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Expectations for an October cryptocurrency bull run are sky-high, with crypto Twitter last week naming the month Uptober.
The bitcoin price failed to hold onto gains made last night, with the price of ethereum, cardano and … [+] other major coins losing ground over the last 24 hours.CryptoCodex
Things are off to a slow start, however, with a bitcoin breakout attempt last night falling flat. The bitcoin price briefly came within touching distance of $50,000 per bitcoin but quickly fell back and is now trading around $47,000—still lower than where it began September. Following speculation a long-awaited U.S. bitcoin exchange-traded fund (ETF) could be approved in October, the Securities and Exchange Commission (SEC) yesterday pushed some decision deadlines into late November and December, somewhat taking the wind out of traders’ sails.
Meanwhile, the crypto top ten is broadly trending downward this morning, with ethereum rivals cardano and polkadot leading the top flight lower, both off by 3%. Just outside of the top ten, terra and algorand are bucking the trend, up 8% and 11% on the last 24 hours respectively.
Hold the phone: Crypto exchanges have customer service from hell
Texas ❤️ blockchain
Senator Ted Cruz, a Republican from Texas who took a run at the White House in 2016, will be … [+] speaking at the Texas Blockchain Summit.Getty Images
Don’t mess with Texas: This week, senators Ted Cruz (R-TX), John Cornyn (R-TX) and Cynthia Lummis (R-WY) will speak at the first Texas Blockchain Summit, prompting Forbes contributor Jason Brett to predict Texas is “poised” to become a bitcoin and blockchain world leader and teeing up the event as possibly the “largest state-level blockchain one-day summit ever.”
Cruzing for crypto: Cruz has emerged as one of bitcoin and crypto’s highest-profile supporters in recent months, with the former presidential hopeful warning that the U.S. infrastructure bill’s controversial crypto tax provision is “dangerous” and and “would devastate crypto and blockchain innovation.”
Lone Star: In June, Texas became the second U.S. state after Wyoming to recognize blockchain and cryptocurrency in its commercial law, paving the way for crypto businesses to operate in the state. The same month, Texas governor Greg Abbott declared: “Texas will be the crypto leader,” after the rollout of cryptocurrency kiosks into some Texas grocery stores.
Go west: Following China’s crackdown on bitcoin and cryptocurrency miners this year, many homeless crypto companies looked to settle in Texas, with Kevin Pan, the chief executive of Hong Kong-based cryptocurrency mining company Poolin, telling the BBC last month that Texas felt like home almost instantly.
Other names to look out for in Austin: SEC commissioner Hester Peirce, Nic Carter, general partner and the crypto-focused Castle Island Ventures, bitcoin developer Jimmy Song and Human Rights Foundation chief strategy officer Alex Gladstein.
Now read this: Cracking the code of crypto
🗣️ Snowden on bitcoin
😨 Last year, during the coronavirus-induced March financial meltdown, whistleblower Edward Snowden said he thought it was a good time to buy bitcoin, calling the price drop to under $4,000 “too much panic and too little reason.”
🗺️ Last night, Snowden tweeted: “Sometimes I think back to this and wonder how many people bought bitcoin then”—noting that the price is up 10-fold despite what he called “a coordinated global campaign by governments to undermine public understanding of—and support for—cryptocurrency.
🚫 “China even banned it, but it just made bitcoin stronger,” Snowden said, referencing China’s latest crypto crackdown. In September, following El Salvador’s adoption of bitcoin, Snowden said there’s now “now pressure on competing nations to acquire bitcoin,” adding “latecomers may regret hesitating.”
Now read this: We can use as much energy as we want, forever
✨ The week ahead
A few crypto and crypto-adjacent events for the diary this week…
🤖 Google’s Android 12 mobile operating system is due to launch today while Microsoft’s Windows 11 is coming Tuesday
📝 Coindesk Research will drop its latest quarterly review on Tuesday, while the New York Times NYT will explore “the environmental impact of digital currency and efforts to make it more sustainable”
👎 Facebook whistleblower Frances Haugen, who was a product manager at the social media giant until earlier this year, will testify before a Senate subcommittee on Tuesday after revealing her identity on 60 Minutes last night
💼 The latest U.S. jobs report is out on Friday, with economists estimating employers added jobs at a solid pace in September as the labor-market recovery got back on track after a sluggish August
🔗 The Texas Blockchain Summit kicks off in Austin on Friday