From the assessment that Bitcoin has recorded the best daily gain in history, targeting $90,000, to Tether announcing the launch of the Wallet Development Kit (WDK), here are some notable news in the crypto market.
After recording the largest daily gain in history, Bitcoin is getting closer to the $90,000 mark.
Bitcoin price is nearing the record high of $90,000 after achieving the best weekly profit since the US banking crisis in March 2023.
According to Alex Thorn, head of research at Galaxy, after breaking above $85,000 on November 11, Bitcoin recorded the best daily gain in history, surging more than $8,400 in a single day.
"November 11, 2024 was the largest single-day gain in Bitcoin's history".
For comparison, Bitcoin's second-best daily gain occurred in August 2021, when the price increased by more than $7,576 in 24 hours, from $38,871 to $46,448.
The world's first cryptocurrency is currently up more than 28% on the weekly chart, trading above $87,400 at the moment.
Some market analysts say that Donald Trump's victory in the US presidential election has set the stage for higher demand for risky assets, helping push Bitcoin above $100,000 before the end of 2024.
Peter Schiff continues to criticize Bitcoin
Economist and Bitcoin skeptic Peter Schiff recently criticized the idea of a US Bitcoin reserve fund that could be implemented if Trump returns to power.
Schiff's criticism revolves around the US government buying a large amount of Bitcoin. In an X post, Schiff argued that the Bitcoin purchase would only be the beginning of the collapse.
As Schiff noted, the initial purchase would cause the Bitcoin price to surge, generating profits, especially for early investors. In the process, as the value increases, investors will tend to start liquidating, and therefore, the value of the Bitcoin held by the government will decrease.
According to Schiff, the US may have to print more USD to buy more Bitcoin in the context of the decline. He declared that this cycle will prove to be unsustainable as it will only devalue the USD.
Schiff emphasized the fact that in this case, Bitcoin cannot be considered a safe haven for the USD as the value of the USD will decline and create a long-term downward trend for Bitcoin, especially as the asset has not yet maintained growth.
He stated: "It doesn't take a genius to know that this scenario would be a disaster for the US. That's why it's highly unlikely a Bitcoin reserve fund will be established".
Despite Schiff's warnings, the idea of a US Bitcoin reserve fund seems to be quite popular in Congress. Last month, Senator Cynthia Lummis introduced a bill that could turn this idea into reality.
Supporters of the initiative claim that Bitcoin is a powerful tool that can help strengthen the country's economy.
A US federal judge has denied former Celsius Network CEO Alex Mashinsky's request to dismiss two fraud charges from the indictment.
The charges include Mashinsky manipulating the price of the CEL token, Celsius's native cryptocurrency, through artificial inflation tactics.
US District Judge John G. Koeltl issued a ruling on November 8 that Mashinsky's legal arguments were "meritless or unsupported".
Mashinsky's defense argued that his actions could not have violated both the Commodity Exchange Act and the Securities Exchange Act simultaneously. However, the judge affirmed that the charges under each law could be pursued independently.
According to a statement on November 11, China-based cryptocurrency mining chip designer Nano Labs is now accepting Bitcoin as a payment method for its products through a Coinbase business account.
The company said it has implemented Bitcoin payment options to meet the growing demand for digital currency payment options in the tech world. The payment flexibility aims to benefit customers and partners, especially as businesses worldwide adopt cryptocurrencies for secure, efficient cross-border transactions.
Nano Labs stated that this move gives the company an advantage in attracting tech-savvy customers who prioritize flexible digital payment systems.
Tether announced the launch of the Wallet Development Kit (WDK) on November 11 to enhance the user experience for Bitcoin and USDT.
According to the digital asset company, the open-source software development kit will allow developers to integrate non-custodial wallets into any application or website.
Tether said its new software, the WDK, is to commemorate the publication of the Bitcoin whitepaper in 2008. The company emphasized its intention to strengthen its commitment to the core principles of the decentralized, permissionless financial system.
The Dogecoin (DOGE) price has surged, breaking above the $0.4 level for the first time in over three years. This strong increase demonstrates the appeal and speculative power of DOGE, attracting both large and small crypto investors.
Along with DOGE's gains in the past month, there has been a notable shift in wallet dynamics. Due to the sudden surge in retail interest, there are now nearly 75,000 wallets holding less than 100,000 DOGE. However, large investors, specifically whale and shark wallets, have reduced their holdings, with a net decrease of 350 wallets in the past four weeks, while smaller investors are accumulating DOGE.
Notably, this trend appears to have reversed in the past few days, as 108 larger wallets have returned, which may have contributed to the latest price surge.
The exponential moving averages (EMAs) are trending upwards, favoring the bullish trend. However, traders should be cautious of extreme price spikes as they can lead to rapid pullbacks.
The relative strength index (RSI) of DOGE is nearing the overbought zone. Dogecoin will have to face significant challenges in the coming days.
According to Bloomberg, former Alameda Research co-CEO Sam Trabucco has agreed to forfeit assets to creditors of the bankrupt cryptocurrency exchange FTX.
Trabucco, the former co-CEO of Alameda along with Caroline Ellison, was one of the closest associates of Sam Bankman-Fried, the founder of FTX, before the company collapsed two years ago.
In addition to the fine, the former Alameda co-CEO will also relinquish his yacht, purchased for $2.51 million in March 2022, a few months before he left Alameda in August last year.
Trabucco will also give up two luxury apartments in San Francisco that he had purchased in 2021 for $8.7 million. As part of the agreement, Trabucco will also withdraw any claims he had filed against FTX, totaling around $70 million, and expunge them from the court records on November 10.
According to an announcement by Dreyfus on X, following the successful previous PEPPER token airdrop, Chiliz is now preparing to distribute a new token called SALT to users in 2025.
Previously, Chiliz had gained attention when Binance helped distribute the PEPPER token to CHZ holders, although PEPPER remains relatively small with a market capitalization of only $12 million.
Despite these efforts, the performance of CHZ has not been particularly impressive. Even when Bitcoin surged to a new all-time high above $89,000, CHZ only witnessed a modest 1.42% price increase in the past month and a 17% decline year-over-year.
Fetch.ai (FET) is surging with a recent price move that has caught the attention of traders and analysts. The price is nearing key resistance levels, and any breakout could potentially lead to further gains.
According to analyst CryptoLeo00, the targets and support levels indicate that a reversal trend is likely to occur soon.
The daily chart of Fetch.ai looks quite bullish, with the price quite close to the upper Bollinger Band at $1.51. However, the pressure is gradually increasing.
The continuously expanding Bollinger Bands indicate increasing volatility, a situation that often precedes a new trend, which could potentially be an upward one.
Additionally, the Relative Strength Index (RSI) is at 60.21, not too far from the overbought zone above 70, suggesting significant buying pressure from the market.
However, traders should be cautious as the RSI is approaching the 70 mark. Traders should closely monitor the $1.51 resistance level, with the Bollinger Band midpoint around $1.31 serving as an immediate support level in case of a pullback.
According to a report by Spot On Chain, after eight months of silence, an early Shiba Inu (SHIB) investor with the wallet address "0xd6b" has resurfaced.
This whale has now sold a large amount of SHIB, sending 100 billion tokens, worth approximately $2.81 million, to the leading U.S. cryptocurrency exchange Gemini.
This move comes after a prolonged holding period, with 2.5 trillion SHIB, currently valued at $73 million, still remaining in the wallet.
With a total profit of around $120 million from the SHIB holdings, achieving a 415% return, the reactivation of this wallet coincides with the recent price surge of SHIB.
This meme coin has increased by 61% since the beginning of November, reaching its highest level in several months and approaching a local resistance level at $0.00003.
Today, BounceBit officially launched its CeDeFi V2 platform.
The upgrade introduces multi-chain support for ETH, BNB, SOL, BTC without the need for a BounceBit chain bridge. Key features include enhanced user flexibility, Automated, Fixed, and Manual strategies, and improved APY rewards, with over $10 million on the bridge in the first hour.
Brevis, a startup company using zero-knowledge (ZK) technology to perform off-chain computations, has raised $7.5 million in a seed round led by Binance Labs and Polychain Capital.
Other investors in this round include IOSG Ventures, Nomad Capital, Bankless Ventures, and Hashkey Capital.
Brevis is a ZK coprocessor or computing network designed to improve blockchain scalability using ZK proofs.
Espresso announced that their verification layer is now live on the mainnet. This comes after two years of research and development, 5 testnets, and plans to integrate with over 20 chains.
Called the "verification layer", it allows different networks to read and trust each other's transaction data blocks, thereby improving interoperability between Layer-2 rollups.
Espresso is building a sequencing marketplace, enhancing the interoperability between Layer-2 rollups. In 2022, the company raised $60 million across two funding rounds backed by a16z crypto, Taiko, Sequoia Capital, Electric Capital, Greylock Partners, Coinbase Ventures, and others.
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