From the assessment that Bitcoin may soon reach a new record high to Aave proposing to deploy Version 3 (V3) on the Spiderchain network, here are some notable news in the crypto market.
The co-founders of Glassnode, Jan Happel and Yann Allemann (Negentropic), predict that Bitcoin may soon reach a new record high.
They believe this potential price surge is tied to the weakening US Dollar Index (DXY), which could occur due to the Federal Reserve (Fed) cutting interest rates and expanding quantitative easing (QE).
DXY, a measure of the strength of the USD against six major currencies, often signals that a weaker USD will drive up risk assets like Bitcoin and stocks.
Bitcoin has closely tracked DXY in recent weeks, especially after the US election, but with the Fed's easing policies, analysts forecast that BTC will surpass its previous peak if DXY weakens. At the moment, Bitcoin is trading just above $91,000, slightly down from its $93,500 high.
On the Ethereum front, while underperforming Bitcoin (ETH/BTC), its market capitalization still shows strength. Ethereum's market cap has increased from $290 billion to over $400 billion during Bitcoin's price surge, and has since slightly retreated to $380 billion in the recent pullback.
This indicates that Ethereum holders are not selling off, and Bitcoin's dominance is currently overshadowing other forces in the market, touching 61%.
Ancient Bitcoin whales move large amounts of BTC
The analytics platform Lookonchain reports that a Bitcoin miner from the Satoshi era recently transferred 2,000 BTC (around $180 million) after 14 years of inactivity.
According to Lookonchain, these Bitcoins were mined in 2010. At the time, the leading cryptocurrency by market capitalization was still in its infancy.
Bitcoin Market, the first Bitcoin exchange, launched in February 2010. A few months later, miner Laszlo Hanyecz conducted the first Bitcoin transaction by paying 10,000 BTC (currently worth $896 million) for two pizzas.
The co-founder and former CEO of Binance, Changpeng Zhao (commonly known as CZ), has revealed that he has discovered a major issue with his new project called "The Giggle Academy".
CZ tweeted that the project's X account has been hacked, and he is doing his best to restore the account.
The former Binance CEO did not disclose any specific details about what happened. He only added a security warning to his message for all internet users: "Always use common sense when reading content from anywhere".
The crypto community wishes him luck in resolving the hack and restoring the X account. CZ reported no suspicious activity detected. Typically, the Twitter accounts of influential people are hacked and taken over to promote various crypto scams.
The anonymous analyst known as DonAlt told the 62,700 subscribers of the YouTube channel TechnicalRoundup that Dogecoin (DOGE) could surge around 165% from current levels.
"Can Dogecoin hit $1? I think it can."
DOGE is currently trading around $0.375, up around 90% in the past seven days.
According to the anonymous analyst, DOGE has a key resistance level it needs to overcome before reaching its price target.
"Dogecoin is still very strong... as long as the crypto market remains bullish. Technically, this space should continue to grow for at least a few more weeks. DOGE needs to break the $0.58 resistance before targeting $1."
Aave, the leading decentralized finance (DeFi) protocol, may soon expand its footprint in the Bitcoin ecosystem with a proposal to deploy Version 3 (V3) on the Spiderchain network.
The governance proposal authored by ACI aims to integrate Aave V3 with Spiderchain, a Bitcoin-based Layer-2 (L2) network compatible with the Ethereum Virtual Machine (EVM) developed by Botanix Labs. This L2 solution seeks to combine the security of Bitcoin with the programmability of Ethereum, providing a decentralized platform for applications like lending and trading.
Spiderchain stands out for its use of decentralized multi-signature wallets, a Proof-of-Stake (PoS) consensus model, and an average transaction cost of $0.01. Botanix Labs claims they have secured community participation, with over 60,000 active participants and significant liquidity commitments for their upcoming mainnet launch.
Bitcoin Depot, the Atlanta-based crypto ATM manufacturer, has reported its financial results for the third quarter of 2024.
According to filings submitted to the US Securities and Exchange Commission (SEC) on November 14, the company recorded revenue of $135.3 million in the quarter, a 25% decrease from $179.5 million in the third quarter of 2023. The company also reported holding over $1.31 million in cryptocurrency.
"In the third quarter, we made significant strides in expanding our Bitcoin ATM network while working to optimize the existing fleet to drive higher profitability," said Brandon Mintz, CEO and Founder of Bitcoin Depot, in a statement on November 13.
The company ended the quarter with 8,300 machines, exceeding its target and reflecting the capabilities and vision of the development team to enhance Bitcoin accessibility.
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Viet Cuong
Bitcoin Magazine
