Bitcoin

October’s Historical Bitcoin Prices Trend Offers Hope for a Renewing Bull Run to End the Year

October's Historical Bitcoin Price Trends Extends Hope for a Renewed Bull Run to End the Year

Bitcoin logged price losses once again for the crypto asset’s fifth consecutive September in its lifetime, but as soon as the month ended, billions of dollars came back into the crypto economy. Metrics show that while September has consistently been a bad month for bitcoin, October, on the other hand, has traditionally been a good month for bitcoin since 2013.

Bitcoin Has Been Profitable in October 77% of the Time

In 2020, the price of bitcoin (BTC) closed the month of September at around $10,750 per unit but the following month, BTC spiked 25% to roughly $13,450 per unit. This year, September has been dreary price-wise, and many crypto proponents have asked to be woken up when “September ends.” On September 26, Civic co-founder Vinny Lingham wrote: “This feels like September 2017 again… Who remembers what happened next?”

On October 1, 2021, BTC surged from $43,500 per unit to Friday’s high of $48,500 per BTC. That’s an increase of around 11. 49% and the spike happened very quickly at around 3 a.m. (EST) in the morning.

October's Historical Bitcoin Price Trend Extends Hope for a Renewed Bull Run to End the Year — BTC/USD chart on Saturday, October 2, 2021.

Prior to July and August, BTC saw roughly three months of negative returns, and in September prices once again slipped into the negative range. The downward drop was blamed on China cracking down on bitcoin (BTC) and cryptocurrency exchange for the seventh time since 2013.

Bitcoin also saw losses on the day El Salvador adopted the cryptocurrency as legal tender and furthermore, BTC slid when the Evergrande real estate crisis shook the global economy.

September was slow, but institutional Bitcoin products saw some positive

All of these dips took place after BTC reached a high of $52K before September started and crypto markets looked seemingly bullish at the time. While September prices were not so hot, metrics from a recent Cryptocompare report showed that institutional products tied to BTC saw some upside.

“Bitcoin-based products saw the highest level of inflows out of any asset, averaging $31.2 million per week,” Cryptocompare’s research details. “There could be upside going into the last quarter of 2021.”

While BTC has neared the $50K zone on October 1, the crypto asset has some resistance to fight at the $50K handle and even more so when it reaches $53K. Moreover, as bitcoin (BTC) has seen profitable increases in value during the month of October since 2013, the months of November and December have seen much larger spikes in value.

What do you think about bitcoin’s performance during the month of September and the trends tied to bitcoin’s October performances during the last few years? Please comment below to let us know your thoughts on this topic.

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Bitcoin

Fed Report Explores How Crypto Price Changes Affect Ownership

A report by the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute found that cryptocurrency ownership declined during market downturns, despite price increases in bitcoin. Data from multiple surveys showed that crypto interest and ownership did not rise, even as prices surged. The report suggests further research into consumer behavior in response to market fluctuations [……
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Bitcoin

The Open Network (TON) to launch teleport Bitcoin bridge

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain, The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem. The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for…

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain,
The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem.

The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for DeFi purposes. The bridged Bitcoin, called Teleport BTC, will maintain the original Bitcoin’s security while allowing holders to take advantage of the growing opportunities on TON.

According to the Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin via a trustless, transparent process chiefly executed by verifiable smart contracts and validators.

This new development aims to “enhance Bitcoin’s utility, transforming it into a powerful tool for generating additional rewards on TON.”

TON’s Growth in 2024

The Open Network, closely linked with the popular Telegram messaging app, has been on an upward climb in 2024 both in price and network development. The network was initially created by the Telegram team for internal use but was abandoned and eventually picked up by the community.

TON made major waves after Telegram re-established contact by using the network to power its ad reward system, which pays channel owners in TON (the network’s native cryptocurrency) for traffic and views.

Outside of Telegram, TON is making a name for itself as a social gaming chain with tap-based casual projects like Notcoin and Hamster Kombat garnering attention.

TON’s Growing DeFi Ecosystem

While TON is not primarily known as a network for decentralised finance, its DeFi ecosystem has witnessed a boom in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked on TON currently stands at $745.96 million as of writing after rising significantly from $22 million at the end of February 2024.

The Open Network plans to launch the Teleport BTC bridge later this year.

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Bitcoin

First ETP for Near Protocol’s NEAR token unveiled on Sweden’s Spotlight Stock Market

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market. Valour currently operates one of the largest Solana ETPs. The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs. Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR. This groundbreaking ETP will be…

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market.
Valour currently operates one of the largest Solana ETPs.
The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs.

Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR.

This groundbreaking ETP will be available on Sweden’s Spotlight Stock Market, offering retail and institutional investors the opportunity to gain exposure to the decentralized application development platform.

NEAR ETP joins Valour’s diverse portfolio of ETPs

Valour already operates one of the largest Solana ETPs, Valour Solana, and offers a suite of staking products, including ETPs for Bitcoin, Ether, and Internet Computer.

Valour’s head of product, Elaine Buehler, emphasized the significance of this new fund, highlighting its potential to grant investors access to an asset renowned for its transformative impact on decentralized finance (DeFi) and non-fungible tokens (NFTs).

Near Protocol, designed to tackle common blockchain development challenges such as user onboarding and multi-chain operations, boasts a market capitalization of approximately $6.8 billion. This positions NEAR among the top 20 digital assets globally, according to CoinMarketCap.

The launch of NEAR ETP comes amid a wave of regulatory approvals in the United States, where investment managers BlackRock, Franklin Templeton, and VanEck recently received preliminary approval to list the first exchange-traded ETH products. Analysts predict this move will pave the way for more crypto exchange-traded products in the US, including potential Solana-based ETFs.

Valour’s parent company, DeFi Technologies, currently manages around $600 million in assets across various crypto-native strategies.

On July 16, DeFi Technologies expanded its footprint by acquiring trading desk Stillman Digital in an all-stock deal. This acquisition is expected to significantly enhance the Canadian crypto platform’s capabilities, potentially positioning it as a formidable competitor to larger entities like Galaxy Digital.

Valour’s new NEAR ETP represents a significant advancement for investors seeking exposure to innovative blockchain technologies, reinforcing the firm’s position at the forefront of digital asset investment products.