Bitcoin Dips to 70,000 USD Range as Volatility Spikes Ahead of U.S. FOMC Meeting

Bitcoin briefly touched the 70,000 USD level before the U.S. Federal Open Market Committee (FOMC) meeting. While it later rebounded above 80,000 USD, market jitters persist over potential further interest rate hikes in the U.S.

As of 9:10 a.m. (KST) on Tuesday, Bitcoin was trading at 107 million KRW (about 80,580 USD) on the South Korean crypto exchange Bithumb, down 0.22% from the same time yesterday.

Concurrently, global crypto tracker CoinMarketCap reported Bitcoin at 80,101 USD, up 1.15% from 24 hours earlier. Earlier in the day, Bitcoin had slipped to 79,984 USD, momentarily breaching the 80,000 USD support level.

Bitcoin has recently experienced heightened volatility amid uncertainties surrounding U.S. monetary policy and a risk-off sentiment in the market. All eyes are on the FOMC's announcement on October 28 and subsequent remarks by Federal Reserve Chair Kevin Warsh.

Analysts widely expect the FOMC to hold the benchmark interest rate steady at 3.75% to 4.00%. However, with inflation pressures persisting, a key focus will be whether the Fed signals potential rate hikes in December.

U.S. spot Bitcoin exchange-traded funds (ETFs) are seeing mixed fund flows. While these ETFs saw net inflows of about 301 million USD last week, they experienced outflows of approximately 635.6 million USD and 137.9 million USD on October 22 and 23 respectively.

Strategy to Implement Daily Dividend Accrual for STRC Preferred Shares, Including Weekends and Holidays

Strategy, a Bitcoin-holding company, plans to introduce a daily dividend accrual system for its STRC preferred shares, including weekends and holidays.

On Monday, Strategy Chief Executive Officer (CEO) Pong Le announced via X (formerly Twitter) that if approved, the new daily dividend accrual method for STRC would take effect in a week.

The innovative approach will calculate dividends based on all calendar days, regardless of business days, with payments made on the next business day. Le stated that this would make STRC the world's first security to accrue dividends daily based on the calendar, potentially catalyzing the digital transformation of capital markets.

U.S. OCC Urges Regional Banks to Issue Stablecoins, Aiming to Broaden Market Participation

The U.S. Office of the Comptroller of the Currency (OCC) is encouraging regional banks to enter the payment stablecoin market.

On Monday, reports emerged that the OCC is recommending regional banks apply for permission to issue payment stablecoins directly or through subsidiaries. This aligns with the GENIUS Act, set to take effect on January 18 next year, with the OCC recently finalizing related regulations.

The OCC anticipates that regional banks' involvement in the stablecoin sector will foster competition in the payments landscape. However, industry tensions persist, with the Independent Community Bankers of America (ICBA) filing a lawsuit over regulatory equity concerns in the banking approval process for crypto firms.

Bitmine Adds 10,452 Ethereum to Holdings, Total Reaches 6.05 Million

Bitmine, the world's largest Ethereum reserve holder, reportedly acquired an additional 10,452 Ethereum last week.

As of Monday, reports indicated that Bitmine's total Ethereum holdings have reached 6.05 million, representing 4.95% of the total supply. The company's total assets, including cryptocurrencies, cash, and securities, are valued at 15 billion USD.

Bitmine is currently staking approximately 5.23 million of its Ethereum holdings. Based on current staking rates, this is expected to generate annual returns of around 318 million USD.

Bitcoin Dips to 70,000 USD Range as Volatility Spikes Ahead of U.S. FOMC MeetingBitcoin br …

Bitcoin Plummets to 70K USD: What to Expect Before the FOMC Meeting?