Bitcoin Rallies Above $34,000 as Crypto Market Continue To Soar

Bitcoin saw significant price gains this week, rallying past the $34,000 price point as optimism in the market continues to grow. In this edition of the Crypto Scoop, we review the following:

• Bitcoin rallies past $34,000 as cryptocurrencies soar
• Regulatory Updates in the Crypto Scene
• Web3 Fashion and Arts Continue to Soar
• Mastercard & Solana Leads Global Crypto Adoption

Bitcoin rallies past $34,000 as cryptocurrencies soar

Bitcoin's latest price surge rallied past $34,000 as the crypto market soared. The Bitcoin Fear and Greed Index has also risen to its highest level in over two years at 79, indicating growing greed and optimism in the market.

On the regulatory front, the prospect of a US Bitcoin ETF getting approved soon has investors excited at the possibility of large institutional investments flowing into the market.

Google trends search for "buy Bitcoin" has surged over 60 points in the past week in the UK amid a major cryptocurrency rally that has driven worldwide interest in purchasing Bitcoin.

Google Trends data also showed that searches from US users for "Should I buy Bitcoin now?" increased over 250%. In comparison, searches for "Can I buy Bitcoin on Fidelity?" rose over 3,100% in the past week, indicating surging interest in purchasing Bitcoin. 

Additionally, the search term "Is it a good time to buy Bitcoin?" witnessed a 110% increase globally over the last seven days, according to the data.

With all of these happenings, some analysts believe the recent inflation data in the US for September that came short continues to fuel the price and narrative that Bitcoin remains a good hedge against inflation.

According to tweets from Crypto Analyst Miles, Bitcoin reached new all-time highs against the Argentine peso, Nigerian naira and Turkish lira this week, with one BTC surpassing 12 million Argentine pesos, 28,000 naira and 979,000 lira respectively. 

Michael Saylor also weighed in on the surging inflation in these countries by suggesting that weakened domestic currencies will drive demand for bitcoin as a store of value. 

Bitcoin has also shown strength by beating the S&P 500 in October on the charts, with its price rising over 15% while the index saw small losses.

While Bitcoin has led the news this past week, Ethereum and other major cryptocurrencies such as Solana, Cardano and Ripple also saw price increases.

Regulatory Updates in the Crypto Scene

According to official data on the U.K.’s Parliamentary Acts website, the UK Parliament has passed a bill allowing authorities to seize cryptocurrencies from addresses linked to criminal activity. The Bill to Reform Economic Crime and Corporate Transparency legislation expands the scope of unexplained wealth orders to include cryptocurrencies.

Taiwan took its first steps toward regulating digital assets by introducing a crypto bill to the Legislative Yuan for its first reading. The "Virtual Asset Service Provider Act" aims to establish rules for crypto exchanges and custodians operating in Taiwan. The bill was drafted by the FSC and co-authored by 17 lawmakers who believe specific legislation is needed to regulate the crypto space separately from existing financial rules.

Turkey is also on the radar as Turkish authorities aim to craft crypto regulations by 2024 to provide clarity for users and establish AML protocols, according to local reports detailing plans for a framework governing digital assets.

In the SBF case, FTX founder Sam Bankman-Fried denied intentionally defrauding users of the collapsed cryptocurrency exchange while acknowledging mistakes were made that led to billions in losses. He continues to maintain to jurors he did not intentionally misuse customer funds or try to hide losses from investors, despite evidence contradicting his claims.

In another news, Ryder Ripps has been ordered to pay Yuga Labs $1.6 million after a District Court Judge ruled in favour of Yuga Labs in a copyright infringement lawsuit for violations stemming from Ripps creating copycat versions of Yuga Lab's Bored Ape Yacht Club NFT collectables.

Web3 Fashion and Arts Continue to Soar

Avant Arte partnered with Yuga Labs to offer physical prints of the iconic CryptoPunks NFT collection for the first time. Through this collaboration, owners of CryptoPunks NFTs can order limited edition prints of their unique pixel art profile pictures during a 48-hour sale period on the Avant Arte website.

The Future Fashion Summit in Paris this week also brought together leaders in fashion, art and technology to discuss the intersection of digital and physical craftsmanship. It further sheds light on how cryptocurrencies and NFTs can support artisans and help blend the virtual and real worlds through concepts like wearable NFTs and tokenised fashion collections.

Mastercard & Solana Leads Global Crypto Adoption

MoonPay has announced a partnership with Mastercard, targeting Web3-based experiential marketing or new ways to connect with Mastercard's customers. Through the partnership, MoonPay will provide crypto payment solutions and Web3 technologies to support Mastercard's efforts in the emerging digital assets space.

Solana Labs has launched a new incubator program called Solana Incubator to provide resources and support for startups building on the Solana blockchain. This project is meant to enable founders with the right knowledge, funding and ecosystem to thrive.

In an interview with Decrypt at the Esports and Gaming Business Summit in Las Vegas this week, Bandai Namco's SVP of corporate development, Karim Farghaly, stated that blockchain technology will become the standard for gaming in Asia. Regardless of the stigma around blockchain games in the region, he believes Web3 will allow for new business models in gaming through features like playable NFTs and game interoperability.