Crypto

Top Coins And Events You Can’t Miss This Week

#1 Bitcoin (BTC): HBO Documentary Unveils Satoshi Nakamoto?

This week, the crypto community is buzzing with anticipation as HBO is set to premiere a groundbreaking documentary on October 8, 2024. Entitled “Money Electric: The Bitcoin Mystery,” this film boldly claims to finally resolve one of the greatest mysteries in the digital world: the identity of Bitcoin’s enigmatic creator, Satoshi Nakamoto. Directed by Cullen Hoback, known for his investigative prowess in the Emmy-nominated series “Q: Into the Storm,” the documentary promises to captivate and intrigue viewers.

In a cryptic teaser shared on social media platform X, Hoback hinted at the depth of his investigation: “A few of you might have wondered why I disappeared. Well, I was tracking down someone else who disappeared. Curious who’s behind Bitcoin?” Such statements have only fueled speculation and debate within the cryptocurrency community.

Polymarket, a popular betting platform, currently ranks Len Sassaman, a late cryptographer with deep roots in the digital privacy sphere, as the leading candidate with 36.5% of the bets. Despite this, many in the Bitcoin community remain skeptical about whether the true identity of Satoshi Nakamoto can be definitively revealed after more than a decade of speculation.

#2 FTX Token (FTT): Crucial Court Hearing

The ongoing saga of FTX continues to unfold, with a significant court hearing scheduled for October 7, 2024. This hearing is set to determine the fate of FTX’s $16 billion cash distribution plan, a key component of its Chapter 11 bankruptcy reorganization. Should the plan receive approval, it would mark a significant step forward, allowing the exchange to commence repaying its creditors in a phased approach.

According to the current schedule, smaller claimants—those with claims under $50,000—could start receiving payments within 60 days of the plan’s approval. Larger creditors, however, might have to wait until the first quarter of 2025 at the earliest. Additional hearings are planned for October 22, November 20, and December 12, which will provide further clarity on the distribution process.

The approval of this settlement could have substantial bullish implications for the broader crypto market. Should creditors receive some of their funds, there is potential for reinvestment back into the market, potentially driving up prices.

#3 Stacks (STX): Anticipated Nakamoto Upgrade

The Stacks (STX) network, renowned for enabling smart contracts and decentralized applications (dApps) on Bitcoin, is on the brink of a transformative upgrade known as the “Nakamoto Upgrade.” Muneeb Ali, co-creator of Stacks, recently confirmed on X that the final date for this crucial hard fork will be announced on October 10, 2024.

Just a few days ago, Ali shared updates on the progress: “Updates on nakamoto activation: Core devs performed a successful hard fork on testnet last week. Today the stacks-core software release candidate 2 (rc2) shipped. Core devs will use this rc2 to do another testnet hard fork early next week. They’ll pick the adjusted/final hard fork block after testnet hard fork with rc2. We’re so close! buckle up and stay tuned.”

This upgrade brings with it substantial improvements, such as the launch of sBTC, a protocol that allows users to secure Bitcoin (BTC) on the Bitcoin network while minting an equivalent amount of sBTC on Stacks. This innovation expands the utility of Bitcoin within Stacks-based smart contracts and dApps, enhancing both networks’ capabilities.

Additionally, the upgrade includes enhancements to the Proof of Transfer (PoX) mechanism, aimed at boosting decentralization and efficiency. The Stacks network will also benefit from improved scalability, with reduced transaction latency and increased throughput.

#4 Macro Events Influencing Crypto: FOMC and US CPI Data

Macroeconomic factors are poised to play a pivotal role in shaping the crypto market’s trajectory this week. On October 9, 2024, the Federal Open Market Committee (FOMC) will release minutes from its latest meeting, providing critical insights into the Federal Reserve’s stance on future interest rate adjustments. These adjustments directly impact risk assets, including Bitcoin and other cryptocurrencies.

Fed Chair Jerome Powell has previously indicated plans for two additional rate cuts by year-end, potentially lowering rates by a total of 50 basis points should economic conditions align with projections. However, Powell also emphasized flexibility, suggesting that more rapid cuts could occur if the economic landscape deteriorates further.

Adding to this, the US Consumer Price Index (CPI) data for September is set to be released on October 10, 2024. Inflation had cooled to its lowest levels since February 2021 by August, following the Fed’s aggressive monetary tightening. Analysts are closely watching for a softer-than-expected CPI print, which could reignite market speculation about further rate cuts and potentially drive risk-on behavior, benefiting crypto prices. Additionally, initial jobless claims data, released on the same day, will be crucial in assessing the strength of the US economy.

At press time, Bitcoin was trading at $62,943.

Emma Horvath

After graduating Communication and Media Studies MA in Eötvös Loránd University, Emma started to realize that her childhood dream as a creative news reporter committed to find dynamic journalism stories. I'm a passionate journalist with a keen interest in the fast-evolving world of cryptocurrencies. I've been reporting on the latest developments in the crypto industry for several years now, covering breaking news and providing insights on how the market is trending. I'm adept at analyzing daily market movements, researching ICOs, and keeping track of the latest innovations in blockchain technology. My expertise in the space makes her a trusted voice in the crypto community. Whether it's the latest Bitcoin price movements or the launch of a new DeFi platform, I am always at the forefront, bringing her readers the most up-to-date and informative news.

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