Bitcoin price has shown mixed performance amid recent geopolitical developments and regulatory scrutiny.
Ripple’s expansion in Brazil and the IMF’s call for El Salvador to tighten Bitcoin regulations highlight increasing global focus on cryptocurrencies.
Meanwhile, JPMorgan suggests that the upcoming U.S. elections and geopolitical tensions are driving interest in Bitcoin as a hedge against uncertainty.
As BTC/USD consolidates around key technical levels, traders are watching for potential breakout signals in the near term.
Ripple Expands Cross-Border Payments in Brazil with New Payment Method
Ripple has launched its Ripple Payments service in Brazil in partnership with Mercado Bitcoin, aiming to simplify cross-border transactions.
Initially, the service will focus on enhancing treasury operations across Mercado Bitcoin’s offices in Brazil and Portugal, with plans to expand to other business and retail users.
The platform leverages blockchain technology, offering access to over 80 payout markets worldwide and 24/7 on-demand liquidity.
Ripple Payments also features a non-resident account option, allowing users to transact directly in Brazilian real, enhancing payment flexibility.
According to Silvio Pegado, Managing Director of Ripple LATAM, the collaboration will strengthen international trade and liquidity.
With Brazil’s favorable crypto regulations, Ripple has already processed over $50 billion globally and aims to further drive adoption.
Key Points:
Ripple partners with Mercado Bitcoin to expand in Brazil. Service offers access to 80+ payout markets and 24/7 liquidity. Brazil’s crypto laws support Ripple’s growth and adoption.IMF Urges El Salvador to Tighten Bitcoin Laws Amid Ongoing Concerns
The IMF has reiterated its call for stricter regulations on El Salvador’s Bitcoin policies, urging the country to limit Bitcoin’s use in the public sector and restrict its legal framework.
During an October 3 press conference, IMF spokesperson Julie Kozack highlighted concerns over Bitcoin’s impact on fiscal stability and transparency.
These recommendations follow similar statements made by the IMF in August.
Since El Salvador became the first nation to adopt Bitcoin as legal tender in 2021, the IMF has closely monitored its economic strategy.
Despite the concerns, President Nayib Bukele remains confident in the country’s Bitcoin plan, while the IMF praised his proposal to make El Salvador debt-free by 2025.
Key Points:
IMF advises El Salvador to revise its Bitcoin laws. Concerns raised over Bitcoin’s potential fiscal impact. President Bukele remains committed to the Bitcoin initiative.JPMorgan: US Elections and Geopolitical Tensions Underpins Bitcoin Price
JPMorgan believes that rising geopolitical tensions and the upcoming U.S. elections are enhancing Bitcoin’s appeal as part of a “debasement trade.”
Investors are turning to assets like Bitcoin and gold as hedges against economic uncertainty, with demand for Bitcoin potentially increasing if Donald Trump is elected president.
Key drivers of the “debasement trade” include inflation concerns, geopolitical instability, and large public deficits. Institutional interest in Bitcoin futures has surged, while retail investors also showed renewed interest in Bitcoin ETFs in September.
As these factors align, Bitcoin may see increased demand and potentially higher prices.
Key Points:
US elections and geopolitical unrest drive Bitcoin demand. Institutional interest in Bitcoin futures is on the rise. Bitcoin ETFs see inflows, indicating retail investor attraction.Bitcoin Price Outlook – Technical Analysis
Bitcoin is trading at $61,180, up 0.70% for the day, consolidating near its pivot point of $61,250.
The cryptocurrency is currently within a descending triangle pattern, signalling potential caution. Immediate resistance is at $61,810, followed by $62,350.
A breakout above $61,250 could trigger renewed buying interest and increase prices.
On the downside, immediate support is $60,510, with further support at $60,000.
The 50-day EMA at $61,200 provides additional support, and holding above this level is essential for bullish momentum.
The RSI stands at 55, showing a neutral trend with room for upside if a breakout occurs.
Key Insights:
Pivot Point Focus: Key pivot at $61,250 for directional bias. Resistance Levels: Watch for $61,810 and $62,350.–
Buy & Bet $MEMEBET for Airdrop Rewards!
Memebet Token offers a unique way to wager meme coins like $PEPE and $DOGE in web and Telegram casinos through the Memebet Casino platform.
As a $MEMEBET holder, you can enjoy exclusive play-to-earn airdrops, VIP bonuses, and special rewards tailored for degens.
Key Benefits:
Play with meme coins and earn rewards. 20% of the $MEMEBET supply allocated for player airdrops. Exclusive bonuses and rewards for $MEMEBET holders.Presale Update:
Current Presale Price: 1 $MEMEBET = $0.0256. Total Raised: Over $362KDon’t miss your chance to buy $MEMEBET at presale prices! Purchase using ETH, USDT, BNB, or even with a bank card.
Buy Memebet Token Here
The post Bitcoin Price Battles $61,250 Pivot as IMF Warnings Clash with JPMorgan’s Bold Bullish Forecast appeared first on Cryptonews.
