Bitcoin Still on Top After Weak Q3!

Greg Cipolaro stated that Bitcoin is still the best-performing asset class in 2024, but its lead is narrowing.

Author

Danielle du Toit
October 07, 2024

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  • Bitcoin ‘Still the Best-Performing Asset’ After Weak Q3: NYDIG

  • Binance Pushes Back on Israeli Military Requests to Freeze Crypto Wallets

  • Bitcoin Faces Pressure as Long-Term Holders Reduce Exposure

  • ZachXBT Accuses Crypto Influencer Ansem of Promoting Meme Coin ‘Pump and Dumps’

The New York Digital Investment Group believes that Bitcoin is still the best-performing asset so far this year, even after a “seasonally weak” third quarter.

  • Greg Cipolaro stated that Bitcoin is still the best-performing asset class in 2024 with a year-to-date gain of 49.2%, but its lead is narrowing.

  • Bitcoin's trading has been rangebound because of headwinds like the Mt. Gox and Genesis creditor distributions, which total nearly $13.5 billion, and huge sell-offs from the US and German governments.

  • Despite this and the fact that September is typically a bearish month for BTC, it still defied expectations by gaining 10%.

The Israeli military requested Binace to freeze crypto wallets linked to Palestinians and other individuals in the region.

  • Binance’s global head of financial crime investigations, Nils Anderson Röed, shared that the platform rejected 86% of the requests from the IDF due to insufficient evidence.

  • Röed explained that Binance conducts its own open-source intelligence research rather than just relying solely on external reports.

  • In August, Binance CEO Richard Teng denied claims that the platform froze all Palestinian wallets, and clarified that only wallets with clear links to illicit activities were affected.

Bitcoin’s price faces potential selling pressure as long-term holders (LTHs) start to offload their positions.

  • CryptoQuant research indicates that long-term Bitcoin holders, who have been holding BTC for 155 days or more, are adopting a more risk-averse approach.

  • Short-term Bitcoin holders, typically holding BTC for less than 155 days, have increased their exposure by $6 billion.

  • Even a Bitcoin whale that has been active since Bitcoin's early days recently moved a large amount of Bitcoin to the crypto exchange Kraken, according to Arkham Intelligence.

🫵 ZachXBT Accuses Crypto Influencer Ansem of Promoting Meme Coin ‘Pump and Dumps’

Zachary Wolk, who is known online as ZachXBT, accused crypto influencer Zion “Ansem” Thomas of facilitating a string of meme coin “pump and dumps.”

  • Wolk and Thomas had a very heated exchange on X, with Wolk accusing Thomas of promoting low-cap Solana meme coins.

  • Wolk mentioned Thomas while talking about Murad Mahmudov’s “Meme coin Supercycle” speech at Token 2049, and claimed Thomas was promoting coins instead of having a real market "edge."

  • He also argued that Thomas, with his more than 507,000 X followers, holds a lot of influence over smaller tokens, which could potentially cause followers to lose money by chasing meme coin pumps.

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