GM Explorer,

Discover the latest on Bitcoin's remarkable surge above $65,000 and the key factors driving this exciting price rally.

Here’s what we got for you today:

• 📈 Bitcoin hits $65K!

• 👀 Mark Cuban eyes Gary Gensler’s job!

• 🧱 Around The Block: Trump’s own followers literally laughed at his crypto debt idea.

📈 Bitcoin Hits $65K!

Bitcoin (BTC) just crossed the $65,000 mark for the first time in nearly two months, meaning that more than 90% of its holders are in profit.

This surge comes on the heels of several factors; let’s break them down, shall we:

According to the Bureau of Economic Analysis (BEA), the US GDP growth has jumped to 3% from 1.6% last quarter.

On top of that, the US Department of Labor reported a drop in initial jobless claims, which fell by 4,000 to a seasonally adjusted 218,000 for the week ending September 21.

These positive economic indicators may have fueled the bullish sentiment around Bitcoin and pushed its price to new heights.

However, it is pertinent to note that Bitcoin’s price rally kicked off last week after the Fed slashed interest rates by 50 basis points—its biggest cut since the COVID pandemic.

Earlier this week, Bitcoin surged past $64,000 due to expectations of relaxed global monetary policies.

According to the CME FedWatch Tool, traders expect another cut at the Fed's next meeting on Nov. 7, and they’re betting on another 50 basis point reduction.

Stimulus measures in China also influenced Bitcoin’s price rally!

Reports suggest China may inject 1 trillion yuan ($142 billion) into major banks to stimulate lending and economic growth.

This move could benefit risk-on assets like Bitcoin due to increased liquidity and reduced borrowing costs.

Pretty interesting points, right? Click here for further insights!

👀 Mark Cuban Eyes Gary Gensler’s Job!

Who’s ready for a new chairperson at the SEC? Okay, maybe that's not quite the right question.

Let’s rephrase: if you had to choose between Gary Gensler and Mark Cuban for the SEC chair, who would it be?

If your hand shot up for Cuban, you might be in luck!

It’s one thing to want someone in a position, but it’s another for that someone to actually be interested, and guess what?

In a recent Fox News interview, Mark Cuban openly hinted that he’d be interested in taking Gensler’s position should Kamala Harris win the next election. Quite the face-off, right?

But if you consider Cuban’s vocal support for Harris since day one, then you’d know this isn’t just idle chatter—there’s a real possibility here, don’t you think?

And Gensler? Let’s just say he's had a really tough week.

It started with Rep. Ritchie Torres from New York slamming him for equating NFTs and cryptocurrencies to stocks and bonds.

He called Gensler’s interpretation of securities law too broad and accused him of lumping all digital assets into the same basket and treating them as though they all belong to the same outdated playbook. Ouch.

But that’s just the tip of the iceberg.

The entire crypto industry has been frustrated with Gensler for years now!

In fact, they’re not just mad at him—they’re accusing the whole Biden administration of running an anti-crypto campaign, which they’ve labeled "Chokepoint 2.0."

What’s really fascinating is that this backlash isn’t just coming from Republicans anymore.

Even Democrats like Torres are stepping up to criticize Gensler, showing just how intense this crypto debate has become.

And Kamala Harris seems to be rethinking the administration's tough stance on crypto.

But then, would the crypto industry actually want Cuban to be the SEC Chair?

Based on what we’ve gathered (on Reddit especially), it doesn’t look like the community is excited about the idea.

In fact, the name that keeps coming up as their top choice is Michael Saylor of MicroStrategy, but that’s just the Reddit crowd’s opinion.

So what is yours? Would you choose Saylor, opt for Cuban or stick with Gensler?

After all, some say the devil you know is way better than the devil you don’t know—right? Or is that just a comforting cliché?

You can find more details here if you’re intrigued and want the full scoop.

🧱 Around The Block

• Trump’s own followers literally laughed at his crypto debt idea.

• Over 90% of BTC holders in profit as Bitcoin price surges past $65K.

• Changpeng Zhao will be released from prison in 4 days: Experts weigh in on crypto impact.

• South Korea reminds crypto scammers of possible life sentence if illicit gains exceed $4 Million.

• Bitcoin billionaire Arthur Hayes rates his market prediction accuracy as 'pretty shit.'

• Why millennials play a key role in the cryptocurrency market.

• Tornado Cash’s Roman Storm case moves to trial as judge denies dismissal.

That's all we've got for you today.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.