Bitcoin (BTC) surged into October, defying a US government shutdown that has left altcoin exchange-traded fund (ETF) applications in limbo.
But while markets welcomed the arrival of “Uptober,” the headlines elsewhere were dominated by regulatory battles and policy experiments.
Two defendants pleaded guilty in what UK police called the world’s largest crypto seizure, a case that has left courts wrestling with whether victims should be repaid at today’s Bitcoin value or at what they lost years ago.
Brazilian energy companies are courting miners to soak up excess power as lawmakers in New York push new taxes that could drive the industry out of the state.
In Europe, stablecoins face fresh warnings from regulators just as banks and the ECB advance their own euro-based alternatives.
Here’s this week’s edition of Global Express:
US government shutdown puts altcoin ETFs in limbo as Bitcoin enters “Uptober”
Bitcoin climbed above $120,000 on Friday as the US government shutdown stretched into its third day, fueling optimism that the world’s largest cryptocurrency by market capitalization could extend its familiar October streak, often dubbed “Uptober.”
US lawmakers failed to reach a funding agreement on Wednesday, triggering the government shutdown. So far, it has not rattled traditional markets either, with major indexes edging higher, though gains haven’t been as sharp as Bitcoin’s surge.
This government standoff carries particular weight for both traditional and digital assets because it delays the release of US jobs data originally scheduled for Friday. The nonfarm payroll report is a key economic indicator that investors watch closely for signals on the Federal Reserve’s policy path ahead of the next Federal Open Market Committee (FOMC) meeting starting Oct. 28.
Related: Strategy stacks 7K Bitcoin, stablecoins cross $295B: September in charts
Bitcoin’s last October decline came just before the 35-day shutdown that began in December 2018, when the cryptocurrency slipped from $3,900 to $3,550. Analysts pointed to the Financial Action Task Force’s move in October 2018 to extend its guidelines to cover virtual assets as a drag on sentiment. Since then, Bitcoin has logged six consecutive years of positive October performances.
The government shutdown is expected to slow the Securities and Exchange Commission’s review of routine applications, including crypto exchange-traded funds (ETFs). Proposals tied to Litecoin (LTC), Solana (SOL) and XRP (XRP) face decision deadlines throughout the month, but are now likely to be delayed until the agency returns to normal operations.
Brazil wants Bitcoin miners
Crypto miners are finding a surprising welcome in Brazil, where energy firms see them as a solution to chronic oversupply.
According to Reuters, at…
Read More: Bitcoin Defies US Shutdown, Brazil Welcomes Miners: Global Express
