By Shikha Singh
Bitcoin Crosses $81,000 For The First Time As Traders Bet on Donald Trump’s Return as US President.
Bitcoin has recently soared past $81,000, marking a historic high, following a surge from $75,000 earlier in the week.
Analysts attribute this bullish trend to Donald Trump’s election as the Republican presidential nominee, who has shifted his stance to a pro-cryptocurrency position.
Trump planned to support the growth of cryptocurrencies and aims to make the U.S. a leading hub for digital currencies.
During his campaign, he made headlines by using Bitcoin for a purchase, emphasizing his commitment to the crypto space.
Bitcoin’s value has increased significantly in 2024, driven by strong demand for exchange-traded funds and favorable monetary policies from the Federal Reserve.
Spot Ethereum ETF Options Decision Delayed by SEC Ahead of Nov. 11 Deadline.
The SEC has delayed its decision on allowing options for spot Ethereum ETFs to be listed on the NYSE American. If approved, this could include options for several Ethereum-focused funds, such as the Bitwise Ethereum ETF and Grayscale trusts. This move follows the SEC’s recent approval of options trading on 11 Bitcoin ETFs, indicating a possible easing of its stance on cryptocurrency products.
The final decision will also require approval from the CFTC and the Options Clearing Corporation. Optimism in the crypto community has increased with Donald Trump’s reelection, as many expect potential regulatory changes and the approval of more crypto ETFs, including those for altcoins like Solana and XRP.
FTX Files Lawsuits Over $1 bn Losses Due To Alleged Market Manipulation.
FTX’s bankruptcy administrator has filed 22 new lawsuits, bringing the total to 51 since November 2022. Many target non-profits that received donations and are refusing to return funds, with FTX seeking to recover up to $55.275 million.
Under U.S. bankruptcy law, donations can be clawed back if made to defraud creditors. Some creditors doubt the value of these lawsuits.
FTX is also suing the Storybook Brawl team for $25 million and has filed suits against Deltec Bank’s chairman for $11.5 million and financier Anthony Scaramucci.
Tether Advances Into Crude Oil Market With $45 mn Deal in USDT.
Tether has successfully completed its first crude oil transaction in the Middle East, marking its entry into the commodities trading sector. The deal involved the transfer of 670,000 barrels of crude oil valued at $45 million, facilitated using USDT.
Tether CEO Paolo Ardoino stated that this transaction aims to enhance efficiency in markets traditionally burdened by costly payment systems and signals Tether’s broader ambition to support various commodities and industries. The company’s Trade Finance division, launched earlier this year, seeks to bring efficient capital solutions to the $10 trillion trade finance industry.
MicroStrategy’s Bitcoin Portfolio Yields Over $10 bn Profit.
MicroStrategy has reported over $10 billion in unrealized profits from its Bitcoin holdings, following a significant price surge that brought Bitcoin to a historic high of $80,000.
This rally was fueled by Donald Trump’s election victory and a recent 25 basis point interest rate cut by the Federal Reserve.
The company, which is the largest corporate holder of Bitcoin, currently owns 252,220 BTC, having acquired a substantial amount for about $1.5 billion this year.
MicroStrategy plans to expand its Bitcoin accumulation through its “21/21 Plan,” aiming to raise $21 billion in equity and debt to fund further purchases.
Co-founder Michael Saylor has also mentioned plans to issue fixed-income securities backed by Bitcoin. Other notable holders, like El Salvador, have also seen significant gains from their Bitcoin investments.
Charles Hoskinson Envisions DC Crypto Policy Office as Cardano (ADA) Surges Amid Advisor Rumors.
Charles Hoskinson, co-founder of Cardano, has announced plans to open a policy office in Washington, DC, aimed at promoting bipartisan collaboration and advocating for regulations that better understand the cryptocurrency industry. This initiative follows a significant rally in Cardano’s price, which rose over 35% to around $0.60, reflecting optimism about improved regulatory clarity.
Cumulative Traffic To Exchanges Increased By 8% In October — report.
Cumulative monthly traffic to 20 leading crypto exchanges rose by 8% in October, driven by increased investor interest ahead of the 2024 U.S. elections. Pump Fun saw the highest growth at 100%, followed by BullX with 78% and Uniswap at 42%. Binance, WhiteBit, and Coinbase led in total visits with 54 million, 33 million, and 30 million, respectively.
This surge in traffic coincided with a rally in crypto markets, supporting the “uptober” narrative of October typically being a strong month for digital assets. Following the elections, Bitcoin reached new all-time highs, with strong indicators for a sustained rally, including $1.1 billion in open interest on Bitcoin futures and significant inflows into Bitcoin ETFs.
Hamster Kombat Surges By 60%, DWF Labs Withdraws 156M HMSTR.
Hamster Kombat, a Telegram-based mini-game, has surged over 60% in the past 24 hours, reaching $0.004231. Analysts suggest that if momentum holds, HMSTR could aim for $1 by month-end, despite being 60% below its all-time high of $0.010004.
DWF Labs recently withdrew 156.44 million HMSTR worth $654K from exchanges, further boosting the token’s price. Additionally, Hamster Kombat is gearing up for Season 2, introducing new gameplay features to enhance player engagement.
DeFi Passes Gaming in October To Become Top Sector in the Decentralized App Market: DappRadar.
Decentralized finance (DeFi) has surpassed gaming to become the leading sector in the decentralized app (DApp) space, now accounting for 34.5% of overall DApp activity, compared to gaming’s 24.5%. In October, DeFi saw an average of 7.4 million daily unique active wallets, marking its dominance for the first time since early 2019.
The total value locked (TVL) in DeFi increased by 3.5% to $165 billion, and the sector raised $100 million, indicating strong market confidence. This rise is attributed to market activity influenced by the U.S. elections, particularly around meme coins, while interest in social and AI-focused DApps has decreased.
Robert Kiyosaki plans to own 100 BTC regardless of price.
Robert Kiyosaki has stated that now he aims to own 100 Bitcoin by 2025, currently holding 73 and actively buying more. He emphasizes that real wealth comes from consistent investment, not waiting for lower prices.
He believes that financial success comes from consistently investing in assets like Bitcoin, gold, and real estate rather than waiting for better price points.
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