The digital asset market experienced a notable recovery over the past week, bouncing back from the slump observed at the end of September. Investor enthusiasm has resurfaced, fueled by a heightened demand for safe-haven assets amid the uncertainty surrounding the US government’s first shutdown in six years.
This growing interest in safe-haven assets could propel Bitcoin (BTC) to follow gold’s upward trend, possibly reaching a new all-time high of $150,000 before the year concludes, as per Charles Edwards, the founder of Capriole Investments. Bitcoin surpassed the $120,000 threshold on Thursday for the first instance since August 14, and remained above $120,122 as of Friday.
Additionally, the expanding financial deficit of France’s central bank might serve as another catalyst for Bitcoin, potentially triggering “trillions of euros” in money printing by the European Central Bank (ECB), which could usher fresh liquidity into Bitcoin, according to Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX.
Bitcoin $120,000 breakout will lead to “very quick move” to $150,000: Charles Edwards
Bitcoin could potentially surge to a new all-time high of $150,000 before 2025 ends, as investors flock to safe-haven assets alongside gold, as stated by Capriole Investments founder Charles Edwards.
The recovery of Bitcoin above the psychological level of $120,000 might result in a “very quick” ascent to a $150,000 all-time high, Edwards remarked in an interview with Cointelegraph during Token2049 in Singapore. “I wouldn’t be surprised if we hit $150,000 in a relatively short time; we just need to break through the $120,000 range. That’s likely coming soon, potentially within the next few days.”
Over the past week, Bitcoin has risen by more than 6%, recovering beyond the $118,500 mark for the first time since August 15, according to data.
Edwards’ forecast is more cautious compared to some analysts who believe the current cycle could push Bitcoin beyond $200,000.
André Dragosch, head of European research at Bitwise Asset Management, told Cointelegraph that incorporating crypto into US 401(k) retirement plans could unlock $122 billion in new capital. He suggested that even a 1% allocation by retirement managers might be sufficient to push Bitcoin above $200,000 by year-end.
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Cathie Wood: Hyperliquid “reminds me of Solana in the earlier days”
ARK Invest CEO Cathie Wood likened Hyperliquid to the early promise of Solana, dubbing it “the new kid on the block.”
“It’s exciting. It reminds me of Solana in its early days, and Solana has demonstrated its value and is now among the major players,” Wood stated during a recent interview on the “Master Investor” podcast.
ARK Invest currently holds three primary crypto assets in its public funds: Bitcoin, Ether (ETH), and Solana (SOL). The firm’s engagement with Solana is through Breera Sports, which Wood clarified is connected to the Solana treasury and supported by Middle Eastern investors. She also highlighted advisory ties to the project via economist Art Laffer.
While Wood did not confirm any stake in Hyperliquid, she characterized the protocol as one to monitor. Her remarks come amid intensified competition among perpetual futures DEXs following Aster’s token launch earlier this month, which saw its trading volume and open interest exceed that of Hyperliquid.
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Roman Storm seeks acquittal of Tornado Cash money transmission charge
Roman Storm, co-founder of Tornado Cash, has requested a US federal judge to acquit him of his sole conviction related to unlicensed money transmission, citing a hung jury’s counts for money laundering and sanctions violations. He argued that prosecutors failed to establish his intention to enable bad actors in misusing the crypto mixer.
Legal documents submitted on September 30 to the US District Court for the Southern District of New York and reviewed by Cointelegraph indicate that Storm’s defense contends that prosecutors could not demonstrate his intention to assist bad actors using Tornado Cash. This, according to the defense, would invalidate the basis for his conviction rooted in negligent inaction.
“The accusation of Storm being aware of bad actors utilizing Tornado Cash yet failing to take adequate measures to prevent them is fundamentally a negligence theory,” the motion outlined.
The defense further asserted that “without concrete proof that Mr. Storm actively intended to assist bad actors,” the government attempted to fulfill its burden of proof regarding willfulness by alleging the defendant’s failure to avert misuse. “This assertion contradicts the willfulness standard and lacks legal support,” the motion stated.
A motion for acquittal has been filed, requesting that the judge dismiss the charges and the verdict, based on the argument that the prosecution’s evidence, even if deemed true, remains legally insufficient.
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SEC’s tokenized stock push has unclear benefits for crypto: Dragonfly Exec
While tokenized equities are likely to benefit traditional markets significantly, they may not offer the projected advantages for the crypto industry, according to Rob Hadick, general partner at crypto venture firm Dragonfly.
“There’s no doubt it will have a substantial impact on TradFi,” Hadick mentioned to Cointelegraph at the TOKEN 2049 conference in Singapore. “They seek 24/7 trading, which is more favorable for their economics.”
However, he expressed skepticism regarding the benefits for major crypto entities in the real-world asset tokenization sector, including Ethereum.
The US Securities and Exchange Commission is reportedly formulating a strategy to permit blockchain versions of stocks to be traded on crypto exchanges, following significant pressure from financial institutions advocating for always-open markets.
Hadick pointed out that institutions “prefer not to engage directly with these general-purpose chains,” citing Robinhood and Stripe as instances of companies developing their own blockchains.
“They desire control over their economics and to avoid sharing block space with memecoins. They aim to manage factors like privacy and the validation set, ensuring authority over their execution environment,” he elaborated.
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Centralized exchanges will be DeFi front ends in 5–10 years: 1inch co-founder
Centralized crypto exchanges could become obsolete within the next decade as decentralized finance (DeFi) aggregators emerge, predicted 1inch co-founder Sergej Kunz.
In an interview with Cointelegraph at Token2049 in Singapore, Kunz forecast that centralized exchanges would gradually evolve into frontends for decentralized exchanges (DEXs). “I believe this will unfold over the next five to ten years,” he stated.
Kunz argued that whereas centralized exchanges function as isolated markets, 1inch and its aggregator operate as a global liquidity hub. His comments coincided with 1inch’s announcement of a collaboration with major US crypto exchange Coinbase, integrating its service to offer DEX trading to its users.
Kunz noted that centralized exchanges’ investments in on-chain systems indicate their recognition that the technology they rely on “will not endure indefinitely because decentralized exchanges and digital finance are on the rise.”
“They don’t want to get left behind and thus are adopting our technology, which we believe will empower the entire financial industry,” he mentioned.
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DeFi market overview
Data from Cointelegraph Markets Pro and TradingView shows that most of the 100 largest cryptocurrencies by market capitalization finished the week in positive territory.
The privacy-focused Zcash (ZEC) token rose over 157%, becoming the week’s top gainer among the top 100, followed by the DeXe (DEXE) token, which increased by over 34% on the weekly chart.
Thank you for reading our recap of this week’s most significant DeFi developments. Join us next Friday for more stories, insights, and education surrounding this rapidly evolving sector.
