By Shikha Singh
Bitcoin Price at All-Time High as Fed Cuts Interest Rates by 25 Basis Points.
The US Federal Reserve has announced a 25 basis points interest rate cut, lowering the target range to 4.5% to 4.75%. Bitcoin, which recently hit a new all-time high of $76,800, sees this move as bullish, although it has since slightly retraced to $75,800. Fed Chair Jerome Powell emphasized that election outcomes will not influence future rate cuts and reaffirmed the Fed’s commitment to gradually reduce inflation and maintain employment. Analysts predict that continued rate cuts could drive Bitcoin’s price to $100,000, while some concerns remain about potential market instability.
BlackRock’s Bitcoin ETF posts record $1.1 bn in single-day net inflows
BlackRock’s iShares Bitcoin Trust (IBIT) experienced record net inflows of $1.12 billion, surpassing its previous high of $872 million on October 30. This surge followed a historic single-day trade volume of over $4 billion for the spot Bitcoin ETF. Analysts attribute the strong investor confidence to BlackRock’s reputation, Bitcoin’s recent price rally, and favorable market conditions, including FOMO and institutional trust. The victory of pro-crypto Republican candidate Donald Trump in the U.S. presidential election also contributed to positive sentiment.
Solana Jumps to $200 as Bitcoin Price Sets Another All-Time High
Solana (SOL) has reached $200 per coin for the first time in seven months, marking a 7% increase in just 24 hours and an 18% rise over the past week. This surge comes shortly after Bitcoin set a new all-time high, currently trading at $76,250. Despite the recent gains, SOL is still about 23% below its all-time high of approximately $260 from November 2021.
Block Inc’s Bitcoin revenue stagnates in Q3, shares drop 12% on revenue miss
Block Inc. (SQ) shares fell 12.3% in after-hours trading on November 7 after the company reported flat Bitcoin revenue for Q3 and missed Wall Street revenue expectations. Q3 revenues increased 6.4% year-over-year to $5.98 billion, below the $6.17 billion forecast, while Bitcoin revenue remained steady at about $2.43 billion.
The company plans to wind down its decentralized finance business and reduce investments in TIDAL to focus on its crypto initiatives, including Bitcoin mining and the Bitkey wallet. Despite the revenue miss, Block reported a 19% rise in gross profits to $2.25 billion and a net income of $283.7 million.
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