This week, the cryptocurrency market is filled with significant events – from a revealing documentary about Bitcoin and a pivotal moment in the FTX withdrawal to a mainnet upgrade and major macroeconomic data releases. Here’s what should be on your radar this week.
#1 Bitcoin (BTC): HBO documentary calls for Satoshi Nakamoto to be unmasked
On October 8, 2024, HBO will premiere a documentary that claims to answer one of the most controversial questions in the cryptocurrency space: the true identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The documentary, titled “Money Electric: The Bitcoin Mystery,” is directed by Colin Hoback, the Emmy-nominated director best known for his investigative series Q: Into the Storm, which exposed the creators behind the QAnon conspiracy.
In a teaser posted on With these words, Hoback sparked intense speculation within the cryptocurrency community.
Polymarket betting odds currently place Len Sassaman – a late crypto expert who was deeply entrenched in the digital privacy community – as the leading candidate to be Nakamoto, with 36.5% of bets. However, the Bitcoin community has grave doubts that after more than a decade and numerous attempts, the true identity can now be proven beyond a reasonable doubt.
#2 FTX Token (FTT): Hearing in court
The FTX collapse continues to ripple across the cryptocurrency landscape, and the next chapter will unfold 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 move forward. If approved, it will allow the stock exchange to begin repaying creditors in phases.
The current schedule indicates that small claimants (those with claims under $50,000) could start receiving payments within 60 days of plan approval, while large creditors may need to wait until the first quarter of 2025 at the earliest. . Subsequent hearings are scheduled for October 22, November 20 and December 12, which will further clarify the distribution process.
The possibility of this settlement being approved could have significant upside implications for the broader market. If creditors get part of their money, they may reinvest it in the cryptocurrency market.
#3 Stacks (STX): Nakamoto’s promotion announcement
The 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, one of the founders of Stacks, confirmed to X that the upgrade deadline will be announced on October 10, 2024.
3 days ago, on Friday, Ali certain “Updates on Nakamoto activation: Core developers conducted a successful hard fork on the testnet last week. The Core Software Release Candidate 2 (rc2) build shipped today. Core developers will use the rc2 device to perform another hard fork of the testnet early next week. They will choose Modified/final hard fork block after testnet hard fork with rc2 we are very close!
This upgrade brings 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 smart contracts and Stacks-based decentralized applications, greatly expanding the utility of both networks.
Additionally, improvements 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 Cryptocurrencies: FOMC Minutes and US CPI Data
Macroeconomic factors are also expected to play a crucial role in shaping the direction of the cryptocurrency market this week. On October 9, 2024, the Federal Open Market Committee (FOMC) will release the minutes of its latest meeting. These minutes will provide valuable insights into the Federal Reserve’s position on future interest rate adjustments, which have a direct impact on risk assets, including Bitcoin and cryptocurrencies.
Federal Reserve Chairman Jerome Powell had previously indicated that the central bank plans to implement two additional interest rate cuts before the end of the year, cutting interest rates by a total of 50 basis points if economic conditions are consistent with its expectations. However, Powell also left room for flexibility, suggesting that faster cuts could be made if the economy deteriorates.
In addition, US CPI data for September is scheduled to be released on October 10, 2024. Inflation had slowed to its lowest level since February 2021 by August, following aggressive monetary tightening by the Federal Reserve. Analysts believe that a weaker-than-expected CPI reading could reignite market speculation about further interest rate cuts, which could lead to risk-on behaviour, which would be beneficial for cryptocurrency prices. However, initial jobless claims data, released on the same day, will also be crucial in assessing the strength of the US economy.
At press time, Bitcoin was trading at $62,943.
Featured image created with DALL.E, a chart from TradingView.com
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