CMC Daily, Oct. 4: Bull Run Until March?!
Market Musings

CMC Daily, Oct. 4: Bull Run Until March?!

PlanB, the creator of the stock-to-flow model, says the current surge in BTC's price is showing no signs of weakness yet — and the bull run could last until 2022.

CMC Daily, Oct. 4: Bull Run Until March?!

Table of Contents

The Biggest, Best Crypto News Ever

But first — subscribe to our newsletter here.

Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts

Molly’s Musings 👩‍💻

Does Bitcoin Love Bad News?

Edward Snowden thinks that it does. 

The Russia-based NSA whistleblower tweeted this week that China’s most recent ban on Bitcoin “just made Bitcoin stronger.”
This is actually not a new thought — Bitcoin does seem to often do much better when the rest of the world is doing worse. Considering that the cryptocurrency was made as a way to create a new, completely separate financial system after the 2008 economic crisis, it may be logical for the crypto to soar in price when disaster happens in the “real world.”
Of course, this also comes with the other side of the coin — when things are going great, Bitcoin should suffer. This logic has been seen to come true in the markets, when El Salvador’s law making Bitcoin legal tender went into action, a huge boon for the crypto...and Bitcoin immediately fell.

It’s hard not to imagine Bitcoin as a stubborn toddler, throwing tantrums when everything goes his way just to be contrary. Let’s keep an eye to see what happens to Bitcoin’s attitude when he grows up just a little more.

Bitcoin! 😊 Altcoins! 😺

Bitcoin Bull Run 'Has Six Months to Go' 🤑
Some analysts are predicting that Bitcoin's bull run could last for at least six months. PlanB, the creator of the stock-to-flow model, says the current surge in BTC's price is showing no signs of weakness yet. Given how PlanB is adamant Bitcoin will hit $135,000 in December, we could see fireworks in 2022 if his latest predictions are proven right. Check out his tweets.
El Salvador Goes Day Trading Crazy 📈
One month after Bitcoin became legal tender in El Salvador, everyone from Uber drivers to waiters is attempting to capitalize on the cryptocurrency's erratic price movements. Bloomberg reports consumers are buying dips and selling when prices rise. In other news, President Nayib Bukele says a discount will now be offered to those who buy petrol with BTC. Our story.

SEC Rolls Decisions on Four Bitcoin ETF Applications to End of 2021 ₿

The four new deadlines are all for the end of November and December — and the three of the four issuers have already received extensions in the past.

NFTs Galore 👾

Solana NFT Sells for $2.1 Million, Breaking Previous Network Record 🎨
SolanaMonkeyBusiness — a collection of 5,000 NFTs — just sold for 13,027, the most expensive Solana-based NFT so far.
Gary Vaynerchuk Hand-Drawn VeeFriends Doodles Sell For $1.26M 🖌️
The digital scans of the entrepreneur’s doodles sold for more than Andy Warhol and Jackson Pollock did at a Christie’s auction in NYC.

DeFi Never Sleeps 💫

The Graph to Integrate With Decentralized Data Storage Protocol Arweave 💾
The two protocols will now allow indexed data from The Graph-powered open APIs to organize Arweave’s stored data.
Ziliqa Launches ZilBridge on the Mainnet 🌉
ZilBridge will allow new users to yearn yield in liquidity pools, as well as bridge over ETH, WBTC and USDT to the Zilliqa blockchain.
Algorand Community Governance Now Live 🕺
Algo holders are now able to serve as a “governor” if they commit Algos for three months and participate in voting during this period.

How Much Can You Play-to-Earn? 🎲

Axie Infinity Is Launching a DEX 🐶
One of the world’s top play-to-earn games will be launching a DEX to more easily enable the trading of tokens with the Axie Infinity ecosystem.

No More FUD…😟

Coinbase Phishing Attack Hits 6,000 🚨
Coinbase has revealed that at least 6,000 customers were targeted in a phishing attack. Criminals pretended to be the exchange in bogus emails that warned victims were locked out of their accounts. All of this was a ruse to get their passwords. Those who lost crypto as a result of this fraudulent activity have now been reimbursed. How you can keep safe.
KuCoin Latest Crypto Exchange to Boot Chinese Mainlanders 😟
After last week’s most recent crypto ban from China, KuCoin is the next crypto exchange to close the accounts of mainland Chinese residents.
Missing = in Code Could Lose $156M 😰
Think you're having a bad day? Spare a thought for Compound. The lending protocol could lose 490,000 COMP — worth $156 million — because a was missing from a line of code in an update. To make matters worse, its governance structure means that developers won't be able to fix the problem until Thursday. Here's the latest on what's going down. 

Who Got the Money? 🤑

SSV.Network Announces First DAO Partners Token Sale 💸
The decentralized ETH staking network will allocate a total of 323,102 SSV tokens to the first DAO partners token sale, with Digital Currency Group, Coinbase Ventures and Lukka, Inc. participating.