BTC rose to $73,650 and then fell back in the following five trading days, just $130 away from the historical high
BTC rose sharply to $73,650 in the short term, but then fell back, only about $130 away from the previous high of $73,787.1 in March this year. It then experienced a 5-day decline. As of the time of writing, BTC has fallen below $68,000 USDT. The current price is $68,300. The total market capitalization of cryptocurrencies has now fallen below $2.4 trillion, currently at $2.399 trillion, with a 24-hour decline of 3.1%, and a 24-hour trading volume of $57.485 billion. BTC's market dominance is currently 56.6%, and ETH's is 12.4%.
Data: Solana network TVL has grown nearly 20% in the past week, setting a new high since January 2022
According to data from defillama, Solana's TVL has risen to $7.403 billion, with a weekly increase of 19.92%, setting a new high since January 2022 (the past 2 years).
So far this year, the Ethereum mainnet has seen a net outflow of $6 billion, with 83% flowing to L2 networks
On October 31, according to data cited by crypto analyst Michael Nadeau from Artemis, the Ethereum mainnet has seen a net outflow of $6 billion so far this year, with 83% flowing to L2 networks.
As a result, Arbitrum has seen a net inflow of $2.4 billion, Optimism $2.2 billion, and Base $1.6 billion so far this year.
In addition, so far this year, $2.36 billion has flowed from Ethereum L1 to Solana, with over $1 billion (42%) flowing back to the Ethereum ecosystem.
Michael Saylor's MicroStrategy plans to raise $42 billion in the next 3 years to buy more Bitcoin
Self-proclaimed Bitcoin company MicroStrategy (MSTR) has not added to its Bitcoin (BTC) holdings since mid-September, but the company has announced an ambitious plan to raise $42 billion in funding over the next three years to purchase more of the world's largest cryptocurrency. Under the leadership of Executive Chairman Michael Saylor, the company's so-called "21/21 Plan" calls for raising $21 billion in equity and issuing $21 billion in bonds over the next three years.
President and CEO Phong Le said in the Q3 earnings press release: "As a Bitcoin treasury company, we plan to use additional capital to purchase more Bitcoin as a treasury reserve asset to achieve higher BTC yields."
BlackRock's Bitcoin ETF has surpassed $30 billion in assets, taking 293 days to reach this milestone, compared to 1,790 days for gold
BlackRock's Bitcoin exchange-traded fund IBIT has surpassed $30 billion in assets, reaching this milestone in 293 days, compared to 1,790 days for gold.
BlackRock currently holds 429,185 Bitcoins, exceeding 2% of the total Bitcoin supply
BlackRock has officially updated the holdings information for its spot Bitcoin ETF, as of October 30, BlackRock's IBIT holds 429,185 Bitcoins, exceeding 2% of the total Bitcoin supply. Its holdings are worth over $308.6 billion.
10X Research: Bitcoin is expected to reach $100,000 by January 2025
Crypto research firm 10X Research predicts that the current market trends and upcoming global events could cause Bitcoin's market price to soar to over $100,000 by January 2025. 10X Research states that this target price is based on its model, which has an accuracy rate of up to 86.66% based on the last 15 signals. The researchers said: "When Bitcoin hits a new 6-month high like it has recently, we typically see an average return of 40% over the next 3 months. Factoring in the above calculations, BTC's price will rise from the current $73,000 to over $101,000 by January 27, 2025, a 40% increase."
The Hong Kong Securities and Futures Commission and representatives from 12 Asia-Pacific securities markets discussed regulatory approaches to crypto assets, tokenization, and AI
According to a report by Hong Kong media outlet East Net, the Hong Kong Securities and Futures Commission met with representatives from 12 Asia-Pacific securities market regulators to discuss regulatory approaches to crypto assets, tokenization, and artificial intelligence. In addition, the Hong Kong Securities and Futures Commission also hosted the first meeting of the International Organization of Securities Commissions (IOSCO) Asia-Pacific Regional Committee Supervisors Network, where in addition to discussions, the latest market developments and observations from the industry were shared. A commercial bank also conducted a live demonstration of AI applications.
BlackRock, as a major shareholder, will vote on whether Microsoft should research acquiring Bitcoin
Crypto trader Fred Krueger posted on the X platform that BlackRock owns 7% of Microsoft (MSFT) shares, second only to Vanguard. In addition, BlackRock also holds 8% of MicroStrategy (MSTR) shares. BlackRock will vote on Monday on whether Microsoft should research acquiring Bitcoin. As a major shareholder holding about 7% of Microsoft's shares, BlackRock typically votes on its shareholdings at shareholder meetings. As one of the largest asset management companies, BlackRock actively participates in the corporate governance of the companies it invests in. They exercise voting rights on various issues such as the election of board members, executive compensation, mergers and acquisitions, and other corporate policies. Their voting decisions follow their fiduciary duty as trustees to seek the best interests of the clients whose shares they manage.
Musk's xAI is negotiating a financing round at a valuation of around $40 billion, aiming to raise several billion dollars
According to informed sources, Musk's artificial intelligence startup xAI is in talks with investors for a new round of financing, with a valuation expected to reach around $40 billion. A few months ago, xAI's previous valuation was $24 billion when it raised $6 billion in the spring. One of the informed sources said that xAI hopes to raise several billion dollars in the new round of financing. The cash raised will be counted towards the $40 billion valuation. Musk said on Monday that xAI plans to increase the number of graphics processing units at the Memphis data center from 100,000 to 200,000. Nvidia CEO praised xAI's speed in establishing the data center in Memphis, calling it "the fastest supercomputer on Earth" in a recent podcast.
Metaplanet has increased its Bitcoin reserves, now holding over 1,000 BTC
Metaplanet has raised around $66 million through a stock subscription, strengthening its Bitcoin reserves, and now holds over 1,000 BTC, becoming one of the largest corporate Bitcoin holders in Asia. The company has partnered with Bitcoin verification provider Hoseki to enhance transparency, allowing shareholders to verify its assets through the blockchain. Metaplanet's BTC returns have reached 155.8%, and its strategy focuses not only on Bitcoin's appreciation but also on creating long-term value for shareholders. Although its Bitcoin holdings are still far behind MicroStrategy, its stable investment strategy has allowed it to rise rapidly. Metaplanet's success story provides inspiration for other Asian companies, showing that Bitcoin is gradually being viewed as a viable reserve asset to achieve financial security in a turbulent economy.
Asset management giant Franklin Templeton has expanded its on-chain money market fund to the Base chain
According to CoinDesk, asset management giant Franklin Templeton has expanded its on-chain US Treasury money market fund (FOBXX) to Coinbase's Layer 2 blockchain Base, becoming the first asset management firm to establish a presence on the platform. The fund has a market value of $4.1 billion and can now be traded on Stellar, Aptos, Avalanche, Arbitrum, and Polygon, with Stellar being the primary network. Base has seen rapid growth since its launch in 2022, with a current total value locked (TVL) exceeding $8 billion, second only to Arbitrum. FOBXX was launched in 2021 and is the first money market fund to record transactions and ownership on a public blockchain.
Reborn after a $430 million fine! CZ talks about Binance, AI and the future of education after release from prison
At this year's Binance Blockchain Week, Binance founder CZ made his first public appearance since being released from prison, sharing his experiences in prison and his outlook for the future. CZ mentioned that he reflected on the priorities of life, especially human connections, while in prison. He stated that he has stepped down as Binance CEO, but remains a major shareholder, and plans to continue investing in blockchain, AI and biotechnology. Additionally, he is focused on the Giggle Academy project, which aims to provide digital education opportunities to those lacking access to education globally. CZ is optimistic about the future of cryptocurrencies and plans to integrate the Web3 economic model into the education platform.
A new wave of Layer 2 battles: tech giants, veterans, and dark horses enter the field, who can support the future of the Ethereum ecosystem?
Recently, several traditional tech giants have launched new Layer 2 blockchain projects, such as Paradigm's Odyssey, Uniswap's Unichain, Kraken's inkonchain, and Sony's Soneium. These new projects have sparked discussions about liquidity fragmentation and economic models within the Ethereum ecosystem. Although L2s face development challenges, new entrants may accelerate industry transformation. The new projects generally focus on user experience and application development, trying to stand out in the competition through technological innovation and their own traffic advantages. In the future, the breakthrough of the L2 ecosystem will depend on the comprehensive strength of technology, traffic, and ecology.
Bitcoin's market share hits a new high, when will the Altcoin market see a rebound opportunity?
In 2024, Bitcoin's market share reached 59.92%, reflecting its increased appeal as a safe-haven asset, while the Altcoin market has been sluggish. Historical data shows that the crypto market often experiences a "Bitcoin-Altcoin rotation" phenomenon, where Bitcoin rises first, followed by the rise of Altcoins. The current increase in Bitcoin's market share is driven by global economic uncertainty, ETF benefits, and the halving effect. The decline in Altcoin market share is due to a crisis of market trust, lagging technological iterations, and increased regulatory pressure. However, innovations in areas like DeFi and Layer 2 solutions provide potential for Altcoins in the future. Investors need to analyze market dynamics rationally and seek potential opportunities.
As the US election approaches, if Harris wins, what major changes will the crypto industry face?
As the 2024 US presidential election approaches, the capital market and cryptocurrency market are experiencing heightened tension. Trump is running a high-profile campaign, promising to turn the US into a "crypto capital", while Harris is likely to continue the Biden administration's anti-crypto regulatory policies. Although the prediction market favors Trump, Harris is slightly ahead in the polls. Historically, there have been many instances of presidential upsets, and the market is highly uncertain about the election outcome. A Harris victory could lead to volatility in the crypto market, particularly for sentiment-driven assets like Dogecoin. Regardless of who wins, the future of the crypto market remains uncertain.
MicroStrategy, through its massive investment in Bitcoin, has broken traditional valuation rules and become one of the world's largest Bitcoin holders. Founder Michael Saylor has transformed the company from a business intelligence software provider to a "coin hoarding bank", viewing Bitcoin as the core asset of the future. The company plans to raise $42 billion over the next three years to continue increasing its Bitcoin holdings, in order to enhance financial flexibility and market competitiveness. Although its strategy has been controversial, MicroStrategy has achieved capital accumulation through a high premium financing model, becoming a bridge between the traditional financial and digital asset markets.
Unveiling GOAT: Why did this meme coin cause a market frenzy?
In the crypto market, the AI-driven meme coin goatseus maximus (GOAT) has quickly risen to prominence, reaching a market capitalization of $700 million. Created by Truth Terminal, GOAT has seen a rapid price surge in a short period of time, sparking attention on meme coins and AI-driven assets. Although the concept is lighthearted and humorous, GOAT's success demonstrates the crypto community's enthusiasm for novelty and speculation. This phenomenon suggests that the combination of AI and meme culture may become a new trend in the digital finance market.
