[Coin Issue of the Week] Grayscale Altcoin, Tesla Bitcoin Move

This week, the price of Bitcoin in the cryptocurrency market exceeded $68,000 and its market capitalization recovered to $2.28 trillion. BeInCrypto mentioned that Grayscale is reviewing 35 altcoins as potential investment products and that investors are particularly interested in the altcoin season ahead of the US election. Additionally, Miles Deutscher proposed several altcoins with strong growth potential. The community is also focused on Craig Wright's legal plans and Tesla's Bitcoin movements. Grayscale Reveals 35 Potential Altcoins Earlier this week, Grayscale announced a list of 35 altcoins it is considering for future investment products. After the announcement, these altcoins experienced significant price increases over the week, with the top 10 performing altcoins rising between 13% and 49%. Read more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season Of the 35 altcoins, 30 saw upward movement, with only Kaspa (KAS) and Helium (HNT) declining by -4% and -7.4%, respectively. "The list of assets under consideration represents digital assets not currently included in any Grayscale investment product, which our team has identified as potential candidates for future product offerings," Grayscale explained. Grayscale has also applied to the SEC to convert its Digital Large Cap Fund into an ETF, following the success of converting its Bitcoin Trust and Ethereum Trust to spot ETFs. Miles Deutscher Highlights 4 Altcoins Investor Miles Deutscher introduced four altcoins that he believes can generate 10x returns. These altcoins focus on GameFi, artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), and real-world assets (RWA): - SuperVerse (SUPER) - Bittensor (TAO) - Mantra (OM) - Render (RNDR) Read more: 7 Hot Meme Coins and Altcoins to Watch in 2024 After his announcement, the prices of these altcoins saw a slight decline, which occurred when Bitcoin dominance reached a three-year high. Deutscher also commented on meme coins, suggesting they are at a crossroads and may experience short-term corrections. Craig Wright Takes Legal Action Against Bitcoin Core On October 11th, the UK High Court tracker revealed that Craig Wright is taking legal action against Bitcoin Core and Square. Wright is representing himself as the "direct claimant" in this case, demanding £911 billion (~$1.18 trillion) from Bitcoin Core and Square for allegedly misrepresenting Bitcoin (BTC) as the true digital asset created by Satoshi Nakamoto. Wright has also threatened to sue MicroStrategy CEO Michael Saylor for misrepresenting Bitcoin. The Australian computer scientist has three other legal appeals in the UK, two of which are against the Cryptocurrency Open Patent Alliance (COPA) and one targeting Peter McCormack. Read more: Satoshi Nakamoto - Who Created Bitcoin? Altcoin Season Ahead of US Presidential Election? Throughout the week, several cryptocurrency industry experts expressed optimistic outlooks on altcoin prices ahead of the US presidential election. Cryptoquant's Ki Young Ju suggested that a Trump victory could trigger regulatory changes, which could in turn spark an altcoin season. "If Trump wins, we can expect regulatory changes, including fee changes that enable token burning for revenue-generating projects," Ki Young Ju said. Technical analysts Michaël van de Poppe and CRG predicted that an altcoin season could start as soon as next month. Reflecting these views, Crypto Rover is monitoring Bitcoin dominance movements to predict the impending altcoin season. Bitcoin dominance (BTC.D) represents Bitcoin's share of the total market capitalization, and its adjustments often signal an altcoin rally. Read more: Bitcoin Dominance Chart: What Is It and Why Is It Important?

Tesla Moves $760 Million Worth of Bitcoin

This week, Elon Musk's Tesla has moved nearly all of the Bitcoin it has held for the past three years to a new wallet address. Initially, there were concerns that Tesla was preparing to sell BTC through OTC, but these concerns quickly dissipated as the Bitcoin price was not affected.

"There is no evidence yet of an OTC trade. Even if that were the case, it would mean someone has bought it, so it's not entirely bearish. Who knows," said Sir Doge of the Coin said.

Read more: Who Owns the Most Bitcoin in 2024?

Many now view the move as a simple reallocation. In 2021, Musk stated that the Bitcoin received by Tesla would not be converted to fiat currency but would be held in Bitcoin said.