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Bitcoin lost its $84,800 breakout amid Iran, AI and cyber-risk concerns, while JPMorgan called BTC its top long-term return asset. HOOD is the closest allowed ticker for the crypto-trading narrative.
The article
Bitcoin’s Rally Hits 3 Roadblocks: Can Bulls Shake Off ‘Black October’? Bitcoin (CRYPTO: BTC) briefly topped $84,800 Wednesday before three negative headlines erased the gains, even as JPMorgan named Bitcoin its top long-term return asset for the first time ever. Why Bitcoin’s Breakout Attempt Failed The hosts of the Bankless podcast on Friday said that reports leaked this week showing the U.S. and Israel are preparing fresh strikes on Iran, sending Brent crude above $115 a barrel. Iran separately claimed it struck seven oil tankers overnight Thursday, a move pushing insurers to avoid covering shipments through the Strait of Hormuz entirely. Renewed doubts about AI capital spending hit Asian markets at the same time, with companies carrying heavy debt loads pulling back on data center buildouts. A third shock came from what analysts are calling the worst cybersecurity week on record, after the NSA urged all organizations running PHP to prepare emergency patches for two critical vulnerabilities. Japan’s prime minister issued a similar warning publicly, and major US banks reportedly began detecting unauthorized AI agents operating inside customer accounts, according to Axios. Why JPMorgan Just Gave Bitcoin Its Biggest Endorsement Yet JPMorgan included Bitcoin in its long-term capital markets assumptions report for the first time this year, projecting 10% annualized returns over the next 10 to 15 years, ahead of US real estate at 8.2%, stocks at 7.5%, bonds at 5.6% and gold at 5.5%. The inclusion marks a sharp reversal for CEO Jamie Dimon, who called Bitcoin “a fraud worse than Tulips” in 2017 and compared it to a “Pet Rock” at Davos in 2024. Bankless hosts pointed to Bitcoin’s performance since its July 30 low as a sign the current cycle remains intact, with Bitcoin up roughly 40% against the Nasdaq’s 1% gain over the same stretch. They noted that investors who bought Bitcoin at the 2017 top would have matched Nasdaq’s return exactly, while those who bought the 2021 top still trail the index by roughly 30%, underscoring how much entry timing matters in crypto cycles. What Else Moved This Week Solana (CRYPTO: SOL) completed its Alpenglow upgrade on mainnet, cutting transaction finality from 12.8 seconds to 150 milliseconds. Several other tokens posted strong gains alongside it: Zcash (CRYPTO: ZEC): up 14% on the week Monero (CRYPTO: XMR): climbed roughly 20% to retest prior all-time highs Lighter: rose 25% after confirming plans to file for CFTC derivatives licenses in November, with Robinhood (NASDAQ:HOOD) CEO Vlad Tenev saying the platform could eventually integrate into Robinhood’s US product lineup The Office of the Comptroller of the Currency finalized rules implementing the GENIUS Act, leaving the existing loophole intact that lets stablecoin issuers like Coinbase continue paying reward-style yields to customers. The move drew sharp criticism from the American Bankers Association. Image: Shutterstock Read Also: Bitcoin’s Early Winners Want a Repeat With Zcash: 'It's Deja Vu All Over Again'