CMC Daily, Oct. 7: Bitcoin and SHIBA INU Surge!
Market Musings

CMC Daily, Oct. 7: Bitcoin and SHIBA INU Surge!

By Connor Sephton
2w ago
3m

Plus, a look back as El Salvador marks one month of having Bitcoin as legal tender — and why analysts on Wall Street are excited about Coinbase stock.

CMC Daily, Oct. 7: Bitcoin and SHIBA INU Surge!

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Bitcoin Hits $55,000 🤑

A sudden, dramatic surge saw Bitcoin hit $55,568 on Wednesday — its highest level for five months. The world's biggest cryptocurrency has now reclaimed a market cap of $1 trillion. BTC is now just 20% off all-time highs of $64,800 set in April. Now the best-performing coin in the top ten by market cap, Bitcoin's dominance is beginning to increase.  Find out more.

Why Has BTC Surged? 🧐

Here are three reasons why Bitcoin is up. First, excitement is growing that the U.S. will approve an exchange-traded fund based on BTC futures this month. Second, a hedge fund controlled by billionaire investor George Soros now trades cryptocurrencies. And last but by no means least, it's October — a historically bullish time for this digital asset. Read our story.

El Salvador's Milestone 🇸🇻

It's now been one month since El Salvador adopted Bitcoin as legal tender. President Nayib Bukele has revealed that cash deposits to buy BTC across the nation's network of Chivo ATMs now outweigh withdrawals. Our estimates also suggest that the country has made a paper profit of $3.2 million from the 700 BTC it owns since Sept. 6. Here's the latest.

Mt. Gox Deadline Looms 🚨

Victims who lost Bitcoin in the notorious Mt. Gox hack have one day left to vote on a rehabilitation plan that could see them receive a payout. The doomed exchange collapsed in 2014 after 850,000 BTC was stolen, but 200,000 BTC was later recovered. If approved, a number of those affected could become crypto millionaires overnight. Why this matters.

SHIBA INU Surges 348% 🔥

Elon Musk's latest picture of his shiba inu puppy Floki has caused chaos in the altcoin markets. SHIBA INU has surged 348% over the past seven days — barking its way into the top 20 cryptocurrencies. At one point, it overtook the likes of Bitcoin Cash and Litecoin. The joke coin started life as a knock-off alternative to DOGE. Why SHIBA INU's surge is bittersweet.

Big Changes to Stablecoins on Way? 🇺🇸

Big changes to the stablecoin market could be on the way in the U.S., according to reports. A major banking regulator is now exploring whether some stablecoins could be eligible for insurance. This would mean that stablecoin owners could be insured against losses of up to $250,000. However, there are caveats and complications. Find out more.

Is Coinbase Stock Undervalued? 💰

Dramatic levels of volatility in the crypto markets may have contributed to a box office Q3 for Coinbase. COIN closed Wednesday's trading session at $250.38, but one analyst has now set a target of $444 for the stock. Volatility means higher trading volumes, and whether crypto prices go up or down, this means more revenue. Plus, why Brian Armstrong is speaking out.

Revealed: September's Worst Altcoins 📉

By and large, September was a harsh month for altcoins. Ether took a tumble, Huobi Token got hammered especially hard, and there were some painful double-digit losses among DeFi governance tokens. Check out our summary of the winners and losers — including the small handful of altcoins that managed to end last month in green territory. Here you go.