Bitcoin Price: US$ 75,915.04 (+0.46%)
Ethereum Price: US$ 2,895.47 (+6.38%)
Detroit has announced plans to allow residents to pay taxes with cryptocurrency starting mid-2025 through a PayPal-managed platform as part of its strategy to modernise payment systems and attract blockchain companies. The city is also inviting blockchain entrepreneurs to propose civic project ideas to reinforce its image as a tech-friendly hub for innovation. Meanwhile, Bitcoin surged to a record high of over $76,800 driven by spot ETF inflows, the Republican electoral victory, and a supportive regulatory outlook under the Trump administration. CME BTC futures reached new highs as institutional investors increased their positions amid expectations of further Federal Reserve rate cuts and the possibility of U.S. strategic Bitcoin reserves.
Ethereum’s network revenues are projected to rebound as layer-2 (L2) networks ramp up data storage usage, with activity tripling since March and analysts predicting a potential $66 billion annual cash flow by 2030. Ether prices surged 10% following Donald Trump’s presidential win, spurring investor optimism and ETF inflows as more crypto-friendly policies are expected. Magic Labs and Polygon launched a cross-chain smart wallet on the Newton testnet to address blockchain liquidity fragmentation and boost DeFi efficiency, reflecting the need for standardisation similar to protocols like SWIFT for crypto. Two major Bitcoin investors purchased a combined $142 million worth of Bitcoin after Trump’s re-election, highlighting a renewed appetite for risk assets as Bitcoin hit a record high of $76,400 and underscoring investor confidence and heightened market activity.
Donald Trump’s victory in the U.S. presidential election could accelerate the adoption of cryptocurrency products and potentially fast-track the approval of a staked Ether ETF as part of a more crypto-friendly regulatory environment. Analysts believe this could push Ether’s value past its previous high despite mixed performance and net outflows from U.S. spot Ether ETFs since their launch. Europe may take the lead in launching an Ether staking-related ETF as experts believe the region is better positioned for such innovations compared to the U.S., signalling a major milestone for the crypto sector. The Ethereum Foundation introduced the Mekong testnet to let developers preview the Pectra upgrade’s features, focusing on UX, staking, and deposit mechanisms ahead of Devcon in Bangkok, ensuring feedback without affecting the mainnet or other testnets. U.S. spot Ether ETFs saw a significant inflow of $52.3 million on Nov. 6, primarily driven by the Fidelity Ethereum Fund and the Grayscale Ethereum Mini Trust, marking a six-week high despite previous cumulative outflows.
The Avalanche Foundation repurchased 1.97 million AVAX tokens worth approximately $53 million from the defunct Luna Foundation Guard (LFG), which had originally acquired them to support Terra’s ecosystem before its collapse in 2022. This move ensures compliance with prior agreements and strengthens Avalanche’s ecosystem through initiatives like grants and incubators. DeFi tokens surged over 30% amid optimism for a more favourable regulatory environment under Trump’s administration, with Uniswap, Lido DAO, and Aave among the top gainers driven by expectations of “value accrual mechanisms” in DeFi protocols and potential changes in SEC leadership. Crypto stocks also saw substantial gains after Trump’s win and Bitcoin’s new all-time high, with Coinbase Global leading at a 31.1% increase, signalling market confidence and anticipation for a supportive regulatory shift that could boost crypto project growth and investment.
Source: https://cointelegraph.com
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