Bitcoin Falls Marking the Worst 'Uptober' in Nearly a Decade

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Market Update - October 4th 2024

Takeaways

1. Bitcoin fell following the news of Iran’s retaliation on Israel, and the election of Japan’s new prime minister: The decline comes after a recent rally spurred by the Federal Reserve's rate cut.
   
   
2. Net inflows into global crypto funds reached $1.2 billion last week, marking their largest increase in 10 weeks: US-based spot bitcoin ETFs contributed $1.1 billion in these inflows, while Ethereum products ended a five-week streak of outflows by adding $87 million.
   
   
3. Changpeng Zhao, founder of Binance, was released from prison after completing a four-month sentence for failing to establish money laundering controls: Zhao paid a $50 million personal fine and is no longer allowed to hold executive positions at the company.
   
   
4. Ohio State Senator Niraj Antani introduced a bill that would require all political subdivisions in Ohio to accept cryptocurrency payments for state and local taxes: The proposal also allows state universities and pension funds to invest in cryptocurrencies, positioning Ohio at the forefront of crypto adoption.
   
   
5. More than 94% of FTX's Dotcom creditors voted in favor of a reorganization proposal: The proposal would see 98% of creditors receiving at least 118% of their claim value.
   

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