Bitcoin reaches $72,992 peak before US elections
Bitcoin (COIN:BTCUSD) rose 4% in the last 24 hours, currently at
$72,720, after hitting an intraday high of $72,992, its highest
level since Q2 2024. This increase was driven by factors like the
US presidential election and support from candidates like Trump,
who advocates for a strategic Bitcoin reserve.
Cryptocurrency-related companies rose on Tuesday, with
MicroStrategy (NASDAQ:MSTR) up 3.0%, Coinbase (NASDAQ:COIN) 3.2%,
and Bitfarms (NASDAQ:BITF) leading at 8.9% following Andrew Chang’s
board appointment amid a potential hostile takeover by Riot
Platforms (NASDAQ:RIOT). Bitcoin has gained 14.8% in October,
surpassing the S&P 500. Ethereum (COIN:ETHUSD) and Solana
(COIN:SOLUSD) recorded monthly gains of 2.5% and 19.4%,
respectively.
Bitcoin hits record ETF inflows; Ether slows withdrawals
On October 28, US spot Bitcoin ETFs saw total inflows of $479.35
million, marking the fourth consecutive day of positive net
inflows. BlackRock’s ETF (NASDAQ:IBIT) led with $315.2 million,
followed by ARK (AMEX:ARKB), Fidelity (AMEX:FBTC), Biwise
(AMEX:BITB), and Grayscale Bitcoin Mini Trust (AMEX:BTC). The total
Bitcoins held by US ETFs rose to 976,893 BTC, nearly 5% of the
market, targeting 1 million BTC by week’s end. In contrast, Ether
ETFs slowed their withdrawals, totaling only $1.14 million in
redemptions.
ARK Invest sells Block shares, ups Bitcoin ETF exposure
ARK Invest sold 418,556 Block shares (NYSE:SQ), generating $31
million as shares rose to $74.50. This sale coincided with a nearly
13% October gain in Block, driven by crypto market optimism.
Concurrently, ARK increased its stake in the ARK 21Shares Bitcoin
ETF (AMEX:ARKB), purchasing 6,698 shares for $466,000, signaling
confidence in the crypto sector as Bitcoin surpassed $71,000.
Consensys cuts 20% and accuses SEC of overreach
Consensys, a backer of Ethereum and creator of MetaMask,
announced a 20% workforce reduction, citing global economic
conditions and US regulatory pressure, particularly the SEC’s
“overreach.” CEO Joe Lubin criticized the agency for disrupting
business and financial stability. In response, Consensys filed a
lawsuit against the SEC, joining other crypto firms like Coinbase
and Grayscale challenging regulatory action on the sector.
Bhutan moves Bitcoin amid price surge, hints at sale
The Bhutanese government transferred around $66 million in
Bitcoin to Binance after prices topped $70,000, indicating a
possible sale. This move, executed in two transactions on October
29, was tracked by Arkham Intelligence. The government wallet,
having accumulated Bitcoin through mining over five years, still
holds about $886 million. Profit-taking by major holders may lead
to volatility and affect the cryptocurrency’s price.
HIVE Digital plans to double hash rate, bets on AI
HIVE Digital (NASDAQ:HIVE) plans to more than double its hash
rate from 5.5 EH/s to 13 EH/s over the next 12 months, according to
a Cantor brokerage report initiating coverage with a $9 price
target. Cantor believes the market undervalues HIVE’s projected
growth and its initiatives in high-performance computing and
artificial intelligence, with expected $100 million in annual
recurring revenue by the end of 2025.
Fairshake backs pro-crypto Republican candidate in Wisconsin
The crypto-funded Fairshake committee allocated over $760,000 to
support the re-election of Wisconsin Republican Representative
Bryan Steil. Fairshake’s media buy for Steil, a pro-crypto
legislation advocate, is among its last moves before the elections.
Steil is running against Democrat Peter Barca in a close race in
Wisconsin’s 1st district, as all House seats are up for grabs this
election cycle.
Crypto.com leads North American trading volume
Crypto.com’s spot trading volume surged to $134 billion in
September, surpassing Coinbase’s $46 billion. The exchange has led
the North American market since July, reaching $112 billion in
October, while Kraken handled less than $10 billion. The exchange’s
popularity stems from its wide range of tokens, including BTC, ETH,
and memecoins, comprising over 85% of trades in stablecoin pairs.
The company faces a legal challenge from the SEC to protect its
business model.
Alameda Research sues KuCoin over $50M in frozen assets
Alameda Research, linked to bankrupt FTX, sued KuCoin to recover
over $50 million in frozen assets since FTX’s 2022 collapse. The
case, filed in the Delaware Bankruptcy Court, claims KuCoin
unjustly withheld the funds, now valued at $50 million due to
appreciation. Alameda seeks asset return and loss compensation to
protect FTX creditors’ interests.
Kraken launches Layer 2 with 25M OP token incentives
Exchange Kraken introduced its new Layer 2, named Ink, built
with Optimism’s OP Stack, joining the Superchain alongside Coinbase
and Uniswap. As part of the agreement, the Optimism Foundation
granted Kraken 25 million Optimism tokens (COIN:OPUSD), initially
valued at $100 million, now estimated at $42.5 million, with
gradual release. Kraken’s commitment includes transaction goals to
enhance the blockchain development ecosystem.
Min Lin appointed Chief Business Officer of Bitget, boosting global
expansion
Bitget announced the appointment of Min Lin as Chief Business
Officer (CBO), strengthening its commitment to global expansion and
innovation in the crypto sector. Lin, previously holding leadership
roles at Binance, was instrumental in developing regulatory
partnerships and expansion in Latin America. His compliance and
regulatory expertise is seen as a strategic asset to solidify
Bitget’s presence in emerging markets, especially Latin America,
where the platform has grown 98% in active users this year.
Binance launches service for high-net-worth clients
Binance launched Binance Wealth, an exclusive service allowing
wealth managers to onboard high-net-worth clients, offering them
access to a range of crypto assets. These managers create
individual subaccounts with KYC documentation, enabling clients to
operate within a structure akin to traditional wealth management.
Initially focused on Asia and Latin America, the service is
unavailable in the US. Binance emphasizes that, while providing
tech support, it is not a financial advisory service.
Gemini advances in Singapore with preliminary license approval
Crypto exchange Gemini received preliminary approval from the
Monetary Authority of Singapore (MAS) for a Major Payment
Institution license, allowing it to offer digital token services
and international transfers. Upon final approval, Gemini can exceed
local payment volume limits. Other US firms, like Coinbase and
Ripple, have recently secured full MPI licenses in the country.
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