Key Takeaways
- BTC soared past $30,800 for the first time since July, and BTC dominance hit its highest level (52.7%) in 2.5 years.
- The CEO of BlackRock, the world’s largest asset manager, referred to crypto as a “flight to quality” in a TV interview. Having such an influential voice advocate for crypto is a big win.
- Fake news about a spot ETF approval caused BTC to surge before fully retracing. The price action arguably signalled that the market had not yet priced in an approval.
- Reddit dropped its blockchain-based community points system, citing regulatory concerns. Not a good look as far as blockchain adoption is concerned.
- Users who followed Matt’s post about the TIA airdrop got x3 as much as intended.
Important upcoming macro dates:
- Oct. 26: Gross Domestic Product Figures
- Oct. 27: Consumer sentiment (final)
- Nov. 1: Federal Reserve decision on interest rates and Fed Chair Powell’s press conference
Next FOMC meeting and rate probability as per CME FedWatch Tool:
- In 8 days, there is a 98.5% confidence rate that interest rates will NOT change from 5.25–5.50%
Truflation snapshot:
- Today’s U.S. Truflation: 2.35%
- Latest annual CPI data: 3.7%
00:00 Market Update
02:40 BTF ETF
08:30 SEC vs Ripple
12:30 Reddit
15:25 Lawsuit
18:20 Uniswap
23:50 SBF FTX
25:40 Bad crypto
27:40 Celestia Airdrop
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