**Bitcoin miners are showing signs of capitulation, similar to the market bottom following the FTX collapse in late 2022.** This is marked by a significant drop in daily revenue and hashrate, with miners turning off equipment due to falling profits. **Daily miner revenue has plummeted from $79 million on March 6th to $29 million today, driven by the halving and declining transaction fees.**  The hashrate has also dropped by 7.7% since the halving, reaching near all-time lows. **CryptoQuant, a data provider, believes that this miner capitulation suggests a potential market bottom is near.** Bitcoin's price has been struggling in recent weeks, falling by 13% over the past 30 days and currently trading at $60,300.

Miner capitulation levels are now comparable with those in end of 2022, which was the market bottom after FTX implosion, CryptoQuant said.

Bitcoin Miners Capitulating: Market Bottom Near FTX Crash Levels?

**A Sacramento County woman, identified only as Leah, has tragically lost $100,000 in a cryptocurrency scam that lasted several months.** The scammer, who posed as an investor, built a relationship with Leah through **LinkedIn**, eventually convincing her to invest her life savings into what she believed was a legitimate cryptocurrency opportunity. 

### The Deceptive Scheme
Leah shared her emotional story with KCRA 3, expressing her devastation: **"This is like my whole life savings that I lost."** The scam began in the summer of **2023**, with the scammer gaining her trust through messages on LinkedIn before moving to **WhatsApp**. 

### Trust and Betrayal
Over several months, Leah was manipulated into transferring large sums of money into a cryptocurrency account, believing she was making a wise investment. **"He was guiding me through the crypto and making deposits in my electronic wallet,"** Leah explained, unaware that the wallet address provided was actually the scammer’s. 

### The Aftermath
Once her account was drained, the scammer blocked her on all social media platforms. Leah immediately reported the incident to law enforcement, but the chances of recovering her funds are slim. **Sgt. Amar Gandhi** from the Sacramento County Sheriff's Office highlighted the difficulty of tracking such crimes: **"Once that money leaves your account, especially via crypto, it's very hard to trace."** 

### A Broader Issue
The **FBI** reported that in **2023**, over **$5.6 billion** was lost in cryptocurrency scams, underscoring the growing threat to individuals. Local authorities urge victims to report such scams, although Leah has yet to see any recovery of her funds. 

> **"We'll call these criminals all kinds of names, but stupid is not one. They are very creative. They're smart and they're manipulative,"** said Sgt. Gandhi.

A woman from Sacramento County says she was scammed out of $100,000 from a cryptocurrency scam.

Devastating Cryptocurrency Scam: Sacramento Woman Loses $100K in Heartbreaking Tale

### Bitcoin's Decline Amidst Global Turmoil
Cryptocurrencies experienced a **significant drop** on Tuesday night, with **Bitcoin** falling back to the **$60,000** mark. This decline comes as the crypto market typically enters one of its strongest months.

The flagship cryptocurrency was last recorded at **$60,972.62**, down nearly **4%**. At one point, it dipped as low as **$60,175**. Meanwhile, **Ether** traded at **$2,449.83**, reflecting a **5%** decrease.

### Impact on Crypto-Related Stocks
In the extended trading hours, stocks associated with virtual currencies also faced declines. **Coinbase** saw a **1%** drop, and **MicroStrategy** lost **2%**, continuing a trend from earlier losses of **7.4%** and **3.5%** respectively.

### Geopolitical Influences on Market Sentiment
The **rising tensions** in the Middle East have dampened investors' risk appetite as October begins. **Iran** recently launched a **ballistic missile attack** on **Israel**, escalating concerns in the region. Chris Kline, COO of **Bitcoin IRA**, noted that the unrest has driven **oil prices** up and strengthened the dollar, negatively impacting Bitcoin and similar speculative investments.

### October's Historical Performance
Despite a shaky start, October and November are historically strong months for Bitcoin. The cryptocurrency has finished higher in all but two years since **2013**, averaging nearly **23%** returns. This period is often referred to as **"Uptober"** among crypto investors.

However, Bitcoin has struggled to break past the **$70,000** ceiling, with a strong support level at **$55,000**. While some investors are skeptical about October's potential, many remain hopeful for new highs as the quarter progresses.

### Additional Economic Factors
Investors are also keeping an eye on a **strike** by members of the **International Longshoremen's Association** on the East and Gulf Coasts, which could significantly impact the U.S. economy depending on its duration.

![Bitcoin Market Trends](https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg)


Cryptocurrencies slid on Tuesday night, with bitcoin dropping back to $60,000. The crypto has had a shaky start to what is usually one of its strongest months.

Bitcoin Dips Below $60K: What Rising Middle East Tensions Mean for Crypto Investors

## **Seaside Police Warn of Cryptocurrency Extortion Scam**

Seaside Police are sounding the alarm on **extortion scams** targeting victims through **cryptocurrency**. Scammers are sending emails demanding payments in cryptocurrency while falsely claiming to possess personal information or compromising photos of the victims. 

To intensify their threats, these scammers include **images** of victims' homes sourced from **Google Maps Street View**. However, police assert that the scammers lack any real compromising information. 

### **What to Do If You Encounter Such a Scam**
If you receive a scam email, police advise the following steps:
- **Do not panic**
- **Do not respond** to the scammers
- **Report the incident** to the **FBI’s Internet Crime Complaint Center** at [www.ic3.gov](http://www.ic3.gov). Make sure to include all relevant details, such as the email header and any cryptocurrency addresses.

If you have already made a payment and suspect you have been scammed, contact the **Seaside Police Department** at **831-394-6811** for assistance.

Police say the scammer’s goal is to extort money even though they do not have compromising information on the victims.

Beware: Seaside Police Alert Public About Cryptocurrency Extortion Scams

### Bitwise Aims for XRP ETF

Bitwise is setting its sights on launching an **XRP ETF**, confirming its **legitimacy** to Decrypt with a filing in the state of Delaware. This move follows the **SEC's approvals** of ETFs for **Bitcoin** and **Ethereum** earlier this year.

ETFs are **popular investment vehicles** that trade on stock exchanges, providing investors with exposure to underlying assets. The recent crypto ETFs approved in the U.S. have attracted **billions of dollars** in inflows in a short time.

### About Bitwise

Based in **San Francisco**, Bitwise is a prominent **crypto asset manager** that offers various investment funds. While they confirmed the filing is real, they declined to comment further on the ETF currently in the filing stage.

### The XRP Landscape

**XRP**, created by the founders of **Ripple**, aims to expedite cross-border payments. However, XRP and Ripple now operate as separate entities. The future of the XRP ETF remains uncertain due to the ongoing legal battle between Ripple and the SEC, which filed a **$1.3 billion lawsuit** against Ripple in 2020, accusing it of selling unregistered securities.

Despite the challenges, Ripple scored a partial legal victory last year when a judge ruled that **programmatic sales of XRP** to retail investors do not qualify as securities, although institutional sales did. This ruling was seen as a **victory for the crypto industry**, leading to a surge in XRP's price.

Currently, the price of XRP is trading at **$0.61**, reflecting a **3% increase** over the past week.

Bitwise aims to launch an XRP ETF, confirming to Decrypt that the filing with the state of Delaware is legitimate.

Bitwise Takes Bold Step to Launch XRP ETF After Bitcoin and Ethereum Success

### Iran Launches Ballistic Missiles at Israel
Iran's **Islamic Revolutionary Guard Corps** (IRGC) has announced that it has fired **dozens of ballistic missiles** at Israel in a dramatic escalation of hostilities. This attack is reportedly in retaliation for recent events in Gaza and Lebanon, including the deaths of key military figures.

![Donald Trump is facing Democratic nominee Kamala Harris in the race for the US presidency](https://www.aljazeera.com/wp-content/uploads/2024/09/2024-09-29T203635Z_1049245515_RC2KAAAA4J47_RTRMADP_3_USA-ELECTION-TRUMP-1727672373.jpg?w=770&resize=770%2C513)
*Donald Trump is facing Democratic nominee Kamala Harris in the race for the US presidency [File: Brian Snyder/Reuters]*

### Trump Blames Biden Administration
Former US President **Donald Trump** criticized the Biden administration for the escalating conflict in the Middle East, claiming that Iran was kept in check during his presidency. He asserted that the recent attacks would not have occurred under his leadership.

### Israel's Defense Systems Under Pressure
According to **Al Jazeera’s defense editor** Alex Gatapoulos, Israel's air defenses are among the most sophisticated globally. The **Iron Dome**, **Barak 8**, and **Arrow 3** systems are designed for different ranges of attacks, but the sheer volume of missiles may pose significant challenges for interception.

### Targeted Military Bases
The IRGC stated that the missile attacks targeted **three military bases** in the Tel Aviv area, utilizing **Fatah hypersonic ballistic missiles** for the first time. The Israeli military reported intercepting a significant number of the approximately **180 missiles** fired.

### Khamenei's Prediction of Victory
Iran’s Supreme Leader **Ayatollah Ali Khamenei** proclaimed the possibility of an “**imminent divine victory**” for his nation, urging followers to remain steadfast in the face of adversity.

### International Response
In Washington, President **Joe Biden** and Vice President **Kamala Harris** have been closely monitoring the situation from the **situation room**. Biden has directed the **US military** to assist Israel in intercepting missiles and has reaffirmed the US's commitment to Israel's defense.

### Hamas Supports Iranian Actions
The Palestinian group **Hamas** hailed the Iranian missile launch as a “**heroic**” response, calling for unity among countries in the region against Israel.

### Conclusion of the Attack
The White House confirmed that US naval destroyers collaborated with Israeli forces in shooting down Iranian missiles, describing the situation as a **major escalation** and emphasizing the need for continued vigilance.

![Rockets fly in the sky, as seen from Tel Aviv, Israel, Tuesday [Ammar Awad/Reuters]](https://www.aljazeera.com/wp-content/uploads/2024/10/2024-10-01T172048Z_1685577080_RC2SBAAZLER2_RTRMADP_3_ISRAEL-PALESTINIANS-LEBANON-1727804073.jpg?w=770&resize=770%2C513)

Iran’s Islamic Revolutionary Guard Corps says it has fired dozens of ballistic missiles at Israel.

Unprecedented Missile Barrage: Iran Strikes Israel Amid Escalating Tensions

### Larry Fink's Stance on Fed Rate Cuts

BlackRock CEO **Larry Fink** has made headlines by asserting that investors are mistaken if they expect the **Federal Reserve** to implement significant interest rate cuts in the near future. Fink believes that the **US economy** is poised for continued growth, despite recent market predictions suggesting otherwise.

![Larry Fink](https://nypost.com/wp-content/uploads/sites/2/2024/10/larry-fink-chief-executive-officer-90810273.jpg?w=1024)
*Larry Fink told Bloomberg that he thought it was unlikely that the Fed would aggressively cut rates through to the end of the year.*

### Recent Rate Cuts and Economic Outlook

Just two weeks ago, **Chairman Jerome Powell** announced a **0.5% cut** in rates, marking the first reduction since 2020 as economies recover from the global pandemic. However, Fink is skeptical about further cuts, stating, “I don’t see any landing.” He emphasizes that while some sectors are struggling, others are thriving, projecting growth rates of **2-3%**.

Fink noted, “I see more policies by more governments that tend to be more inflationary,” indicating that he finds it challenging to envision a **200 basis points** decline in short-term rates before the end of 2024. 

### Economic Data and Future Implications

Upcoming economic indicators, such as **Friday’s jobs report**, may influence the Fed's decisions. If unemployment rises or hiring falters, sharper rate cuts could become a consideration. Fink elaborated on the potential dangers of aggressive rate cuts, warning they could lead to excessive money supply and renewed inflation.

### Corporate Earnings and Global Concerns

Fink points to **strong corporate earnings** as a sign that the economy is in better shape than some analysts suggest. He also criticized American corporations for maintaining business ties with China, especially given its support for Russia amid ongoing geopolitical tensions.

Fink has been a vocal advocate for the **Biden Administration’s policies** on **Environmental Social Governance (ESG)**, promoting the integration of climate change considerations into corporate strategies. However, he faces challenges from other Wall Street figures, like **Boaz Weinstein**, who have launched activist campaigns against BlackRock's fund management.

![Jerome Powell](https://nypost.com/wp-content/uploads/sites/2/2024/10/2024-powell-said-time-come-90810781.jpg?w=1024)
*Federal Reserve chairman Jerome Powell, seen here with Bank of England Governor Andrew Bailey, indicated on Monday that rates would continue to be lowered within the next few months.*

BlackRock CEO Larry Fink said investors are wrong if they think the Fed will make massive interest rate cuts later this year.

Larry Fink Challenges Investor Expectations on Fed Rate Cuts: What You Need to Know

### Bitcoin's Cautious October Start

The **Bitcoin price** is facing a **cautious start** to October as **China’s Golden Week holiday** kicks off on October 1. This annual celebration often leads to **lower trading activity** across global markets, including cryptocurrencies, as traders and businesses take a break.

### Potential Correction Ahead

Analysts predict a **slow market** this week, warning that Bitcoin may experience a **5-10% correction** before any significant upward momentum can resume. Currently, Bitcoin is trading around **$63,980**, down **0.6%** in the last 24 hours, while **Ethereum** shows a slight increase at **$2,643** according to CoinGecko data.

### Key Macroeconomic Events

The subdued performance in the market coincides with several important macroeconomic events this week, including the **U.S. initial jobless claims report** on October 3 and the **U.S. Nonfarm Payrolls and Unemployment Rate** on October 4.

### Increased Volatility in Crypto Market

Recent overnight trading has indicated signs of **increased volatility**. Jake Ostrovskis, an OTC trader at Wintermute, noted a rise in **implied volatility (IV)** for short-term options contracts, suggesting traders expect sharp price swings soon. The recent **$5 billion options expiration** (OPEX) could contribute to these market fluctuations.

### Spot Trading Dynamics

Spot Bitcoin trading has dipped below the **$65,000** mark, with the volatility surface suggesting a **downside bias** until late October or early November. Despite this, there is support for a **post-election rally** according to current positioning.

### Short-Term Analysis

Analysts at **Bitfinex** caution that Bitcoin's recent gains may be reaching a **short-term ceiling**. They observe that while Bitcoin has reclaimed key **on-chain levels**, there are warning signs indicating the market may have reached a temporary equilibrium. Additionally, open interest in Bitcoin futures has surged past **$35 billion**, historically correlating with local price peaks. A **5-10% pullback** could reset open interest without derailing the overall uptrend.

### Momentum Indicators

Valentin Fournier from **BRN** highlights that Bitcoin ended September with a **3.5% loss**. The **Stochastic RSI** signals **bullish potential**, yet the **MACD** shows weakening momentum. A dip into the **$61,000-$62,500 range** could provide a solid foundation for a renewed uptrend.

### Market-Moving Events Ahead

Fournier emphasizes that the **U.S. unemployment rate** will be a crucial market-moving event, with any deviation from the expected **4.2% rate** potentially impacting market sentiment and influencing risk assets, including cryptocurrencies.

"The U.S. unemployment rate will be a crucial market-moving event," one analyst said.

Bitcoin Miners Capitulating: Market Bottom Near FTX Crash Levels?

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Other Latest News

Devastating Cryptocurrency Scam: Sacramento Woman Loses $100K in Heartbreaking Tale

Bitcoin Dips Below $60K: What Rising Middle East Tensions Mean for Crypto Investors

Beware: Seaside Police Alert Public About Cryptocurrency Extortion Scams

Bitwise Takes Bold Step to Launch XRP ETF After Bitcoin and Ethereum Success

Unprecedented Missile Barrage: Iran Strikes Israel Amid Escalating Tensions

Larry Fink Challenges Investor Expectations on Fed Rate Cuts: What You Need to Know

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Other Latest News

Devastating Cryptocurrency Scam: Sacramento Woman Loses $100K in Heartbreaking Tale

Bitcoin Dips Below $60K: What Rising Middle East Tensions Mean for Crypto Investors

Beware: Seaside Police Alert Public About Cryptocurrency Extortion Scams

Bitwise Takes Bold Step to Launch XRP ETF After Bitcoin and Ethereum Success

Unprecedented Missile Barrage: Iran Strikes Israel Amid Escalating Tensions

Larry Fink Challenges Investor Expectations on Fed Rate Cuts: What You Need to Know

Is Bitcoin Set for a Spooky Correction? Analysts Weigh In on Market Trends