2024-10-8 02:30 |
This week, the crypto market is brimming with critical events—from a revealing Bitcoin documentary and a pivotal moment in the FTX withdrawal process to a major network upgrade and key macroeconomic data releases. Here’s what should be on your radar this week.
#1 Bitcoin (BTC): HBO Documentary Claims To Unmask Satoshi NakamotoOn October 8, 2024, HBO will premiere a documentary that claims to answer one of the most hotly debated questions in crypto: the true identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Titled “Money Electric: The Bitcoin Mystery,” the documentary is directed by Cullen Hoback, an Emmy-nominated filmmaker renowned for his investigative series Q: Into the Storm, which unmasked the creators behind the QAnon conspiracy.
In a teaser posted on X , Hoback cryptically alluded to the project: “A few of you might have wondered why I disappeared. Well, I was tracking down someone else who disappeared. Curious who’s behind Bitcoin?” With these words, Hoback has fueled intense speculation within the crypto community.
Polymarket’s betting odds currently place Len Sassaman—a late cryptographer who was deeply embedded in the digital privacy community—as the leading candidate to be Nakamoto, with 36.5% of the bets. However, the Bitcoin community has great doubts that after more than a decade and numerous attempts, the true identity can now be proven beyond doubt.
#2 FTX Token (FTT): Court HearingFTX’s implosion continues to ripple through the crypto landscape, and the next chapter unfolds on October 7, 2024, with a pivotal court hearing. This hearing will determine whether FTX’s $16 billion cash distribution plan, part of its Chapter 11 bankruptcy reorganization, can proceed. If approved, it would allow the exchange to begin repaying creditors in stages.
The current schedule indicates that smaller claimants (those with claims below $50,000) could start receiving payouts within 60 days of the plan’s approval, while larger creditors may need to wait until Q1 2025 at the earliest. Subsequent hearings are set for October 22, November 20, and December 12, which will further clarify the distribution process.
The potential for this settlement to be approved could have major bullish implications for the broader market. If creditors receive a portion of their funds, they might reinvest them in the crypto market.
#3 Stacks (STX): Nakamoto Upgrade AnnouncementThe Stacks (STX) network, which enables smart contracts and decentralized applications (dApps) on Bitcoin, is gearing up for a major upgrade known as the “Nakamoto Upgrade.” Muneeb Ali, co-creator of Stacks, confirmed on X that the final hard fork date for the upgrade will be announced on October 10, 2024.
3 days ago, on Friday, Ali confirmed “Updates on nakamoto activation: Core devs performed a successful hard fork on testnet last week. Today the stacks-core software release candidate 2 (rc2) shipped. Core devs will use this rc2 to do another testnet hard fork early next week. They’ll pick the adjusted/final hard fork block after testnet hard fork with rc2. We’re so close! buckle up and stay tuned.”
This upgrade introduces significant improvements, including the launch of sBTC, a protocol that enables users to lock Bitcoin (BTC) on the Bitcoin network and mint a corresponding amount of sBTC on Stacks. This would allow BTC to be used within Stacks-based smart contracts and dApps, significantly expanding the utility of both networks.
Additionally, enhancements to the Proof of Transfer (PoX) mechanism aim to increase decentralization and efficiency. The Stacks network will also see improvements in scalability, with reduced transaction latency and increased throughput.
#4 Macro Events Impacting Crypto: FOMC Minutes And US CPI DataMacroeconomic factors are also expected to play a critical role in shaping the crypto market’s direction this week. On October 9, 2024, the Federal Open Market Committee (FOMC) will release minutes from its most recent meeting. These minutes will offer valuable insights into the Federal Reserve’s stance on future interest rate adjustments, which have a direct impact on risk assets, including Bitcoin and cryptocurrencies.
Fed Chair Jerome Powell has previously indicated that the central bank plans to implement two more rate cuts before the end of the year, reducing rates by a total of 50 basis points if economic conditions align with their projections. However, Powell also left room for flexibility, suggesting that faster cuts could occur if the economy deteriorates.
Adding to this, the US Consumer Price Index (CPI) data for September is set to be released on October 10, 2024. Inflation had cooled to its lowest point since February 2021 by August, following the Fed’s aggressive monetary tightening. Analysts believe that a softer-than-expected CPI print could reignite market speculation about further rate cuts, potentially driving risk-on behavior, which would be beneficial for crypto prices. However, initial jobless claims data, released the same day, will also be crucial in assessing the US economy’s strength.
At press time, BTC traded at $62,943.
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