303639/donald-trump-says-his-crypto-project-world-liberty-financial-will-start-selling-tokens-on-"> the sale of the project's governance token</a> <strong>WLFI</strong> set for Tuesday.&nbsp;</p>



<p><strong>Price Action</strong>: At the time of writing, Litecoin was exchanging hands at $71.72, up 7.31% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.  </p>



<p><em>Photo by DIAMOND VISUALS on Shutterstock</em></p>



<p><strong>Read Next:</strong><em>&nbsp;</em></p>



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41323012/trump-backed-world-liberty-financial-says-dollar-pegged-stablecoin-and-not-bitcoin-is-the-"><strong>Trump-Backed World Liberty Financial Says Dollar-Pegged Stablecoin And Not Bitcoin Is The Best Way To &#8216;Make America Great&#8217;</strong></a></li>
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Coin That Underpins Dogecoin Becomes Market's Biggest Gainer— Litecoin Pops 7% After Filing Of Spot ETF Application

<p>Asset management firm <strong>Ark Invest</strong> expressed belief in the transformative potential of the <strong>Ethereum </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) network for the financial services industry.</p>



<p><strong>What Happened</strong>: On Tuesday, <strong>Cathie Wood,</strong> the influential founder of the company, shared on X a research paper that explained why Ark Invest<strong> </strong>believes Ethereum and its staking yield would play a critical role in decentralized finance (DeFi).</p>



<p>The paper highlighted Ethereum&#8217;s position as an &#8220;institutional-grade asset&#8221; with yield-bearing potential. </p>



<p>&#8220;Our research suggests that, as an asset, ETH is beginning to develop attributes in the digital asset space similar to those of U.S. Treasury bills,&#8221; the paper read.</p>



<p>Ark Invest added that ETH and its staking yield were becoming benchmarks, or reference indicators, within the digital asset industry, used to evaluate other Layer 1s, risk profiles, and returns.</p>



<p>Furthermore, the paper noted that the network was setting &#8220;meaningful value&#8221; by virtue of its large market capitalization and millions of monthly active users.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">This thoughtful paper by <a href="https://twitter.com/LorenzoARK?ref_src=twsrc%5Etfw">@LorenzoARK</a> explains why <a href="https://twitter.com/ARKInvest?ref_src=twsrc%5Etfw">@ARKInvest</a> believes that the Ethereum network is a big idea that will transform the financial services industry. <a href="https://t.co/LX5REhA1kh">https://t.co/LX5REhA1kh</a></p>&mdash; Cathie Wood (@CathieDWood) <a href="https://twitter.com/CathieDWood/status/1846319737766379551?ref_src=twsrc%5Etfw">October 15, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>As of this writing, around 34.223 million ETH was staked in the network, representing more than 28% of the asset&#8217;s circulating supply, <a href="https://www.stakingrewards.com/asset/ethereum-2-0/analytics">according </a>to Staking Rewards. The annualized average yield rate across the network was 3.46%. </p>



<p><strong>See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41348730/elon-musks-tesla-waving-goodbye-to-bitcoin-760m-sent-to-unknown-wallets">Elon Musk&#8217;s Tesla Waving Goodbye To Bitcoin? $760M Sent To Unknown Wallets</a></strong></p>



<p><strong>Why It Matters</strong>: The latest endorsement reflected Wood&#8217;s earlier bullish prediction on Ethereum. Earlier this year, at the Big Ideas investor conference, Wood <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39430693/could-holding-6-eth-still-make-you-a-millionaire-cathie-woods-ether-etf-pullback-and-her-2">projected that Ethereum&#8217;s market capitalization could reach $20 trillion</a> by 2032, translating to a per-token price of over $166,000.</p>



<p>Interestingly, Ark Investment <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39126892/cathie-woods-ark-investment-drops-plans-for-spot-ether-etf-says-it-will-focus-on-spot-bitc">withdrew from launching an exchange-traded fund (ETF) directly investing in Ether</a>, choosing to focus on a spot <strong>Bitcoin</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) ETF i.e, <strong>ARK 21Shares Bitcoin ETF</strong> (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKB#BATS">ARKB</a>).</p>



<p>Despite this, Wood&#8217;s recent tweet suggests that Ark Invest continues to explore ways to expose investors to Ethereum technology, recognizing its potential to reshape the financial services industry.</p>



<p><strong>Price Action</strong>: At the time of writing, Ether was broadly unchanged at $2,614.69, up just 0.19% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.  </p>



<p><strong>Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41341588/donald-trumps-world-liberty-financial-token-sales-hit-220m-in-first-hour-website-faces-mul">Donald Trump&#8217;s World Liberty Financial Token Sales Hit $220M In First Hour, Website Faces Multiple Outages</a></strong></p>



<p><strong><em>Disclaimer:</em></strong><em>&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.</em><a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a></p>    

Cathie Wood's Ark Invest Says Ethereum Is A Big Idea That Will Transform The Financial Services Industry — ETH Is Beginning To 'Develop Attributes' Similar To US Treasury Bills

<p>Market bellwether <strong>Bitcoin </strong>maintained its upsurge Tuesday, defying the sharp decline in stock prices.</p>



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 9:30 p.m. EDT)</td></tr><tr><td><strong>Bitcoin </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+2.22%</td><td>$67,341.02</td></tr><tr><td><strong>Ethereum</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)<br><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</strong></td><td>-0.30%</td><td>$2,617.63</td></tr><tr><td><strong>Dogecoin</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)<strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</strong></td><td>-1.31%</td><td>$0.1166</td></tr></tbody></table></figure>



<p><strong>What Happened</strong>: The world's largest cryptocurrency<strong> </strong>bounced above $67,000 in early trading hours, the highest since July 29. Barring intermittent bouts of volatility, the coin broadly sustained its rally as of Monday overnight.</p>



<p>On the contrary, <strong>Ethereum </strong>failed to hold onto its gains after a spike to $2,679.&nbsp;</p>



<p>Digital asset trading firm <strong>QCP Capital</strong> noted that the rally could be election-driven, following <strong>Donald Trump'</strong>s <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41342342/donald-trump-extends-betting-odds-lead-to-58-42-heres-how-kamala-harris-plans-to-reverse-t">significant lead</a> on prediction markets against <strong>Kamala Harris</strong>.</p>



<p>Total cryptocurrency liquidations exceeded $304 million in the last 24 hours, the highest in over two weeks. More than $182 million in upside bets were erased.</p>



<p>Bitcoin's Open Interest rose 2.21% to $38.10 billion, indicating an influx of fresh money into the speculative market.&nbsp;</p>



<p>The reading on the Cryptocurrency Fear &amp; Greed index increased from 65 to 73,&nbsp; indicating that the market was greedy.</p>



<p>Top Gainers (24-Hours)</p>



<figure class="wp-block-table"><table><tbody><tr><td><strong>Cryptocurrency</strong></td><td><strong>Gains +/-</strong></td><td><strong>Price (Recorded at 9:30 p.m. EDT)</strong></td></tr><tr><td><strong>Litecoin </strong>(LTC)</td><td>+6.70%</td><td>$71.98</td></tr><tr><td><strong>Chiliz </strong>(CHZ)</td><td>+5.18%</td><td>$0.08104</td></tr><tr><td><strong>Hedera </strong>(HBAR)</td><td>+4.17%</td><td>$0.05707</td></tr></tbody></table></figure>



<p>The global cryptocurrency stood at $2.31 trillion, following an increase of 1.04% in the last 24 hours.</p>



<p>Stocks fell sharply, failing to sustain Monday's rally. The <strong>Dow Jones Industrial Average </strong>tumbled 324.80 points, or 0.75%, to close at 42,740.42. The <strong>S&amp;P 500</strong> slipped 0.76% to end at 5,815.26, while the tech-focused <strong>Nasdaq Composite </strong>dropped over 1% to close at 18,315.59.</p>



<p>The decline was precipitated by a 4.69% fall in the shares of AI giant <strong>Nvidia Corp.</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), a marked reversal from the record close on Monday.&nbsp;</p>



<p>That said, Dow and the S&amp;P 500 were up nearly 1% this month.</p>



<p><strong>See More:</strong><strong><em> </em></strong><a href="https://www.benzinga.com/money/best-crypto-scanners"><strong>Best Cryptocurrency Scanners</strong></a></p>



<p><strong>Analyst Notes: </strong>Widely-followed analyst and trader <strong>Rekt Capital </strong>highlighted points of interest on Bitcoin's daily chart to ascertain the next move.</p>



<p>"Consistent retesting of the black channel top as support on the daily timeframe is the key to enabling a bullish weekly close and thus confirming continued upside to ~$71,000," the analyst said.&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <br><br>Next days will be crucial when it comes to deciding the next major trend<br><br>Previous Daily clusters of price action (blue circles) in and around this Downtrending Channel Top resistance (red) offer a lot of insight<br><br>For example, Daily Closes inside this resistance (red)… <a href="https://t.co/jiN2xHXyuh">https://t.co/jiN2xHXyuh</a> <a href="https://t.co/KBg3HOp1Pj">pic.twitter.com/KBg3HOp1Pj</a></p>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1846242117938827392?ref_src=twsrc%5Etfw">October 15, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Cryptocurrency analyst <strong>Ali Martinez</strong> highlighted a strong correlation between Bitcoin's price rise and the behavior of large whales.&nbsp;</p>



<p>"Interestingly, while BTC surged from $54,000 to $66,000 over the past week, whales offloaded or redistributed over 70,000 BTC, valued at roughly $4.2 billion," the analyst remarked.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Take note of the strong correlation between large whale holdings and <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>&#39;s price. &#x1f440;&#x1f440;&#x1f440;<br><br>Interestingly, while <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> surged from $54,000 to $66,000 over the past week, whales offloaded or redistributed over 70,000 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a>, valued at roughly $4.2 billion. <a href="https://t.co/KKcYdjF7Oo">pic.twitter.com/KKcYdjF7Oo</a></p>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1846158140011667967?ref_src=twsrc%5Etfw">October 15, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p><em>Image via Unsplash</em></p>



<p><strong>Read Next:    </strong></p>



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41335707/asias-microstrategy-metaplanet-buys-another-107-bitcoin-heres-how-big-its-pile-has-grown"><strong>&#8216;Asia&#8217;s Microstrategy&#8217; Metaplanet Buys Another 107 Bitcoin: Here&#8217;s How Big Its Pile Has Grown</strong></a></li>
</ul>    

Bitcoin Marches Ahead, Ethereum, Dogecoin Flat Amid Stocks' Reversal: Analyst Highlights Factors Supporting King Crypto's Rise To $71K

<p>In a major development, EV juggernaut <strong>Tesla Inc.</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has reportedly transferred nearly all of its <strong>Bitcoin </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) stash to unknown wallets, sparking speculation about whether CEO <strong>Elon Musk</strong> planned to offload the company&#8217;s cryptocurrency holdings.</p>



<p><strong>What Happened</strong>: A wallet labeled as Tesla moved 11,500 BTCs, worth $760 million of the leading cryptocurrency, to several unidentified wallets Tuesday, according to on-chain analytics firm Arkham Intelligence. As of this writing, the wallet holds an inconsequential $6.7 worth of the asset. </p>



<p>Tesla didn&#8217;t immediately respond to Benzinga&#8217;s request for clarity on the true purpose of the move.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">TESLA JUST MOVED ANOTHER $260M BTC<br><br>TOTAL MOVED: $760M <a href="https://t.co/ukAcHW1EZC">pic.twitter.com/ukAcHW1EZC</a></p>&mdash; Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1846305722205696079?ref_src=twsrc%5Etfw">October 15, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p><strong>See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41342342/donald-trump-extends-betting-odds-lead-to-58-42-heres-how-kamala-harris-plans-to-reverse-t">Donald Trump Extends Betting Odds Lead To 58:42—Here&#8217;s How Kamala Harris Plans To Reverse The Trend</a></strong></p>



<p><strong>Why It Matters</strong>: Tesla's Bitcoin holdings have remained unchanged <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922826/elon-musk-agrees-with-dogedesigner-funding-for-trump-supporting-super-pac-is-far-below-45m">since the fourth quarter of 2022</a>. Their Bitcoin journey began in January 2021, when it first acquired $1.5 billion worth of the leading cryptocurrency.</p>



<p>The tech behemoth previously accepted Bitcoin as a payment option for vehicles before ending the practice due to concerns about the energy consumption used in Bitcoin mining.</p>



<p>While the exact amount of Bitcoin previously purchased and currently held by Tesla is not known to the tee, many have estimated based on the prices of Bitcoin at specific points in time. </p>



<p>Prior to the transfer, Tesla has amassed an unrealized profit of 129% on its Bitcoin investment, according to data from&nbsp;<a href="https://www.coingecko.com/en/public-companies-bitcoin" target="_blank" rel="noreferrer noopener">CoinGecko</a>.</p>



<p><strong>Price Action: </strong>At the time of writing, BTC was trading at $66,824.86, up 1.34% in the last 24 hours, <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">according to Benzinga Pro.</a> Shares of Tesla closed 0.19% higher at $219.57 during Tuesday&#8217;s regular session.</p>



<p><em>Image made via photos on Shutterstock</em></p>



<p><strong>Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41314578/mark-cuban-to-replace-gary-gensler-under-harris-administration-if-asked-i-would-want-to-be?itm_source=parsely-api" target="_blank" rel="noreferrer noopener"> </a></strong></p>



<ul>
<li><strong><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41314578/mark-cuban-to-replace-gary-gensler-under-harris-administration-if-asked-i-would-want-to-be?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump&#8217;s World Liberty Financial T</a><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41341588/donald-trumps-world-liberty-financial-token-sales-hit-220m-in-first-hour-website-faces-mul">oken Sales Hit $220M In First Hour, Website Faces Multiple Outages</a></strong></li>
</ul>    

Elon Musk's Tesla Waving Goodbye To Bitcoin? $760M Sent To Unknown Wallets

<p>Cryptocurrency markets are trading relatively flat after a mid-day spike amid <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41342342/donald-trump-extends-betting-odds-lead-to-58-42-heres-how-kamala-harris-plans-to-reverse-t">Donald Trump's rising election odds</a>.</p>



<figure class="wp-block-table"><table><tbody><tr><td><strong>Cryptocurrency</strong></td><td><strong>Price&nbsp;&nbsp;&nbsp;</strong></td><td><strong>Gains +/-</strong></td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$66,756.23&nbsp;</td><td>+1.2%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$2,584.21</td><td>-1.4%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$154.66</td><td>-0.6%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.1146</td><td>-0.7%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00001806</td><td>-0.8%</td></tr></tbody></table></figure>



<p><strong>Notable Statistics:</strong></p>



<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 73.8% and daily active addresses growing by 17.4%. Transactions greater than $100,000 are up from 5,104 to 9,217 in a single day. Exchanges netflows are down by 2,523%.</li>



<li>Coinglass data reports 97,280 traders were liquidated in the past 24 hours for $312.03 million. Crypto long liquidations of $169.4 million are the highest since Oct.2.</li>
</ul>



<p><strong>Notable Developments:</strong></p>



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41335707/asias-microstrategy-metaplanet-buys-another-107-bitcoin-heres-how-big-its-pile-has-grown">&#8216;Asia&#8217;s Microstrategy&#8217; Metaplanet Buys Another 107 Bitcoin: Here&#8217;s How Big Its Pile Has Grown</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41341588/donald-trumps-world-liberty-financial-token-sales-hit-220m-in-first-hour-website-faces-mul">Donald Trump&#8217;s World Liberty Financial Token Sales Hit $220M In First Hour, Website Faces Multiple Outages</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41330879/tokenization-on-track-to-reach-trillion-dollar-market-by-2030-says-industry-expert">Tokenization On Track To Reach Trillion-Dollar Market By 2030, Says Industry Expert</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41337016/anthony-pompliano-predicts-teslas-automation-tech-will-spike-stablecoin-adoption-people-do">Anthony Pompliano Predicts Tesla&#8217;s Automation Tech Will Spike Stablecoin Adoption: &#8216;People Don&#8217;t Want To Spend Their Bitcoin&#8217;</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41331856/bitcoin-spot-etfs-saw-555-8m-net-inflows-on-monday-monster-day">Bitcoin Spot ETFs Saw $555.8M Net Inflows On &#8216;Monster&#8217; Monday</a></li>
</ul>



<p><strong>Top Gainers:</strong></p>



<figure class="wp-block-table"><table><tbody><tr><td><strong>Cryptocurrency</strong></td><td><strong>Price&nbsp;&nbsp;&nbsp;&nbsp;</strong></td><td><strong>Gains +/-</strong></td></tr><tr><td>cat in a dogs world (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">MEW</a>)</td><td>&nbsp;$0.008708</td><td>+8.4%</td></tr><tr><td>Fantom (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ftm/usd">FTM</a>)</td><td>&nbsp;$0.7717</td><td>+6.4%</td></tr><tr><td>Beam (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/beam/usd">BEAM</a>)</td><td>&nbsp;$0.01748</td><td>+6.3%</td></tr></tbody></table></figure>



<p><strong>Trader Notes: </strong>With Bitcoin prices crossing the $66,000 mark, Smiley Capital said its time for "more bullish propaganda." The trader pointed out a pattern that has held for the last three Bitcoin bull runs.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">good afternoon it&#39;s time for more bullish propaganda<br><br>you might not subscribe to 4 year cycles, but until they&#39;re invalidated, I&#39;m going to use them as confluence and there&#39;s nothing you can do about it<br><br>for over a decade we have had an exact yearly pattern<br><br>what happens next? <a href="https://t.co/TTravUqzwh">pic.twitter.com/TTravUqzwh</a></p>&mdash; &#x1f642; (@smileycapital) <a href="https://twitter.com/smileycapital/status/1846182577771536669?ref_src=twsrc%5Etfw">October 15, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div><figcaption class="wp-element-caption">Crypto trader Ali Martinez <a href="https://x.com/ali_charts/status/1846112527492829552">noted</a> that Bitcoin open interest across all exchanges peaked to a new all-time high of $19.75 billion. He added that this surge implies "big price moves ahead, with more capital on the line." Coinglass data reported Bitcoin open interest of $37.3 billion, the highest since July 29. <br><br>Cold Blooded Shiller suggests that Bitcoin is approaching a critical battle zone on the weekly chart. Indicators on the Daily chart, such as the RSI at 67 show stalling momentum. If Bitcoin breaks above this level, it will confirm a shift in market momentum, signaling that bulls are in control.<br><br>The analyst predicts that if the market enters the &#8220;overbought&#8221; zone for the first time in 7 months, it could stay there for a while, potentially pushing Bitcoin to $100,000 and beyond. This shift would mark a significant technical breakout.</figcaption></figure>



<p><strong>What&#8217;s Next</strong>: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.</p>



<p><strong>Read Next:&nbsp;</strong></p>



<ul>
<li><strong><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41336897/3-reasons-why-a-bitcoin-all-time-high-before-the-election-is-back-in-play">3 Reasons Why A Bitcoin All-Time High Before The Election Is Back In Play</a></strong></li>
</ul>



<p><em>Image: Shutterstock</em></p>    

Bitcoin, Ethereum, Dogecoin Trade Sideways After BTC Spike To $68K: Is The Same Pattern Playing Out For A Fourth Straight Time?

XRP back above $0.54 as Ripple makes key announcements at Swell 2024

<p>Into The Cryptoverse founder Benjamin Cowen sees <strong>Bitcoin</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) near-term trend depending on the upcoming labour market report <a href="https://www.benzinga.com/topic/2024-election">and election results</a>.</p>



<p><strong>What Happened:</strong> The analyst highlighted in a social media <a href="https://x.com/intocryptoverse/status/1846204889354965163">post</a> on Tuesday that while short-term predictions are challenging, market momentum may start to wane as we approach the release of the November labor market report and election results. </p>



<p>He further added that the market would likely find its next real direction after these significant events.</p>



<p>Cowen pointed out that Bitcoin has often rallied up to the lower high structure during the middle-to-late part of a month, only to trade sideways until after labor market data has been released.</p>



<p>He suggested that the next direction for Bitcoin would likely depend on fresh labor market data, coming out on Nov.1.</p>



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/digital-assets"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



<p><strong>Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41336897/3-reasons-why-a-bitcoin-all-time-high-before-the-election-is-back-in-play">3 Reasons Why A Bitcoin All-Time High Before The Election Is Back In Play</a></strong></p>



<p><strong>Why It Matters:</strong> Cowen&#8217;s predictions suggest that major economic and political events can have a direct impact on market trends. He highlighted the importance of the labor market report and election results.</p>



<p>These forecasts come in the wake of a $555.8 million in <a href="https://www.benzinga.com/money/best-spot-bitcoin-etfs">Bitcoin spot ETF</a> inflows on Monday. </p>



<p>On Oct. 14, Cowen noted that Bitcoin is holding the bull market support band for the last few weeks. He had then <a href="https://x.com/intocryptoverse/status/1845820987641643410">predicted</a> if "late-October seasonality kicks in (which is usually bullish), the $67,000-$68,000 area could be next."</p>



<p><strong>What&#8217;s Next</strong>: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.</p>



<p><strong>Read Next:&nbsp;</strong></p>



<ul>
<li><strong><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41331856/bitcoin-spot-etfs-saw-555-8m-net-inflows-on-monday-monster-day">Bitcoin Spot ETFs Saw $555.8M Net Inflows On &#8216;Monster&#8217; Monday</a></strong></li>
</ul>



<p><em>Image: Shutterstock</em></p>    

Bitcoin's Next Big Move To Be Decided By Election Result And Labor Market Report, Says Benjamin Cowen

<p>Over the past 24 hours, <strong>Immutable's</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">IMX</a>) price has fallen 3.72% to <strong>$1.59</strong>. This is opposite to its positive trend over the past week where it has experienced a 10.0% gain, moving from $1.44 to its current price. </p>
<p>The chart below compares the price movement and volatility for Immutable over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.</p>
<p><img src="https://www.benzinga.com/files/images/story/2024/1729019022_0.png" alt="price_chart" /></p>

<p><strong>The trading volume for the coin has increased 28.0%</strong> over the past week while the overall circulating supply of the coin has increased 1.91% to over 1.64 billion which makes up an estimated 81.89% of its max supply, which is 2.00 billion. The current market cap ranking for <strong>IMX</strong> is <strong>#41</strong> at <strong>$2.60 billion</strong>.</p>
<p><img src="https://www.benzinga.com/files/images/story/2024/1729019022_1.png" alt="supply_and_vol" /></p>

<p><a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a></p>
<p><em>This article was generated by Benzinga's automated content engine and reviewed by an editor.</em></p>    

Cryptocurrency Immutable Decreases More Than 3% Within 24 hours

<p>Over the past 24 hours, <strong>Fantom's</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ftm/usd">FTM</a>) price rose 8.14% to <strong>$0.79</strong>. This continues its positive trend over the past week where it has experienced a 16.0% gain, moving from $0.66 to its current price. As it stands right now, <strong>the coin's all-time high is $3.46</strong>. </p>
<p>The chart below compares the price movement and volatility for Fantom over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.</p>
<p><img src="https://www.benzinga.com/files/images/story/2024/1729018953_0.png" alt="price_chart" /></p>

<p>Fantom's trading volume has climbed 32.0% over the past week along with the circulating supply of the coin, which has increased 0.11%. This brings the circulating supply to 2.80 billion, which makes up an estimated 88.3% of its max supply of 3.17 billion. According to our data, the current market cap ranking for FTM is #47 at $2.20 billion.</p>
<p><img src="https://www.benzinga.com/files/images/story/2024/1729018953_1.png" alt="supply_and_vol" /></p>

<p><a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a></p>
<p><em>This article was generated by Benzinga's automated content engine and reviewed by an editor.</em></p>    

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