GALA is up 20% for the week

The growth of the GALA token came at a time when there is growing interest in blockchain gaming, a sector in which it has already found its niche. Technical indicators show positive price movement, but also note strong resistance levels.

GALA's current price and trend

At the time of writing, GALA was trading at $0.02154, a good gain for the week. The price is now testing the 20-day moving average at $0.02089 after it acted as a resistance level.

Similarly, a continuation of the uptrend above this moving average could indicate the start of a more active rally that will attract more buyers.

The upper Bollinger Band at $0.02717 serves as a key resistance level. It also shows that if GALA rises above this level, there will be increased buying pressure, indicating a breakout.

On the other hand, failure to break above this level could lead to a short-term consolidation phase.

Relative Strength Index (RSI) Reflects positive momentum

The Relative Strength Index (RSI) for GALA stands at 46.02, which is slightly below 50.

This value can be interpreted as moderately bullish, which means that GALA still has potential for further gains before it enters the overbought zone. Nevertheless, a move above the 50 RSI level will reinforce the bullish signal, encouraging traders to open long positions.

GALA: Future Price Forecasts and Community Expectations

The community forecasts are very optimistic and investors are setting ambitious targets. According to analysts' forecasts, by the end of 2024, the value of each GALA token will be between $0.068 and $0.104.

At the current price, the potential return will be up to 314%. The year-end projections indicate that the average price of the asset will be $0.089 by December and will generate significant profits for any owner of the asset.

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Ethereum ETF Inflows Hits Six-Week High as ETH Gains 10%

Ethereum spot ETFs in the United States saw their biggest inflows in six weeks as crypto markets rallied following the U.S. presidential election.

Nine newly launched Ethereum spot ETFs saw a net combined inflow of $52.3 million on Nov. 6.

While that was only a fraction of the inflows for Bitcoin spot ETFs, it was the highest for Ether funds since Sept. 27, according to Farside Investors.

The big inflows came despite BlackRock’s flagship iShares Ethereum Trust seeing net zero inflows.

Most of the inflows came from the Fidelity Ethereum Fund, which attracted $26.9 million. The rest of the funds went to the Grayscale Ethereum Mini Trust, which had $25.4 million. The remaining seven spot Ether ETFs had zero flows.

This brings the overall net aggregate across all products to negative $490 million due to continued outflows from the high-fee Grayscale ETHE fund, which has lost $3.1 billion in assets under management since converting to a spot ETF in July.

Spot Bitcoin ETFs saw $622 million in inflows

Meanwhile, the 11 U.S. spot Bitcoin ETFs outperformed, recording net inflows of $621.9 million on November 6, reversing a trend of three consecutive trading days of outflows.

This came despite the BlackRocks iShares Bitcoin Trust experiencing a second straight day of outflows, losing $69.1 million, according to preliminary data from Farside Investors. It was BlackRock’s biggest day of volume ever, with $4.1 billion in trading volume.

The inflow was led by the Fidelity Wise Origin Bitcoin Fund, which saw a whopping $308.8 million in inflows, its largest since June 4.

Bitwise, Ark 21Shares, and Grayscale all saw over $100 million in inflows for their products.

Cryptocurrency spot markets are up 4% in the last 24 hours, bringing the total market cap to $2.64 trillion, as Bitcoin hit another all-time high above $76,000 at the end of trading on November 6.

Ethereum woke up from its slumber, up 10% on the day to hit an intraday high of $2,872 at the start of trading on November 7, its highest price since early August, according to CoinGecko.

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MicroStrategy's unrealized profit from bitcoin investments has grown to $9 billion

-- MicroStrategy recently released its Q3 2024 report.
-- It says that as of September 30, the firm has 252,220 BTC on its balance sheet.
-- Their average purchase price is $39,266.
-- The company has an unrealized profit of about $9 billion.

As of September 30, 2024, MicroStrategy held 252,220 BTC on its balance sheet. These assets were purchased at an average price of $39,266 and are valued at $9.9 billion, according to the latest data.

On November 7, the first cryptocurrency's exchange rate is hovering around $74,900. The Incrypted team calculated that in the case of liquidation of the bitcoin portfolio MicroStrategy at this price, the unrealized profit would be practically $9 billion.

Recall, on the night of November 7, bitcoin updated the historical maximum, reaching at the moment the mark of $76,022. At this price, the company's unrealized profit is $9.2 billion.

At the time of writing the first cryptocurrency is trading near $74,860.

Note, the price of the asset continues to rise on the back of the victory of pro-cryptocurrency Donald Trump in the US presidential election. Read more about it:

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How Shiba Inu could reach $0.01 if Vitalik Buterin considers upgrading ETH

Recently, members of the Shiba Inu community have been discussing how SHIB could potentially reach a target price of $0.01, but the proposal seems unattainable.

The concept is based on integrating Shiba Inu as a gas token on Ethereum in a dual-token model. The idea has sparked discussions in the community, with some supporters expressing optimism and others questioning its feasibility.

Shiba Inu as an Ethereum gas token

In a post on X, community member “Lola” suggested that if SHIB were to serve as a gas token on Ethereum, that could cause a significant price increase. Lola argued that using SHIB as a gas token alongside the main Ethereum token could stimulate price increases through an automatic burn mechanism.

The approach would aim to reduce the overall supply of SHIBs and potentially gradually increase scarcity. She compared the idea to Solana's transaction model, where each transaction contributes to the long-term value of SOL by burning 50% of the fees.

Lola believes that if Shiba Inu becomes a gas token on Ethereum and replicates Solana's burn mechanism, the high volume of transactions on the Ethereum network could help reduce the supply of SHIBs, potentially contributing to a price increase to $0.01.

In response to Lola's idea, some members of the Shiba Inu community expressed their skepticism, suggesting that promoting a burn mechanism specifically for SHIBs might be a more realistic approach.

In particular, achieving a two-token economy on Ethereum could be problematic, especially given Ethereum's current structure.

In a dual-token system, two separate tokens fulfill unique roles in the network. For example, one of them can serve as a means of attracting investment by adhering to security rules, while the other supports the operational functions of the network.

Well-known projects such as VeChain and MakerDAO have successfully implemented dual-token models, but each system is customized to the specific needs of its project.

General considerations

Regardless, Ethereum's move to use SHIB as a gas token could pose a technical and regulatory challenge. Earlier this year, Shiba Inu marketing specialist Lucy discussed this, noting Ethereum's built-in design for using ETH as a single gas token.

She emphasized that Ethereum's consensus Proof of Stake (PoS) system relies on ETH as a core part of its operation. Implementing SHIB as a gas token would likely entail significant network adjustments and could cause technical and security issues.

Lucy further noted that the Ethereum infrastructure and ecosystem has grown up around ETH as its own token. Making SHIB compatible with the gas token would likely require changes to the existing ecosystem, including changes to software and protocols.

Such a transition would be costly and time-consuming, and could potentially create confusion for users accustomed to the established Ethereum gas token model.

Meanwhile, those who responded to Lola's proposal suggested that the community should instead focus on supporting transactions on Shibarium, which already burns SHIB with a portion of its fees. Notably, when Shibarium saw a surge in transactions last year, the rate of SHIB burning jumped dramatically.

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Avalanche buys $53 million worth of AVAX tokens from LFG Terra

Avalanche Foundation has completed the buyback of 1.97 million AVAX tokens from bankrupt organization Luna Foundation Guard (LFG), which acquired them to support the Terra blockchain ecosystem.

In an announcement, Avalanche Foundation said it has completed the token buyback process.

Although Avalanche's filing said it would buy the tokens for $45.5 million, the Avalanche token (AVAX) was trading at $26.95 at the time of writing, representing 1.97 million tokens worth about $53 million at current market prices.

LFG bought $100 million worth of AVAX in 2022

In 2022, Terraform Labs founder Do Kwon created LFG to protect the TerraUSD (UST) Terra stablecoin. At the time, LFG was building reserves by purchasing bitcoins and altcoins, including $100 million worth of AVAX, to stabilize UST, which was then valued at $16.7 billion.

In addition to buying LFG, Terraform Labs exchanged $100 million worth of Terra tokens (LUNA) for AVAX to “strategically align ecosystem incentives.”

However, Terra's collapse soon followed. By May 2022, UST lost its peg to the dollar, leading to a significant drop in the price of LUNA and a broader collapse of the Terra ecosystem.

Avalanche Foundation is buying back 1.97 million AVAX tokens from LFG

Since then, Avalanche Foundation has been working to buy back tokens from LFG. On October 12, the foundation announced that it had entered into an agreement to buy them back. Avalanche said this ensures that LFG will not violate their original agreements.

“This action ensures that LFG will not violate the original agreement's restrictions on the use of the tokens, and protects the tokens from the complexity of liquidation by the bankruptcy trustee, returning 1.97 million AVAX to the fund's assets,” the Avalanche Foundation said in a statement.

In the Avalanche Foundation's latest announcement, the organization said the token redemption is an “important step” in its efforts to support the sustainability of the Avalanche ecosystem.

The nonprofit also emphasized that the tokens will be used to strengthen its initiatives such as grants, events and incubators.

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Arkham has launched a platform for trading open-ended contracts

Blockchain analytics company Arkham Research has announced the launch of an exchange for trading perpetual contracts.

Registration is open and trading will start in a week. The platform is not available in a number of regions, including the US.

The company promises to provide real-time auditing of reserves, as well as integration of analytical tools for monitoring transactions and wallet labeling.

Perpetual contracts, unlike “traditional” futures, have no expiration date - they can be held indefinitely. To bring the price of the derivative to the value of the underlying asset, a funding rate is applied - a regular commission paid by traders with open long or short positions.

Arkham's own token, ARKM, rose 5% over the past 24 hours.

Arkham representatives reported that the platform's traders are awarded points depending on the volume of transactions. They can be exchanged for ARKM after the first 30 days of trading.

On July 10, 2023, Arkham launched a platform for placing orders to search for information in the blockchain with rewards for performers. The project drew mixed reactions in the community. Users called the platform a “denunciation service”, and some saw problems with decentralization.

Recall, in July 2023, Binance completed the public sale of ARKM tokens.

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Ethereum price has broken through the $2800 level

The second most capitalized cryptocurrency has risen by 9.6% over the last day. The price of the asset broke through the $2800 level, rising to the values of early August.

The chart below shows that the upward movement was supported by a surge in trading volumes/.

The ETH/BTC exchange rate rose by 8.5% over the last 24 hours. Capitalization of DeFi segment coins increased by 6.7%; the RWA sector showed comparable growth.

At the time of writing, Ethereum's total market cap is ~$341 billion, with the asset trading at $2820.

Earlier, the ether-to-bitcoin capitalization ratio fell to its lowest level since April 2021.

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Anthony Pompliano: Bitcoin has a new status with large corporations

American investor and founder of Pomp Investments Anthony Pompliano said that bitcoin has gained the status of the main tool for increasing financial stability among large corporations such as MicroStrategy, MetaPlanet and Semler Scientific.

Anthony Pompliano pointed out that the first cryptocurrency has become a new form of treasury asset and should not be perceived only as an inflation hedging tool.

"Bitcoin's decentralization distinguishes it from traditional assets such as fiat currency or gold, which are exposed to governments and market volatility. There has been a fundamental shift in corporate finance. Companies are using the coin and its limited supply to enhance their own financial strength,” Pompliano said.

According to the investor, bitcoin's potential as a sustainable treasury asset could change the corporate portfolios of many companies in the very near future, contributing to the wider adoption of the first cryptocurrency in the global financial market.

By doing so, bitcoin's volatility will gradually decrease and its value and worth to market participants will increase. According to Pompliano, MicroStrategy, MetaPlanet and Semler Scientific, which are accumulating cryptocurrency on their balance sheets, should be taken as an example.

Earlier in an interview with Markets Daily, Anthony Pompliano said that the U.S. government may continue to hold bitcoin reserves for the next 10-15 years.

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Cyprus Securities and Exchange Commission extends suspension of FTX license until May 2025

Cyprus' financial regulator, the Cyprus Securities and Exchange Commission (CySEC), has postponed the reactivation of a company linked to Sam Bankman-Fried.

In a written notice dated November 5, the supervisory authority said it had extended the suspension of FTX (EU) Ltd's CIF license until May 30, 2025. CySEC explained that it made this decision to give the company time to comply with the country's investment laws.

Part of the CySEC notice reads:

The Cyprus Securities and Exchange Commission informs that the suspension of the license of the Cypriot investment company FTX (EU) Ltd is extended until 30.05.2025 to enable the company to comply with the relevant provisions of the Investment Services and Activities and Regulated Markets Law of 2017.
~CySEC.

The CySEC notice also sets out the rules that FTX (EU) must follow. For example, the company cannot engage in investment activities, including advertising its services and accepting new clients. However, it can conduct all transactions with the approval of its clients. In addition, the company must return its clients' funds and assets.

How did FTX (EU) get here?

FTX (EU) Ltd was already involved in disputes that started in early 2022, when CySEC suspended its operations due to concerns about the safety of customer funds and the competence of its management.

The situation worsened after the bankruptcy of the parent company in America. As a result of a fraud orchestrated by SBF, the American unit went bankrupt and filed for bankruptcy. This sent shockwaves through FTX's global empire, wiping out its Cyprus business and other divisions.

FTX (EU) would soon file for bankruptcy and the regulator would have no choice but to suspend its operations at the end of December 2022 until March 31, 2023. As the situation at the exchange did not improve, CySEC extended the suspension until September 30, 2023

In subsequent inspections, the supervisory authority extended the exchange's suspension first until March 31, 2024, and then until September 30, 2024. The latter of these extensions means that the exchange will not operate until mid-2025

The company has announced plans to reimburse its customers

The CySEC notification comes at a time when FTX has announced plans to refund its customers their funds. Its parent company has also struck deals to reimburse customers' funds. Its liquidators have also received permission from a US court to sell other units, including those in Cyprus.

For now, the exchange's customers can only wait in the hope of a timely conclusion to their litigation.

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The average price of BTC is now $59,542 dollars

BitFuFu, the cloud mining company behind Bitmain, has revealed the state of bitcoin mining at the end of 2024. After record increases in hash rate and mining complexity, most miners now have to spend more than twice as much to mine a single BTC.

According to BitFuFu's latest quarterly report, the breakeven price for mining one BTC is $59,452, which leaves a relatively large profit even at current prices. BitFuFu is one of the emerging companies in the cloud mining industry, created with the backing of Bitmain.

BTC has provided highly competitive mining even at levels just above $75,000, showing some confidence in more massive growth in the future. At the end of 2023, BitFuFu's cloud mining and in-house device mining costs were only $25,618, allowing them to hold on to a fraction of the coins.

BitFuFu's results came at a time when Bitcoin set a new record for mining activity as well as difficulty level. The mining company managed to reduce its electricity costs to an average of $0.04 per kilowatt hour, which is well below the usual rate used to calculate the profitability of mining. BitFuFu has managed to offer cost-effective leased computing power even at the end of 2024, showing that there are more opportunities for competitive mining. In general, some operations can generate losses, as the cost of production in some cases can exceed 70 thousand dollars.

The quarterly results reflect the low hashrate index, which is now at a consistently low level after the reward for mining was cut in half in 2024. However, the low performance has not stopped mining farms from building new facilities and utilizing the latest mining machines from Bitmain to improve efficiency.

After the recent hashrate record, BTC even continued to rise in value as usual after the expansion of mining farms. BTC recovered above $70,000 after the news of the mining record. Mining farms have a longer period of time and store BTC mined in previous periods.

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Curve Finance and TON are driving the evolution of DeFi

The year 2025 will be the year of decentralized finance (DeFi) on The Open Network (TON) blockchain, developer TON Foundation announced. Decentralized exchange Curve Finance has joined the process, with TON and Curve holding a competition for DeFi teams to develop stable asset exchanges using Curve Finance's proprietary technology.

Preparing the DeFi components

TON is finalizing what it calls the first level of DeFi primitives, it announced in a blog post authored by TON DeFi head Vlad Degen. The author was referring to credit solutions, liquidity stacking and Constant Product Market Maker protocols. New Tier 2 projects include launch pads, options and derivatives, and:

“Upcoming plans include bridges between TON and other networks such as BTC and EVM, which will allow for the addition of new assets including major stackablecoins.”

Curve Finance's partnership with Curve Finance, which was finalized in September, included a competition to develop Curve's Constant Functional Market Maker (CFMM). This technology promises to reduce price volatility and slippage.

Projects require a license to use CFMM technology, so the ability to swap on TON using this technology was notable.

Winners receive liquidity, incentives and integration

Seventy teams applied to the competition and 10 were accepted. Five completed their CFMM protocols and made it to the final round. Torch Finance and Crouton Finance were the winners and will each receive $150,000 from TON for their audits, as well as initial liquidity in new stackablecoin pools and incentives to utilize the pools.

The liquidity from Torch Finance and Crouton Finance will be integrated into CrossCurve's cross-chain trading and yield protocol, backed by Curve founder Mikhail Egorov, which creates a single liquidity marketplace by combining existing Curve pools.

Seven Ventures has also made a soft commitment to invest $2.3 million in Torch Finance and Crouton Finance.

Further, TON and Curve Finance will launch $500,000 in incentives for cross-chain pools to enable the exchange of stablecoins between TON's ecosystem and EVM networks.

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Marathon and Riot recorded a record volume of BTC mined

The largest mining companies Marathon Digital and Riot Platforms reported the highest monthly volume of bitcoin mining since April 2024. Recall that another BTC halving took place then, after which the reward for block generation was halved.

According to the statement of Marathon Digital CEO Fred Thiel, in October the company mined 717 BTC worth about $48.8 million. The head of the company explained this figure by the growth of hash rate by 14% above 40 Eh/s.

According to Thiel, another factor that influenced the mining growth was higher transaction fees. For instance, mining pool company MARAPool and private pool Slipstream helped a miner earn $400,000 worth of bitcoins through two high-commission transfers.

Riot Platforms also reported strong results for October. During the month, the miner mined 505 BTC worth about $34.4 million, a 22.6% increase from September. The miner attributed the growth to an increase in hash rate to 29.4 Eh/s, up from 28.2 Eh/s the previous month, when the company installed new MicroBT miners at its Corsicana facility.

Despite the strong monthly reports, shares of Marathon (MARA) and Riot (RIOT) fell 3.79% and 4.87% on Nov. 4, according to Google Finance data.

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XRP price will exceed $6, analyst claims

As the cryptocurrency market continues to grow, an analyst has made an exciting new prediction regarding the price of XRP. He claims that the token will trade above the $6 level by the end of the year. This could be due to an increase in global liquidity.

Correlation between global liquidity and XRP gains

Analyst Steph's prediction is based on a thorough evaluation of how XRP has performed during periods of increased global liquidity.

According to his analysis, there are two clear trends, 2017/2018 and 2020/2021, during which the value of XRP has been rising. In a recent update published on X, Steph cited a chart showing that XRP tends to follow periods of liquidity infusion into the market.

For example, in the 2017/2018 cycle, XRP reached an all-time high. The same pattern repeated itself in the next cycle, with the price approaching $2 in 2021.

However, as noted in Steph's predictions, there is a certain amount of skepticism among market participants. There are some inconsistencies in previous XRP forecasts made by various critics, which they pointed out.

In addition, Stef notes that the current economic and liquidity conditions may be more important. These could be similar to those in past successful periods and pave the way for another significant price increase.

He estimates that if the current price of $0.5058 is to be believed, XRP could rise by more than 1,086% and surpass the $6 mark.

Analyst: end of bull market season

Steph made his prediction at a time when the current bull market is expected to come to an end. Some analysts believe that this phase could lead to a significant influx of investment in high utility assets such as XRP. This factor, combined with the expected increase in global liquidity, makes XRP poised for significant growth.

In addition, the registration of the 21Shares XRP ETF had a positive impact on the price of XRP. The price of the asset rose slightly, indicating an improved market perception due to possible increased investor access. Increased liquidity and transparency through ETFs is a key driver of the price change.

In addition, the MACD indicator on the XRP price chart also shows a positive crossover signal. A bullish crossover signal appears on the signal line, which is a bullish sign. The MACD histogram, which is the difference between the MACD line and the signal line, is also rising.

This means that the XRP price momentum is rising. This technical pattern indicates the renewed interest of traders to buy and may contribute to further upside.

Moreover, the recent XRP analysis has shown that the latest XRPL price update from Oracle could significantly affect the market conditions. This update is intended to improve the quality of pricing information, thereby creating strong upside potential for XRP.

XRP Price Fate

With these improvements, investor interest remains high, and this could pave the way for XRP to reach the $0.8 level.

At the time of writing, XRP is trading at $0.5089, up 1.95% over the last day. The trading volume increased by 5.37% to $914.89 million over the same period, indicating an increase in trading activity and investor interest in the cryptocurrency.

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Bitcoin's new all-time high of $75,000: Trump wins election

Bitcoin has hit $75,000 on the back of Donald Trump's lead in the US election. The major cryptocurrency set a new all-time high, surpassing its March record of $73,777.

According to preliminary election results from the Associated Press, Trump received 198 electoral votes, compared to Kamala Harris' 112. A candidate needs a minimum of 270 votes to win.

Trump is ahead of Harris, with votes still to be counted in many U.S. West Coast states and key “swing” states. Source: Associated Press

Curiously, bitcoin's momentum is actually following Trump's rising chances of victory. On decentralized prediction platform Polymarket, the probability of his success has surpassed 94%, while Harris' has dipped below 6%.

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Trump has proposed paying off $35 trillion in U.S. government debt with cryptocurrency

US Republican presidential candidate Donald Trump joked that if he wins the election, he will order to pay off the national debt with cryptocurrency.

“We'll probably pay off $35 trillion in cryptocurrency. I'll write a little paper to allocate $35 trillion in cryptocurrency, and that's it - we don't have a debt,” Trump said at a fundraising event, a speech posted on Bitcoin Magazine's YouTube channel.

Trump also noted that cryptocurrency has a “great future.”

Earlier, on October 30, The Wall Street Journal reported that the Democratic and Republican parties of the United States agreed to ignore the size of the national debt and the country's budget.

Before that, on July 29, the press service of the budget committee of the U.S. House of Representatives reported that the national debt of the country reached $35 trillion for the first time in the history of the country.

Specialists of the International Monetary Fund (IMF) called the growth of the U.S. national debt a threat to the global economy. Thus, by 2032, the country's national debt may exceed 140% of GDP. The IMF urged American politicians to carefully consider the issue of raising indirect taxes and gradual increase in income tax.

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SEC Seeks to Dismiss Kraken’s Three Key Defenses in U.S. Lawsuit

-- The Securities and Exchange Commission (SEC) has called Kraken’s defenses “legally untenable” and asked for them to be dismissed.
-- The lawsuit against the exchange was filed in November 2023.

The U.S. Securities and Exchange Commission (SEC) has asked the Northern District Court of California to dismiss three defenses raised by Kraken in response to allegations that the crypto exchange is engaging in illegal activity.

In a motion filed on November 5, the regulator rejected Kraken’s claims regarding a lack of clarity about securities laws and how they apply to virtual assets, as well as allegations that the exchange was not properly notified that its actions constituted a violation of securities law.

It also asks the court to reject Kraken’s “fundamental questions doctrine” defense. The doctrine is a legal principle established by the Supreme Court that states that agencies should not expand their regulatory powers without explicit authorization from Congress.

The SEC sued Kraken in November 2023 for operating the platform as an unregistered securities exchange, broker, dealer, and clearing agency. The SEC said it believed that since at least September 2018, Kraken had illegally earned hundreds of millions of dollars by facilitating the purchase and sale of crypto securities. Kraken filed a motion to dismiss, which was denied in August.

“In denying Kraken’s motion to dismiss, the court rejected Kraken’s contention that the fundamental questions doctrine precludes this claim from proceeding and also held that the definition of an ‘investment contract’ under the Exchange Act of 1934 is well-established law,” the SEC said in its motion.

According to the filing, Kraken “has now filed multiple requests for Histories, seeking voluminous sets of documents and lengthy admissions related to these legally unsound defenses.” “The court should reject these defenses in order to preserve the proper scope of the Histories, narrow the scope of summary judgment, conserve judicial and party resources, and prevent Kraken from attempting to re-litigate the same issues at every possible stage of this case.”

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Matrixport: BTC rate will soar to $100,000 within 3 months

The impact of potential changes to the U.S. Securities and Exchange Commission (SEC) guidance and the prospect of a U.S. Bitcoin Strategic Reserve could have a significant impact on the cryptocurrency market. A recent report from analyst firm Matrix on Target discusses the potential effects of the new regulatory environment and proposals, including Bitcoin Act 2024. This initiative, involves the U.S. government purchasing 1 million bitcoins (BTC) over five five years. Such actions could boost the price of the flagship digital coin.

It is expected that key changes could be made with the election of the new Donald Trump administration to the presidency. The billionaire, who has previously expressed a desire to support innovation in the crypto industry, plans to ease regulatory pressure. He has suggested forming an advisory board to bring transparent regulations and even replacing SEC Chairman Gary Gensler with a candidate more loyal to digital currencies.

A key milestone that Matrixport researchers are talking about is reaching the 8% level of global cryptocurrency usage. This value is considered a key transition point: once 8% of the population starts using digital currencies, we can expect a rapid increase in mass acceptance and adoption of new financial solutions. Stablecoins, decentralized finance and investment funds have the potential to play a significant role in this process.

At the Bitcoin 2024 conference, Trump emphasized that including bitcoin in the national reserve could enhance the economic stability of the United States. He also noted the importance of supporting domestic energy generation for mining . These steps are designed to make the United States a leader in the cryptocurrency sector, ensuring the security and transparency of the financial system.

If the Bitcoin Act is implemented, the government will create a decentralized vault protected from market fluctuations and assets will be frozen for 5 years. Analysts predict that bitcoin's appreciation could happen faster than expected, especially if the regulatory framework becomes more loyal. The $100,000 rate looks achievable in the coming months, as the general mood of market participants is clearly positive and possible political reforms play into the hands of digital assets.

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Bybit received a license in Georgia

-- Bybit announced that it has registered as a VASP in Georgia.
-- The company cited support for the country's digital transformation efforts.

Cryptocurrency exchange Bybit has successfully registered as a virtual asset service provider with the National Bank of Georgia. This was reported to Incrypted by the company.

As the organization noted, this demonstrates the exchange's strong commitment to regulatory compliance and positions it as an active and reliable partner in promoting the development of the digital economy in Georgia.

According to the release, Bybit has undergone the licensing process in several key markets, including Kazakhstan, the Netherlands and Turkey in 2024. This indicates Bybit's commitment to actively strive to create a transparent and secure environment for digital assets worldwide.

“We are honored to be registered as a VASP by the National Bank of Georgia, which marks a new chapter in our journey to support the growth of the cryptocurrency ecosystem. This registration underscores our commitment to providing users in Georgia with a secure and compliant platform, which further supports the region's ambitions to become a hotbed of blockchain innovation,” said Bybit co-founder and CEO Ben Zhou.

Bybit's entry into the Georgian market is intended to contribute to the country's digital transformation aspirations, the release emphasized. As the demand for cryptocurrency products and solutions grows, the exchange aims to provide world-class trading solutions to empower local users, entrepreneurs and institutional investors, the organization said.

Being at the forefront of progressive regulation and occupying a strategically important geographic location, Georgia has fertile ground for the development of the digital economy, Bybit pointed out.

The exchange aims to enrich this dynamic ecosystem by adopting global best practices, educating and opening new innovative opportunities for the region, the company said.

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3 Ethereum addresses, dormant for over 8 years, sell 44,706 ETH amid latest price hike

Three inactive Ethereum addresses have emerged from years of hibernation to sell large volumes of ETH following the recent ETH price spike.

The cryptocurrency market has witnessed many interesting developments this week. Topping the list is the emergence of over 200 pro-cryptocurrency candidates for various public offices in the United States, including the presidency.

This remarkable feat has led to a staggering jump in the prices of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). While ETH did not register a new all-time high (ATH) like BTC, the second largest cryptocurrency rose to nearly $2900.

Ethereum whales are awakening again after 8 years of inactivity

Interestingly, the owners of the three dormant Ethereum addresses capitalized on the recent price spike by selling some of their ETH assets. In total, these multi-year dormant addresses sold 44,706 ETH after the recent spike.

Leading on-chain analytics platform Spot On Chain brought to public attention two long-term ETH holders who sold 33,701 ETH for a whopping $89.72 million.

The first transaction came from an Ethereum ICO participant with the address “0xB8c”. Apparently, this address had been dormant since the ICO, but came out of hibernation after the price of ETH approached $2,700.

Upon awakening, the user transferred 25,000 ETH to the Kraken crypto exchange, selling it for $65.67 million. Spot On Chain speculated that the whale sold each ETH for $2,627. Despite the large sale, the user still held around 64,450 ETH worth $181.2 million.

In addition, a second whale, labeled Spot on Chain, emerged from 8.75 years of inactivity to sell over 8,000 ETH. This indicates that the Ethereum address “0x0c1” has been dormant since April 2016. With the surge in ETH this week, the whale became active and sold 8,701 ETH for USDC worth $24.05 million.

The address still held 2,304 ETH ($6.49 million) after taking a profit of $30.48 million, a return of 68,900%.

Additionally, another Ethereum whale with an eight-year dormant address, “0xd82,” cashed out $30.56 million after selling 11,005 ETH at $2777 per unit, leaving it with a zero ETH balance. Popular blockchain smart money platform Lookonchain indexed this transaction today in a post X.

According to Lookonchain, the whale has been a long-term ETH investor since 2016. At that time, the user purchased all 11,005 ETH from crypto trading platform ShapeShift. At the then ETH price of $3.46, Whale spent about $38,000 to accumulate 11,005 ETH coins. Interestingly, the user made a profit of $30.52 million, which is an 80,200% ROI.

Apart from these transactions, other Ethereum whales have also benefited from the recent price hike. ETH is currently trading at $2846 per coin, marking a 24-hour rise of 9.71%.

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XRP community reacts to whale moving 1,606,093,000 XRP via Bybit and Bithumb

Whale Alert reported that whales transferred $814 million worth of XRP in a matter of hours, sparking market curiosity. Yesterday's transactions included five separate transfers in which Whale deposited and withdrew large amounts of XRP from the exchanges.

Transaction details

Chain data from XRPL reviewer Bithomp shows that the first transaction occurred at 13:53 (UTC) between South Korean crypto exchange Bithumb and an unknown wallet. The exchange transferred 580,092,812 XRP ($297 million) to the receiving address “rPyCQm”.

While questions about the origin of the transaction prevailed, another large withdrawal occurred. Notably, in this transfer, a second Bithumb-linked wallet, “mArodsZ”, transferred 199,999,993 XRP to the same receiving address from the previous transaction.

The second withdrawal occurred by 14:00 (UTC), seven minutes after the first transaction. In addition, the transfer was worth $101 million at that time at an average price of $0.506 per XRP.

Two minutes later, the same address received 200,000,043 XRP from another Bithumb-linked wallet. Address “rJyEK6” sent $101.3 million worth of XRP to the receiving wallet “rPyCQm,” marking the third withdrawal to that address.

Meanwhile, the newly created wallet didn't stop its withdrawal, as Whale Alert shows it had received the largest amount of XRP for the day by 14:06 (UTC). Another Bithumb-linked address, “rZcBQa,” sent a staggering 600,000,096 XRP ($304 million) to the wallet address.

At the time of writing, the address “rPyCQQm” still holds everything it received from Bithumb. The wallet currently holds 1.586 billion XRP worth $859 million.

Another whale is transferring 20 million XRP to Bybit

Whale Alert also shows that another whale transferred 20,000,000 XRP to Bybit an hour later. The data shows that sending address “raQxZL” transferred $10.2 million worth of XRP to Bybit tagged address “rMvCas” at 3:06 p.m. (UTC).

The sending address has been continuously transferring XRP to Bybit recently. Bithomp data shows that the address transferred 10 million XRP to the exchange on Nov. 4 and the previous 10 million XRP on Nov. 1.

At the time of writing, the sending address still holds 386 million XRP worth $200 million. At the time of writing, XRP is trading at $0.5374, up 5.44% in the last 24 hours.

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Bitcoin miners are losing the battle for power to AI giants

The struggle of technology giants for electricity is jeopardizing bitcoin mining in the United States. The decision by the US regulator to block electricity supplies for Amazon's data center has significantly exacerbated the situation in the energy market.

The U.S. Federal Energy Regulatory Commission rejected a request that would have allowed the Susquehanna nuclear power plant in Pennsylvania to send some of the generated energy to Amazon's data center. The decision set a major precedent limiting the ability of major tech companies to quickly access energy sources to develop artificial intelligence infrastructure.

Bitcoin mining expert Jaran Mellerud notes the aggressive expansion of AI facilities across the U.S. “With the ability to generate significantly higher revenue per kilowatt hour, these operations easily outbid bitcoin miners in the battle for power.”

He predicts that by 2030, the U.S. share of the global hashrate will fall from the current 40% to less than 20%, and that mining will move to remote regions inaccessible to AI infrastructure.

According to the Bitcoin Policy Institute (a non-profit organization dedicated to research and policy development on bitcoin-related issues), the energy consumption of artificial intelligence systems may already exceed the amounts needed to mine bitcoin. Researchers predict that AI will consume 169 TWh in 2024, and by 2027 this figure will reach 240 TW⋅h, while mining will consume around 160 TW⋅h.

Cryptocurrency consultant Anibal Garrido emphasizes that it is not easy for miners to switch to the more lucrative AI sector due to the specifics of the hardware: ASIC machines designed for proof-of-work hash calculation cannot be repurposed for AI or data processing tasks.

The current situation reflects fundamental changes in the computing market, where traditional bitcoin mining is facing increasing competition from new technologies.

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Optimism claims to be the standard for Layer-2 solutions

The development of Optimism technology is attracting more and more major players in the crypto industry, strengthening the project's position as a leader among Layer-2 solutions for the Ethereum network.

Large companies choose Optimism

After the successful launch of Coinbase's Base network, new projects continue to join the Optimism ecosystem. Uniswap, Sony and Kraken have announced plans to deploy their own Layer-2 networks based on OP Stack technology.

Layer-2 is an additional blockchain layer that runs on top of the main Ethereum network. These solutions allow transactions to be processed outside of the core network and the resulting data to be transmitted into it.

Layer-2 networks play a key role in the development of the Ethereum ecosystem by enabling faster and cheaper transactions. Second only to bitcoin in terms of capitalization, Ethereum remains the leading platform for smart contracts, decentralized exchanges, and credit protocols.

Expansion strategy through grants

The Optimism Foundation actively supports new projects by allocating significant amounts in OP tokens. The Kraken exchange recently received a grant of 25 million OP tokens (about $42.5 million) to develop its Ink network.

As of September 30, the Optimism partnership fund has:

-- 841 million OP tokens to fund projects
-- 480 million OP tokens have already been distributed
-- 361 million OPs remain available (about $480 million at the current exchange rate of $1.32)

Expert Opinion

Offchain Labs CEO Steven Goldfeder notes the differences in approach, “There is a strategy focused on announcements and a strategy focused on real success and metrics on the web. Our strategy is to support real users and developers.”

Andrew Koller, creator of Kraken's Ink network, explains the choice of OP Stack: “We wanted to focus on the user experience without worrying about the complexities of blockchain management. So Optimism was an obvious choice.”

Results and outlook

Despite a 65% drop in the value of the OP token this year, this is less than the decline in other major Layer-2 tokens - MATIC from Polygon (-70%) and ARB from Arbitrum (-72%). Meanwhile, Ethereum's price is up 6% YTD.

The Optimism ecosystem continues to expand, attracting new participants and strengthening its position in the segment of Layer-2 solutions for Ethereum.

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SynFutures launches Perp Launchpad with $1 million grant for new tokens

SynFutures, a decentralized derivatives trading platform, has launched its Perp Launchpad platform to help crypto projects create open-ended futures markets.

According to SynFutures' press release, the platform aims to expand access to trading lesser-known tokens, offering users more opportunities to interact with various digital assets.

This trading platform stands out because it specializes in open-ended futures markets, a type of derivatives market. Perpetual futures are contracts that remain open indefinitely and are often used for leveraged trading.

This platform is also unique because most cryptocurrency platforms focus on spot trading or direct asset trading.

A $1 million grant for token projects

As part of this initiative, SynFutures is launching a $1 million grant program to support token projects, providing financial support, liquidity, and marketing assistance to help new projects build visibility and attract users.

By expanding access to derivatives, SynFutures allows these projects to host tokens and offers communities additional ways to interact through trading and liquidity provision.

Initially, Perp Launchpad will be powered by Base, a layer 2 network based on Ethereum (ETH), allowing projects to create permanent trading pairs for their tokens. SynFutures has already partnered with high-profile projects such as Lido and Solv Protocol, significantly expanding its ecosystem from July 2024.

The SynFutures startup platform also targets individual traders and provides access to a wider range of tokens, including popular meme coins. The platform offers incentives to attract traders to the derivatives markets, such as trading contests.

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Cryptomama could become the new head of the U.S. SEC instead of Gary Gensler

Ahead of the US election, SEC Commissioner Hester Pearce has emerged as a potential successor to the current head of the agency, Gary Gensler.

She owes her position to former President Barack Obama, who nominated her for the position in 2018. Over the years, she has earned the nickname “Cryptomama” in the crypto industry and quite often criticized Gensler's tough approach to regulating cryptocurrencies.

As you know, back in the summer, former President Donald Trump promised to fire Gary Gensler on the first day of his presidency, if he is re-elected of course, but that would require a good reason and the audits could last up to a year.

It seems Pearce has already figured out exactly what Gensler was doing wrong:

Leaving cryptocurrency to an endless series of misguided and overreaching cases was and remains a mistake with serious consequences.

Despite industry support for her possible appointment, Pearce becoming the head of the regulator seems unlikely, as she has announced plans to leave the commission after her term ends in 2025.

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Dogecoin (DOGE) soared 9% overnight and may rise in price

In the last 24 hours Dogecoin (DOGE) shows an impressive performance, continuing to grow even in a weak market. All because the memcoin's rally is supported by several external factors at once

Let's understand what's going on with Dogecoin (DOGE) price and whether the growth of the memcoin will continue.

Dogecoin has a lot of support

Over the past 30 days, the Dogecoin exchange rate has soared by an impressive 56.5%. This was facilitated by several positive signals at once - the celebration of Doge Day, which traditionally took place on November 2, and the tweets of American businessman Ilon Musk, who often mentions his favorite memcoin.

Due to DOGE's active presence in the infopole, the number of active addresses per day (DAA) remains consistently high. This metric is important for the asset's price to continue to rise. As the DAA stays steadily in the positive zone, memcoin has every chance for a further rally.

Meanwhile, IntoTheBlock notes an increase in the number of short-term Dogecoin holders. The number of investors holding DOGE for the last 30 days has increased compared to the number of those who have held the asset for more than a year.

Such dynamics indicates an increased interest in the cryptocurrency and the activity of new market participants. This is another factor that can support Dogecoin's upward movement.

Earlier, the editorial staff of BIC told how the politics of America and meme tokens are connected. Read about how the results of the US presidential election will determine the future of memcoins in our research.

DOGE forecast: waiting for a “bull flag”

At the time of writing this analysis, DOGE is trading at $0.1713, having risen in value by 8.9% in the last 24 hours.

The results of the previous BIC analysis showed that a bullish flag may be forming on the cryptocurrency's chart. This pattern often heralds a new round of growth after a short-term consolidation. If the assumption is correct, Dogecoin may grow by ~12% and reach $0.19 in the near future.

Nevertheless, some external factors - for example, the defeat of Donald Trump at the presidential elections in the United States, which started today - may provoke a sell-off of the memcoin. In such a case, DOGE is threatened with a drawdown to $0.14.

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Sellers are dominating the Toncoin (TON) market

Toncoin (TON) has been facing serious bearish pressure lately, which has been preventing the token rate from starting to rise. However, some indicators are hinting that the trend could change soon enough

Let's find out what is happening with Toncoin (TON) and whether the token has enough strength to recover.

Toncoin is at the mercy of the bears

The Relative Strength Index (RSI) for Toncoin is now at 29.69. Over the past few days, values have risen from a low of 26. That said, all values below 30 indicate that the cryptocurrency is in an oversold zone.

This change could signal that the cryptocurrency is ready to launch a recovery. Often, RSI values below 30 also indicate that the asset is undervalued. This could be the point from which the price will rebound.

Meanwhile, traders have transferred about 30 thousand TON to crypto exchanges in recent days. Usually, such mass movements of coins foreshadow possible sales. Therefore, the withdrawal of cryptocurrencies to trading floors is traditionally considered a bearish signal.

However, the volume of new tokens on exchanges can not be called critical. Even in the case of a sell-off, this factor is unlikely to put serious pressure on the Toncoin exchange rate.

Toncoin forecast: reverse the trend

At the time of writing this analysis, Toncoin is trading at $4.60, having shed more than 5% over the last 24 hours.

Analyzing the EMA lines for the cryptocurrency allows us to conclude that the downtrend will continue in the near future. The chart below shows that the price of TON is under all EMA lines; also short-term lines are located under long-term ones. This picture indicates a strong bearish trend and the dominance of sellers.

If the trend does not reverse, the altcoin is at risk of falling to $4.45. At this level there is support, which can help the price to stabilize.

However, if the market's interest in TON increases, the cryptocurrency will have a chance to test resistance at $4.91.

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What's holding back Cardano's (ADA) price recovery

Cardano (ADA) price is under sustained pressure, with multiple technical indicators pointing to a strong bearish trend.

The ADX indicator confirms the strengthening of the bearish trend recently, suggesting that sellers are dominating the Cardano market. The Ishimoku cloud and EMA lines also confirm this outlook. ADA is trading below key resistance levels and a death cross formation has recently appeared on the chart.

Cardano: strong current trend

The ADX indicator assesses the strength of a trend, and values above 25 usually indicate a strong trend. In the case of Cardano, the indicator rose to 36.76 against a value of 17 just a few days ago. This increase indicates that the current trend has strengthened.

Accordingly, ADA is now in a strong downtrend, under sustained selling pressure. This may mean that there is little chance of a price reversal in the near future, as long as ADX does not start to decline.

The Ishimoku cloud predicts a decline

The Ishimoku cloud reflects a bearish outlook for Cardano (ADA): the price is below the cloud. This usually means that the asset may continue to fall as it fails to recover above key resistance levels.

The cloud is highlighted in red, and indicates potential resistance to growth attempts. The Tenkan and Kijun lines are above the price, emphasizing the bearish bias and showing that the sellers are controlling the market.

In addition, the short-term EMA lines on the chart are located below the long-term ones, confirming the bearish trend. This indicates a possible continuation of the price decline if there is no breakout of the cloud. Such a breakout may indicate a possible trend change. However, under current conditions, consolidation or further decline is more likely.

ADA forecast: whether recovery after corrections is possible

All EMA lines pass above the current Cardano price, confirming the bearish bias. This arrangement of MA, together with the recently formed “death cross”, speaks of strong pressure and shows that sellers are in full control of the market.

If the downtrend continues, the price may soon reach the $0.31 support level. If the strong bearish momentum continues, it will be able to go even lower.

However, if the sellers' pressure weakens and the uptrend starts, ADA may try to reach the next significant resistance level at $0.36 (+9% from the current price). The future dynamics of ADA will largely depend on the change of the current bearish mood to a more optimistic one.

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Ether worth $200 million transferred to derivatives exchanges, beware of volatility

Analysts at CryptoQuant claim that 82,000 Ethereum (ETH) has been invested on derivatives exchanges

Over the past few hours, a huge amount in ether (ETH) has been moved on derivatives exchanges. This is usually a signal of a downturn or at least increased volatility, CryptoQuant says.

82,000 Ethereum (ETH) on its way to exchanges, volatility expected

Ethereum (ETH), the second-largest cryptocurrency, is experiencing a record influx of liquidity on derivatives exchanges. Today, November 5, 2024, more than 82,000 ETH coins have been moved to cryptocurrency trading services. Such estimates were shared by the well-known analyst CryptoQuant.

In equivalent, this huge transfer equals more than $200 million. This is the largest influx of ETH to derivatives exchanges in recent months, CryptoQuant data says.

The analyst recalls that previous large fund flows have resulted in a decline in the price of Ethereum (ETH) or increased volatility.

Combined with Ethereum (ETH) community sentiment, this influx could be a signal of a potential downtrend.

As U.Today previously reported, DOGE, SHIB, and XRP are experiencing a surge in whale transfers today. Such movements also signal potential volatility approaching the altcoin segment.

ETH/BTC has been hitting new lows on a regular basis

Ethereum (ETH) has lagged behind Bitcoin (BTC), the largest cryptocurrency, in this cycle. While the former coin is struggling to reach levels comparable to ATH March 2024, Ethereum (ETH) is still struggling with the $2500 levels.

Amid BTC's current jump above $70,000, the ETH/BTC ratio is aiming for a new multi-year low. According to TradingView, it touched 0.035 today, the lowest level since March 2021.

This crucial measure of Ethereum (ETH) price is down 58.3% from its peak at the end of the fourth quarter of 2021. Bitcoin (BTC) dominance, on the other hand, is reaching new highs.

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OpenSea CEO announces new platform built from scratch

Prominent NFT trading platform OpenSea is looking to reinvent itself as trading volumes of non-replaceable tokens have dropped to their lowest level in more than three years.

On Monday, OpenSea CEO Devin Finzer posted a post to X talking about the new platform. “We've been slowly working on OpenSea,” he said. - To truly innovate, sometimes you have to take a step back and rethink everything. That's why we built the new OpenSea from the ground up.”

OpenSea also announced the new platform on its X account, saying it will launch in December. The marketplace also has a link to sign up for the waitlist. The announcement of the new platform follows almost exactly a year after OpenSea laid off half of its staff before Finzer said the company had begun work on “OpenSea 2.0.”

After being the dominant marketplace for NFTs for years, including during bull markets when tokens from popular collections like Bored Apes Yacht Club sometimes sold for millions of dollars, OpenSea was supplanted by newcomer Blur at the end of 2022. As the two sites fought for market dominance, overall trading volumes declined. OpenSea has recently managed to regain some of its market share, but according to The Block Data Dashboard, total trading volumes are at their lowest level in more than three years.

One trend that Blur's success over OpenSea seems to have demonstrated is that NFT traders are increasingly interested in using platforms that offer more than just basic buying and selling functionality. Blur's success also suggests that traders want more sophisticated trading tools, while the platform attracts new users with rewards in the form of tokens.

OpenSea's redesign comes at a time when there appears to be little hope for NFT's growth. In January of this year, monthly NFT trading volume based on Ethereum's non-interchangeable tokens reached $868 million, before dropping to $300 million in June and $136 million last month, according to The Block Data Dashboard.

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BlackRock fund to launch unexpected altcoin network

According to the latest information, the BlackRock BUIDL fund, which was previously hosted on the Ethereum network, will also be hosted on Avalanche (AVAX).

According to the latest information, Securitize, the digital platform that manages the fund, has launched the income-generating BlackRock BUIDL fund on the Avalanche blockchain.

Originally launched on Ethereum, BUIDL was created to allow qualified investors to earn returns in U.S. dollars through a blockchain-based subscription from Securitize Markets, LLC.

Essentially, BUIDL allows investors to own $1 fixed-value tokens and receive daily dividends that are paid directly to investors' wallets.

The fund maintains its liquidity by investing in cash, U.S. Treasuries, and repurchase agreements. By tokenizing the fund, BlackRock aims to increase investor access, provide transparent reconciliation and simplify the transfer of funds between platforms.

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