Bitcoin (BTC) surged in October, opposing the US government’s closure that left the Altcoin Exchange-Traded Fund (ETF) application in Limbo.
However, the market welcomed the arrival of “Up to Ber,” but headlines elsewhere were dominated by regulatory battles and policy experiments.
The two defendants pleaded guilty to what British police called the world’s largest code attack.
Brazilian energy companies are courting miners to absorb excess force as New York lawmakers push new taxes that could drive the industry out of the state.
In Europe, just as banks and the ECB advance their own euro-based alternatives, Stabrecoin faces new warnings from regulators.
This is the edition of this week’s Global Express:
US government shutdown puts Altcoin ETF on Limbo when Bitcoin enters “Up to Two”
Bitcoin was closed on the third day, closing on Friday, exceeding $120,000, which encouraged optimism that the world’s largest cryptocurrency by market capitalization could extend its familiar October streak, often referred to as “Uptober.”
US lawmakers failed to reach funding agreements on Wednesday, causing the government to close. So far, it hasn’t rattled the traditional market, but the main index has been higher, but not as sharp as Bitcoin surges.
The government standoff has certain weights on both traditional and digital assets, as it delays the release of U.S. employment data, originally scheduled for Friday. The Non-Agricultural Salary Report is an important economic indicator that investors will closely monitor the signal of the Federal Reserve policy paths starting October 28th ahead of the next Federal Open Market Committee (FOMC) meeting.
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Bitcoin’s last October decline came just before the 35-day shutdown in December 2018 when cryptocurrency slipped from $3,900 to $3,550. Analysts pointed to the October 2018 Financial Action Task Force move, extending guidelines to cover virtual assets as emotional resistance. Since then, Bitcoin has recorded a positive October performance for the 10th consecutive year.
The government closure is expected to slow down the review of routine applications by the Securities and Exchange Commission, including Cryptocurrency Exchange Transaction Funds (ETFs). Proposals tied to Litecoin (LTC), Solana (SOL) and XRP (XRP) face decision deadlines throughout the month, but could be delayed until the agency returns to normal operation.
Brazil wants a bitcoin miner
Crypto miners are receiving an incredible welcome in Brazil. There, energy companies see them as solutions to chronic oversupply.
At least half a dozen projects are in negotiations, as some local plants report up to 70% of excess production, according to Reuters. Laos has adopted a similar approach, tempting miners to induce hydropower and serve the debts from the very dam that left the country that was powered.
What’s unusual is that countries like Brazil and Laos are relying on profitable mining to absorb excess power, but are being kicked out elsewhere. China’s comprehensive ban in 2021 shut down the entire business and sent hash power overseas. In Thailand, miners were attacked for allegedly destabilizing the grid and pushing up electricity bills. Against this backdrop, Brazil treats the industry as a pressure valve for its energy systems rather than as a threat.
The photo differs in New York, where state Sen. Liz Kruger introduced a bill on Wednesday that would impose a step-by-step excise tax on the use of crypto mining power. The proposal will exempt only miners who are completely dependent on renewable energy, starting from $0.02 per kilowatt-hour for medium-sized operators and up to $0.05 for the largest operators.
Related: France goes cheating, Fed rate cut bitcoin pump: Global Express
This follows a two-year suspension on the fossil fuel-powered mining industry that expired in 2024. This year, the median mining cost of 1 BTC is already above $70,000, so additional taxes can drive grid-dependent miners out of the state.
The two plead guilty following the world’s biggest bitcoin attack
Zhimin Qian, who ran a multi-billion-dollar Ponge-style fundraising scheme in China, pleaded guilty to washing criminal proceeds, including 61,000 BTC, in a London court on Monday. Qian’s partner, Hok Seng Ling, also pleaded guilty on Tuesday.
Between 2014 and 2017, Qian scamled over 128,000 investors through her company, Tianjin Lantian Gerui Electronic Technology, in one of China’s most infamous fundraising scandals, before fleeing to the UK with false documents.
Police seized the property in 2018 after pursuing Ling. The cash included Bitcoin, encrypted devices, cash and gold, which the UK metropolitan police described as the biggest cryptocurrency attack in history.
Bitcoin Stash is currently worth more than $7.24 billion, and is at the heart of the debate over whether victims will be repaid at their value today or just what they lost a few years ago.
The Financial Times reported that the High Court could limit compensation to the original value of the investment in the victim, or approximately £640 million ($862 million). This leaves $6.4 billion under government control. The finance authorities discussed whether excesses would help ease the fiscal deficit, while others warned that such a move could trigger a long legal battle.
Europe will cool with private stub coins while supporting the digital euro
European authorities are putting pressure on private digital currencies, laying their own foundations.
The European Systemic Risk Committee (ESRB) reportedly recommends a ban on Stablecoins jointly issued by companies both inside and outside the BLOC. The recommendation is not legally binding, but it has stepped up warnings from European Central Bank President Christine Lagarde and officials at the Italian Central Bank, which could pose risks to financial stability.
Tether’s USDT (USDT), the world’s largest stub coin, has already been deprecated by several EU trading platforms after Tether refused to comply with the Crypto-Assets framework Bloc’s market. This shift has boosted Circle’s USDC (USDC), but the ESRB proposal could also increase pressure on Tether’s US-based rivals.
Local initiatives are also appearing. On September 25th, nine major European banks, including ING and UnicRedit, announced plans to jointly launch Stablecoin, the Euro family.
Meanwhile, the European Central Bank is moving forward with the digital euro. On Thursday, it announced framework agreements with seven technology providers, including Feedzai and Giesecke+Devrient, to develop systems for fraud detection, risk management and offline payments. Piero Cipollone, an ECB executive committee member, recently said the mid-2029 launch “may be a fair evaluation.”
magazine: Payment for Japan Tour, USDC, and USDT on XRP ledger Grab: Asia Express