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  • US prosecutors urge judge to hand Bitfinex hack mastermind five-year sentence

    US prosecutors urge judge to hand Bitfinex hack mastermind five-year sentence

    Samourai Wallet co-founder released on $1M bond
    • The Bitfinex crypto hack resulted in the theft of 120,000 Bitcoin
    • Ilya Lichtenstein used a series of sophisticated methods to hide the stolen funds between 2016 and 2022
    • He told his wife and co-conspirator about the hack in 2020 who then helped him to hide the stolen assets

    US prosecutors have told a judge that the mastermind behind the Bitfinex exchange hack should receive five years in prison.

    Ilya Lichtenstein, who pleaded guilty last year after stealing 120,000 Bitcoin, was arrested in 2022. His wife and co-conspirator Heather Morgan was also taken into custody, in connection to the 2016 Bitfinex crypto hack. During their arrest, police seized Bitcoin worth around $71 million at the time of the hack.

    According to Bloomberg, a court filing was submitted to the US District Court of Columbia, US prosecutors say Lichtenstein should receive a longer sentence than Morgan, also known as rapper Razzlekhan.

    Last week, federal prosecutors recommended that Morgan receive an 18-month prison sentence given her “substantial assistance” in the case and the fact that she didn’t know her husband had hacked into Bitfinex.

    Prosecutors argued that a stronger sentence for Lichtenstein would help deter young cybercriminals from attempting the same thing. According to them, this online activity is “normalized in a way that trivializes the impact on the victims.”

    By giving a tougher sentence, prosecutors believe it will “help to break this cycle.”

    Sole responsibility for the hack

    While it was initially believed that both of them were involved in the exchange’s hack, Lichtenstein was identified as the primary person responsible.

    It was only in 2020 that Morgan found out about what her husband had done and admitted to helping him hide the stolen crypto. Following the hack, Lichtenstein transferred around 120,000 Bitcoin into a self-custody wallet under his control.

    Over the next few years, he withdrew 25,000 Bitcoin, laundering the stolen funds through darknet markets, non-compliant virtual currency exchanges, and mixers and tumblers, including Bitcoin Fog, Helix, and ChipMixer.

    With Morgan’s help, the pair used the stolen funds to buy nonfungible tokens (NFTs), gold, and Walmart gift cards.

    Prosecutors have not pushed the judge to give Lichtenstein the maximum sentence due to his assistance in other criminal cases. For instance, in February, Lichtenstein testified as a government witness in a money-laundering trial against Bitcoin Fog.

    The pair are scheduled to be sentenced in November.

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  • Grayscale wants to convert its mixed-crypto fund into an ETF

    Grayscale wants to convert its mixed-crypto fund into an ETF

    Grayscale wants to convert its mixed-crypto fund into an ETF
    • Grayscale filed to convert its $524M Digital Large Cap Fund into an ETF
    • The fund includes BTC, ETH, Solana, XRP, and Avalanche among its holdings
    • This is Grayscale’s third ETF conversion after its Bitcoin and Ethereum funds

    Grayscale Investments has taken a significant step toward expanding its suite of cryptocurrency-based financial products by filing with the US Securities and Exchange Commission (SEC) to convert its Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF).

    The GDLC, which currently trades over the counter, offers diversified exposure to several leading digital assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Ripple (XRP), and Avalanche (AVAX).

    Grayscale’s move marks a continued effort by Grayscale to make cryptocurrency investments more accessible to traditional investors.

    Grayscale’s Digital Large Cap Fund (GDLC)

    According to the company’s report, the fund has $524 million in assets under management, with a significant concentration in Bitcoin and Ethereum, making up nearly 75% and 19% of the holdings, respectively.

    The remaining portion is allocated to Solana, XRP, and Avalanche, providing investors with a balanced exposure to established and emerging cryptocurrencies.

    The third time Grayscale is converting a fund into an ETF

    If approved, the ETF would represent Grayscale’s third conversion of a fund into an ETF, following its previous transitions of Bitcoin and Ethereum funds earlier this year.

    A spokesperson from Grayscale emphasized that the filing reflects the firm’s commitment to enhancing the accessibility of the crypto asset class for mainstream investors.

    The company aims to leverage the regulatory structure of an ETF to offer a more efficient and widely accepted investment vehicle, which could attract additional interest from institutional and retail investors.

    In parallel with Grayscale’s move, the market has seen a surge in ETF filings for various crypto assets.

    Recently, Bitwise submitted an application to the SEC seeking permission to list a spot XRP ETF and Canary Capital submitted applications to list XRP and Litecoin ETFs. However, these filings have yet to receive approval, underscoring the regulatory uncertainty surrounding crypto-based ETFs in the United States.

    Grayscale’s initiative to convert GDLC into an ETF aligns with its broader strategy of offering products that bridge the gap between traditional finance and the evolving digital asset landscape.

    Alongside its proposed conversion, the firm has also introduced funds that provide exposure to XRP and the AAVE governance token, reflecting its proactive approach to navigating the competitive and regulatory dynamics of the crypto market.

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  • Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses

    Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses

    Tesla transfers Bitcoin worth $770M to new addresses
    • Tesla relocated 11,509 bitcoins, valued at $770 million, to new addresses.
    • This marks Tesla’s first Bitcoin transaction since selling most holdings in 2022.
    • Tesla remains the third-largest Bitcoin holder among public companies after MicroStrategy.

    Tesla, the electric vehicle giant led by Elon Musk, has recently relocated its entire Bitcoin (BTC) treasury, consisting of 11,509 bitcoins valued at approximately $770 million, to multiple new addresses.

    This significant move was reported by analytics firm Arkham Research, which tracked the on-chain data associated with the transactions.

    First time Tesla is touching its Bitcoin stockpile

    The transfer of bitcoins marks Tesla’s first interaction with its crypto wallets since 2022 when the company sold off the majority of its holdings.

    The series of transactions occurred within a single hour and was preceded by six test transactions, indicating a strategic approach to the relocation.

    At its peak, Tesla held around 43,000 bitcoins, but according to the latest quarterly report, the company reportedly had about 9,720 BTC, worth roughly $650 million as of October 15.

    Arkham estimates that Tesla still holds 11,509 bitcoins across 68 addresses, reflecting a significant adjustment in its cryptocurrency strategy.

    Tesla’s past dealings with Bitcoin have been noteworthy. In early 2021, the company made headlines with a monumental $1.5 billion investment in the cryptocurrency, followed by the sale of $272 million worth of bitcoin in the first quarter of 2021, resulting in a profit of $128 million.

    By the second quarter of 2022, Tesla sold another $936 million in Bitcoin, garnering $64 million in gains as the market experienced volatility.

    Despite these transactions, the recent move to new addresses raises questions about Tesla’s future plans for its Bitcoin holdings. Industry speculation suggests that the company might be preparing for further sales, although no official statements have clarified the intent behind the recent transfer.

    As of now, Tesla remains the third-largest holder of Bitcoin among publicly traded companies, trailing behind MicroStrategy and Marathon Digital Holdings (MARA).

    Additionally, Musk’s other company, SpaceX, is estimated to hold around 8,285 bitcoins, further emphasizing the significant role cryptocurrency plays in the operations of Musk’s enterprises.

    Notably, Tesla continues to accept BTC payments for vehicle purchases, signalling its ongoing engagement with the cryptocurrency landscape.

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  • Bitcoin Dogs (0DOG) price prediction: a potential surge in ‘Uptober’

    Bitcoin Dogs (0DOG) price prediction: a potential surge in ‘Uptober’

    Bitcoin Dogs (0DOG) price prediction: a potential surge in ‘Uptober’
    • October, known as “Uptober,” historically boosts Bitcoin prices significantly.
    • Bitcoin Dogs (0DOG) could surge alongside BTC, with predictions of 100X growth.
    • Upcoming catalysts include a Telegram game and NFT collection driving demand.

    As October unfolds, the cryptocurrency market is buzzing with excitement, and Bitcoin Dogs (0DOG) is emerging as a prominent player in this landscape.

    Historically known as “Uptober,” this month has seen Bitcoin (BTC) experience significant gains, averaging around 22% in previous years. Analysts are optimistic that Bitcoin Dogs, as a leading beta play in this market, will follow suit and deliver impressive returns for investors.

    Historical context and macro conditions

    Bitcoin’s average performance through October indicates a strong likelihood of hitting $73,000 before the month’s end.

    Coupled with China’s stimulating economic measures and expectations of a 50 basis point cut in interest rates from the Federal Reserve, conditions appear ripe for risk assets, including cryptocurrencies.

    In addition, recent geopolitical tensions in the Middle East, particularly with missile launches from Iran, have introduced volatility into the markets.

    Historically, such events often present opportunities for savvy investors, as they tend to buy at depressed price levels. The current environment probably presents a last chance to acquire Bitcoin Dogs before potential price surges as market sentiment shifts.

    The case for Bitcoin Dogs (0DOG)

    Bitcoin Dogs is attracting significant attention due to its positioning within the Bitcoin ecosystem. As the first ICO launched on BTC, 0DOG offers investors a unique opportunity to participate in a historic event that could mirror the early days of Bitcoin itself. The token is a BRC-20 token, meaning it is soft-pegged to Bitcoin’s price and typically moves in tandem with the leading cryptocurrency.

    Analysts are excited about Bitcoin Dogs not just because of its price potential but also due to upcoming catalysts. The community eagerly anticipates the launch of a Telegram game, along with an NFT collection.

    There is a growing trend in demand for Telegram games, and if Bitcoin Dogs’ offering gains traction, it could quickly elevate the token into the top 100 cryptocurrencies by market cap.

    0DOG price predictions for Q4 2024

    Bitcoin Dogs (0DOG) is currently trading at $0.007064, reflecting a 2.8% increase in the last 24 hours. With a 24-hour trading range of $0.006616 to $0.007354, the token has shown resilience amidst broader market fluctuations.

    Looking forward to Q4 2024, analysts predict that 0DOG could see a price range between $0.76 and $1.12. This upper estimate represents a staggering 100X increase from its current market cap, underscoring the potential for explosive growth. The key drivers behind this optimism include the anticipated performance of Bitcoin itself, with forecasts suggesting that BTC could smash past $74,000.

    As liquidity conditions improve and the broader crypto market begins to climb, the fear of missing out (FOMO) among investors will likely kick in, paving the way for another altcoin mania. Being a part of the leading meme coin network, Bitcoin Dogs stands to benefit significantly from this momentum.

    Conclusion

    The narrative surrounding Bitcoin Dogs is compelling, particularly as Uptober has historically proven to be one of the best months for Bitcoin.

    With analysts expecting significant gains in BTC, 0DOG is poised to capitalize on this upward trend. Investors looking for leveraged returns on Bitcoin would do well to consider acquiring 0DOG during this pivotal month.

    If interested in 0DOG, you can visit the official Bitcoin Dogs website to learn more.

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  • Bitcoin firm Blockstream secures $210m to drive layer-2 growth

    Bitcoin firm Blockstream secures $210m to drive layer-2 growth

    • Blockstream will use the $210 million debt funding to boost adoption of its layer-2 solutions
    • The company will also utilise the funds to add to its mining operations and treasury.

    Blockstream, a Bitcoin infrastructure company founded by industry OG Adam Back, has announced it raised $210 million to fund various aspects of the company’s business.

    Firm eyes L2 growth, mining and Bitcoin treasury

    Blockstream said in a press release on Oct. 15 that the convertible note round, led by venture capital firm Fulgur Ventures, will help to fast-track the adoption of its layer-2 platforms. Blockstream will also use part of the funding to boost its mining operations ahead of “the next Bitcoin market cycle.”

    In August 2023, the firm raised $125 million that it used to expand its mining as the market looked to the 2024 Bitcoin halving that happened in April.

    As well as the L2 initiatives, which includes the Liquid Network sidechain launched in 2018, Blockstream is eyeing further growth by using the funding to purchase more BTC. The company is one of the largest holders of Bitcoin.

    “This latest fundraise represents a defining moment for Blockstream as we embark on a critical new phase of growth to further bridge the gap between Bitcoin and the wider world of finance,” said Blockstream co-founder and CEO Adam Back.

    As well as the debt funding, Blockstream announced that it had expanded its leadership with a new appointment. Michael Minkevich will now steer the company’s next growth phase as the chief operations officer. The new COO formerly worked at publicly-traded firm Luxoft as a product engineer lead.

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  • Bitcoin spikes to $66k amid ‘Uptober’ sentiment

    Bitcoin spikes to $66k amid ‘Uptober’ sentiment

    • Bitcoin price broke to above $66,000 for the first time in nearly three weeks
    • Cypto analysts at QCP say ‘Uptober’ and the US election sentiment could push bulls higher

    Bitcoin’s (BTC) price rose more than 6% to break above $66,000 on Monday, October 14, 2024, as most cryptocurrencies recorded 24-hour gains.

    According to data from CoinGecko, BTC’s price had reached highs of $66,173 across major crypto exchanges.

    On Coinbase it hit $66,296. The gains came as the flagship cryptocurrency bounced from the uncertainties witnessed the previous week, with Bitcoin bulls seeing a 4% flip in weekly price performance.

    Bitcoin traded around $65,959 on Coinbase at the time of writing, suggesting a potential continuation amid gains across the S&P 500. The issue of China’s stimulus package was also in trader sentiment. In the crypto market, the overall “Uptober” mood looked to have swung in as altcoins also rose.

    BTC chart. Source: TradingView

    Bitcoin surges ahead of US election

    A forecast for BTC by the Singapore-based trading firm QCP Capital suggests BTC is showing price trajectories that mirror previous US election cycles.

    If this trend continues, Bitcoin bulls may target further gains ahead of the November election.

    “Although there could be many factors that could explain today’s move, it is quite an interesting time if we look at historical price action. We are in the middle of October and just three weeks away from the US elections,” QCP said in an update on Telegram.

    The trend in 2016 saw Bitcoin rise from around $600 three weeks to the election to above $1,200 in early January. It happened again in 2020, when BTC rallied from $11k around mid-October to hit $42k in January 2021.

    “After months of trading in the range, will history repeat itself? Today’s rally has definitely given the market a glimmer of hope just as Uptober optimism was fading,” QCP added in the note.

    Bitcoin reached an all-time high of $73k in March, with the rally coming amid halving sentiment and the launch of spot Bitcoin exchange-traded funds (ETFs).

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  • UK man sues council after denying requests to dig for lost Bitcoin hard drive in landfill

    UK man sues council after denying requests to dig for lost Bitcoin hard drive in landfill

    Crypto.com sues the US SEC after Wells notice
    • James Howell has been trying to get his lost hard drive back for 10 years
    • Howell mined 8,000 Bitcoin on his laptop after learning about Bitcoin in 2009
    • The council have denied Howell’s requests to dig due to “environmental concerns”

    A 39-year-old man is suing Newport City Council for $646 million (£495,314,800 million) in damages after losing his hard drive at a recycling center containing 8,000 Bitcoin.

    James Howell accidentally threw out his hard drive in 2013 during a household clearout. According to WalesOnline, Howell had two hard drives of the same size. One was blank, while the other contained his Bitcoin.

    He mistakenly put the one containing the Bitcoin into a black bin bag, which his then-girlfriend took to the tip. At the time of his loss, his Bitcoin was worth around $1.3 million (£1 million). However, within three months, their value had risen to around $11.7 million (£9 million).

    Howell has reached an agreement, leaving him with 30% of his Bitcoin if the hard drive is found. The remaining would be split between his backers, the recovery team, and the council.

    Howell states that despite meeting a representative of the council in 2013, he’s been “largely ignored.”

    “I’m still allocating 10% of the value for the council even though they have been problematic throughout,” he said. “That would be £41m based on today’s rate but in the future, it could be hundreds of millions.”

    Environmental concerns

    A court filing states that Howell’s hard drive is located in Cell 2- Area 2 of the Docksway landfill.

    If the hard drive is located, the dig would take around 18 to 36 months followed by 12 months of remediation work. Yet, despite promises to safely excavate the Newport site and to modernize the landfill, the council have rejected Howell’s requests to dig due to “environmental concerns.”

    Howell’s lawyers claim that the council have “simply ignored” that 10% of Bitcoin could bring “a huge and desperately needed investment in the local community.”

    Lawyers for the council argue that the hard drive belongs to the council because it was dumped at the tip. However, Howell’s lawyers deny this, claiming that the hard drive was never intended to be thrown away.

    Howell said he didn’t want to go to court, but “this is the final shot.”

    The case is expected to be heard in December.

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  • Mt. Gox delays repayment deadline, pushes it to October 2025

    Mt. Gox delays repayment deadline, pushes it to October 2025

    • The defunct exchange had an original repayment deadline of October 31, 2024
    • Mt. Gox said the delay was down to creditors not completing the repayment steps and issues arising from the repayment process
    • In 2024, Mt. Gox collapsed following a security breach, resulting in the loss of 850,000 Bitcoin

    Defunct crypto exchange Mt. Gox has pushed its repayment deadline to October 2025, adding another year from its original date.

    According to a statement from the exchange, it will now repay creditors on October 31, 2025.

    “As it is desirable to make the Repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline for the Repayments from October 31, 2024 (Japan Standard Time) to October 31, 2025 (Japan Standard Time),” Mt. Gox said.

    This marks the second time the platform has moved its deadline. In a 2023 statement, the platform announced that it was moving its repayment deadline from October 31, 2023, to October 31, 2024.

    Launched in 2010, Mt. Gox was the biggest crypto exchange, handling around 70% of Bitcoin transactions, before a hack in 2014 caused its collapse. As a result of its security breach, the exchange lost around 850,000 Bitcoin.

    In July, it began repaying creditors around $9 billion in recovered assets; however, according to data from Arkham Intelligence, Mt. Gox still holds 44,905 Bitcoin worth around $2.8 billion.

    In the latest statement from the defunct exchange, the delay is down to two things: creditors haven’t completed the necessary steps for repayment and because of issues arising from the repayment process.

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  • MicroStrategy’s endgame is to be the leading Bitcoin bank: Michael Saylor

    MicroStrategy’s endgame is to be the leading Bitcoin bank: Michael Saylor

    MicroStrategy’s endgame is to be the leading Bitcoin bank Michael Saylor
    • MicroStrategy aims to become the world’s leading Bitcoin bank, holding 252,220 BTC.
    • The company invests borrowed funds in Bitcoin, expecting 29% annual returns.
    • Saylor’s goal is to grow MicroStrategy into a trillion-dollar bitcoin-driven entity.

    Michael Saylor, founder and executive chairman of MicroStrategy, in an interview with analysts at research and brokerage firm Bernstein outlined a clear vision for the future of his company. According to Saylor, MicroStrategy aims to become the world’s leading Bitcoin bank.

    Saylor believes that Bitcoin (BTC) is not only the top-performing asset of the 21st century but also the cornerstone of a revolutionary financial system and his ultimate goal is for MicroStrategy to transform into a trillion-dollar company by leveraging the potential of Bitcoin (BTC).

    MicroStrategy’s Bitcoin accumulation strategy

    MicroStrategy’s recent acquisition of 7,420 BTC demonstrates its aggressive approach toward bitcoin accumulation, using both debt and equity to maximize returns. The company’s total investment in BTC is estimated to have cost around $9.9 billion, alongside a debt burden of $4 billion.

    As a result, MicroStrategy now controls about 1.2% of the total Bitcoin supply, reinforcing its prominent position in the market.

    Currently, with over 252,220 BTC in its reserves, currently valued at more than $15 billion, MicroStrategy holds the title of the largest corporate Bitcoin holder globally.

    Saylor’s long-term thesis is that Bitcoin’s scarcity and volatility make it a superior asset for hedging against inflation and storing value. He foresees Bitcoin eventually reaching millions of dollars per coin, and with continued investment, MicroStrategy could grow into a trillion-dollar entity.

    Saylor envisions the firm issuing various financial instruments such as equity, convertible debt, and preferred stock tied to Bitcoin, which would further cement its role in the emerging Bitcoin economy.

    Saylor also emphasizes the attractiveness of Bitcoin over traditional lending models. He argues that lending to Bitcoin, by investing in it directly, offers better returns with less risk compared to lending to individuals or corporations. He plans for MicroStrategy to continue borrowing funds to invest in Bitcoin without lending out the Bitcoin itself, minimizing counterparty risk.

    In the broader context of corporate bitcoin adoption, MicroStrategy’s model stands out. While other companies in the crypto space, like Marathon and Block, have adopted Bitcoin as part of their treasury strategy, MicroStrategy’s focus and scale make it unique.

    Saylor remains confident that MicroStrategy’s business model, which bridges traditional USD capital markets with Bitcoin, will be difficult for others to replicate, positioning the firm as a pioneer in the Bitcoin-driven financial landscape.

    A Bitcoin bank that doesn’t lend out funds

    Unlike traditional banks that lend out funds, MicroStrategy’s business model revolves around borrowing money at low interest rates and investing those funds in Bitcoin.

    By offering slightly higher rates to lenders and expecting Bitcoin’s annual growth to average around 29%, the company is positioned to outperform many conventional investments.

    Saylor’s strategy hinges on capital markets arbitrage, where MicroStrategy capitalizes on the difference between USD capital and Bitcoin’s appreciation, allowing them to generate significant returns.

    MicroStrategy’s bold ambition to become a trillion-dollar Bitcoin bank reflects Saylor’s unwavering belief in Bitcoin’s potential as the world’s most valuable asset.

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  • Bitwise CIO: Three things are needed for Bitcoin’s “melt-up” to $80,000 in Q4

    Bitwise CIO: Three things are needed for Bitcoin’s “melt-up” to $80,000 in Q4

    An image of golden bitcoins
    • Matt Hougan has said three factors will push Bitcoin to $80,000 by the end of 2024
    • Hougan indicated that the US election is a big deal for crypto
    • Altcoins could also help bolster the melt-up case for Bitcoin achieving new highs

    Bitwise’s CIO has indicated three things that could see Bitcoin achieving highs of $80,000 by the end of 2024.

    In a client memo, Matt Hougan said that the US election, the economy, and no negative crypto surprises are what may see a “melt-up” of Bitcoin to trade above $80,000 during the last quarter of 2024.

    At the end of 2023, Bitwise predicted that Bitcoin would reach $80,000. He also indicated that spot Bitcoin exchange-traded funds (ETFs) will be approved.

    In his latest memo, Hougan stood by his belief that Bitcoin will reach all-time highs. Writing about the US election, the CIO stated that while a Republican win would be good for the crypto market “given the GOP’s strong and growing advocacy for the space,” the election is “more nuanced on the Democratic side.”

    He added that the Democrats have “disparate views on crypto” from Senator Elizabeth Warren’s “Anti-Crypto Army” to Representative Ritchie Torres’ deep support of the market.

    “To thrive, bitcoin doesn’t need politicians,” Hougan said. “It just needs them to get out of the way. And barring a Democratic sweep of both houses of Congress and the White House, I suspect they will, with the Democrats taking a more neutral approach to the industry.”

    Recent data shows that former US President Donald Trump leads the election against Vice President Kamala Harris on Polymarket, the decentralized prediction market platform.

    Lack of trust

    Turning to the economy, Hougan stated that the US Federal Reserve’s rate cuts by 50 basis points and China releasing two trillion yuan in economic stimulus in late September fueled the crypto rally.

    Hougan added that the market expects a further 50 basis points by the end of 2024 from the Federal Reserve and additional fiscal stimulus in China.

    Looking to his third point, Hougan indicated that a Bitcoin rally to $80,000 would be achieved if there are no major surprises, no lawsuits, and no locked coins entering the market. However, he noted that the crypto industry is full of surprises that have impacted the market.

    “Over the past few quarters, the release of previously locked-up bitcoin from failed exchange Mt. Gox and from government coffers has contributed to keeping us range-broad,” he said.

    Altcoins could help

    In Hougan’s view, aside from the three factors above, a broader rally in crypto will help seal the deal of Bitcoin reaching $80,000.

    “Bitcoin doesn’t need Ethereum, Solana, or novel altcoins for its long-term success,” he added. “But if we’re going to get a full-on melt-up in the short-term – say, a rip to $100,000 in just a few months – it would help to have a bit of pro-crypto sentiment sweep the market.”

    While he believes those crypto “animal spirits” have been in short supply during 2024, he sees them rising in areas such as stablecoins and projects including Sui, Aptos, and Monad.

    “Strong and sustained momentum in these areas would bolster the melt-up case,” Hougan said.

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