Bitcoin Price: US$ 94,410.28 (+2.24%)
Ethereum Price: US$ 3,069.97 (-1.21%)
US Bitcoin ETFs surpassed $100 billion in assets on November 21 as strong investor interest surged following the election of crypto-friendly President-elect Donald Trump. BlackRock’s iShares Bitcoin Trust has attracted over $30 billion since January and leads the charge as Bitcoin ETFs approach the size of gold ETFs. Meanwhile, a Bitcoin-related bill known as the Bitcoin Act is gaining bipartisan support in the US. This proposal includes creating a strategic Bitcoin reserve, potentially pushing Bitcoin’s value to $1 million. The Act has the potential to attract institutional investors and transform the economic landscape by establishing Bitcoin as a major asset class. At the same time, the Sui blockchain faced a two-hour outage caused by a DOS bug that temporarily halted block production and transactions on exchanges. Although the network was swiftly restored, the incident impacted the price of SUI and marked a significant challenge for the blockchain.
Justin Sun, the founder of Tron, paid $6.2 million for Maurizio Cattelan’s artwork “Comedian,” featuring a banana taped to a wall. Sun plans to eat the banana as part of the art experience, joining others who have consumed the piece after its display at Art Basel and a Seoul museum. In a separate news, Bitwise, a digital asset manager, has registered a statutory trust for a proposed Solana spot ETF in Delaware, signalling its intent to seek SEC approval. If approved, the Bitwise Solana ETF will track the price of Solana, following the success of similar ETFs for Bitcoin and Ethereum. However, the SEC has delayed its decision on the Franklin Templeton Crypto Index ETF until early 2025, providing more time to review the proposed rule change as the crypto industry eagerly awaits the approval of such ETFs, which could bring significant new investment flows into the digital asset markets.
Sky Mavis co-founder Jeffrey Zirlin believes blockchain gaming and decentralised finance (DeFi) will benefit significantly from the anticipated crypto-friendly policies of a Trump administration. He argues that opening the “token design” space will drive innovation and adoption, particularly in gaming and DeFi, which he sees as the most valuable sectors in the long run. South Korean authorities have confirmed that North Korean hacker groups Lazarus and Andariel were behind the 2019 hack of Upbit, which resulted in the theft of $50 million worth of Ether. The stolen funds were laundered through various exchanges, marking the first official acknowledgment of North Korea’s involvement by South Korean investigators. In the crypto market, record-breaking stablecoin inflows surpassing $9.7 billion in one month suggest growing investor demand. This surge in liquidity, combined with increased speculative interest and positive market trends, has fuelled expectations that Bitcoin’s price could reach $100,000 before the end of November, driving optimism for significant price appreciation.
Source: https://cointelegraph.com
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