Bitcoin surged this October, outperforming other markets despite the US government shutdown affecting altcoin ETF applications. Here’s a recap:

US Shutdown Affects Altcoin ETFs

Bitcoin soared above $120,000 on Friday as the government shutdown entered its third day. This situation has caused a delay in vital job data, impacting both traditional assets and the crypto market.

Bitcoin performance Bitcoin outperforms traditional markets amid a US government shutdown. Source: TradingView

Brazil Welcomes Miners

Brazil is making strides to attract cryptocurrency miners to utilize their excess energy. Plans are underway for projects that could effectively utilize up to 70% of surplus energy.

Bitcoin mining Bitcoin mining is a competitive industry with hash rate rising to an all-time high on Sept. 25. Source: Blockchain.com

Major Legal Developments

Zhimin Qian and Hok Seng Ling have pleaded guilty in connection with the world’s largest Bitcoin seizure, which included 61,000 BTC. The ongoing discussions about victim restitution are pivotal, as authorities determine whether to pay victims current values or original losses.

Guilty plea Qian (left) and Ling (right) plead guilty after 61,000-BTC seizure. Source: Metropolitan Police

Europe’s Stance on Stablecoins

European regulators are tightening their grip on private stablecoins. Recent recommendations from the European Systemic Risk Board (ESRB) suggest a ban on certain stablecoins, indicating growing approval for the development of a digital euro.

Stablecoin initiative The group of nine European banks working together to develop a euro stablecoin. Source: ING

Stay tuned for more updates on these developments.