GM Explorer,

Bitcoin's rocky week is further aggravated by over 63,000 BTC flooding exchanges, sparking sell-off fears.

Add Silk Road’s seized Bitcoin looming sell-off, and the crypto market’s tension is rising fast.

Here’s what we got for you today:

• 📊 Bitcoin market update and analysis!

• 😤 Bitcoin vs. Gold: A never-ending debate!

• 🧱 Around The Block: SEC Chair Gary Gensler on Crypto - ‘It’s unlikely this stuff is gonna be a currency.’

📊 Bitcoin Market Update and Analysis!

Bitcoin’s price has been taking a hit this week!

The price started off strong at over $64,000 but took a dip, landing at around $62,000 by the end of the trading day on Oct. 7.

Things didn't get better as the next three trading days also recorded red candles, and on Oct. 10, it even broke below its 200-day exponential moving average.

What’s behind this week's Bitcoin price drop?

Some macroeconomic factors are at play, including higher-than-expected inflation data and increased jobless claims.

In addition, data from CryptoQuant reveals that over 63,000 BTC were sent to exchanges in the last 72 hours!

On Oct. 7, roughly 28,000 BTC was sent to exchanges, an additional 23,500 BTC was transferred to exchanges on Oct. 8, and roughly 12,000 coins made their way to exchanges on Oct. 9.

This has sparked concerns that investors may be preparing to sell in the near future.

When large amounts of digital assets are moved from cold storage to exchange wallets, it's often a sign that investors intend to liquidate those assets.

However, exchange inflows do not necessarily translate into immediate selling pressure.

Further adding to the market's anxiety is the U.S. Supreme Court’s decision not to hear the Battle Born Investments vs United States lawsuit.

That decision paved the way for the government to sell the 69,370 Bitcoin seized through the Silk Road raid.

And investors are worried that a potential sell-off could push Bitcoin’s price even lower.

But the good news is that, according to data from Arkham Intelligence, the 69,370 Bitcoin has not yet moved.

What's going to happen next? No one knows for sure yet, but it's definitely a situation worth keeping an eye on.👀

If you want to dive deeper into this story, check it out here!

 😤 Bitcoin vs. Gold: A Never-Ending Debate!

Remember that Supreme Court ruling that opened the door for the U.S. government to sell off the 69,370 Bitcoin (valued at around $4.3 billion) it snagged from the now-defunct Silk Road marketplace?

Well, Peter Schiff—an economist famous for his unwavering affection for gold and his sharp critique of cryptocurrencies—has thrown his hat in the ring with a rather cheeky suggestion.

In a recent tweet, he sarcastically proposed that Michael Saylor, CEO of MicroStrategy and a staunch advocate for Bitcoin, should take out a $4.3 billion loan to buy it all!

Talk about stirring the pot, right? 

If you haven't been keeping tabs, Saylor has led MicroStrategy to accumulate a mind-blowing 252,220 Bitcoin, valued at around $16 billion today.

So, Schiff’s jab wasn’t just some random Twitter banter; it was a full-on shot across the bow.

Unsurprisingly, Bitcoin supporters didn't let Schiff's tweet slip away quietly.

One user, Henry Scavacini, fired back by highlighting Bitcoin's six key properties: durability, portability, divisibility, fungibility, scarcity, and acceptability.

He even added a seventh—immutability, which, let’s be honest, is a unique trait of blockchain-based assets.

But did that convince Schiff? Not even a little bit!

He doubled down, insisting Bitcoin still lacks what he considers the most critical element: “real value.”

In Schiff's world, if you can’t physically hold it—like his beloved gold—it’s pretty much worthless. Just kidding… or maybe not?

As you might have guessed, this sparked even more heated exchanges.

It turned into a full-blown, slightly hilarious face-off, with Schiff seemingly relishing the opportunity to troll Bitcoin fans.

But here’s the key takeaway:

Whether your team Bitcoin or Gold, this debate highlights the deep ideological divide in the investment community.

Schiff firmly believes that the Bitcoin frenzy is diverting attention from the remarkable recent performance of gold.

According to him, Bitcoin isn't just a high-stakes bet; it's a clever distraction from the blunders of the U.S. Federal Reserve.

So, as the timeless Bitcoin versus gold debate continues to rage, one thing’s for sure: both sides are passionate, and this showdown isn’t settling anytime soon.

But hey, let's entertain the thought for a moment—what if Saylor actually took up this audacious challenge and scooped up all that Bitcoin instead of allowing the U.S. government to offload it onto the market?

Could that potentially save Bitcoin and the entire market from a major price nosedive?

Well, regardless of where you stand, let's keep our fingers crossed and hope for the best!

Want the full scoop? You can read the entire report here.

🧱 Around The Block

• SEC Chair Gary Gensler on Crypto - ‘It’s unlikely this stuff is gonna be a currency.’

• BlackRock recommends Bitcoin for its crypto portfolio.

• Ripple files cross-appeal in SEC case.

• China to sell $1.3B of Ethereum from seized PlusToken scheme.

• ZachXBT exposes scammer Faris Ali who stole $4.3m in crypto from a Twitter user.

• Bitcoin price reacts to higher-than-expected US CPI numbers for September.

• Mt. Gox extends repayment deadline by one year to October 2025.

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

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Catch you soon.

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.