### Shocking Kidnapping Incident

On **November 10, 2023**, a man was **kidnapped** in downtown **Portland** and taken to a rural area of **Banks, Oregon**. He was **tied to a post** with duct tape and subjected to **beating** in an attempt to extract the passcode to his cryptocurrency wallet. A passerby discovered the victim early the next morning, who appeared to have endured **torture**.

### Federal Charges Filed

The four suspects, who flew from **Florida** to commit this heinous act, now face **federal charges** of **kidnapping** and **conspiracy to kidnap**. They were arrested in Florida and subsequently transported to Oregon to face the legal proceedings in the **U.S. District Court** in Portland. This incident raises serious concerns about safety in the realm of cryptocurrency, highlighting the lengths to which individuals may go to obtain digital assets.

A passerby found the man and reported he looked as if he had been subjected to torture, according to an initial complaint.

Terror in Portland: Four Men Kidnap Victim for Cryptocurrency Secrets

## Cryptocurrency Market Takes a Hit

Cryptocurrency prices have taken a nosedive during U.S. afternoon hours on Friday, reversing early gains. The downturn was triggered by a **Wall Street Journal report** indicating that the U.S. government is probing **Tether**, a major stablecoin issuer, for potential violations of **sanctions and anti-money laundering laws**.

Stablecoins, like **Tether (USDT)**, are cryptocurrencies designed to maintain a stable value by being pegged to traditional assets, typically the U.S. dollar. Tether boasts a market cap exceeding **$120 billion**, making it the most widely used stablecoin in the market.

![Uptober Forming Amid Rising Stablecoin Liquidity and Bitcoin Transactions](https://cdn.jwplayer.com/v2/media/DcJjyeYI/poster.jpg?width=720)

Earlier, Bitcoin (BTC) had been on an upward trajectory, nearing the **$69,000 mark** and possibly gearing up for a challenge to breach the **$70,000 threshold** for the first time in three months. However, following the news regarding Tether, Bitcoin's value plummeted to as low as **$66,500**, reflecting a nearly **2% drop** in the past 24 hours before a slight recovery to **$66,800**. The broader **CoinDesk 20 Index** also fell by **2.3%** during this period.

In response to the report, **Tether's Chief Technology Officer**, Paolo Ardoino, took to **X** to assert that the WSJ is merely "**regurgitating old noise**" and emphasized that there is no evidence suggesting Tether is under investigation.

This significant shift in sentiment underscores the fragility of the cryptocurrency market, where regulatory news can have an immediate and profound impact on prices.

Bitcoin appeared poised to make another run at $70,000, but a WSJ story of a criminal probe into the stablecoin issuer sent prices tumbling.

Tether Investigation Sends Bitcoin Prices Plummeting: What's Behind the Market Shift?

![Bitcoin BTC](https://ambcrypto.com/wp-content/uploads/2024/10/Gladys-BTC-5-1200x686.webp)

**Bitcoin's Recent Surge**  
BTC has surged by **5.91%** over the past month, hitting a local high of **$69k** after a low of **$58k**. However, there’s a concerning trend as daily active addresses have dropped from **1.1 million to 980k**, raising eyebrows among analysts.  

![Bitcoin Active Addresses](https://ambcrypto.com/wp-content/uploads/2024/10/Bitcoin-Active-Addresses.png)  
*Source: Cryptoquant*

**The Critical 350K New Addresses**  
Analyst **Burak Kesmeci** from Cryptoquant suggests that **350k new addresses** are crucial for Bitcoin to maintain its upward momentum. He argues that the market is only healthy if new Bitcoin addresses are on the rise. If new addresses fall below this level, it could signal a strong downward trend, leading to a bear market. Historical data shows that Bitcoin addresses below **250k** have often preceded significant price drops, such as in **2018**, **2021**, and **2024**.

Currently, despite a surge in new addresses in **2024**, the numbers have not surpassed **350k**, fluctuating between **210k** and **349k**.

**Implications for BTC Charts**  
While Bitcoin hasn’t yet reached the critical 350k new addresses, it is experiencing a strong uptrend, with market sentiment leaning towards bullish. The **exchange supply ratio** has declined sharply, suggesting that holders are accumulating Bitcoin, indicating they have no immediate plans to sell.

![Bitcoin Exchange Supply Ratio](https://ambcrypto.com/wp-content/uploads/2024/10/Bitcoin-Exchange-Supply-Ratio-All-Exchanges-2.png)  
*Source: Cryptoquant*

Additionally, the **fund flow ratio** has increased from **0.06 to 0.15**, signaling heightened demand and a bullish market outlook.  

At the time of writing, BTC was trading at **$67,714**, with the potential to face resistance at **$69,400** if the current market sentiment holds.

BTC has surged by 5.91% over the past month .Why 350k new addresses are critical for Bitcoin to see a sustained uptrend 

Unlocking Bitcoin's Potential: The Importance of 350K New Addresses for a $70K Rally

### Ethereum's Struggles Against Bitcoin

Ethereum has faced **significant underperformance** compared to Bitcoin over the past year. The **ETH/BTC ratio** has plummeted by **58%** from its peak of **0.086** in 2021, recently hitting a low of **0.0365**. Just last week, the pair experienced **high volatility**, dropping by **8%** before recovering **3%** to **0.0374** today.

![ETHBTC chart (Source: TradingView)](https://cryptoslate.com/wp-content/uploads/2024/10/Screenshot-2024-10-25-at-10.34.04-1024x753.png)

### Factors Behind Ethereum's Weakness

Several factors contribute to Ethereum’s relative decline:
- **Bitcoin's Dominance**: Bitcoin has reasserted its position as the leading digital asset, drawing increased **institutional interest**.
- **Issuance Uncertainty**: Unlike Bitcoin's fixed supply, Ethereum's issuance remains less predictable, which can affect **investor confidence**.
- **Layer-2 Solutions Impact**: The growth of Layer-2 solutions has had a negative effect on Ethereum's revenue and perceived value.
- **Competition**: Alternative Layer-1 blockchains like **Solana** are challenging Ethereum's market position.
- **ETF Success**: The success of Bitcoin ETFs has shifted institutional focus towards BTC, while Ethereum ETFs have seen **muted inflows**.

### Potential for Recovery

Despite the current downtrend, some analysts remain optimistic about a recovery in the **ETH/BTC ratio**. Ongoing **development** and **scaling solutions** in Ethereum could rekindle investor interest. Some experts suggest a potential recovery could align with the next expected **crypto bull market** in **2025**.

Ethereum underperforms Bitcoin as ETH/BTC ratio drops 58% since 2021 peak

Ethereum's Dramatic Fall: What Caused Its Lowest Value Against Bitcoin Since 2021?

### Analyst Kevin Svenson's Bullish Outlook on Bitcoin

Analyst **Kevin Svenson** is leaning **bullish** on **Bitcoin (BTC)** as the flagship crypto asset hovers below **$70,000**. In a recent video, Svenson shared with his **80,100 YouTube subscribers** that Bitcoin is on the verge of reaching a **new all-time high**.

![Bitcoin Price Prediction](https://dailyhodl.com/wp-content/uploads/2024/10/High-Before-the-End.jpg)

According to Svenson, multiple factors could converge to trigger a new Bitcoin record high **“before the end of the year, maybe within a month.”** He noted:
> *“…going into the elections, we’re almost always bullish going into US presidential elections…”*

Svenson pointed out that **every time** Bitcoin breaks its all-time high, it has coincided with a **US election or inauguration season**. With Bitcoin currently **12% to 13% away** from its all-time high of around **$73,800**, he anticipates a surge as elections approach.

### Price Action Signals a Trend Change

Svenson emphasizes that Bitcoin's current price action suggests a potential shift from **bearish** to **bullish** trends:
> *“This will be the first month if October stays up where it is now [$66,000] or higher… this will be the first time that we’re getting higher high monthly closes. This signals a change in the trend, that this sideways boring market may be coming to an end.”*

![Bitcoin Trend Analysis](https://dailyhodl.com/wp-content/uploads/2024/10/KS-BTC-1024.png)

Currently, Bitcoin is trading at **$67,745**, about **8% below** its all-time high. Svenson remains optimistic for **continuation upwards**, notwithstanding the slow price action observed recently.

### Key Takeaways
- Kevin Svenson is **bullish** on Bitcoin, predicting a new all-time high.
- Historical patterns suggest Bitcoin often peaks during **US elections**.
- Current price action indicates a potential **trend change** from bearish to bullish.
- Bitcoin is currently trading at **$67,745**, nearing its previous high.

![Bitcoin Market Insights](https://dailyhodl.com/wp-content/uploads/2024/10/KS-BTC-1024-2.png)  
*Source: Kevin Svenson/X*

Analyst Kevin Svenson is leaning bullish on Bitcoin (BTC) as the flagship crypto asset hovers below $70,000.

Analyst Predicts Bitcoin Will Soar to New Heights Before Year-End – Here's Why!

### Shocking Fraud Case Unveiled

The Department of Justice (DOJ) has revealed a **startling case of cryptocurrency fraud** involving a man who reportedly used his illicit earnings to purchase luxury vehicles, including a **Tesla** and a **Land Rover**. 

### Details of the Case

According to the DOJ, the individual engaged in fraudulent activities that exploited the **cryptocurrency market**, leading to significant financial losses for victims. The investigation uncovered that he funneled the **fraudulent proceeds** into high-end purchases, showcasing the potential for **criminal exploitation** within the rapidly evolving digital currency landscape.

### Implications for Cryptocurrency Regulation

This case raises important questions about the need for **increased regulation** in the cryptocurrency space to prevent such fraudulent activities. As more individuals invest in digital currencies, the potential for scams and fraud becomes a growing concern for both investors and regulators alike.

Cryptocurrency Fraudster Used Ill-Gotten Gains to Buy Tesla and Land Rover

## Overview

In **Windom, Minnesota**, a proposed **bitcoin mining facility** has stirred significant local controversy. Just two months ago, a mining company announced plans to establish a facility just outside the city, but the proposal faced backlash from residents.

## Community Concerns

Residents expressed their worries about the potential **noise pollution**, with local resident **Char Woizeschke** stating:  
> “It would’ve been in my front yard, and based on my research that we did in our group of concerned citizens, the noise would have been relentless in my house 24/7, 365.”  

Due to these concerns, the company has since **withdrawn its request** to the county, primarily because the county mandated an **Environmental Assessment Worksheet**. **Norm Holmen**, a Cottonwood County commissioner, mentioned:  
> “They kind of said, no, we’d rather not do it, they thought it would be simpler to work with the city instead of the county.”  

## The Next Steps

Now, the issue has transitioned to the **city of Windom**, as **Revolve Labs** is still interested in pursuing the facility. Local resident **Jay Kapfer** expressed his discontent:  
> “I’m not glad it’s happening at all in Windom, because wherever it goes they’re going to have the same problem with noise.”  

Residents have conducted their research, even traveling to Glencoe to inspect another facility owned by the same company. Woizeschke noted:  
> “It’s very loud, it’s not tolerable. I don’t think it’s a business that should be built in a city, with residents close. I know that Revolve Lab is looking for places that have cheap electricity, but at what price to the citizens’ health?”  

## Ongoing Issues

While locals are relieved that the facility will not be set up in rural areas, they acknowledge that the fight is not over. Kapfer added:  
> “In the long run, it’s not a good deal for the citizens, it’s not going to be good for anyone because of the noise.”  

Attempts to contact **Revolve Labs** for comment have gone unanswered, leaving the community in a state of unease regarding the future of the proposal.

Two months ago, a bitcoin mining company, proposed a new facility just outside of Windom. But the plan caused an uproar among those who lived in the area.

Local Uproar: Bitcoin Mining Facility Proposal Withdrawn in Windom

![Microsoft Bitcoin Proposal](https://cryptoslate.com/wp-content/uploads/2024/10/bitcoin-treasury-768x403.jpg)

**Microsoft** shareholders are preparing to vote on a significant proposal to evaluate **Bitcoin (BTC)** as a potential corporate investment during the upcoming annual meeting scheduled for **December 10, 2024**. This proposal, brought forth by a shareholder advisory board, seeks a thorough assessment of Bitcoin's role within Microsoft's treasury operations.

However, the **Microsoft board of directors** has expressed strong opposition to the proposal, highlighting that the company's treasury already reviews various assets, including cryptocurrencies like Bitcoin. They emphasized the **volatility of Bitcoin** and its unsuitability for ensuring financial stability and liquidity in corporate treasury functions.

In their statement against the proposal, the board underscored the importance of maintaining stability within treasury operations, asserting that volatile assets such as Bitcoin do not align with the company's risk management approach. Microsoft’s **Global Treasury and Investment Services** team continuously evaluates a diverse range of assets, focusing on those that offer **diversification** and **inflation protection**.

### Rising Interest Amid Caution
Microsoft has historically adopted a conservative stance on financial management, favoring low-risk investments such as bonds. This cautious approach reflects the board's reluctance to embrace Bitcoin, given its notorious price fluctuations, which have seen Bitcoin soar over **$69,000 in 2021** before plummeting below **$30,000** multiple times thereafter.

Despite the risks associated with Bitcoin, institutional interest in cryptocurrency continues to grow, with hedge funds and financial institutions incorporating it into their portfolios. However, many corporations, including Microsoft, remain hesitant, citing operational risks, regulatory uncertainties, and cybersecurity concerns.

While some companies are embracing cryptocurrencies, others are opting for a more conservative “wait and see” approach. The evolving landscape of cryptocurrency technology, particularly advancements in **blockchain**, is attracting increasing attention, but the uncertainty surrounding market adoption and regulation keeps companies like Microsoft cautious.

Despite shareholder interest, Microsoft board warns of Bitcoin's volatility for corporate treasury stability.

Terror in Portland: Four Men Kidnap Victim for Cryptocurrency Secrets

Summary:

Shocking Kidnapping Incident

Federal Charges Filed

Comments

Subscribe our Newsletter

BitcoinToday.app

Other Latest News

Tether Investigation Sends Bitcoin Prices Plummeting: What's Behind the Market Shift?

Unlocking Bitcoin's Potential: The Importance of 350K New Addresses for a $70K Rally

Ethereum's Dramatic Fall: What Caused Its Lowest Value Against Bitcoin Since 2021?

Analyst Predicts Bitcoin Will Soar to New Heights Before Year-End – Here's Why!

Cryptocurrency Fraudster Used Ill-Gotten Gains to Buy Tesla and Land Rover

Local Uproar: Bitcoin Mining Facility Proposal Withdrawn in Windom

Microsoft Shareholders Push for Bitcoin Investment Vote Despite Board's Warning

Other Latest News

Tether Investigation Sends Bitcoin Prices Plummeting: What's Behind the Market Shift?

Unlocking Bitcoin's Potential: The Importance of 350K New Addresses for a $70K Rally

Ethereum's Dramatic Fall: What Caused Its Lowest Value Against Bitcoin Since 2021?

Analyst Predicts Bitcoin Will Soar to New Heights Before Year-End – Here's Why!

Cryptocurrency Fraudster Used Ill-Gotten Gains to Buy Tesla and Land Rover

Local Uproar: Bitcoin Mining Facility Proposal Withdrawn in Windom

Microsoft Shareholders Push for Bitcoin Investment Vote Despite Board's Warning