I checked the market in the early hours, and $BTC was back near 87K. It’s starting to feel like Uptober.
But the fundamentals behind this rally aren’t so straightforward. The 10-year Treasury yield hit 5.34%, a new high for 2024, and the market is even pricing in a Fed rate hike in October (with odds around 23%). In this macro environment, the fact that BTC is still holding above $87K shows just how strong buying pressure is—Strategy added another 334 BTC, while BitMine was busy too, snapping up 15,000 $ETH worth about $41 million.
There’s some good news on the regulatory front, too: FinCEN withdrew its proposed new surveillance rules targeting mixers and self-hosted wallets, and the CFTC cited Chainlink’s 2.0 white paper while working on investor-protection rules. ZEC could be in for a moment as well: DCG subsidiary Fortitude secured priority access to Bitmain’s next-generation miners and made a $100 million purchase commitment, bringing the privacy narrative back into the spotlight.
My take: With rates this high, the harder the rally runs, the more cautious you should be. Don’t get carried away before we hold above $94K—let’s see how a retest goes.
NFA DYOR
#BTC #ETH #ZEC #Uptober #CryptoRegulation
But the fundamentals behind this rally aren’t so straightforward. The 10-year Treasury yield hit 5.34%, a new high for 2024, and the market is even pricing in a Fed rate hike in October (with odds around 23%). In this macro environment, the fact that BTC is still holding above $87K shows just how strong buying pressure is—Strategy added another 334 BTC, while BitMine was busy too, snapping up 15,000 $ETH worth about $41 million.
There’s some good news on the regulatory front, too: FinCEN withdrew its proposed new surveillance rules targeting mixers and self-hosted wallets, and the CFTC cited Chainlink’s 2.0 white paper while working on investor-protection rules. ZEC could be in for a moment as well: DCG subsidiary Fortitude secured priority access to Bitmain’s next-generation miners and made a $100 million purchase commitment, bringing the privacy narrative back into the spotlight.
My take: With rates this high, the harder the rally runs, the more cautious you should be. Don’t get carried away before we hold above $94K—let’s see how a retest goes.
NFA DYOR
#BTC #ETH #ZEC #Uptober #CryptoRegulation