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Bitcoin Open Interest Dropped Significantly – Investors Cautions Amid US Election Week?

Bitcoin has faced significant volatility and uncertainty as it approaches a pivotal week, with tomorrow’s U.S. election expected to play a key role in determining its price action. BTC is holding steady above the $68,000 mark, a critical level that has shifted from resistance to a solid demand zone. Analysts see this level as essential for maintaining bullish momentum, especially with high-stakes events on the horizon. Key data from Coinglass reveals a notable drop in Bitcoin’s open interest, suggesting that many investors are closing their positions amid the uncertainty surrounding the election and the Federal Reserve’s upcoming interest rate decision on Thursday. This decline in open interest reflects a cautious market stance as traders anticipate the election outcome and its potential influence on broader financial markets and Bitcoin’s trajectory. Related Reading: Solana Likely To Target $200 ‘If It Holds Current Support’ – What To Expect With BTC managing to hold above this demand zone, the coming days will be crucial for confirming its direction. A sustained hold could strengthen BTC’s outlook, setting it up for a potential breakout. Conversely, increased selling pressure tied to market reactions could put this level to the test. The week ahead could be a defining moment for Bitcoin’s price action as macro events unfold. Bitcoin Investors Preparing For This Week Bitcoin is gearing up for what could be the most defining week of this market cycle. Approaching all-time highs, BTC is facing heightened volatility as two critical events unfold: the U.S. presidential election and the Federal Reserve’s decision on interest rates. These events are poised to impact Bitcoin and global financial markets, potentially shaping global trade policies and economic stability. Recent data from Coinglass highlights that investors are bracing for a turbulent week as open interest in Bitcoin dropped significantly, with many traders opting to close their long and short positions before the election. This retreat in open interest signals caution, as the crypto market anticipates significant volatility stemming from the election results and the Fed’s rate decision. Coinglass shared an analysis on X, emphasizing that Bitcoin’s price could experience extreme swings regardless of who wins the election, likening it to a “wild rollercoaster.” This week is crucial for Bitcoin and the broader global economy, with analysts suggesting that the election could set the tone for international economic policies and trade relations in the years to come. The Fed’s rate decision, scheduled just days after the election, adds additional uncertainty, as it could dictate monetary policy direction and market liquidity. Related Reading: Dogecoin Analyst Reveals Buying Opportunities At Lower Prices – Details With BTC teetering near historic highs, investors are closely watching these events to learn about market direction. Whether Bitcoin breaks to new heights or experiences a pullback largely depends on the unfolding economic landscape. For now, Bitcoin remains on edge, with investors poised for a week that could define its trajectory for the months ahead. BTC Testing Crucial Liquidity   Bitcoin is trading at $68,800 after falling short of breaking its all-time highs last week. This week promises heightened unpredictability for BTC’s price action, driven by major events in the global economy. Key levels will be essential to watch: if Bitcoin can maintain support above $68,000, it will likely set the stage for another attempt to surge past its record high. However, volatility may test this support, potentially shaking out “weak hands” before any significant upward momentum. Should BTC dip below $68,000, further pullbacks could follow, allowing institutional buyers to accumulate before a renewed push. If Bitcoin successfully breaks above its $73,794 all-time high, it will enter a price discovery phase, where the lack of resistance can trigger a rally fueled by FOMO (fear of missing out) among investors. This upward momentum in a price discovery zone often leads to rapid price increases as more buyers enter the market.  Related Reading: Analyst Exposes Ethereum Ascending Support At $2,400 – Best Chance To Accumulate ETH? As Bitcoin edges to this level, market participants remain watchful, anticipating a potential breakout that could redefine the broader market sentiment and establish new highs for the cycle. Featured image from Dall-E, chart from TradingView

Bitcoin Going Higher Irrespective of Election Outcome: Scaramucci’s Insight Goes Beyond 2024

Bitcoin Going Higher Irrespective of Election Outcome: Scaramucci's Insight Goes Beyond 2024Bitcoin’s price is set to rise regardless of the 2024 election outcome, says Anthony Scaramucci, though Trump’s deregulation could provide a short-term boost. US Elections, Bitcoin, and Power Moves: Scaramucci’s Predictions Unveiled Anthony Scaramucci, founder of Skybridge Capital and former White House Communications Director, discussed bitcoin’s future and the potential role of U.S. presidents in […]

Bitcoin Poised for Big Moves: What Experts Predict Ahead of the 2024 US Election

Bitcoin Poised for Big Moves: What Experts Predict Ahead of the 2024 US ElectionAs the 2024 U.S. election draws near, the crypto community is abuzz, eagerly watching to see how bitcoin will respond. Many industry insiders are keen to share their perspectives on what might unfold in this dynamic landscape. Crypto Market Braces for Impact: Trump vs. Harris and Bitcoin’s Next Move On Nov. 5, 2024, U.S. voters […]

Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival

Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process. Related Reading: Why One Analyst Says Now’s The Time To Buy XRP—Before It Hits $14 As such, miners often turn to credit facilities to fund their operations. Today, mining costs continue to grow, with some experts saying that costs have skyrocketed to $49,500 as of the second quarter. CoinShares reports that the second quarter data is $2,300 more than the first quarter when mining costs average $47,200. The investment company further explained that the miners’ cash expenses average $85,900, and prediction costs amount to $96,100. Failing to secure a credit line is now a common complaint among BTC miners, while others say rising interest rates worsen their situation. BTC Miners Fail To Capitalize On Recent Price Rallies Bitcoin mining is inextricably linked to the digital asset’s extreme volatility. For example, many of our miners failed to capitalize on the rumors of Bitcoin ETFs circulating in late 2023. In January 2024, the Securities Exchange Commission (SEC) finally approved the applications of at least 11 ETFs, pushing Bitcoin to breach the $70k level. The sudden increase in the asset’s valuation only showed that the mining industry is sensitive to these price movements, especially after the halving of rewards took effect. Today, many mining analysts are looking at models that can anticipate the asset’s continuing increase in hash rate. Current models used by most miners expect the rate to hit 765 EH/s. Time For BTC Mining To Embrace Alternative Energy Sources? One of the complaints against BTC mining is that it hurts the environment due to the massive energy requirements, not to mention the carbon footprint it emits. Experts say that if miners use alternative energy sources, we can reduce our carbon footprint by 63% by 2050. Miners should be ready to embrace these alternative energy sources since expenses grow as the hash rate increases. Related Reading: Solana DeFi Momentum Soars With $5.7 Billion Locked In Q3 As Costs Rise, Some Bitcoin Miners Turn To AI Since mining efficiency is starting to fall, many miners are looking for ways to augment their revenues. For example, many experienced miners are holding tokens instead of mining them. Others turn to AI-related solutions as a potential source of revenue. It’s safe to say that the BTC mining industry is entering a new phase. When planning and moving forward, miners and other stakeholders must consider the challenges, from costs to compliance to competition. As costs continue to increase, miners must find solutions and options to remain profitable. Featured image from Dall-E, chart from TradingView

Standard Chartered’s Crypto Custody Unit Seeks $50 Million

Standard Chartered's Crypto Custody Unit Seeks $50 MillionStandard Chartered’s Zodia Custody is raising $50 million to expand its crypto custody services amidst increasing competition from both traditional finance and crypto-native firms. Institutional Investors Drive Demand for Crypto Custody Standard Chartered’s crypto custody business, Zodia Custody, is reportedly in talks to raise $50 million to fund its expansion into new markets. CEO Julian […]

Bitcoin Price Poised For $75,000 As Trump-Harris Race Tightens: QCP

The Bitcoin price has posted five consecutive red daily candles since it stopped just short of its all-time high at $73,620 last Tuesday. As a result, the BTC price has fallen by around 7%. This decline is evident on the weekly chart, which shows a major bearish weekly candle – a gravestone doji. Chartered Market Technician (CMT) Aksel Kibar noted via X, “BTCUSD weekly candle can look similar to GOLD,” and explained that it indicates a reversal is on the horizon. However, he added, “It is not dependable as an individual candle. Best to combine it with a following weak candle as a confirmation of trend reversal. […] The market narrative is that the bulls attempt to push to new highs over the session but the bears push the price action to near the open by the session close. Bitcoin To Hit $75,000 By End Of November? Despite this, Singapore-based crypto trading firm QCP Capital remains bullish in its latest investor note, highlighting significant shifts in both political prediction markets and the BTC derivatives market. Related Reading: Spot ETFs Fail To Ignite Bitcoin Growth – Analyst According to QCP Capital, the odds on the decentralized prediction market Polymarket have “moved closer to actual poll estimates,” with Vice President Kamala Harris and former President Donald Trump “locked in a tight race.” While Polymarket still favors Trump at 55%, this marks a decrease from 66% a week ago, indicating a narrowing margin that aligns more closely with mainstream polling data. The firm also noted a cautious sentiment prevailing in the cryptocurrency market. The “sideways price action over the weekend” and a decrease in leveraged perpetual futures positioning—from $30 billion to $26 billion across exchanges—suggest that traders are adopting a wait-and-see approach. This pullback may be due to uncertainties surrounding macroeconomic factors or the upcoming election. Despite the current market hesitancy, QCP Capital sees potential for significant upward movement in Bitcoin’s price. The firm questioned whether this is “the calm before a break from the multi-month range and push toward all-time highs.” Supporting this outlook, QCP observed an increase in topside positioning with substantial buying of end-November $75,000 call options since last Friday. This surge in call options at that strike price suggests that traders are positioning for a substantial rally by the end of November. Related Reading: How To Trade Bitcoin During The US Election, Expert Reveals Additionally, the firm highlighted increased activity in options tied to the election date. “Election-date options positions are also rising,” QCP noted, with Friday implied volatility exceeding 87%, even as realized volatility remains at 40%. The elevated implied volatility indicates that options traders are anticipating significant price swings around the election period. Looking ahead, QCP Capital expects Bitcoin’s spot price to remain range-bound until the US election results provide more clarity. The firm stated that they “expect spot to chop around this range until we get more clarity on the election results this week,” adding that “a Trump win is likely to cause a knee-jerk reaction higher, and vice versa if Kamala wins.” At press time, BTC traded at $68,852. Featured image created with DALL.E, chart from TradingView.com

Cryptocurrency Mining Gets Green Light in Russia, Putin Signs New Law

Russia took a significant step in legalizing
cryptocurrency mining in the region. The new law has strict limitations, allowing only specific groups to undertake the activity.

A new law signed by President Vladimir Putin now
recognizes crypto mining as a legal activity for entities listed in a state
registry, local media agency Tass reported. This step signals the country’s
desire to embrace the digital economy while controlling its potential financial
impact.

Who Can Mine

Under this new legislation, only Russian legal
entities and registered individual entrepreneurs may mine digital currency.
However, individual miners are not completely excluded. Those operating below a government-established energy consumption threshold can reportedly participate without registering. This is expected to give smaller, independent miners a limited path to operating legally.

The law also defines key roles within the crypto
mining ecosystem, introducing terms such as mining pool, mining infrastructure
operator, and address identifier. These additions aim to create a structured
and regulated environment for digital currency mining within the country.

The law allows the trading of foreign digital
financial assets on Russian blockchain platforms. Yet, this comes with a
restriction: the Bank of Russia retains the power to halt specific offerings if
they are deemed a threat to financial stability.

A Controlled Approach

This provision aims to ensure that the country’s
central bank maintains oversight and the capacity to intervene if necessary. Earlier this year, President Putin reportedly highlighted the
economic potential of digital currencies in a government meeting, emphasizing the urgency of establishing a legal framework.

He framed digital assets as a strategic opportunity,
noting that a clear regulatory environment would allow Russia to move quickly
into this promising area.

Besides that, Russia announced plans to test digital rubles for real-world use cases last year. In a statement issued by the
country’s central bank, Russia highlighted plans to begin issuing the digital
currency for broad use cases if the pilot project is successful.

The plan includes testing transactions, including
opening digital wallets for the ruble, money transfers, transfers between
users, payments of bills, and purchasing goods and services using digital
currency.

This article was written by Jared Kirui at www.financemagnates.com.

US Bitcoin Reserve Proposal: A New Weapon for Economic Stability

US Bitcoin Reserve Proposal: A New Weapon for Economic StabilityThe Bitcoin Policy Institute (BPI) has released a report advocating for a strategic bitcoin reserve (SBR) to strengthen U.S. economic stability and global influence. Titled “Digital Gold: Evaluating a Strategic Bitcoin Reserve for the United States,” the report argues that holding BTC could support U.S. monetary stability, counter global financial threats, and advance technological leadership. […]

Gemini Teams up With Renowned Sci-Fi Artist for ‘Go Where Dollars Won’t’ Crypto Campaign

Gemini Teams up With Renowned Sci-Fi Artist for ‘Go Where Dollars Won’t’ Crypto CampaignGemini launched a new campaign, “Go Where Dollars Won’t,” on Nov. 4, aiming to showcase cryptocurrency’s potential beyond traditional currency constraints. Exploring New Frontiers: Meet Gemini’s ‘Go Where Dollars Won’t’ Campaign On Nov. 4, cryptocurrency exchange Gemini unveiled its latest campaign, “Go Where Dollars Won’t,” partnering with Irish artist Matt Griffin to capture cryptocurrency’s promise […]

PolitiFi Memecoins Soar: Trump-Themed Tokens Rally 30% Ahead Of US Elections

Just hours away from the US presidential elections, PolitiFi tokens have seen a remarkable boost. The sector has experienced a nearly 10% surge in the last 24 hours, with Trump-themed memecoins leading the way. Following the recent performance, some investors forecast a massive rally for these tokens in the coming days. Related Reading: Is The Bitcoin Bull Market Over? Analyst Reveals Bear Case That Could Send Price To $28,000 Trump-Themed Memecoins See 30% Jump The PolitiFi sector gained popularity after several memecoins inspired by US politicians registered a massive performance earlier this year. Some tokens had their market capitalization break above the $100 million mark, with a couple still holding the feat. Memecoins inspired by the former US President and Republican candidate Donald J. Trump have led the sector throughout his presidential campaign. The tokens recorded massive rallies this year, hitting their peak during Q2. Cryptocurrencies like MAGA (TRUMP) and Doland Tremp (TREMP) hit the $17 and $1.5 marks, respectively, as their all-time high (ATH), fueled by Trump’s crypto-friendly statements. However, most of these cryptocurrencies have retraced significantly since June, pulling back over 70% in most cases. Now that the elections are just hours away, the PolitiFi sector is soaring again, surging around 10% in the last 24 hours, while the crypto market sees a 1.5% retrace. Memecoins themed after Trump held their lead, registering green performance during the past day. TRUMP has seen a 26% surge in the last 24 hours, trading above the $3.8 range. Meanwhile, MAGA Hat (MAGA) records a 32.6% price jump in the same timeframe, nearing a $90 million market cap earlier today. MAGA’s daily trading activity has also increased nearly 30%, registering a $41.7 million trading volume on the last day. PolitiFi Tokens In The Hands Of The Election The sector’s rally is seemingly fueled by the anticipation surrounding the elections. Notably, volatility is forecasted to peak in the following days as speculation about the election’s outcome increases. Some investors believe the PolitiFi token’s rally will continue in the following days, with Trump-themed memecoins expected to skyrocket in case of Trump’s victory. Just 10 hours before the election, the Republican candidate’s winning odds are considerably higher than the Democratic nominee, Kamala Harris. Polymarket’s live forecast shows that Trump leads the prediction market with a 15% gap. Following the presidential debate, the former president lost ground to the US Vice President in early September. At the time, the Democratic nominee surpassed Trump’s winning odds by 4%. However, these have seen a significant retrace in the last month. Related Reading: ADA Slips Below $0.3389 Level, Deeper Downtrend Looming? The Republican candidate regained his lead in October, recording a considerable 33% gap between his winning odds and Harris’. By the end of the month, Trump led the predictions market with a 66% chance of winning, which has now retraced to 57%. Amid Trump’s winning odds, the memecoins inspired by the US VP have recorded a considerable decrease in the past day. Kamala Horris (KAMA), the largest Harris-inspired token, retraced nearly 25% in the last 24 hours, seeing a 34% decrease in daily trading activity. Featured Image from Unsplash.com, Chart from TradingView.com