The week’s hottest crypto narratives
Bitcoin fell to its lowest level since the beginning of the month. The flagship cryptocurrency slipped below $77,000, dropping to $76,670 on Binance for the first time since September 3. But Coinbase CEO Brian Armstrong claims Bitcoin continues to follow four-year cycles. “I personally believe that the bottom is in on Bitcoin in this most recent cycle.” In his view, Bitcoin could begin climbing again over the next one to two years as the next halving approaches. Meanwhile, analysts at Glassnode believe Bitcoin needs to break through the $83,000–86,000 resistance to resume its upward momentum. The range includes long-term investors' holdings as well as the estimated break-even level for Bitcoin ETFs. India, which holds the BRICS presidency this year, is seeking to expand the use of central bank digital currencies (CBDCs) for cross-border transactions within the bloc. Indian authorities are not yet prepared to pursue a single BRICS payment network, however, amid concerns that such an initiative could be perceived as a challenge to the U.S. dollar, Bloomberg reported, citing sources familiar with the discussions. Instead, India is proposing that BRICS members connect their respective CBDC systems to facilitate cross-border payments. Such an arrangement could reduce reliance on financial intermediaries in transactions between member states while also lowering transaction costs. LAPTOP, a memecoin associated with former U.S. President Joe Biden’s son Hunter, plunged 99% on its first day of trading. The team behind the project attributed the collapse to bot activity and the token’s low liquidity. Analysts at Bubblemaps, meanwhile, described the LAPTOP launch as a ‘bloodbath,’ reporting that around 80% of traders ended up with losses.AML analyzer | Mini App | X.com | New website
