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Uptober Off to a Rough Start as Bitcoin Drops 4%

Plus Gemini Exits Canada Giving Customers 90 Days to Close Accounts

Author

Nathaniel Whittemore
October 01, 2024

The Breakdown First Five - Tuesday, September 1, 2024

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

Uptober Off to a Rough Start as Bitcoin Drops 4%

5. Brito Out At Coin Center

After a decade of shepherding the organization, Jerry Brito will step down as executive director of Coin Center. He and Senior Policy Counsel Robin Weisman will hand over the reins to Peter Van Valkenburgh to continue the work. Since 2014, Coin Center has represented the interests of Bitcoiners and everyone who values digital rights in Washington. Thank you Jerry and Robin for all your hard work. 

4. ETF Inflows Crack a Billion

Last week was the best in the last 10 for Bitcoin ETFs, totalling $1.1B in inflows. That’s larger than the past two weeks combined. Flows slowed on Monday as Bitcoin cooled, but the ETFs still ticked over at $61M making it eight positive days in a row. Investors are clearly adding more Bitcoin via the ETFs as economic and geopolitical uncertainty tick up. 

3. Ohio Tries Again

An Ohio state senator has introduced a bill that would require the state to accept crypto for payment of taxes and fees. The state executive attempted this in 2018 but scuttled the plans due to a lack of enthusiasm. Also on the docket in Ohio are bills to ban CBDCs and protect the mining industry.

2. Gemini Shutters in Canada

Gemini have told Canadian customers they have 90 days to close their accounts. When Canada imposed strict new rules on crypto exchanges earlier this year, Gemini was one of the first in line. Most other foreign crypto firms left the country, including Binance, OKX and Paxos. We can only assume that Gemini didn’t pass muster or the international presence no longer makes sense.

1.  Uptober’s Rough Start

Bitcoin slid by around 4% to trim returns on what is still the best September on record. Many pointed to Jerome Powell talking down markets who were pricing a second 50bps rate cut next month. The price drawdown featured a relatively large liquidation, suggesting that traders were positioned aggressively heading into month end. Will economic wobbles lead to Bitcoin uncertainty, or is Uptomber the more powerful force?