{"id":15336,"date":"2024-10-14T13:18:57","date_gmt":"2024-10-14T10:18:57","guid":{"rendered":"https:\/\/blog.egemoney.com\/?p=15336"},"modified":"2024-10-14T13:28:17","modified_gmt":"2024-10-14T10:28:17","slug":"is-there-a-bull-market-expectation-in-bitcoin","status":"publish","type":"post","link":"https:\/\/blog.egemoney.com\/en\/is-there-a-bull-market-expectation-in-bitcoin\/","title":{"rendered":"Is There a Bull Market Expectation in Bitcoin?"},"content":{"rendered":"
Economic Calendar of the Week:<\/strong><\/p>\n AVAX Buyback<\/strong> Third Assassination Attempt on Trump Prevented<\/strong> SEC Commissioner Mark Uyeda\u2019s Sharp Criticism of Crypto Policy<\/strong>\n\n
\n \nDate<\/th>\n Time<\/th>\n Currency<\/th>\n Event<\/th>\n Expectation<\/th>\n Previously Announced Data<\/th>\n<\/tr>\n<\/thead>\n \n October 16, Wednesday<\/strong><\/td>\n <\/td>\n AVAX<\/td>\n AVAX Summit LATAM Event<\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n October 17, Thursday<\/strong><\/td>\n 14:00<\/td>\n TRY<\/strong><\/td>\n CBRT Interest Rate Decision<\/strong><\/td>\n 50%<\/strong><\/td>\n 50%<\/strong><\/td>\n<\/tr>\n \n October 17, Thursday<\/strong><\/td>\n 15:15<\/td>\n EUR<\/td>\n ECB Interest Rate Decision<\/td>\n 3.40%<\/td>\n 3.65%<\/td>\n<\/tr>\n \n October 17, Thursday<\/strong><\/td>\n 15:45<\/td>\n EUR<\/td>\n ECB Press Conference<\/td>\n <\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\nBitcoin Futures Market Activity<\/strong>
\nThe recent rise in Bitcoin’s price has caused significant volatility in the futures market. Despite many positions being closed, open positions remain at high levels, indicating that investor interest is still strong. According to Glassnode data, approximately $2.5 billion worth of positions were forcibly closed during Bitcoin’s latest rally. This shows that many investors who took short positions have exited the market. However, no reduction above the 5% threshold has been observed in open positions on the top three futures exchanges. This suggests that trading volume and participant activity in the market remain high.<\/p>\n
\nThe Avalanche Foundation has reached an agreement with Terraform Labs’ bankruptcy administration to buy back 1.97 million AVAX tokens that were left in limbo following the collapse of the Terra ecosystem. This move was prompted by the collapse of Terra’s ecosystem, which was supported by UST and LUNA tokens, in May 2022. The Luna Foundation Guard, based in Singapore, had purchased $100 million worth of AVAX coins in April 2022 to bolster Terra’s reserves, but Terra’s collapse left the future of these assets uncertain. According to the Avalanche Foundation, this buyback will prevent the Luna Foundation Guard (LFG) from violating token usage restrictions in the original agreement and will protect the tokens from the complications of the bankruptcy process. However, the financial details of the agreement were not disclosed to the public. Currently, the market value of the 1.97 million AVAX is approximately $58 million, reflecting a 42% decline compared to the original $100 million valuation. The agreement is expected to be approved by the court handling Terraform Labs’ bankruptcy case. As a reminder, a bankruptcy judge accepted the request to halt Terraform Labs’ operations in September, following a settlement with the SEC. The Avalanche Foundation emphasized that this agreement would contribute further to the AVAX ecosystem, and the development has been well-received by the AVAX community. According to TradingView data, after the announcement, the price of AVAX rose from $25.14 to $29.57.<\/p>\n
\nFormer U.S. President Donald Trump survived a third assassination attempt ahead of a campaign rally in California. Riverside County Sheriff Chad Bianco stated that a suspect armed with weapons was apprehended near a checkpoint close to the rally venue in Coachella Valley. A search of the suspect’s vehicle revealed a fake entry pass, an illegally obtained loaded shotgun, a handgun, and a high-capacity magazine. Vem Miller, a 49-year-old individual, was arrested in connection with the incident. Sheriff Bianco noted that Miller is believed to be a member of a right-wing, anti-government group and had planned to assassinate Trump. This incident marks the third assassination attempt on Trump, which authorities successfully thwarted with timely intervention.<\/p>\n
\nSEC Commissioner Mark Uyeda criticized the U.S. Securities and Exchange Commission’s (SEC) policies on cryptocurrencies, calling the agency\u2019s enforcement-based approach instead of clear rules a “disaster.” Uyeda accused SEC Chair Gary Gensler of applying unclear policies, which has led to inconsistent court rulings. According to Uyeda, guidelines that clarify which crypto assets are subject to securities laws are urgently needed.<\/p>\n