2023-10-29 16:31:55 The first cryptocurrency tested the level of $35,000, experts assessed the chances of continuing the rally, the court ordered the SEC to review Grayscale’s application for a Bitcoin ETF, the fortune of Binance CEO Changpeng Zhao has decreased by 82% since January 2022, and other events of the past week.Bitcoin tested the $35,000 level On Monday, October 23, quotes of the first cryptocurrency exceeded $31,000.The next day, the price of Bitcoin tested the level of $35,000 for the first time since May 2022.At the time of writing, digital gold is trading at $34,200.BTC/USDT hourly chart of the Binance exchange.Data: [TradingView](https://www.tradingview.com/symbols/BTCUSDT/).All digital assets from the top 10 by capitalization ended the week in the “green zone”.The biggest gains were made by Bitcoin (+14.6%), Cardano (+14.2%), Dogecoin (+13.5%) and Solana (+12.9%).
Data: [CoinGecko](https://www.coingecko.com/).The total capitalization of the cryptocurrency market is above $1.3 trillion.
Bitcoin dominance index – 54%.Experts estimate the chances of Bitcoin rising to $40,000 In the short term, Bitcoin will continue its upward movement against the background of growing trading volumes and the influx of funds into cryptocurrency funds.
This was stated by experts interviewed by ForkLog.According to BestChange analyst Nikita Zuborev, the local trend arose against the backdrop of moderately positive [news](https://www.archyde.com/category/news/) – the SEC’s refusal to continue proceedings against Ripple executives, as well as the US Court of Appeal’s ruling to review Grayscale’s application to convert its cryptocurrency trust into a spot Bitcoin ETF.According to Anton Toroptsev, regional director of the Commex exchange in the Russian Federation and the CIS, a good sign that the market is beginning to transition to a bullish phase is that negative [news](https://www.archyde.com/category/news/) has ceased to significantly influence it.
“It’s too early to talk about the start of a rally, but this is definitely a healthy recovery in the market.
I would expect volatility and trading volumes to continue to increase.At the same time, based on past cycles, there is still room for correction,” he added.
The fuel for the current growth of Bitcoin was short positions and stop losses, as well as the influx of liquidity from China and almost 2 billion printed stablecoins, says trader Vladimir Cohen.But the main driver is still the expectation of Bitcoin ETF adoption.Matrixport: Bitcoin will reach $125,000 by the end of 2024 The fifth bull market for digital gold officially began on June 22, 2023, and by December 2024, quotes could reach $125,000.This is the conclusion of Matrixport analysts.Experts associated the start of a new growing trend with the update of the annual maximum (June 22, 2023).According to their calculations, after this signal was triggered, the return on investment in Bitcoin averaged +310%.
Based on these figures, analysts estimate that the price could reach $125,000 by December 2024.
They named the optimal entry point 14-16 months before the halving – in October 2022, when Bitcoin was trading at $17,000.At that time, experts recommended opening a long-term long.What to discuss with friends? The founder of Uniswap burned 99% of the HayCoin token associated with the project.Media: Telegram is preparing for an IPO in 2025.The creators of the “fake” BAYC tokens will pay $1.6 million to Yuga Labs.
The court ordered the SEC to review Grayscale’s application for a spot Bitcoin ETF The US Court of Appeals has formally approved a decision requiring the SEC to reconsider Grayscale Investments’ application to convert GBTC into a spot ETF based on the first cryptocurrency.In June 2022, the asset manager sued the regulator for refusing to convert their flagship trust.
The company sent the corresponding application back in October 2021.At the end of August, the court granted Grayscale’s request and ordered the Commission to reconsider the decision.The new document repeats the decision of the appellate court.
According to the ruling, the management company proved that the proposed spot ETF is similar to already approved Bitcoin futures exchange-traded funds.SEC fines BlackRock $2.5 million for concealing information The SEC brought charges against BlackRock for “failing to accurately describe investments in the [entertainment](https://www.archyde.com/category/entertainment/) industry.” The company agreed to pay a fine of $2.5 million.The regulator claims that from 2015 to 2019, the financial giant’s Multi-Sector Income Trust (BIT) invested in the film company Aviron Group.BlackRock allegedly described it as a “diversified financial services” firm, but that was false, the Commission said.“Retail and institutional investors rely on accurate information about the companies that comprise a closed-end or mutual fund’s portfolio to evaluate current or potential investments,” the agency said.
BlackRock also falsely stated that Aviron paid a higher interest rate than it actually was.The fund manager identified these inaccuracies in 2019 and corrected them in future reports, according to the SEC filing.
Also on ForkLog: The developer company Polkadot will cut 30% of its employees.Bitmain introduced a new miner with a capacity of 190 TH/s.Justin Sun reported HTX’s quarterly profit of $98 million.The Ethereum team postponed the Dencun hard fork to 2024.Bloomberg: the fortune of the head of Binance decreased by 82% The capital of Binance crypto exchange CEO Changpeng Zhao (CZ) fell by 82% – from a maximum of $96.6 billion in January 2022 to $17.3 billion currently.This is evidenced by the Bloomberg billionaires ranking.The head of the trading platform ranks 95 in the top.
On an annualized basis, Zhao’s fortune increased by 37% or $4.69 billion.The figure could have been higher, but in the period from October 24 to October 26 it plummeted by more than $12 billion.The publication obtained this data based on CZ’s controlling stake in Binance.Bloomberg estimates that the exchange’s revenue for 2023 was $7.9 billion, taking into account the average volume of commissions, spot and derivatives trading.In this case, the calculations take into account the investments of the head of the trading platform in Bitcoin and BNB.
Zhao is credited with 90% of Binance’s shares, based on his public statements and corporate documents.
He also owns about 86% of the American subsidiary Binance.US, which was valued at $4.7 billion during an investment round in March 2022.
What else to read? This week we talked about what liquidity pools are and whether flatcoins can stop global inflation.The traditional digest collected the main events of the week in the field of cybersecurity.The cryptocurrency industry is attracting an increasing number of institutional players.This is evidenced by new investments in infrastructure and the increasing attention that companies are paying to Bitcoin as an asset class.
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