Bitcoin Falls Marking the Worst 'Uptober' in Nearly a Decade

Market Update - October 4th 2024

Takeaways
  1. Bitcoin fell following the news of Iran’s retaliation on Israel, and the election of Japan’s new prime minister: The decline comes after a recent rally spurred by the Federal Reserve's rate cut.

  2. Net inflows into global crypto funds reached $1.2 billion last week, marking their largest increase in 10 weeks: US-based spot bitcoin ETFs contributed $1.1 billion in these inflows, while Ethereum products ended a five-week streak of outflows by adding $87 million.

  3. Changpeng Zhao, founder of Binance, was released from prison after completing a four-month sentence for failing to establish money laundering controls: Zhao paid a $50 million personal fine and is no longer allowed to hold executive positions at the company.

  4. Ohio State Senator Niraj Antani introduced a bill that would require all political subdivisions in Ohio to accept cryptocurrency payments for state and local taxes: The proposal also allows state universities and pension funds to invest in cryptocurrencies, positioning Ohio at the forefront of crypto adoption.

  5. More than 94% of FTX's Dotcom creditors voted in favor of a reorganization proposal: The proposal would see 98% of creditors receiving at least 118% of their claim value.


🥩 Topic of the Week: How Can I Make Returns or Rewards on My Crypto?

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