Bitcoin Price: US$ 80,397.23 (+4.79%)
Ethereum Price: US$ 3,183.21 (+1.82%)
MicroStrategy’s Bitcoin holdings have surpassed $20 billion, reflecting a 104% return on investment from strategic acquisitions at an average price of $39,292 as Bitcoin reached over $80,000. The firm plans to bolster its position as the largest corporate holder by raising $42 billion over the next three years through its “21/21” initiative for further Bitcoin purchases. Market optimism surged after Donald Trump’s presidential win, driving Bitcoin past $81,000 and propelling the Crypto Fear and Greed Index to its highest “greed” level in seven months. Analysts predict continued growth ahead of Trump’s inauguration. This index is informed by metrics like volatility, trading volume, and social media sentiment. Interest in Bitcoin has risen on Google searches, though still below the 2021 bull run peak, fuelled by pro-crypto political shifts and expectations for a more favourable SEC potentially led by Mark Uyeda amid speculation about replacing current chair Gary Gensler. Supporting this climate, Elon Musk amplified Senator Mike Lee’s call to abolish the Federal Reserve, advocating stronger presidential oversight of monetary policy and critiquing the Fed’s drift from its constitutional design. This aligns with Bitcoin advocates who view central bank currencies as vulnerable to inflation and devaluation.
Near Protocol is developing the world’s largest open-source AI model with 1.4 trillion parameters, surpassing Meta’s Llama model by 3.5 times through a decentralised R&D initiative involving thousands of contributors. Led by co-founders with extensive AI expertise, the $160 million project plans to be funded through token sales and aims to establish a sustainable monetisation loop. It emphasises decentralised technology as a safeguard against surveillance concerns raised by Edward Snowden. Ethereum has surged to $3,200, surpassing the market cap of Bank of America and underscoring the expanding reach of decentralised finance as Bitcoin hits new all-time highs following Donald Trump’s presidential victory. Despite ETH’s inflationary trend with an annual supply increase of 0.42%, market analysts remain optimistic, predicting further price growth and potential new highs above $4,000. Meanwhile, Charles Hoskinson, founder of Cardano, announced plans for a policy office at Input Output to advocate for favourable cryptocurrency regulations in the U.S. He emphasised the importance of seizing this pivotal moment to engage with lawmakers and industry leaders for impactful policy development.
Vitalik Buterin introduced “info finance,” a novel concept combining blockchain and AI to collect, validate, and share information transparently while rewarding accurate predictions through platforms like Polymarket. Ethereum’s price has concurrently surged above $3,000, signalling heightened investor interest and anticipation of an ETH rally due to a potential supply crunch. In October, cumulative traffic to leading crypto exchanges increased by 8%, indicating rising investor engagement ahead of the 2024 U.S. elections, with Binance and Coinbase leading in visits. This increase preceded a significant market rally as Bitcoin reached new all-time highs driven by growing demand, expectations of lower interest rates, and substantial ETF inflows supported by $9.3 billion in stablecoin inflows. Norway’s central bank, Norges Bank, expressed support for the EU’s Markets in Crypto-Assets Regulation (MiCA) while exploring the feasibility of a CBDC to ensure financial stability. As a member of the EEA, Norway aligns with EU regulations but remains undecided on CBDC issuance, carefully assessing its potential impact on decentralised finance and cross-border payments.
BlackRock’s spot Ether ETF saw $60.3 million in inflows on Nov. 8, its highest in 94 days as ETH approached $3,000 and spurred renewed investor interest. This surge coincided with other Ethereum ETFs seeing significant inflows and followed news of BlackRock’s spot Bitcoin ETF surpassing $1 billion in daily inflows. Ether posted its largest weekly gains in six months, outperforming Bitcoin and sparking speculation about a potential trend reversal for the ETH/BTC pair. Analyst Benjamin Cowen suggested the bottom for ETH/BTC might be in as momentum shifts towards Ethereum. Reports of Wall Street lawyer Richard Farley as a potential SEC chair under Trump drew mixed reactions from the crypto community. Some expressed concern over a potentially anti-crypto stance, while others saw hope for balanced regulation, although pro-crypto figures like Chris Giancarlo and Hester Peirce were preferred. The Ontario Provincial Police commended Tether for its role in recovering $7,186 in stolen stablecoins. This demonstrated effective collaboration between Tether and the OPP’s Cyber Investigations Team and showcased the potential for prompt action in securing digital assets.
Source: https://cointelegraph.com
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