{"id":11697,"date":"2023-10-23T13:47:51","date_gmt":"2023-10-23T10:47:51","guid":{"rendered":"https:\/\/blog.egemoney.com\/?p=11697"},"modified":"2023-10-30T16:49:20","modified_gmt":"2023-10-30T13:49:20","slug":"bitcoin-back-above-30000-usd","status":"publish","type":"post","link":"https:\/\/blog.egemoney.com\/en\/bitcoin-back-above-30000-usd\/","title":{"rendered":"Bitcoin Back Above 30,000 USD!"},"content":{"rendered":"<p><strong>Important data to watch this week:<\/strong><\/p>\n<table style=\"height: 326px;\" width=\"842\">\n<tbody>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Expectation<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\">The Previous Month\u2019s Announced<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">24.10.2023<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16:45<\/span><\/td>\n<td><span style=\"font-weight: 400;\">USD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Purchasing Managers&#8217; Index (PMI) <\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">49,9<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">50,1<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">25.10.2023<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23:35<\/span><\/td>\n<td><span style=\"font-weight: 400;\">USD<\/span><\/td>\n<td>Fed Chairman Powell\u2019s Speech<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">26.10.2023<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14:00<\/span><\/td>\n<td><span style=\"font-weight: 400;\">TRY<\/span><\/td>\n<td>CBRT Interest Rate Decision<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">%32 &#8211; %35<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">%30<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">26.10.2023<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15:30<\/span><\/td>\n<td><span style=\"font-weight: 400;\">USD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Unemployment Benefits Applications<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">209K<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">198K<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Top 5 most searched altcoins worldwide last week:<\/h3>\n<ul>\n<li>Ovr<\/li>\n<li>Toncoin<\/li>\n<li>Radix<\/li>\n<li>Maker<\/li>\n<li>VeChain<\/li>\n<\/ul>\n<h2>Israel-Palestine Tension<\/h2>\n<p>The increasing tension between Israel and Palestine and the harm to civilians in this conflict have intensified the pressure on stock markets. The news of Israel recalling its bureaucrats and the addition of some Western countries declaring support for Israel have reduced risk appetite. We see that investors who are avoiding risk are moving to safe havens.<\/p>\n<h2>Tom Emmer, Known for His Support Statements on Cryptocurrencies, Runs for Speaker of the U.S. House of Representatives<\/h2>\n<p>According to news reports that appeared in the media during the week, U.S. House Representative Tom Emmer, who is known for his past support statements for the cryptocurrency industry, is allegedly preparing to run for the Speaker of the House. According to claims, Tom Emmer has already garnered the support of numerous House members, and we know <a href=\"https:\/\/blog.egemoney.com\/en\/representative-tom-emmer-proposes-limiting-secs-crypto-authorities\/\">Tom Emmer<\/a> for his supportive stance on cryptocurrencies. If his candidacy is announced, a limited impact on the side of cryptocurrencies can be expected.<\/p>\n<h2>Why Did Bitcoin Rise Above 30,000?<\/h2>\n<p>There were permission applications made in the U.S. by investment firms to establish an index fund ETF based on the spot <a href=\"https:\/\/blog.egemoney.com\/en\/what-is-bitcoin\/\">Bitcoin<\/a> (<a href=\"https:\/\/egemoney.com\/en\/market\/BTC_TRY\">BTC<\/a>) price. During the summer, these applications pushed BTC above 30,000. These applications were made to the SEC and involved large companies like Blackrock. Expectations strengthened that the SEC would prolong these applications, and subsequently, we began to see prices below 28,000. The first application that was rejected was Grayscale&#8217;s, which then went to court, and the court ruled in favor of Grayscale and against the SEC.<\/p>\n<p>While it was thought that the SEC would appeal, it was announced that the SEC would not go for an appeal. This means they will not object to the applications. So, we can say the countdown has begun for Grayscale\u2019s ETF. Additionally, JP Morgan announced that the SEC would approve ETF applications and would make a decision for Ark Investment before January 10. Right now, the SEC\u2019s decision is inevitable for the markets. As ETF approvals come in, we can see Bitcoin gaining momentum. Moreover, some members of the U.S. House of Representatives had written letters to the SEC urging them to approve these applications. When all these expectations came together, Bitcoin became active again. The approval of ETF applications is a significant development with the potential to push the markets upwards.<\/p>\n<h2><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-11687 aligncenter\" src=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/news2.jpeg\" alt=\"\" width=\"824\" height=\"189\" srcset=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/news2.jpeg 1260w, https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/news2-768x176.jpeg 768w\" sizes=\"auto, (max-width: 824px) 100vw, 824px\" \/><\/span><\/h2>\n<h2>Banking Giant Morgan Stanley\u2019s Positive Report<\/h2>\n<p>The asset management unit of banking giant Morgan Stanley has published its report on the cryptocurrency sector. In the Morgan Stanley Wealth Management report, it is noted that the &#8216;crypto winter&#8217; may have come to an end, and it is stated that most of Bitcoin\u2019s gains came right after the halving. The report indicates that a rise in BTC after the halving is likely. The asset management company expressed that a &#8216;crypto spring&#8217; is possibly on the horizon.<\/p>\n<p><a href=\"https:\/\/blog.egemoney.com\/en\/what-is-halving\/\">Bitcoin Halving<\/a> is a concept related to Bitcoin mining and is an event that occurs every 210,000 blocks (approximately every 4 years). This event involves cutting <a href=\"https:\/\/blog.egemoney.com\/en\/what-is-bitcoin-mining\/\">Bitcoin mining<\/a> rewards in half. For instance, since the inception of Bitcoin, the block reward was 50 BTC. The first halving occurred in 2012 and the block reward dropped to 25 BTC. The second halving occurred in 2016 and the block reward dropped to 12.5 BTC. The third halving took place in 2020 and the block reward dropped to 6.25 BTC.<\/p>\n<p>The halving process gradually reduces the total supply of Bitcoin, and this could set up a foundation that may allow its prices to rise. Because when there is less Bitcoin available; if demand remains high, the price increases. Halving also means less reward for Bitcoin mining, which could reduce the profitability of mining and may require miners to exert more effort to keep the Bitcoin network secure.<\/p>\n<p>The fourth Bitcoin Halving is expected to occur on April 25, 2024, although setting an exact date is not possible. This is because Bitcoin mining doesn&#8217;t occur at a predictable rate due to its unpredictable nature.<\/p>\n<p>With the fourth halving, the block reward is expected to drop from 6.25 BTC to 3.125 BTC. Therefore, there is a completely mathematical explanation for what is written in the report. With such expectations, it would be prudent not to stay too far from the market.<\/p>\n<h2><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-11689 aligncenter\" src=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/news1.jpeg\" alt=\"\" width=\"647\" height=\"487\" srcset=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/news1.jpeg 647w, https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/news1-375x281.jpeg 375w\" sizes=\"auto, (max-width: 647px) 100vw, 647px\" \/><\/span><\/h2>\n<h2>Charges Dropped Against Ripple (XRP)<\/h2>\n<p>XRP recorded its best single-day gain in three months on Thursday following the U.S. Securities and Exchange Commission (SEC) dropping securities violation charges against senior leaders of fintech company Ripple.<\/p>\n<p>About three years ago, the SEC had accused Ripple Labs, which has close ties with XRP, of raising $1.3 billion from investors by selling XRP in violation of securities laws. The legal issue had kept XRP under pressure despite a broader market uptrend. However, with the dropping of the charges, we saw an upward surge again. Under the current circumstances, <a href=\"https:\/\/egemoney.com\/en\/market\/XRP_TRY\">XRP<\/a> may offer potential investment opportunities. Therefore, closely monitoring this cryptocurrency is of importance.<\/p>\n<p>Upon checking the XRP chart, we notice that it is forming a rising wedge pattern. This formation usually results in a downturn if occurring during a bull market. A rising wedge that forms during a bear market typically indicates that the downward movement will continue. Staying updated would be beneficial. It is essential to use multiple indicators in transactions and to blend fundamental and technical analysis.<\/p>\n<h2><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-11691 aligncenter\" src=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/news3.jpeg\" alt=\"\" width=\"787\" height=\"594\" srcset=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/news3.jpeg 1053w, https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/news3-768x579.jpeg 768w\" sizes=\"auto, (max-width: 787px) 100vw, 787px\" \/><\/span><\/h2>\n<h2>ConsenSys Employees Sue Ethereum Co-Founder<\/h2>\n<p>Twenty-seven former ConsenSys employees who worked at the company in its early days allege that Lubin transferred assets from the Swiss arm to the American arm with the help of JPMorgan. The lawsuit, which began in Switzerland, is now moving to the New York State Supreme Court.<\/p>\n<p>According to the lawsuit, Lubin, who is one of the founders of the <a href=\"https:\/\/blog.egemoney.com\/en\/what-is-ethereum\/\">Ethereum<\/a> blockchain, transferred some of the assets of ConsenSys AG, also known as Mesh, to ConsenSys Software Inc. (CSI) located in Delaware.<\/p>\n<p>The lawsuit also claims that Lubin promised these employees ownership stakes in ConsenSys, stating:<\/p>\n<blockquote><p><em>&#8220;In this process, Lubin violated his legal commitments and duties. While Lubin got rich, the plaintiffs got nothing.&#8221;<\/em><\/p><\/blockquote>\n<p>The petition states that the Brooklyn-based company, which develops products on Ethereum, has raised over $7 billion in funding with a valuation of $726.7 million. However, former employees claim that instead of ownership, they were left holding &#8216;papers with almost no value.&#8217; According to the petition, these former employees were deprived of sharing in ConsenSys&#8217;s success due to &#8216;increased risk, lower salaries, and foundational efforts as early employees.&#8217; Closely following this lawsuit is quite important in terms of not missing out on changes in Ethereum (<a href=\"https:\/\/egemoney.com\/en\/market\/ETH_TRY\">ETH<\/a>) prices.<\/p>\n<p><em><strong>The investment information, opinions, and recommendations contained in this research report are not within the scope of investment advisory.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Important data to watch this week: Expectation The Previous Month\u2019s Announced 24.10.2023 16:45 USD Purchasing&#8230;<\/p>\n","protected":false},"author":10,"featured_media":11686,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[167,180],"tags":[],"class_list":{"0":"post-11697","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cryptocurrency-news","8":"category-weekly-newsletter"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Back Above 30,000 USD! | Egemoney Blog<\/title>\n<meta name=\"description\" content=\"FED Chairman&#039;s speech, CBRT interest rate decision, Bitcoin ETF expectations, and XRP legal process. 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