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- 🟠 BTC Hits $68,000
First time reading? I’m Jordan, and this is The Bitcoin Minimalist. Every Tuesday & Thursday, we scour 100s of sources to bring you need-to-know Bitcoin insights.
Good morning — Jordan here.
Happy Tuesday to the 16,686 Minimalist members reading today. 👋
Today we’re covering:
Tesla moves $700+ million worth of bitcoin
Bitcoin ETF inflows rise
Early wallet from 2009 moves coins to Kraken
And everything else you need to know.
Estimated read time: 2 minutes and 49 seconds
Bitbo launched a FREE live version of the Fear & Greed index.
WHAT WE’RE WATCHING
Trump’s odds of winning the election have moved up to 60%, according to Polymarket. Some attribute Bitcoin’s rise to Trump’s increasing odds.
📈 Bitcoin surged nearly 10% over the past week, reaching a 2.5-month high of $68,200. Analysts link this rally to rising odds of Donald Trump winning the 2024 election. Trump’s lead on prediction markets correlates with increased Bitcoin investor optimism, driving Bitcoin sentiment from "fear" to "greed."
🚚 Tesla moved its entire $765 million Bitcoin stash, totaling 11,500 BTC. The company moved the BTC to unknown wallets in 26 transactions on Oct. 15. The wallet had been dormant since June 2022, and there’s no indication Tesla sold the crypto. Details may emerge in Tesla’s Q3 financial report.
🐋 A Bitcoin whale who mined BTC during the 2009 "Satoshi era" has moved $630,000 worth of coins to Kraken. Arkham Intelligence reports this is part of a $5.47 million transfer over the past two months, with the whale holding 1,139.2 BTC ($74.5 million).
🏦 BlackRock CEO Larry Fink called Bitcoin "an asset class in itself" during the Q3 2024 earnings call. Fink emphasized its potential as an alternative to gold. With BlackRock's Bitcoin ETF holding ~$25 billion in assets, Fink’s remarks signal growing institutional acceptance of Bitcoin as a mainstream investment.
💼 Bitcoin ETFs attracted over $370 million in inflows on October 15. IBIT led the charge with $288.84 million in inflows. Total inflows for Bitcoin ETFs this week have surpassed $1.1 billion.
💰 Blockstream raised $210 million in a convertible note financing round, led by Fulgur Ventures. The funds will boost the adoption of its layer-2 technologies, expand its mining operations, and grow its Bitcoin treasury. The company also appointed Michael Minkevich as its new Chief Operating Officer.
📉 Trump's crypto project, WLFI, saw a weak debut. First-day sales amounted to less than 4% of the 20 billion tokens offered. CNBC reports the project is off to a "rough start."
IN THE LOOP
TD Bank faces a $3 billion fine for failing to report suspicious cryptocurrency transactions linked to money laundering networks.
Eric Trump will speak at the Bitcoin MENA Conference in the UAE.
Google’s partnership to develop small modular reactors (SMRs) could revolutionize Bitcoin mining.
Metaplanet shares surged 16% after the firm purchased 107 Bitcoin, doubling its holdings to over 450 Bitcoin this month.
Bitmain announced the launch of its ANTMINER S21+ series with shipments expected in early 2025.
Italy is considering raising the capital gains tax on Bitcoin from 26% to 42%.
POLL
Why do you think Tesla moved its Bitcoin holdings?Tesla has a long history of making moves that affect the Bitcoin market. |
MONDAY’S POLL RESULTS
Why is the Bitcoin price up today (October 14th)?
🏦🏦🏦🏦 Supply & Demand - 48%
⛏️⛏️ Miner Sell Pressure Fading - 19%
🇺🇸🇺🇸 Pro-Bitcoin Trump odds increasing - 25%
🇮🇷/🇮🇱 Iran/Israel tensions - 6%
❓Other - 2%
VIDEO
MetaPlanet's Dylan LeClair highlights Bitcoin as a trillion-dollar opportunity.
CHARTS & DATA
Fear & Greed - The Bitcoin Fear & Greed Index has hit 73 which means the market is currently in “Greed”.
Original Rainbow - Bitcoin is pushing closer to the “Buy” zone of the original Bitcoin rainbow chart.
HPR Rainbow - On the HPR rainbow, the Bitcoin price has moved up way past the model price (pink line).
FROM THE ARCHIVE
Contrary to popular belief, the term HODL in Bitcoin does not at all mean “Hold On for Dear Life”.
The HODL term originated on the Bitcointalk.org forums in 2013.
A user named GameKyuubi was drunk and made a typo.
As the Bitcoin price was crashing, GameKyuubi wrote “I AM HODLING” instead of “I AM HOLDING”.
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