The German government recently transferred 3,000 Bitcoin (BTC), worth over $172 million, to various cryptocurrency exchanges and a separate wallet. This significant movement of funds has raised concerns about potential market impact, particularly with regards to increased selling pressure. The transfer was made from a wallet labeled "German Government (BKA)" and spread across Coinbase, Kraken, and Bitstamp exchanges. An additional 1,700 BTC was moved to an unknown wallet address.  This event follows a trend of governments worldwide confiscating and selling Bitcoin linked to criminal activities.  The United States government has previously sold a significant amount of Bitcoin obtained from the Silk Road marketplace, and the impending Mt. Gox repayments could further contribute to market volatility. These large-scale transfers highlight the potential influence governments have on the Bitcoin market, potentially impacting price fluctuations and sentiment.

The German government transferred 3,000 BTC, worth over $172 million, to exchanges and a wallet, signaling potential market impact.

German Government Transfers $172 Million in Bitcoin, Impacting Market Sentiment

### 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.

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

### Robinhood Enhances Its European Crypto Offerings

On Tuesday, **Robinhood's crypto unit** announced that it has enabled European customers to deposit and withdraw over **20 digital assets**. This move is part of the trading app's strategy to strengthen its presence in the European market.

The update supports popular cryptocurrencies such as **Bitcoin (BTC)**, **Ethereum (ETH)**, **Solana (SOL)**, and **USD Coin (USDC)**. Robinhood cited increased demand from its European users as a driving factor for this enhancement.

> "It was one of the top requested features from our customers,” said **Johann Kerbrat**, Vice President and General Manager of Robinhood Crypto.

In December, Robinhood launched its crypto services in the **European Union**, allowing users to trade more than **25 digital currencies**. The recent feature launch coincides with heightened regulatory scrutiny in Europe following the approval of the **Markets in Crypto-Assets (MiCA)** regulation, which sets clear standards for crypto companies in the region.

These new regulations emphasize **stablecoin issuance**, **anti-money laundering measures**, and **consumer protections**, leading to stricter licensing requirements in countries like **Germany** and **France**. Despite these challenges, Robinhood remains optimistic about its growth prospects.

> "We are a large company, and we're used to dealing with regulators," Kerbrat stated, emphasizing their proactive engagement with regulatory bodies.

This comes after Robinhood faced legal challenges, including a **$3.9 million settlement** related to allegations of hindering customers' ability to withdraw digital assets over a four-year period. In response to security concerns, Kerbrat assured that most assets are stored in **cold storage** and that the company employs **crime insurance** against phishing attacks, alongside user education and transaction scanning to prevent scams.

Robinhood is positioning the move as a way to provide users with greater control over their digital assets and simplify access to DeFi.

Robinhood Expands European Crypto Capabilities: New Features for Bitcoin and Ethereum Transfers

## Ohio Senator Proposes Groundbreaking Cryptocurrency Bill

On Monday, **Ohio State Senator Niraj Antani** proposed a **landmark bill** that could position Ohio as one of the few states to accept **Bitcoin** and other **cryptocurrencies** for state and local tax payments. This proposed legislation mandates all political subdivisions in Ohio to accept digital currencies, although the specific assets to be accepted are yet to be determined.

Senator Antani emphasized the relevance of cryptocurrency in today’s economy, stating, "**Cryptocurrency is not just the future, but it’s the present of our 21st-century economy**." This bill aims to normalize the usage of crypto in Ohio’s financial landscape.

Ohio previously made headlines in **2018** when it became the first state to allow businesses to pay taxes using Bitcoin. However, this initiative ended abruptly after the **Ohio Attorney General** ruled that the State Board of Deposits needed to approve the program, which they failed to do.

Antani’s current bill seeks to eliminate this obstacle by explicitly requiring the acceptance of crypto payments for taxes and fees. Reflecting on past efforts, Antani remarked, "**Former State Treasurer Josh Mandel was a leader on cryptocurrency in 2018, and Ohioans have him to thank for being an early adopter of this innovation**."

In addition to tax payments, the bill also aims to allow **state universities** and **pension funds** to invest in cryptocurrencies, marking a significant expansion of Ohio’s engagement with the crypto industry.

Other states are also exploring similar paths toward crypto adoption. For instance, **Colorado** became the first state to officially accept Bitcoin for tax payments in **2022**, enabling payments via **PayPal**, while **Florida** and **Utah** are also making strides in this direction. In light of these developments, Antani stated, "**By allowing Ohioans to pay their taxes and fees with cryptocurrency, we will be on the cutting edge**."

**Edited by Sebastian Sinclair**

The proposed legislation requires all political subdivisions in Ohio to accept Bitcoin and other cryptocurrencies for payments.

Ohio Takes a Bold Step: Can Bitcoin and Crypto Payments for Taxes Become a Reality?

On **September 24**, the **U.S. Department of Justice (DOJ)** filed a complaint against payments giant **Visa** in a New York federal court. The **complaint alleges** that Visa, which processes **60% of all U.S. debit transactions**, employs **unfair practices** such as exclusivity agreements and fines against partner merchants. Furthermore, it claims that Visa uses its vast resources to lure potential competitors into partnerships rather than allowing them to compete.

Despite Visa's impressive **$18.3 billion profit in 2023**, marking a **14% year-on-year increase**, the DOJ argues that these anti-competitive practices ultimately lead to **higher customer prices**.

### What Does This Mean for Bitcoin?

While the DOJ's actions might not directly impact Bitcoin (**BTC**), the anti-trust case against Visa has significant implications for **Bitcoin as an electronic cash system**. For years, blockchain experts and entrepreneurs have been working to scale Bitcoin to function as a global peer-to-peer cash system, fulfilling Satoshi Nakamoto's vision. With **Teranode** set to scale **BSV** to over **a million transactions per second (TPS)**, the possibility of achieving this on the mainnet is closer than ever.

In 2023, Visa processed a staggering **212.6 billion transactions**. However, with Teranode, **BSV** will be able to handle that volume in just **212,600 seconds** or **59.05 hours**—effectively processing Visa's entire annual transaction volume without breaking a sweat!

### Blockchain-Based Payment Systems on the Horizon?

The timing is fortuitous; with Teranode launching in **early 2025**, the Visa anti-trust case may spark renewed interest in developing rival payment processors on the BSV blockchain. If Visa's alleged anti-competitive practices are successfully challenged, merchants might seek new, **low-fee alternatives**. The **MNEE stablecoin** could eliminate the need for volatile digital currencies like Bitcoin at the wallet level, making it an ideal time for a blockchain-based competitor to emerge.

While it will take time to build and gain adoption, the path is now clear for a **low-cost, scalable alternative** to Visa. This could save merchants significant amounts on transaction fees and reduce **chargebacks**, allowing for tiny payments that could unleash an economic boom.

Imagine paying a few cents to read a news article on the **Wall Street Journal**, potentially eliminating paywalls and outdated subscription models. This would open up online and offline commerce to many who are currently locked out by Visa’s **$0.04 minimum transaction fee**. New possibilities for in-app payments, online tipping, and **IoT machine-to-machine payments** could create a new economy.

Cheers to the DOJ for considering the startups and entrepreneurs trying to compete against giants, alongside the merchants who bear the burden of their fees! Hopefully, the **BSV blockchain** can play a pivotal role in ushering in a new era of **low-fee, fast-settlement payment systems** to rival outdated giants who have monopolized the industry for far too long.

![Video Explanation](https://www.youtube.com/embed/J7U6VXoDDVM?si=XYlDXzxrQAlSMaA_&controls=0)

The complaint alleges that Visa uses unfair practices and fines against partner merchants; it also alleges its vast resources to entice would-be competitors to partner up rather than compete.

Visa's Legal Troubles: What It Means for the Future of Bitcoin Payments

### **A Cautionary Tale for Seniors**  
A senior couple in Boone County faced a **devastating near-loss** of tens of thousands of dollars due to a **cryptocurrency scam**. This incident highlights the **growing threat** of scams targeting vulnerable populations, particularly seniors who may not be as familiar with the intricacies of digital currencies.  
  
### **The Scamming Tactics**  
Scammers often employ various tactics such as **fake investment opportunities** and **phishing schemes** to lure victims. This couple's experience serves as a **warning** to others to remain vigilant and informed about potential scams.  
  
### **Protecting Yourself from Scams**  
To avoid falling victim to similar schemes, it’s crucial to:  
- **Verify the source** of any investment opportunity.  
- **Educate yourself** about cryptocurrencies and how they work.  
- **Consult trusted financial advisors** before making significant investments.  
  
By staying informed and cautious, individuals can better protect themselves from these fraudulent activities.

A senior couple in Boone County nearly lost tens of thousands of dollars to a cryptocurrency scam.

German Government Transfers $172 Million in Bitcoin, Impacting Market Sentiment

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Senior Couple Almost Falls Victim to Cryptocurrency Scam: A Cautionary Tale