As a seasoned crypto investor with a knack for spotting trends and navigating regulatory challenges, I find myself intrigued by the current market landscape. The recent surge in Bitcoin’s price, reaching new all-time highs, is a testament to its resilience and growing acceptance as a legitimate asset class.
After the latest elections, Bitcoin hit a record peak, while coins such as Solana and Shiba Inu saw increased popularity. On the other hand, regulatory measures are growing stronger, with France examining Polymarket and California rescinding BlockFi’s permit. So, let’s delve deeper into this situation.
Bitcoin
On Thursdays, Bitcoin temporarily reached a high of $77,000 due to the significant increase in investments into U.S.-based Bitcoin exchange-traded funds (ETFs), marking their largest daily net inflow since these ETFs were launched on 11th January this year.
In a move aimed at boosting both security and income possibilities, Solv Protocol has reclassified the assets housed within its SolvBTC reserve. Now, these SolvBTC assets are categorized as either the core reserve or the innovative reserve.
Neil Bergquist, CEO of crypto exchange Coinme, believes that bitcoin ATMs serve as crucial on-ramps for fiat currency to enter the crypto ecosystem, and thus the uses for these ATMs are diverse.
According to reports, the defunct cryptocurrency platform Mt. Gox is said to have transferred approximately 500 Bitcoins valued at around $35 million into secure offline wallets. This announcement follows their recent decision to postpone customer reimbursements for a year due to a significant hack that occurred in 2014.
Altcoins
After Donald Trump’s election win, Solana (SOL) hit its peak price since November 2021 at $187, making it the fourth largest cryptocurrency in terms of market capitalization. Shiba Inu (SHIB) experienced a growth of more than 6% over the course of the month and seems poised for significant expansion during the next bull run. Additionally, the presale for Hinu has amassed over $473,000 in funds.
After experiencing a significant decline, Shiba Inu (SHIB) has been moving downward since it dropped approximately 77.04% from its peak in March 2024 at $0.00004613. Some financial experts are hesitant about whether Shiba Inu can eliminate two zeros during the anticipated bull run at this point.
Dogwhiskers’ meme-driven rise is primarily fueled by temporary excitement, whereas BlockDAG focuses on sustainable, long-term expansion.
There could be a fresh focus on the cryptocurrency market with Rexas Finance (RXS), a rising altcoin that’s capturing attention from early investors in Solana.
With the Q4 market surge gaining pace, Solana and Raydium are garnering attention from investors due to promising signs of growth. Solana is surging on bullish energy, moving closer to projected record highs, while Raydium’s impressive 276% increase underscores its significant role within the Solana network.
Following the election outcomes, altcoins have experienced a significant surge and are predicted to continue growing leading up to the Inauguration scheduled for January 2025.
Business
Following a two-year period post-bankruptcy, the Department of Financial Protection and Innovation (DFPI) in California has definitively rescinded BlockFi’s license. This decision stems from continuous regulatory infractions, as findings from investigations into their lending activities are finalized. The DFPI is emphasizing consumer reimbursement above imposing penalties.
Web3
In simpler terms, the leading company in decentralized GPU infrastructure, io.net, has formed a strategic alliance with cloud gaming network YOM. This partnership aims to expand the availability of superior gaming experiences by utilizing io.net’s worldwide network of powerful graphics processors (GPUs).
Regulation
As a crypto investor, I’m keeping an eye on the situation with Polymarket, a platform I use for certain investments. It seems that the French National Gambling Authority (ANJ) is scrutinizing whether Polymarket adheres to local regulations within their jurisdiction. If it’s determined that they’re operating illegally, ANJ has the power to block their domain in France and limit my access to the platform, which could impact my investments. So, I’m staying informed about any updates or decisions made by the authority regarding Polymarket.
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2024-11-10 16:30