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Bitcoin Reclaims $28k, Ferrari to Accept Crypto Payments

Oct 16, 2023
Author
Tom Couture
Tom Couture AC
Market Update In a volatile start to the week, $BTC (+3.71%) is trading above $28k while briefly touching $30k amid a false report that the SEC had approved Blackrock’s spot ETF, sparking over $40m in liquidations (see below). The SEC has officially failed to appeal the Grayscale lawsuit ruling, giving the court seven calendar days to issue its final mandate, which could include directing the SEC to approve the conversion of $GBTC (+6.99%) into a spot ETF. Logically, investor attention appears more focused on Bitcoin as $ETH (+1.82%) is relatively underperforming, and Bitcoin dominance sits above 51.5%, just under its 2023 peak. U.S. equity indices are also rising today, with the SPY and QQQ both up over 1% at the time of writing as Q3 earnings season is set to gear up this week.Source: CoinalyzeLuxury car maker Ferrari has announced it will begin accepting crypto payments for its vehicles in the U.S. The move comes after many customers have been requesting the option. Ferrari is unsure how many of its cars will sell through crypto, but they are excited to dive into a new realm that may help them connect with people “who are not necessarily our clients but might afford a Ferrari.” Ferrari will be tapping BitPay to help them integrate the necessary technology to begin acc

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