BTC Price
Bitcoin closed the month of September, 2023 at $26,966 USD per coin and broke through the 50 day SMA in the past week. There are many bullish signs ahead for BTC and price has been holding strong given other markets performance in the past week.
Wallet Upgrades and Token Burns
The month of September saw some significant developments in the Bitcoin ecosystem¹. The Bitcoin.com Wallet app added a new feature that allows users to speed up their Bitcoin transactions¹. This powerful tool is expected to be a game-changer for those who need to make quick transactions¹.
In addition, Bitcoin.com burned over 289 million VERSE tokens in September¹. This action permanently reduced the supply of the Bitcoin.com ecosystem’s rewards and utility token¹, which could potentially increase the value of the remaining tokens.
Partnerships and Integrations
The Verse ecosystem, which is part of the Bitcoin.com network, announced 15 new partnerships, integrations, and collaborations¹. Notable among these are Coinsbee, a B2C platform where you can buy payment cards and mobile top-ups, and Cash2Bitcoin, a Bitcoin ATM company¹.
Educational Initiatives
Bitcoin.com also focused on education this month. They published an article titled "What is Trading Volume?" in their Learning Center¹. The article explains why trading volume is essential for any trader in the crypto space and how it can be used as a powerful trading indicator¹.
Events and Community Building
Corbin Fraser, Bitcoin.com’s Head of Financial Services, participated in a panel on community building in the web3 era for Singapore’s Token2049¹. Fraser shared insights on leveraging decentralized networks to foster community engagement and create economic freedom¹.
Legal Developments
In legal news, a Washington, D.C. court ruled in favor of Grayscale against the SEC regarding its bitcoin ETF conversion¹. The court deemed the SEC’s denial as “arbitrary”¹, marking a significant victory for Grayscale.
Market Conditions
Towards the end of September, billionaire Michael Saylor's prediction of Bitcoin reaching $5 million per coin seemed closer to reality². Saylor had previously stated that three conditions would cause a massive acceleration in Bitcoin's value: the approval of a spot bitcoin ETF, a change to fair value accounting for bitcoin balance sheet holdings, and increased prevalence of bank custody and collateralized lending². As of now, these conditions appear to be coalescing².
In conclusion, September was an eventful month for Bitcoin with several significant developments. From wallet upgrades and token burns to new partnerships and legal victories, these events have the potential to shape the future trajectory of Bitcoin.
Bitcoin News, October 1, 2023
This article summarizes key Bitcoin news for October 1, 2023 and the month of September.
Sources:
(1) Bitcoin.com Monthly Recap for September 2023. https://blog.bitcoin.com/bitcoin-com-monthly-recap-for-september-2023-767998d9c2ec.
(2) Conditions Closing In On Billionaire Michael Saylor’s $5M Bitcoin Call. https://www.forbes.com/sites/digital-assets/2023/09/18/conditions-coalescing-around-billionaire-michael-saylors-5-million-bitcoin-call/.
(3) ‘September Is Going To Be Crazy’—A New Secret Binance ... - Forbes. https://www.forbes.com/sites/digital-assets/2023/08/31/september-is-going-to-be-crazy-a-new-secret-binance-filing-could-be-about-to-rock-the-bitcoin-ethereum-bnb-xrp-cardano-dogecoin-and-solana-price/.
(4) Bitcoin (BTC) Price Prediction for September 2023: Bullish or Bearish?. https://coinpedia.org/bitcoin/bitcoin-price-prediction-for-september-2023-bullish-or-bearish-what-to-expect/.
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