Transform financial services through DeFi & Tokenization at Meridian 2024. Stellar Development Foundation’s annual conference will take place in London, UK, from October 15 to 17. Learn More.

Gevulot is the universal proving infrastructure for ZK. Try ZkCloud with free usage, plus extended grant opportunities for premier customers, until 'Q1 2025.

Cartesi did the hard work, like putting Linux on the blockchain, so that building dApps could be radically simple. Discover a boundless design space for your most ambitious web3 projects.

Bits + Bips: Why Bitcoin Is a Leveraged Bet on Global Liquidity

Is Bitcoin’s price all about global liquidity? The gang weighs in on liquidity cycles, Solana token unlocks, the Fed’s surprising rate cuts, and bitcoin ETF options.

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Sam Callahan of The NewsBlock to explore how macroeconomic factors and liquidity conditions are driving bitcoin’s price. They dive into the Federal Reserve’s recent rate cuts, the impact of Solana’s token unlocks, and why many investors are concerned about a potential liquidity crunch. Plus, the panel discusses whether bitcoin’s price is increasingly dependent on global M2 money supply, and how BlackRock’s Bitcoin ETF options could impact the market.

Is bitcoin simply a leveraged macro bet? And could Solana’s unlocks cause a price squeeze?

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Earn bitcoin on Gemini here.

What’s Poppin’?

by Frederick Munawa

Is an ‘Uptober’ Bitcoin Price Rally Imminent?

October has typically been one of the best months for bitcoin prices and if key economic indicators remain strong, that trend will likely continue, analysts say.  

Daily Bits… ✍️✍️✍

• 🔨 A federal judge ruled that the case against Tornado Cash co-founder Roman Storm, accused of money laundering and sanctions violations, will proceed, rejecting his motion to dismiss charges related to the use of his privacy-focused crypto protocol.

• ⚖️ An examiner’s report found that law firm Sullivan & Cromwell did not overlook any critical warning signs about FTX's misconduct during its advisory role in Sam Bankman-Fried’s purchase of Robinhood shares, clearing the firm of potential conflicts during the crypto giant’s collapse.

• 💵 Robinhood is reportedly exploring the possibility of launching its own stablecoin, although the company has stated there are no immediate plans to release one.

• 📈 Base hit a new milestone with over $2 billion in total value locked driven largely by the decentralized exchange Aerodrome, which contributed significantly to the network's rapid growth.

• ❓ SEC Chair Gary Gensler reiterated that bitcoin is not a security during an interview, but refrained from sharing his views on Donald Trump’s proposal for a US bitcoin reserve, stressing that existing laws already provide enough clarity for the crypto industry.

• 🕵️‍♂️ The U.S. Department of Justice seized domains tied to three crypto exchanges allegedly involved in laundering $800 million in illicit transactions, targeting Russian nationals linked to cybercriminal networks.

• 🔋 Bitcoin mining company Bitdeer, in partnership with semiconductor giant TSMC, is set to launch a new high-efficiency mining chip, SEAL02, after successfully testing its power-saving capabilities.

Today in Crypto Adoption...

• 📊 Guggenheim Treasury Services issued $20 million in tokenized commercial paper on the Ethereum blockchain.

The $$$ Corner…

• 💻 Mawari Network, a Solana-based DePIN project focused on spatial computing, raised $10.8 million in strategic funding, with plans to scale its decentralized infrastructure for augmented and virtual reality applications.

• 💸 Avalanche is launching a $40 million “Retro9000” grant program to incentivize developers to build on the network ahead of its major upgrade, Avalanche9000, aiming to strengthen the blockchain ecosystem through a prolonged testnet phase.

What Do You Meme?

📈 Your Market Update 📉

• BTC is up 2.0%, trading at $65,578

• ETH is up 0.9%, trading at $2,648

• BTC dominance: 53.9%

• Crypto market cap: $2.4T

*All data as of today, 07:09 am ET. Source: CoinGecko

Recommended Reads

1. Inside the Biden Admin’s Plot to Destroy Silvergate and Debank Crypto for Good by Nic Carter

2. The Defiant: Base Accounts for Majority of Ethereum Ecosystem Activity

3. DL News: How Stani Kulechov and Rune Christensen cleared the air to usher in a ‘DeFi renaissance’

We Are Hiring!

1. A Bitcoin Reporter to cover all things Bitcoin. See the details and apply here. 

2. A Regulatory Reporter to cover regulatory topics in the space. See the details and apply here.

3. A Senior Editor to help assign and edit daily news stories, as well as work on features and other editorial projects as needed. See the details and apply here.

4. An Audience Development Director to broaden the reach of the publication’s content, whether through the web, social media, newsletters, podcast platforms, or videos. See the details and apply here.

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