### Binance Founder Changpeng Zhao Released
After serving a **four-month prison sentence**, Binance founder **Changpeng Zhao** is set to be released. This news has sent ripples through the cryptocurrency community, raising questions about the implications for the future of Binance and the broader crypto market.

### The Impact on the Crypto Industry
In today’s episode of **CNBC Crypto World**, Kristin Smith from the **Blockchain Association** discusses the potential effects of the upcoming **2024 election** on the cryptocurrency landscape. With regulatory scrutiny increasing, the direction taken by future leadership could significantly impact the industry's growth and sustainability.

![Crypto World](https://208.87.240.203/cryptoworld/?__cpo=aHR0cHM6Ly93d3cuY25iYy5jb20)

### Daily Trading Updates
Stay tuned for the latest news and **daily trading updates** from the digital currency markets. This segment aims to keep viewers informed about the **ever-changing crypto industry**, featuring **high-profile interviews**, insightful explainers, and unique stories that highlight critical developments in the space.

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Kristin Smith of Blockchain Association discusses the impact of the 2024 election on the crypto industry.

Binance Founder Changpeng Zhao Released After Four-Month Sentence: What This Means for Crypto

Seven days after its launch, the **T-REX 2X Long MSTR Daily Target ETF (MSTU)** has emerged as one of the **most successful new ETFs**, attracting over **$72 million** in investment. This fund, created by **REX Shares** and **Tuttle Capital Management**, aims to deliver **twice the daily performance** of **MicroStrategy (MSTR)**, a company that has pivoted to a Bitcoin strategy.

### Competing ETFs in the Market
A similar product, the **Defiance Daily Target 1.75X Long MicroStrategy ETF (MSTX)**, which launched on August 15, has garnered approximately **$857 million**, placing it in the top **8% of ETF launches this year** according to **Eric Balchunas**, a senior ETF analyst at Bloomberg Intelligence. Balchunas noted both funds have robust liquidity, indicating a strong demand for leveraged exposure to MSTR.

![MSTU, MSTX, MSTR: (TradingView)](https://media.zenfs.com/en/coindesk_75/72d333c204c78b38584769f02fbdf754)

### MicroStrategy's Performance vs. Bitcoin
MicroStrategy has gained traction among traders seeking exposure to **Bitcoin (BTC)** without directly investing in the cryptocurrency. The company's stock is highly correlated with Bitcoin due to its substantial holdings of **252,220 BTC**. Currently, Bitcoin's price has surpassed **$66,000** for the first time since July 31, during which MicroStrategy's stock was priced at **$168**. Now trading at almost **$178**, MSTR's growth indicates it is leading the current market rally, even as Bitcoin has remained relatively flat.

![MSTR vs BTCUSD( TradingView)](https://media.zenfs.com/en/coindesk_75/f58a633234d5f524eadc73998f1cc80f)

### Divergence from Tech Stocks
Interestingly, while MicroStrategy has surged, **NVIDIA (NVDA)** has stagnated since September 19, demonstrating that **technology stocks** are not the primary drivers of this rally. The divergence in performance suggests a shift in investor interest towards Bitcoin-related assets.

![MSTR vs NVDA (TradingView)](https://media.zenfs.com/en/coindesk_75/7600d1cd1b6abc9b0175ac80400c1263)

Seven days after hitting the market, the T-REX 2X Long MSTR Daily Target ETF (MSTU) has become one of the most successful new exchange-traded funds (ETFs) on the market after attracting over $72 million.

Massive Inflows for MicroStrategy's 2X Leveraged ETF: What You Need to Know!

### **Bitcoin ATM Scams on the Rise**

Automated teller machines (ATMs) for Bitcoin have become a **new tool** for fraudsters in **San Diego County**, leading to significant financial losses for victims. In 2023 alone, victims lost over **$5 million** due to scams involving these machines.

![Cryptocurrency Illustration](https://i0.wp.com/timesofsandiego.com/wp-content/uploads/2023/01/0x.4_CRYPTO-CURRENCY.jpg?resize=780%2C498&ssl=1)

### **How the Scams Operate**

Victims, particularly **seniors**, are often misled into using these ATMs. The process typically involves:
- Inserting cash or a debit card to exchange traditional currency for Bitcoin.
- Providing **minimal identification** to access the machines.
- Sending the acquired Bitcoin to an **encrypted address** provided by the scammers.

The money is then transferred quickly, often out of the country, making it difficult to trace.

### **Widespread Locations**

San Diego has seen a surge in Bitcoin ATM locations, with **17 machines** spread across the county, making them easily accessible for fraudulent activities. The **Elder Justice Task Force**, which includes the DA's office, FBI, and local law enforcement, is actively investigating these incidents.

### **National Trends**

On a national scale, the **FBI** has reported that over **12,000 victims** aged 60 and older have indicated that cryptocurrency played a role in scams targeting them in 2023. This highlights a **growing concern** about the safety and security of cryptocurrency transactions, especially among vulnerable populations.

San Diego’s Elder Justice Task Force -- a collaboration between the DA’s office, FBI, APS, local law enforcement, and the US Attorney’s Office -- reports that in 2023, victims in San Diego County alone lost a total of more than $5,000,000 to fraud by placing money into the machines.  

Over $5 Million Lost to Bitcoin ATM Scams in San Diego: Shocking 2023 Report

After less than a year of trading for its Bitcoin ETF, **BlackRock** has seen its **Bitcoin holdings increase** to nearly **$23.7 billion**. This milestone follows the asset manager's recent acquisition of **$35 million worth of Bitcoin** and **$6.4 million** of **Ethereum** earlier this week.

With this latest acquisition, BlackRock's **Ethereum reserves** now stand at **350,000 ETH**, valued at around **$989 million**, according to data from blockchain analytics firm **Arkham Intelligence**.

BlackRock's BTC holdings are primarily managed through its **iShares Bitcoin Trust (IBIT)**, allowing institutional investors direct exposure to Bitcoin. Currently, BlackRock's holdings represent approximately **1.70%** of the total available Bitcoin.

In comparison, **Grayscale**, another major asset manager, holds around **258,671 BTC** valued at **$16.45 billion**. However, Grayscale maintains a stronger position in Ethereum, with over **2.104 million ETH** valued at roughly **$5.45 billion**, more than five times that of BlackRock's current Ethereum holdings.

On **Sept. 25**, BlackRock experienced a surge of **$184.4 million** in inflows into its spot Bitcoin **ETF**, marking the highest single-day inflow of any fund during the month, as reported by **Farside data**. This influx occurred shortly after the **Federal Reserve** decided to reduce interest rates by **50 basis points**, influencing crypto investment and sentiment.

While BlackRock's increased crypto investments signal **growing institutional interest**, questions have been raised about the **physical custody** of these assets. Rumors suggest that **Coinbase**, the exchange serving as a custodian for BlackRock and other Bitcoin ETF issuers, may not be acquiring the actual Bitcoin requested by the funds but instead issuing **"paper Bitcoin"** or IOUs.

To clarify these concerns, **Coinbase CEO Brian Armstrong** stated on Twitter that all transactions involving the ETF are settled on the **blockchain**. Additionally, **Bloomberg ETF analyst Eric Balchunas** confirmed that BlackRock maintains its own blockchain node and consolidates its Bitcoin balances nightly, which are reported to **Coinbase Prime**.

*Edited by [Stacy Elliott](https://decrypt.co/author/stacy).*

The Wall Street titan, the world's largest asset manager, now hold approximately 1.70% of the total available Bitcoin.

BlackRock's Bitcoin Holdings Skyrocket to $24 Billion: What It Means for the Market

### Bitcoin Surges Past $65,000

Bitcoin (BTC) has recently surged past **$65,000**, stabilizing at **$65,580** following a **3% rally**. Experts attribute this momentum to **easing monetary policy**, **China’s stimulus**, and a notable increase in **on-chain activity**.

### Q4 Rally Predictions

Analysts predict a **fourth quarter rally** is likely, with ambitious targets set for **$70,000** in the near term. Ethereum (ETH) also saw gains, trading at **$2,665**, according to data from **CoinGecko**.

### Liquidation Trends

Recent data from **CoinGlass** reveals that approximately **$154 million** worth of positions were liquidated in the past 24 hours, primarily affecting **short positions** which accounted for **$104.2 million** of the losses. This trend highlights the market’s **bullish sentiment** as Bitcoin maintains its position above **$65,000**.

### Key Drivers of the Rally

According to Ian Lee, Head of Operations at **Flipster**, the **rate cuts** in both the U.S. and China are significant factors driving this rally. He notes that the upcoming **U.S. presidential election** on November 5 could also influence market movements. The Federal Reserve’s monetary policy is critical, with markets anticipating a **50:50 chance** of either a **50 bps or 25 bps** rate cut at the upcoming FOMC meeting.

### On-Chain Activity and Capital Inflows

Markus Thielen from **10x Research** pointed out the potential impact of **China's $278 billion stimulus plan** on the cryptocurrency market. Historically, **Chinese capital inflows** into Bitcoin have led to significant price rallies. Thielen sets an optimistic near-term target of **$70,000** for Bitcoin, coinciding with a drop in Bitcoin's **30-day realized volatility** to **41%**, making it more attractive to institutional traders.

### Market Conditions Favoring Bitcoin

Illia Otychenko, Lead Analyst at **CEX.IO**, emphasized multiple factors contributing to Bitcoin’s surge, including **China's liquidity injection**, **ETF inflows**, and **positive U.S. GDP data**. He identified a crucial price zone to watch, suggesting that a solid break above **$65,000** could propel Bitcoin towards the **$66,600–$67,300** supply zone.

### Conclusion

Vijay Pravin Maharajan, CEO of **bitsCrunch**, highlighted that the recent **50 bps interest rate cut** by the Federal Reserve supports favorable market conditions. He noted that the **stablecoin market cap** nearing an all-time high indicates strong demand for digital assets, as Bitcoin looks to retest the **$70,000 range** following a period of consolidation above **$65,000**.

"The likelihood of a Q4 rally is exceptionally high, with gains likely front-loaded," 10x Research said in an analyst note.

Bitcoin's Surge: Will It Hit $70,000 Amid China's Stimulus Wave?

### What Are Bitcoin Miners?
Bitcoin miners are essentially **competitive accountants**. Each computer competes to confirm unconfirmed transactions and find a valid hash. If successful, they can propose the next block.

### Why Do People Become Miners?
Many believe that mining is an **easy way to earn Bitcoin**, but with the **increased difficulty**, it's become one of the toughest paths in the crypto world. While hosted mining remains an option, raw mining is now almost exclusively for larger players.

### Are All Functions Separate?
Wuckert mentions that many companies keep their mining setups confidential. Hashing has become specialized and is no longer feasible on standard laptops; it requires efficient setups in warehouses. Miners are incentivized through **block rewards** and **transaction fees**.

### The Debate on Proof-of-Stake
Wuckert points out that the issues surrounding **proof-of-stake (PoS)** are philosophical rather than technical. **Proof-of-work (PoW)** effectively solved the Byzantine General’s problem, ensuring secure communication. However, the rising costs of mining and environmental concerns have led to discussions on PoS, which some critics argue merely shifts the issue of trust to wealthier participants.

### Understanding Mining Pools vs. Solo Mining
Wuckert, co-founder of **GorillaPool**, explains that solo mining has become impractical due to high difficulty levels. His mining pool allows individuals to collaborate and mine together without needing significant capital.

### The Role of Big Institutions in Bitcoin
Wuckert expresses concern over the influence of large entities like **BlackRock** on Bitcoin, viewing it as detrimental to competitive capitalism. He argues that their size and influence can overshadow smaller players and distort the market.

To delve deeper into the intricacies of Bitcoin mining and the evolving landscape of cryptocurrency, check out the **CoinGeek Weekly Livestream** for more insights.

In this CoinGeek Weekly Livestream episode, Kurt Wuckert Jr. appeared on the Untangling Web 3.0 podcast to discuss Bitcoin mining's fundamentals and technical aspects.

The Hidden Truth Behind Bitcoin Mining: What Drives People to Become Miners?

It's always insightful to track the moves of the most astute investors on Wall Street. Recent **13F filings** with the SEC reveal a significant trend: a growing number of billionaires are selling **Nvidia (NASDAQ: NVDA)** and pivoting towards **Bitcoin (CRYPTO: BTC)**.

## Billionaires and the Bitcoin ETFs
The shift towards Bitcoin commenced in January with the launch of **spot Bitcoin exchange-traded funds (ETFs)**, providing institutional investors an easy avenue to access the crypto market. The excitement peaked in early 2024, but it was only after the May 13F filings that the scale of investment became apparent.

**Millennium Management LLC**, led by Israel Englander, made headlines by investing over **$2 billion** into Bitcoin ETFs, earning him the title of "king of the Bitcoin ETF holders." Other notable investors included **Digital Currency Group**, **Susquehanna International Group**, **Jane Street Group**, and **D.E. Shaw**. Meanwhile, billionaires like **Stanley Druckenmiller**, **George Soros**, **Lee Ainslie**, and **David Tepper** were offloading Nvidia shares in the same timeframe.

## Bitcoin's Long-Term Growth Potential
The crucial question arises: Why this shift from Nvidia to Bitcoin? Nvidia's stock has soared over the past two years, prompting investors to realize gains and seek new opportunities. Concerns over an **"AI bubble"** may also be influencing this sentiment.

Bitcoin, trading nearly **15% below** its all-time high, presents appealing upside potential. Investment firm **Bernstein** forecasts Bitcoin could reach **$200,000** by the end of next year. With its current price around **$63,000**, this represents a potential **300% return** in a short period.

For long-term investors, the outlook is even more promising. **Cathie Wood** of **Ark Invest** has set a **$3.8 million** target for Bitcoin by **2030**, while billionaire **Michael Saylor** envisions a price of **$13 million** by **2045**.

## Bitcoin and Downside-Risk Protection
Beyond its growth potential, Bitcoin is increasingly recognized as a store of value, akin to **gold**. This quality makes it an attractive asset during times of **economic, political, or geopolitical uncertainty**. Billionaire Stanley Druckenmiller has likened Bitcoin to gold, highlighting its reliability in turbulent times. Other billionaires like **Paul Tudor Jones** and **Mark Cuban** have echoed similar sentiments, underscoring Bitcoin's role as a hedge against downside risk.

## Nvidia or Bitcoin?
It's essential to note that the choice between **Nvidia or Bitcoin** might not be necessary. Both can coexist in a long-term investment portfolio. Interestingly, the correlation between Nvidia and Bitcoin remains high, with a correlation coefficient of **0.80** around the **Bitcoin halving** in April. This suggests that movements in Nvidia often coincide with Bitcoin's trends.

## Should You Invest $1,000 in Bitcoin Right Now?
Before diving into Bitcoin, consider the insights from the **Motley Fool Stock Advisor** team, which has identified the **10 best stocks** for current investment, notably excluding Bitcoin. They emphasize diversification and strategic portfolio management, suggesting that if you're heavily invested in Nvidia, now might be the right time to explore Bitcoin as an alternative.

![Bitcoin logo on Wall Street.](https://s.yimg.com/ny/api/res/1.2/9imJ7JLKgz5hBkJRh6p1Yw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MDtjZj13ZWJw/https://media.zenfs.com/en/motleyfool.com/53388f6b343e1899b203b71248f4beb8)

*Image source: Getty Images.*

The only asset that can soar higher than Nvidia? Some billionaires think it could be Bitcoin.

Why Billionaires Are Ditching Nvidia for Bitcoin: A Deep Dive

![Bitcoin’s $8 Billion Options Expiry on Friday Could Lead to High Volatility](https://s.yimg.com/ny/api/res/1.2/j8oL.6cMANEjk9pXG6o4Iw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MDtjZj13ZWJw/https://media.zenfs.com/en/coinmarketcap_783/84c524faee470fb98bb6a70a5b7cfc01)

Bitcoin (BTC) has recently **surged past the $65,000** mark, a level it has maintained since early August. This upswing comes just ahead of a significant **$8 billion Bitcoin options expiry** scheduled for Friday, which analysts predict could lead to **high volatility** in the market.

Currently, Bitcoin is trading at **$65,425**, reflecting a **3% increase** over the past 24 hours, bouncing back from its dip to **$53,000** in early September.

While the upcoming expiry is noteworthy, it is not without precedent. The last monthly expiry before this year's Bitcoin halving in April recorded a staggering **$14 billion** in options contracts. However, Friday's expiry will still represent the **second-largest monthly event** on record for Deribit, the leading cryptocurrency options exchange, accounting for **$5.8 billion** of the expiring options.

Luuk Strijers, CEO of Deribit, noted that approximately **20% of these contracts were 'in the money'** as of Wednesday, with a notable disparity: **28% of call options** and only **9% of put options** falling into that category.

In addition to the options expiry, traders are also keeping a close eye on the upcoming **Personal Consumption Expenditures (PCE) report** from the U.S. Bureau of Labor Statistics, expected to be released on Friday. This report, which gauges the prices of everyday goods, is anticipated to show a **0.1% month-over-month increase** and a **2.7% year-over-year rise**, according to FactSet's consensus estimates.

The recent surge in cryptocurrencies aligns with broader market trends, especially following last week's decision by the Federal Reserve to **cut interest rates**. This shift has not only benefited Bitcoin but has also propelled other digital assets and U.S. equities, suggesting that investors are regaining their appetite for **riskier assets**.

Bitcoin (BTC) has surpassed the milestone of $65,000 seen since early August.

Binance Founder Changpeng Zhao Released After Four-Month Sentence: What This Means for Crypto

Summary: