The crypto world barely blinked at HBO’s hyped Bitcoin creator ‘reveal’. On October 9, 2024, major cryptocurrencies held steady despite the documentary’s claims.
Bitcoin (BTC) dipped just 0.4% in 24 hours. The CoinDesk 20 index saw a minor 0.61% drop. Ethereum (ETH) actually rose 0.3%. BNB, Solana, and XRP barely moved. Only Sui Network (SUI) fell significantly, losing 7% after a recent 20% gain.
HBO’s “Money Electric: The Bitcoin Mystery” named Peter Todd as Satoshi Nakamoto. Todd quickly denied this. The crypto community on X largely dismissed the claim. Betting markets showed little faith in the reveal. The odds of proving Satoshi’s identity in 2024 remain low at 4.5%.
Meanwhile, real market forces are at play. U.S. spot Bitcoin ETFs saw $18 million in outflows. Ethereum ETFs lost over $8 million. China’s post-holiday rally has stalled, with major indices falling nearly 4%.
However, stablecoin growth tells a different story. The market cap has hit a record $169 billion, up 31% this year. Tether (USDT) leads with $120 billion, while USD Coin (USDC) follows at $36 billion. This surge represents fresh capital ready to enter the crypto market.
Traders now eye the upcoming Federal Reserve meeting. FOMC minutes and key economic data due this week could sway Bitcoin’s next move. Polymarket bettors predict a potential interest rate cut in November.
QCP Capital traders remain optimistic. They expect capital to flow back into crypto as China’s rally fades. They see crypto as a maturing alternative to traditional risk assets. While near-term risks exist, they believe election headlines will drive crypto movement in the medium term.
As October unfolds, historically Bitcoin’s strongest month, the market watches closely. Will the combination of stablecoin growth and macro factors ignite a Bitcoin surge? The stage is set for an intriguing fourth quarter in the crypto world.
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