By Kapil Rajyaguru
Bitcoin Hits $93,477: ETF Surge Drives Crypto Rally
Bitcoin reached a new all-time high of $93,477 on November 13 before pulling back slightly to $87,775 during Friday’s Asian trading session. Despite the dip, BTC remains up 20% this week, having gained $24,000 since November began.
Massive inflows into Bitcoin ETFs, with $510 million flowing into U.S. Bitcoin funds on Wednesday alone, largely fuel the rally. Over the past week, $4.7 billion has poured into these funds, boosting demand and pushing BTC higher.
BlackRock’s IBIT fund, now a top performer, saw $230 million in new investments. Analysts predict Bitcoin could hit $100,000 by month’s end. Meanwhile, the total crypto market cap hit a new peak of $3.12 trillion, surpassing the 2021 record.
While Bitcoin dominance rose to 61%, altcoins like Ethereum, Solana, and meme coins like PEPE are also showing gains, though they lag behind BTC’s meteoric rise.
MicroStrategy Buys 27,200 BTC for Over $2bn as Bitcoin Paper Profit Crosses $10bn
MicroStrategy is back on the bitcoin purchasing market by allocating another $2 billion to accumulate more than 27,000 BTC. It’s worth noting that the Michael Saylor-founded company now sits at a paper profit of around $11 billion given BTC’s recent price explosion.
The former CEO announced the latest acquisition on X, indicating that the firm’s total stash has now surged to 279,420, with each bitcoin being purchased at an average price of $42,692.
Semler Scientific Continues Strategic Bitcoin Investment, Increasing Stake to 1,058 BTC
Medical diagnostics company Semler Scientific has acquired an additional 47 BTC for $3 million using operating cash flow since its previous disclosure in August. The company revealed alongside its third-quarter results that its bitcoin holdings have reached 1,058.
With these acquisitions, Semler became the 17th-largest public company holding the cryptocurrency, placing it ahead of Japan’s Metaplanet, which currently owns 1,015.2 BTC, as per data compiled by Bitcoin Treasuries.
Coinbase, MicroStrategy, Bitcoin Mining Stocks Surge Amid Optimistic Market Shift
American crypto giant Coinbase has seen a resurgence in its stock price, climbing past the $300 mark for the first time since 2021. Enterprise analytics firm and major Bitcoin (BTC) holder MicroStrategy also witnessed a rally, with their stock hitting a record high after surging to $344.
Industry watchers have suggested these skyrocketing prices go beyond traditional market dynamics. Speculation suggests that Donald Trump’s victory in the recent U.S. presidential election sparked optimism among crypto investors, leading to an unprecedented upward trajectory in BTC and the broader digital asset market.
Solana DeFi Reaches New Heights with Record $5bn Daily Trading Volume Streak
Solana’s decentralized finance (DeFi) is seeing a resurgence amidst a broader market rally. According to data compiled by DeFiLlama, Solana’s decentralized exchanges (DEXs) have hit a milestone, with daily trading volumes surpassing $5 billion for three consecutive days. This marks the first time such a feat has been achieved.
During the week of November 10-16, Solana DEXs reached a total trading volume of approximately $16 billion. Raydium, a leading DEX on Solana, played a crucial role in this surge, contributing over 62% of the total trading volume.
UK to Introduce Legislation on Stablecoins, Crypto Staking
The British government plans to introduce legislation to regulate stablecoins and crypto staking. This move comes as President-elect Donald Trump lays out his plans to make the United States a global crypto hub, creating fresh competition for the UK to retain and attract digital asset businesses.
The UK Treasury is drafting two legislative measures focused on stablecoins and an exemption that crypto providers have requested to keep staking services separate from existing financial regulations, according to a Bloomberg report.
Detroit to Introduce Cryptocurrency as Payment Option for Taxes and Fees
Detroit residents will soon be able to pay their taxes and other city fees with cryptocurrency as part of the city’s drive to modernize and attract blockchain businesses.
According to the local Office of Treasury, when it launches in mid-2025, this new payment option will make Detroit the largest U.S. city to accept cryptocurrency payments.
DOJ Seeks $16mn in Crypto from Binance Over FTX Bribery Allegations Involving SBF
The U.S. Department of Justice (DOJ) has filed a civil forfeiture complaint to seize cryptocurrency worth about $16 million held in a Binance account.
This action is the result of a years-long investigation into suspected illegal activities tied to alleged bribery schemes involving FTX founder Sam Bankman-Fried, also known as SBF.
Indian Authorities Detain Suspect Linked to $230mn WazirX Hack
Indian authorities have arrested a suspect, SK Masud Alam, in connection with the high-profile hack of the WazirX crypto exchange, which resulted in the theft of over $230 million.
Alam allegedly set up a fake account under the name “Souvik Mondal,” which he later sold to accomplice M. Hassan. The accomplice allegedly used the account to breach WazirX’s hot and cold storage wallets.
The attack occurred nearly four months ago, and investigators from Delhi’s Intelligence Fusion and Strategic Operations (IFSO) division have seized laptops linked to key exchange wallets to trace the perpetrators.
While WazirX has fully cooperated with the probe, the custodial firm Liminal has been criticized for not providing vital information, raising concerns over security lapses.
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