Bitcoin climbed past $120,000 to begin October, extending its reputation for turning the month into a bullish streak. The rise came despite a U.S. government shutdown that has paralyzed the release of economic data and delayed Securities and Exchange Commission reviews of crypto exchange-traded funds.
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ETF proposals tied to altcoins including Solana, Litecoin, and XRP were scheduled for October decision dates. Now, those deadlines are likely to slip until the SEC resumes normal operations. Traders remain confident approvals will come eventually, but for now the shutdown has shifted the spotlight squarely onto Bitcoin’s resilience.
Brazil Welcomes Miners as New York Pushes Them Out
Brazilian power companies are rolling out the welcome mat for Bitcoin miners, pitching surplus electricity as an incentive for new operations. Reports say as much as 70% of excess energy from some plants could be absorbed by crypto mining, echoing similar moves in Laos where hydropower capacity is being redirected to the industry.
This friendly approach stands in contrast to New York, where lawmakers are introducing new taxes on mining. The proposal would add up to $0.05 per kilowatt-hour for the largest operators, piling costs on an industry already under strain from high break-even levels. With Bitcoin’s hash rate at record highs, miners are seeking competitive jurisdictions, and Brazil is positioning itself as one of them.
U.K. Courts Face Questions on $7 Billion Bitcoin Seizure
Moving from Latin America to Europe, the U.K.’s largest-ever crypto seizure is now raising questions about restitution. Zhimin Qian and her partner Hok Seng Ling pleaded guilty this week after police uncovered 61,000 BTC linked to a fraudulent fundraising scheme.
At today’s prices, the seized Bitcoin is worth over $7.2 billion. Courts are now debating whether victims should be repaid based on the value when they invested or at current market value. The decision could determine whether billions remain under government control, setting a precedent for future cases of large-scale seizures.
Europe Tightens Grip on Stablecoins While Pushing Digital Euro
In addition, European regulators are sharpening their stance against private stablecoins while advancing plans for a central bank-backed digital euro. The European Systemic Risk Board recommended banning joint-issuer stablecoins, adding pressure to Tether and Circle, the two largest providers.
At the same time, nine major banks including ING (ING) and UniCredit (UNCFF) announced a joint euro-pegged stablecoin initiative. The European Central Bank is also building its digital euro framework with support from seven technology providers, eyeing a potential 2029 launch. The parallel push highlights how Europe wants tighter oversight of digital money while offering its own alternatives.
Key Takeaway
Bitcoin has started “Uptober” on a strong note, defying the uncertainty of a U.S. government shutdown and showing resilience while traditional markets tread cautiously. At the same time, Brazil is leaning into crypto mining as a solution for excess power, while New York moves in the opposite direction with fresh tax proposals.
Meanwhile, across Europe, the narrative continues to shift. Courts in the U.K. are debating how to handle billions in seized Bitcoin, raising thorny questions about restitution, while EU regulators are tightening the screws on private stablecoins even as they push forward with their own digital euro.
Taken together, these developments show that crypto is no longer operating on the sidelines. Whether through institutional adoption, regulatory crackdowns, or energy policies, it is increasingly tied to global finance.
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