Crypto analyst **DeFi Man** predicts a bullish outlook for the cryptocurrency market despite potential hurdles. He cites several positive indicators including a recovering spot premium and negative funding levels due to heavy shorting. The analyst expects **Ethereum** (ETH) and **Bitcoin** (BTC) ETF inflows this week to further bolster the market. However, he also acknowledges challenges such as potential **Bitcoin** distribution from **Mt. Gox** and government selling. Despite these obstacles, DeFi Man remains optimistic, stating that the market has already de-risked and the selling pressure will be less than anticipated. He concludes that the market has a strong foundation for growth, and ETF inflows will change the mood and lead to a sustained upward trend.

Renowned crypto analyst DeFi Man shared an optimistic outlook on the cryptocurrency market <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39580069/why-bitcoin-could-plunge-to-55k-10x-research">despite potential hurdles</a>.
What Happened: The analyst highlighted several positive indicators, including the recovery of a strong spot premium and negative funding levels due to heavy shorting, mainly from Bybit and OKX.
He also pointed out that not many shorts have been squeezed yet, leaving plenty of room for growth above the $64,000 mark. The analyst anticipates positive news regarding the Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) ETF and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) ETF inflows this week.
However, DeFi Man also <a href="https://x.com/DeFiMann/status/1807702696780075383">mentioned</a> potential challenges that could impact the market. He noted that <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39577189/will-mt-gox-really-dump-9b-in-bitcoin-on-the-market">Mt. Gox</a> ...<a href=https://www.benzinga.com/markets/cryptocurrency/24/07/39583178/bitcoin-ethereum-etf-inflows-will-change-the-mood-completely-says-trader-up-often-up-only alt=Bitcoin, Ethereum ETF Inflows &#039;Will Change The Mood Completely,&#039; Says Trader: &#039;Up Often, Up Only&#039;>Full story available on Benzinga.com</a>

Bitcoin, Ethereum ETF Inflows 'Will Change The Mood Completely,' Says Trader: 'Up Often, Up Only'

Bitcoin and Ethereum ETF Inflows Could Push Crypto Market Up: Analyst

### Overview
A recent report has uncovered a **malware campaign** that has successfully infected **28,000 individuals** involved in cryptocurrency. This alarming trend highlights the vulnerabilities within the crypto ecosystem and the urgent need for enhanced security measures.

### The Malware Threat
The malware in question is designed specifically to **steal cryptocurrency** from users. As the popularity of digital currencies grows, so does the sophistication of cybercriminals targeting unsuspecting investors.

### Importance of Security
With the increasing number of **crypto transactions**, users must remain vigilant and protect their assets. Implementing robust security practices can help mitigate the risks associated with such attacks.

### Protecting Yourself
Here are some tips to safeguard your cryptocurrency:
- **Use strong passwords** and enable two-factor authentication.
- Regularly update your software to patch any vulnerabilities.
- Be cautious of phishing attempts and suspicious links.

By staying informed and proactive, crypto users can better protect themselves from the rising tide of malware threats.

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Massive Malware Attack Targets 28,000 Crypto Users – Are You Safe?

![Bitcoin dips below $61K despite Fed’s dovish stance](https://cryptoslate.com/wp-content/uploads/2024/05/bitcoin-down-liquidations-768x403.jpg)

Bitcoin (**BTC**) continues to struggle, trading below **$61,000** even after the **Federal Reserve** indicated a dovish stance in the **FOMC minutes** released on **October 9**. As of the latest update, BTC was priced at **$60,935**, reflecting a **2% decline** over the past 24 hours.

### Fed's Interest Rate Cut
The FOMC minutes confirmed a consensus for a **50 basis point reduction** in interest rates this year, aiming to adjust rates down to a range of **4.75% to 5%**. While some members advocated for a more cautious **25 basis point cut**, the majority argued that a larger reduction would be beneficial for aligning with current inflation and labor market conditions.

### Altcoin Performance
Bitcoin's lackluster performance was mirrored by other major altcoins. **Ethereum (ETH)** dropped **1%**, while **Solana (SOL)** fell **2.5%**, and **BNB Coin** decreased by **2.3%**. Despite this, **futures open interest** surged significantly following the FOMC meeting.

### Equities Market Reaction
In contrast to the crypto market, the **US equities market** reacted positively, with the **S&P 500** climbing **0.68%** and approaching new all-time highs. The **Nasdaq Index** also rose **0.5%**, reaching its highest level since early September.

### Market Dynamics
**Andrew Kang**, co-founder of **Mechanism Capital**, suggested that the divergence between crypto and equities is natural given that equities are more closely tied to interest rate policies. The current uncertainty among traders is palpable, with many awaiting upcoming **US economic data** on **October 10** before making further moves.

### Bitcoin Market Data
As of **12:21 am UTC on October 10, 2024**, Bitcoin's market cap stands at **$1.2 trillion**, with a **24-hour trading volume** of **$27.55 billion**. The total crypto market is valued at **$2.12 trillion**, with Bitcoin dominance at **56.65%**.

**Learn more about Bitcoin ›**

The FOMC minutes published today confirmed a 50 basis point cut in interest rates this year, but BTC fell followed by major altcoins.

Why Did Bitcoin Drop Below $61K Despite the Fed's Dovish Signals?

![Ethereum’s dominance struggles at 13% - What’s going on?](https://ambcrypto.com/wp-content/uploads/2024/10/eth-webp-1-1200x686.webp)

**Ethereum’s market dominance has dropped to range lows at 13%.** The declining market share comes amid **weakening demand**, rising supply, and **Bitcoin’s rising dominance**.

Ethereum has been underperforming against Bitcoin over the past year. For example, Bitcoin has gained more than **120% year-on-year (YoY)**, while Ethereum's growth is around **50%**. At present, Ethereum's market dominance stands at **13.85%**, a significant drop from a yearly high of nearly **20%**.

### Bitcoin’s Rising Dominance
Bitcoin has seen a significant increase in its dominance this year, forming higher highs and moving within an ascending channel. A key factor for Bitcoin's rise is the **high demand for spot Bitcoin exchange-traded funds (ETFs)**, with current holdings exceeding **$57 billion** worth of BTC, demonstrating substantial institutional interest.

### Whales Are Selling Ethereum
A contributing factor to Ethereum's declining dominance is **whale selling activity**. Recently, a large address from the 2014 ICO deposited **5,000 ETH** to Kraken, valued at approximately **$12M**. In total, this whale has deposited around **50,000 ETH** worth **$125M** to exchanges in the last two weeks. Additionally, the **Ethereum Foundation** has sold more than **$10M** worth of ETH this year, further impacting Ethereum's performance.

### Weak Demand for ETH ETFs
Unlike Bitcoin, Ethereum has recorded low demand for its spot ETFs. Since their launch in July, these ETFs have seen **$849M in outflows**. The **Grayscale Ethereum Trust** has been a significant contributor to this, with both the **BlackRock spot ETH ETF** and the **Fidelity Ethereum Fund** showing no positive inflows recently.

### Rising Supply
Ethereum is facing challenges with a declining burn rate, resulting in an inflationary trend. In the past month, over **43,000 ETH tokens** have been added to the circulating supply, with an annual inflation rate recently reaching **18%**, the highest since August.

The lack of new demand to absorb this increasing supply may increase sell-side pressure on Ethereum, causing it to lose market share to Bitcoin and other altcoins. Ethereum's falling dominance is also contributing to **weakening market sentiment**, as most traders are bearish on Ethereum, while institutions remain bullish.

Ethereum market dominance has plunged to range lows as it loses its market share to Bitcoin amid weak demand and whale selling.

Ethereum's Market Share Plummets: Is Bitcoin Winning the Battle?

## Bitcoin's Bullish Outlook

**Bitcoin (BTC)** could potentially reach **$80,000** by the end of the year if the market remains stable and the upcoming elections do not disrupt investor sentiment, as indicated by **Bitwise Chief Investment Officer (CIO) Matt Hougan**. 

### Key Factors Influencing Bitcoin's Price

In a recent memo to investors, Hougan emphasized that for Bitcoin to hit its ambitious price target, three critical factors must unfold:

- **Political Stability**: Politicians should refrain from manipulating market sentiment as the **US elections** approach.
- **Economic Stimulus**: Additional stimulus from **China** and a **50 basis points rate cut** from the **Federal Reserve (Fed)** are essential.
- **Market Stability**: The market must avoid surprises such as hacks, lawsuits, or dormant tokens re-entering circulation.

### Election Impact on Bitcoin

The crypto community exhibits mixed reactions to the upcoming elections. Some crypto leaders suggest that a **Republican win** by **Donald Trump** could spark bullish momentum for Bitcoin, while a **Democratic victory** by **Kamala Harris** might lead to a bearish trend. **Bernstein analysts** support this speculation, predicting Bitcoin could soar past **$80K** if Trump wins, yet plummet to around **$40K** if Harris prevails. 

However, Hougan insists that the primary concern is not the elections themselves, but rather the need for politicians to avoid interfering with the market dynamics. He stated, "**To thrive, Bitcoin doesn't need politicians. It just needs them to get out of the way.**"

### Bitfinex and the Recovered BTC

In a related development, the **US government** has suggested that **Bitfinex** may be the sole recipient of **119,754 BTC** recovered from hackers. This significant amount was stolen during a hack in **August 2016**, and it is now worth approximately **$7.4 billion**. The government filing stated, "The government is not aware of any person who qualifies as a victim... beyond perhaps Bitfinex."  

![Bitfinex Victims Right Notification](https://editorial.fxstreet.com/miscelaneous/Screenshot%202024-10-09%20194344-638640990567044622.png)

Bitfinex had previously distributed losses among its users through **BFX tokens** to compensate for the hack, recovering about **80%** of the stolen funds over time. Recently, two individuals were charged for laundering part of the stolen Bitcoins and have pleaded guilty. 

### Conclusion

As we approach the end of the year, eyes are on Bitcoin's price trajectory and how external factors, including politics and market surprises, may influence its movement toward the **$80,000** mark.

Bitcoin (BTC) could reach $80,000 by year-end if the market sees no surprises and the upcoming elections do not affect investor sentiment, according to Bitwise Chief Investment Officer (CIO) Matt Hougan. 

Bitcoin on the Verge of $80,000: What You Need to Know About Market Predictions and Government Actions

Bitcoin (BTC) is currently experiencing a **sideways movement**, struggling within a consolidation range of **$60,000 to $62,000**. Despite this stagnation, many enthusiasts in the crypto community are holding on to the **"Uptober" theory**, anticipating a significant price breakout.

## Insights from Analyst Jelle
Notable crypto trader and analyst **Jelle** recently shared his analysis on X (formerly Twitter), highlighting that the consolidation phase during summer bull markets often concludes in the last **10 days of October**. He suggests that the current **"chop" phase**, characterized by frequent price dips, may also end around this time in **2024**.

### Potential for New All-Time Highs
If historical trends continue, Jelle predicts that Bitcoin could see a **massive price breakout** soon, potentially reaching a new all-time high (ATH) within the next **two to three weeks**. Currently, Bitcoin's ATH is approximately **$73,780**, achieved back in **March** following the launch of Bitcoin Spot ETFs.

As of now, Bitcoin is trading around **$61,788**, having seen a drop of **1.75%** in the last 24 hours. Jelle remains optimistic, asserting that this **"chop season"** will soon come to an end, paving the way for new heights for Bitcoin.

Bitcoin (BTC) on Verge of Biggest Breakout in Price History: Details

Is Bitcoin on the Brink of Its Biggest Price Breakout Ever? Discover What Analysts Are Predicting!

### Insights on Bitcoin Trading

Professional crypto trader **Justin Bennett** has shared his insights on **Bitcoin's** (BTC) market volatility and future predictions leading up to the **FOMC minutes meeting**.

### Key Highlights

**What Happened:** Bennett emphasized that the meeting minutes are not a Fed rate decision, which is why he does not expect as much volatility as typically seen from a Fed rate decision. He maintains a **bearish stance** on Bitcoin, which he adopted after the market lost a critical support area.

Bennett predicts that Bitcoin might experience a downturn to clear out **long positions**, especially with the upcoming FOMC meeting minutes. He suggests that the optimal trading strategy is to wait for a sweep down towards the **low $61,000** range before potentially reclaiming upward momentum.

![Benzinga Future of Digital Assets Conference](https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif)

**Also Read:** [Bitcoin, Ethereum, Solana Projected To Surge By 2025](https://www.benzinga.com/markets/cryptocurrency/24/10/41237292/bitcoin-ethereum-solana-projected-to-surge-by-2025-regardless-of-election-outcome-report)

Bennett also discussed the possibility of Bitcoin dropping to levels like **$59,000** and **$57,000**, citing market structure and liquidity in these areas. He anticipates a significant demand bounce if Bitcoin reaches **$57,000**. His invalidation level for Bitcoin is set at **mid $64,000**, and if it surpasses this mark, he expects a rally back towards highs like **$70,000** to sweep existing short positions.

As the U.S. election season approaches, Bennett suggests that markets will likely **de-risk**, regardless of whether Bitcoin hits **$57,000** or **$70,000**. He advises traders to brace for market movements this week, especially with the **FOMC minutes** and upcoming **U.S. CPI and PPI reports**.

### What's Next:
These discussions, along with the future of stablecoin regulation, will be central topics at the upcoming **Benzinga Future of Digital Assets** event on **Nov. 19**.

**Read Next:** [Bitcoin’s ‘Uptober’ Upswing Will Resume Soon: JPMorgan](https://www.benzinga.com/markets/cryptocurrency/24/10/41214901/bitcoins-uptober-upswing-will-resume-soon-jpmorgan)

*Image: Shutterstock*  
*This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.*

Professional crypto trader Justin Bennett shared his insights on Bitcoin's (CRYPTO: BTC) market volatility and future predictions ahead of the FOMC minutes meeting.

Expert Insights: How to Navigate Bitcoin Trading Post-FOMC Minutes

### Welcome to the RHONY Recap!
Hello and welcome to **Things We Hate About Erin Mew Mew Lichy**. I am your host, Dame Brian Moylan, and this week we delve into the *drama surrounding Erin* and her struggles, alongside our special guest, Becky Minkoff. 

### Erin's Emotional Turmoil
This episode highlights Erin's emotional challenges, particularly regarding her mother's **cancer diagnosis**. While we empathize with her, Erin tends to bring it up frequently, raising eyebrows about her motivations. 

### Shopping for Wigs
In a touching yet oddly comedic scene, Erin shops for wigs for her mother with Ubah. Her mother's new hair system looks more suited for drag queens than cancer patients. Erin expresses her frustration with Abe, her husband, for not supporting her during this tough time.  

### The Bitcoin Blunder
The plot twist comes later when it’s revealed that Erin is furious because Abe **sold their Bitcoin** without telling her! This leads to a hilarious, yet absurd argument over cryptocurrency. Erin's anger stems from the idea that she expected the Bitcoin to appreciate, but it turns out Abe sold it to pay off debts from Erin's **failed handbag line**, *FrameworK*. 

### A Failed Venture
Erin believed that her fashion sense could translate into a successful handbag line. However, as expected, it flopped, leading to financial strain on their relationship. The irony of Erin being upset about losing money in crypto, which is notoriously volatile, adds to the comedic value of the situation. 

### The Other Ladies
Meanwhile, drama brews between the other housewives, including misunderstandings and passive-aggressive comments. Ubah and Brynn clash over Erin's perceived insensitivity towards others' financial situations. 

### Scientology and Other Controversies
In a more serious vein, the episode touches on Becky Minkoff's connection to Scientology, prompting discussions about the ethical implications of such associations. While the ladies skirt around the topic, the tension is palpable.  

### Final Thoughts
The mix of humor and drama in this episode encapsulates the essence of **RHONY**. With so many layers of personal and financial turmoil, it’s a recipe for reality TV gold, especially when intertwined with the unpredictable world of cryptocurrency.

The only thing more obvious than Erin having a failed handbag line is what it led to on this week’s RHONY.

Bitcoin and Ethereum ETF Inflows Could Push Crypto Market Up: Analyst

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Other Latest News

Massive Malware Attack Targets 28,000 Crypto Users – Are You Safe?

Why Did Bitcoin Drop Below $61K Despite the Fed's Dovish Signals?

Ethereum's Market Share Plummets: Is Bitcoin Winning the Battle?

Bitcoin on the Verge of $80,000: What You Need to Know About Market Predictions and Government Actions

Is Bitcoin on the Brink of Its Biggest Price Breakout Ever? Discover What Analysts Are Predicting!

Expert Insights: How to Navigate Bitcoin Trading Post-FOMC Minutes

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Other Latest News

Massive Malware Attack Targets 28,000 Crypto Users – Are You Safe?

Why Did Bitcoin Drop Below $61K Despite the Fed's Dovish Signals?

Ethereum's Market Share Plummets: Is Bitcoin Winning the Battle?

Bitcoin on the Verge of $80,000: What You Need to Know About Market Predictions and Government Actions

Is Bitcoin on the Brink of Its Biggest Price Breakout Ever? Discover What Analysts Are Predicting!

Expert Insights: How to Navigate Bitcoin Trading Post-FOMC Minutes

Bitcoin Drama Unfolds in RHONY: The Hilarious Fallout from a Failed Handbag Line