Move over S2F — Model creator says ‘90% chance’ BTC never dips below $11K again

The author behind a valuation model for Bitcoin that’s based on Metcalfe’s Law says the crypto asset will likely be priced around $12,000 by the end of November and reach $1 million within a decade. In an Oct. 11 Twitter thread, Timothy Peterson, Global Macro Manager at Cane Island Alternative Advisors, said there is “90% chance that Bitcoin will never again close below $11K.” Disclaimer: While he’s deadly serious, the prediction recalls the oft stated meme about the “last chance” to buy Bitcoin under $10K, which has frequently been proven…

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Will Bitcoin Mining Pools Foster Decentralization? – Bitcoin Magazine

Bitcoin’s underlying computer network is the largest, most sophisticated computerized system in the world with working units in almost every part of the globe, from China to Kazakhstan to Venezuela to the U.S.  And with recent all-time highs in hash rate and difficulty level, the Bitcoin mining industry is more competitive than ever. Meanwhile, there are questions about whether efforts toward its decentralization are enough to combat China’s dominance in the sector. An important element to Bitcoin mining’s overall growth as well as its decentralization is the network of mining…

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Spain Approves Bill Requiring Cryptocurrency Owners to Disclose Crypto Holdings and Gains

Spain’s government has reportedly approved a bill that requires cryptocurrency owners to disclose their crypto holdings and any gains on their assets. Spain’s Finance Minister and the government’s spokesperson, Maria Jesus Montero, said at a press conference following the weekly cabinet meeting that this bill is part of broader legislation to crack down on tax fraud, several Spanish news outlets have reported. The bill was sent to the Spanish Congress of Deputies on Tuesday and will now go to parliament for discussion and final approval. “This is a bill that…

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DeFi market fall showcases how rising TVL doesn’t tell the full story

The decentralized finance market seems to be deflating after the DeFi summer craze when tokenized versions of Bitcoin and protocols, such as Uniswap and SushiSwap, outperformed the rest of the market. Earlier in October, the two main DeFi indices, Binance’s DeFi Composite Index and TokenSet’s DeFi Pulse Index Set lost more than 60% and 50% of their value, respectively. Meanwhile, total value locked in DeFi projects has been inching closer to its all-time high of $11.2 billion since late September. DeFi Composite Index was launched by Binance Futures in late…

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Lies, Deception And Unnatural Money – Bitcoin Magazine

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning” – Henry Ford The continued functioning of the financial system you have lived under for your entire life is dependent on the average person not understanding exactly how it works, and there are many reasons for this. As you read deeper and deeper into this article, I hope that you will realize how deceiving our money really is. Governments…

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Ethereum price back on track to $500 once bulls flip $400 to support

On Oct. 12 the price of Ether (ETH) soared 8.15% to reach a new monthly high at $387.75 on Binance. The rally from $366 to as high as $387.50 occurred as Bitcoin (BTC) price surged to $11,600, leading traders to speculate that the crypto bull market has restarted. Over the past few weeks Ether’s fundamentals have strengthened and despite a sharp downturn in the price of decentralized finance tokens, the number of active users in the Ethereum network has continued to grow. ETH/USDT daily chart. Source: TradingView.com Ether follows Bitcoin…

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Bank of England Moves Closer to Negative Interest Rates, Asks Banks if They Are Ready

The Bank of England has moved closer to adopting a negative interest rate policy. The central bank has asked commercial banks in the U.K. to provide details of how ready they are to deal with negative interest rates, asserting that for the policy to be effective, commercial banks need to be ready to implement it. Bank of England Engages Commercial Banks on Negative Interest Rates The Bank of England has asked commercial banks how ready they are to implement negative interest rates. This followed the central bank’s Monetary Policy Committee…

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Grayscale’s Ethereum Trust Attains SEC Reporting Company Status

Grayscale Investments says the registration statement on Form 10 that it filed with the U.S. Securities and Exchange Commission (SEC) on behalf of the Ethereum Trust has become effective. This means Ethereum Trust is now an official SEC reporting company and the second digital currency investment product to achieve the milestone. Grayscale’s BTC Trust (GBTC) is the first investment product to attain the status after its filing became effective on January 21 of 2020. An organization becomes a SEC reporting company or public company upon “registration pursuant to Section 12(g)…

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Billionaire UK newspaper owner calls DeFi technology ‘revolutionary’

Alexander Lebedev, the owner of U.K. newspapers Evening Standard and The Independent, along with Russian publication Novaya Gazeta, has spoken glowingly of the potential for cryptocurrency and smart contracts to revolutionize finance. In an extensive 1800 word opinion piece published in The Independent on October 13, the billionaire predicted blockchain tech will disrupt what he described as a parasitic global banking oligopoly, asserting that “blockchain technologies and smart contracts will make it unnecessary to employ the vast majority of people in the financial sector.” Although he thinks the current “explosive…

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Regrets — Ripple’s CTO sold 40,000 Ether for just $1 each

Ripple’s Chief Technology Officer, David Schwartz, has revealed that he and his wife decided to make a “derisking plan” for their crypto investments in 2012 — resulting in eight-figures worth of missed profit at current prices. In a series of tweets published on October 11, Schwartz revealed that he sold 40,000 Ether (ETH) for $1 each back then — a stash that would be worth more than $15.5 million at today’s prices. The Ripple (XRP) executive also said that he regretted selling a significant sum of Bitcoin (BTC) for $750…

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