Bitcoin resumes rally and tests resistance
Bitcoin (COIN:BTCUSD) rose 1.8% in the last 24 hours, recovering
losses after dipping to $65,700 on Friday due to a DOJ
investigation report on Tether. Tether denied the allegations, and
Bitcoin is now trading above the $69,000 mark at $68,054, fueled by
a rally that began on Sunday. Meanwhile, the S&P 500
(SPI:SP500) and Nasdaq (NASDAQI:COMPX) are up 0.44% and 0.55%,
respectively. Among the top 10 cryptocurrencies, Dogecoin
(COIN:DOGEUSD) stands out with a 5.6% increase, trading at
$0.1509.
Back to Bitcoin, the main cryptocurrency is testing the
resistance zone between $69,000 and $70,000, where sellers have set
barriers. Although traders hope for a breakout to new highs, the
spot buying demand is insufficient to sustain the move. According
to HighStrike analyst JJ, the increase in futures volumes reflects
attempts to liquidate short positions and push the price up, but
the lack of a spot premium suggests the breakout might be
temporary.
Bitcoin ETF investments increase as Ethereum faces outflows
Last week, the eleven approved Bitcoin ETFs accumulated $997.7
million in new inflows. The main flow day was October 25, with a
daily inflow of $402.08 million. BlackRock’s iShares Bitcoin Trust
(NASDAQ:IBIT) led, capturing $291.96 million that day, raising its
total to an impressive $23.99 billion. In weekly totals, IBIT
attracted over $1 billion, reinforcing its market dominance.
In contrast, Ethereum ETFs recorded outflows of $24.45 million,
marking the 11th consecutive week of negative flows.
Robinhood launches election contracts to speculate on US
presidential race
Robinhood (NASDAQ:HOOD) announced that it will allow a group of
users to speculate on the outcome of the 2024 presidential election
through election contracts. This new feature, expanding the
platform’s alternative product offerings, enables investors to buy
“Yes” contracts to bet on a candidate’s victory, with $1.00 payouts
for correct predictions and $0.00 for incorrect ones. Political
prediction markets are gaining popularity, and Robinhood will
compete with rivals like Polymarket, Kalshi, and PredictIt.
Emory University invests in Bitcoin, expanding institutional
interest
Atlanta’s Emory University revealed investments of over $15
million in the Grayscale Bitcoin Mini Trust (AMEX:BTC) and 4,312
Coinbase shares (NASDAQ:COIN), valued at $922,639 million. This is
the first endowment fund to publicly disclose Bitcoin exposure,
highlighting growing institutional interest. With total assets of
$21 billion, the university joins a limited number of institutional
funds betting on Bitcoin ETFs’ potential.
Metaplanet increases Bitcoin reserves with $10.4 million purchase
Japanese company Metaplanet acquired another 156.78 BTC for
$10.4 million, raising its reserves to 1,018.17 BTC (about $68.8
million). This expansion is part of its Bitcoin accumulation
strategy as a reserve asset, funded by capital market activities,
and makes Metaplanet the second-largest Bitcoin holder in Asia.
FTX and Bybit reach $228 million agreement for asset recovery
FTX reached a $228 million agreement with Bybit to settle a
lawsuit aimed at recovering $1 billion in assets. The agreement
allows FTX to withdraw $175 million in digital assets from Bybit
and sell $53 million in BIT tokens to Mirana Corp., Bybit’s
affiliate. This resolution expedites asset recovery and supports
FTX’s plans to repay creditors, pending court approval in
November.
Coinbase and Tether launch platforms integrating AI and blockchain
Coinbase and Tether have introduced innovative solutions to
integrate AI and blockchain. Coinbase’s “Based Agent,” developed by
Lincoln Murr, facilitates the rapid creation of autonomous
cryptocurrency agents using AI, connecting multiple blockchain
networks. Meanwhile, Tether’s Local AI SDK, announced by Paolo
Ardoino, focuses on privacy, enabling AI app development on local
devices, keeping data secure without centralized servers and
expanding access to various platforms.
Astria launches alpha mainnet for decentralized sequencing
Astria, an innovative blockchain project, launched the alpha
version of its mainnet as the “first layer of decentralized shared
sequencing.” Astria aims to decentralize sequencers, allowing layer
2 networks like Ethereum to use an alternative to the centralized
model, reducing censorship risks and failure points. Supported by
Celestia, Astria received $5.5 million in April 2023 and operates
in environments compatible with Ethereum and Solana for fast,
decentralized transaction processing.
Phantom wallet outage affects GRASS token airdrop users
On Monday, the Phantom wallet experienced an outage, displaying
incorrect balances for some users following the GRASS token airdrop
on Solana’s Grass app. The issue lasted nearly four hours. Despite
the “major failure” reported on the status page, Phantom assured
users their funds are safe and that the app and browser extension
remain operational. Phantom had faced similar issues in February
and August this year.
Solana surpasses Ethereum in daily fees amid activity growth
Solana (COIN:SOLUSD) generated $2.54 million in daily fees on
October 28, surpassing Ethereum’s (COIN:ETHUSD) $2.07 million,
according to DefiLlama. The increase mainly comes from activity on
the Raydium DEX and highlights Solana as the fifth-largest protocol
in fees. Although still behind Ethereum in monthly fees, Solana’s
interest in memecoins drives nearly half of its monthly
revenues.
Core Scientific attracts interest with AI expansion, says Jefferies
Jefferies (NYSE:JEF) initiated coverage of Core Scientific
(NASDAQ:CORZ) with a buy recommendation and a price target of $19,
citing the company’s ability to capitalize on growing AI demand.
With vast energy capacity and an advanced data center team, Core
signed a 12-year contract with CoreWeave in June, standing out in
the sector. Jefferies expects more partnerships to be announced by
the end of the year, while Core maintains profitable Bitcoin mining
operations and continues to upgrade its ASIC miner fleet.
Arctic Bitcoin mine repurposes heat to warm Norwegian buildings
According to CoinDesk, Sazmining will launch a Bitcoin mine in
the Arctic Circle, transforming the heat generated by mining rigs
to warm a building in Norway. The 2.6 MW operation uses liquid
cooling to direct heat to indoor areas, replacing a former oil
boiler. Leveraging local hydropower, the company seeks to promote a
sustainable approach with affordable, carbon-free electricity,
despite growing government restrictions on mining in the
country.
Gelato raises $11 million to expand blockchain automation
Gelato, a smart contract automation network, raised $11 million
in a Series A+ round led by Hack VC, bringing the total to $23
million. This funding will help Gelato enhance its platform and
user experience, enabling startups to launch scalable on-chain
applications. Additionally, Kraken’s blockchain Ink has become a
Gelato client.
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