On October 29, 60M tokens will be distributed to qualified users as part of the inaugural Xandeum airdrop. Dapps will be able to access exabytes of data thanks to Xandeum’s upcoming storage solution. The specifics of Solana storage scaling solution Xandeum‘s upcoming token launch and storage-enabled liquid staking scheme have been revealed. The XAND token will formally debut on October 29 at 16:00 UTC, providing the Xandeum community with a means of engaging with the network and earning rewards. On October 29, 60M tokens will be distributed to qualified users as part of the inaugural Xandeum airdrop, which will coincide with the debut of the XAND token and LST. Raydium and MEXC are among the centralized and decentralized exchanges that have pledged to support the launch of the XAND token. The storage-enabled liquid staking solution that launches on October 29 and the Xandeum scalable storage layer that is now being built are both powered by the Xandeum DAO. Among these platforms, the DAO is unique in that it captures both of them. The XAND token is one of the most useful ones on Solana as it provides total governance over that DAO. The storage-enabled liquid staking platform at https://stake.xandeum.network offers 10x boosted XAND rewards to early SOL stakers. This will result in absurdly high XAND rewards during the hyperdrive stage, which is when the pool has less than 30,000 SOL staked. Another significant novelty of the LST is that it is the first multi-validator LST on Solana to share block rewards programmatically. Dapps will be able to access exabytes of data thanks to Xandeum’s upcoming storage solution, which will enable Solana applications to grow. New use cases, such as transferring data-rich web2 applications to completely decentralized web3 versions, will be supported by this. With its simultaneous scalability, random access, and native smart contract functionality, Xandeum resolves the blockchain storage conundrum. A completely decentralized version of Wikipedia, called Xandipedia, is being developed as a dapp to showcase these possibilities. The scalable storage layer of Xandeum’s smart contract native has been engineered to seamlessly connect with Solana RPC nodes. Offloading data to a network of decentralized pNodes (storage provider nodes) is done under the supervision of Xandeum-aware Solana validator nodes. As a result, Solana dapps will have access to almost infinite storage that can be quickly queried while retaining a high level of decentralization.

Despite Neiro (NEIRO)’s recent price drop, analysts and investors seem bullish on the memecoin. Some market watchers noted the cryptocurrency’s potential, suggesting the levels to watch ahead of the next bullish rally. Neiro Sees 10% Weekly Correction Neiro made the headlines three months ago after becoming an overnight sensation on the Ethereum Network. The memecoin was inspired by the newly adopted sister of Dogecoin’s inspiration, Kabosu. The cryptocurrency has registered a remarkable performance during October, jumping 30% month-to-date (MTD). Moreover, the token saw an impressive rally towards its all-time high (ATH) price of $0.0022 two weeks ago, surging 4,600% in 30 days. The memecoin’s bullish momentum also propelled its market capitalization (MC) near the $1 billion mark, reaching a $935 million MC on October 15, which fueled a bullish sentiment among market watchers. However, Neiro’s price has declined since its most recent rally, trading 31.5% below its ATH. The Shiba Inu-themed memecoin registers a 10.3% drop in the past week, hovering between the $0.00132-$0.00170 price range. Despite the price drop, analysts and investors remain positive above the cryptocurrency. Crypto Tony noted that the memecoin is another token that looks “really good” since the beginning of its bullish momentum in mid-September. The analyst pointed out Neiro’s potential, suggesting that a small pullback from its recent levels could be a good entry point for investors ahead of an upcoming rally. Is $0.0020 Or $0.0010 Next? Since its all-time high, the cryptocurrency’s chart has displayed a downtrend, forming a broadening wedge pattern in the lower time frame, according to trader CryptoBull360. The market watcher noted that a successful breakout above the upper trendline could trigger a 25%-30% bullish rally for the token. Another trader suggested Neiro’s “situation on the chart is messy.” The trader stated that the token needed to break above the $0.00165 mark to continue its bullish trajectory and recover its ATH levels. However, if Neiro is rejected instead, the token could see a 30% correction toward the $0.0010 support zone. The $0.00165-$0.00170 price range represented an important consolidation zone ahead of the token’s surge toward its ATH. On Monday morning, Neiro’s price jumped 13.3% toward the $0.00170 resistance level. The token moved above the pattern’s upper trendline, signaling a breakout from its biweekly downtrend. Nonetheless, the token couldn’t hold above the key resistance level and pulled back toward the $0.00154 support zone. Crypto analyst Sjuul from AltCryptoGems suggested that the memecoin’s recent performance has been better than expected. After “a longer manipulation” and reclaiming the $0.00150 level over the weekend, the analyst believes Neiro is ready to move toward higher resistance levels, potentially targeting the crucial $0.0020 mark again. As of this writing, Neiro is trading at $0.00151, a 4% drop in the daily timeframe.

Circle has signed an MOU with HKT to explore a blockchain-based customer loyalty solution for merchants in Hong Kong. Hong Kong is considering imposing new tax concessions for virtual assets. Circle, the issuer of the stablecoin USDC, has officially signed a Memorandum of Understanding (MOU) with Hong Kong Telecom (HKT) to explore a blockchain-based customer loyalty solution customized for merchants in Hong Kong. This partnership focuses on leveraging Web3 technology to create dynamic engagement experiences between consumers and merchants. According to the Circle’s October 29 announcement, this collaboration seeks to modernize the way businesses engage with their customers. According to recent data, the global loyalty market holds a value of $5.57 billion, and approximately 70% of consumers consider loyalty programs as a significant factor in their purchasing decisions. Further, the initiative will integrate Circle’s Programmable Wallets with a plan to enable safer management of digital assets and smart contracts within existing consumer and enterprise applications. This move aims to streamline the Web3 experience and enhance the effectiveness of loyalty initiatives. In addition to its collaboration with HKT, Circle also formed a partnership with Thunes to innovate stablecoin liquidity management to improve innovation in managing stablecoin liquidity. Since USDC launched in 2018, Circle has processed a total volume of $17 trillion, although only about 6.8% of the global population currently engages with cryptocurrencies. Currently, USDC has a market cap of $34.69 billion and is poised to play a crucial role in the growing digital currency landscape. Hong Kong Explores Tax Concessions and Expands Licensing for Crypto Exchanges Meanwhile, Hong Kong is considering new tax concessions for virtual assets, according to Christopher Hui, the Secretary for Financial Services and the Treasury, who spoke at Hong Kong Fintech Week on October 28. Additionally, the city plans to issue more licenses for cryptocurrency exchanges by the end of 2024. The Hong Kong Securities and Futures Commission (SFC) aims to fully license more digital asset exchanges by year-end, following a five-month review. The authorities expected to publish a list of approved platforms soon. However, after Hong Kong introduced the license system in July, many crypto firms and exchanges closed down. Around 13 crypto exchanges or trading platforms withdrew their license applications, and some received application returns for undisclosed reasons. Highlighted Crypto News Today Vitalik Buterin Drives Change in Ethereum with ‘The Splurge’

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Ethereum’s “Splurge” focuses on incremental improvements vital for protocol success. The EVM Object Format (EOF) aims to enhance code execution and efficiency. The future of the Ethereum protocol is on the brink of exciting changes, particularly highlighted in Vitalik Buterin’s latest segment, part 6: “The Splurge.” This section dives into several incremental improvements that may not fit into tidy categories. But these are crucial for the protocol’s overall success. Vitalik’s vision aims to refine the Ethereum Virtual Machine (EVM) and enhance user accounts with account abstraction. To improve transaction fee structures, and explore advanced cryptography. As Ethereum evolves, especially with the upcoming hard fork, it focuses on essential features like EOF, account abstraction, and enhancements to EIP-1559. Each of these elements offers significant benefits but also presents unique challenges and trade-offs. How Is Vitalik Shaping “The Splurge”? One of the main goals of “The Splurge” is to bring the EVM to a stable, high-performance level. Right now, the focus is on transitioning to the EVM Object Format (EOF). It will help streamline code execution and improve overall efficiency. EOF is set to be included in the next hard fork. By separating code from data, restricting dynamic jumps, and introducing a new subroutine mechanism, EOF will facilitate the development of modular arithmetic operations and other improvements that could speed up cryptographic functions. Account abstraction is another vital area of development that Vitalik emphasizes. Currently, transaction verification relies solely on ECDSA signatures, limiting flexibility. Proposed updates aim to enable users to pay transaction fees using ERC20 tokens, enhancing accessibility and convenience for everyone involved. While EIP-1559 has improved the speed of block inclusion since its activation, it still encounters challenges regarding the adjustment speed and efficiency of gas pricing mechanisms. Proposed changes include a multidimensional gas model, which would allow separate pricing for different resources. This approach aims to streamline the gas mechanism and address discrepancies between average and worst-case scenarios. Additionally, researchers are exploring verifiable delay functions (VDFs) to provide a more reliable source of randomness for Ethereum, replacing the less secure RANDAO-based randomness. The focus is on ensuring that VDFs can resist unexpected optimizations while delivering reliable randomness without manipulation. However, a significant challenge lies in creating a VDF that is both efficient and capable of preventing hardware acceleration or unexpected parallelization attacks. Overall, “The Splurge” signifies a commitment to the iterative refinement of Ethereum’s core functionalities. By focusing on these various enhancements, Ethereum aims to solidify its infrastructure, enhance user security, and increase scalability for future applications. Highlighted Crypto News Today Coinbase CEO Demands SEC Apology for ‘Frivolous Cases

Ethereum price jumped to $2.6K, gaining over 5% over the past 24 hours. The analyst suggests a potential breakout for ETH. As November prepares to make its entrance, the crypto market breaks and recovers from the bearish pressure. The trading day opened with the market exhibiting a 4.68% surge in market cap, reaching $2.4 trillion over the last day. Notably, the largest cryptocurrency, Bitcoin, has broken above $71K. The largest altcoin, Ethereum (ETH), appeared to enter the bullish market, gaining over 5.53% over the past 24 hours. However, due to its bullish price action, ETH is poised for a remarkable upside rally for the day. At press time, Ethereum is trading at $2,620. Over the day, Ethereum has recorded the lowest and highest prices at $2,471 and $2,627, respectively. Consequently, the market observed a liquidation of $39.95 million worth of Ethereum during this timeframe, as per Coinglass data. Meanwhile, the daily trading volume of ETH has surged by 93.18%. On the other side, ETH has witnessed a mild dip of 1.10% over the last seven days. The asset began trading the week at $2,653, and the volatile market momentum dragged the ETH price down to the $2,387 mark. It is crucial to note the analyst chart as Ethereum’s price movement forms a consolidating triangle pattern within narrowing trendlines, suggesting a breakout. The chart highlights a neutral to a brief positive outlook for ETH. Will Ethereum’s Rally Hold Strong? Ethereum’s four-hour technical indicators suggest the Moving Average Convergence Divergence (MACD) line is positioned above the signal line, inferring the bullish signal, and can expect the incoming bull run. ETH chart (Source: TradingView) Besides, the Chaikin Money Flow (CMF) indicator is found at 0.10, hinting at the increased money flow with a positive outlook. In addition, the daily trading volume of ETH has reached $21.76 billion. Furthermore, the current market sentiment is neutral, as the daily relative strength index (RSI) is above 60. The altcoin’s daily frame exhibits the short-term 50-day moving average above the long-term 200-day moving average. While looking at the four-hour price chart, ETH has recently surpassed the $2,590 mark. If the asset breaks past the $2.7K, the asset can rally toward the $3K zone. On the other hand, if the asset falls back from the current price level, it might trigger the ETH price toward the nearby $2,500 support zone. Highlighted Crypto News Coinbase CEO Demands SEC Apology for ‘Frivolous Cases’

Bitcoin price remains to be a hot topic of discussion in the financial community. Currently valued at approximately $58,254 (BTC-USDT) on Gate.io, Bitcoin (BTC) has been on a rollercoaster ride, characterized by significant volatility and an inability to reach a new all-time high despite the recent halving event. This lack of upward momentum has led to growing speculation among market analysts and investors alike regarding the cryptocurrency’s near-term future. The cryptocurrency market, known for its rapid and often unpredictable shifts, is now facing another potential turning point. Experts are closely watching Bitcoin’s performance, predicting that a short-term decline may be on the horizon. However, this potential dip could pave the way for a substantial recovery, presenting a unique buying opportunity for those looking to capitalize on Bitcoin’s long-term growth. In this article, we delve into the factors contributing to Bitcoin’s current market position, the anticipated short-term decline, and the subsequent recovery that many analysts believe could follow. With the prospect of a significant price drop to the $40,000-$50,000 range, understanding the underlying dynamics of this market movement is crucial for investors seeking to navigate the turbulent waters of cryptocurrency trading. As we explore the latest analysis and expert predictions, we’ll also examine the broader economic context, including potential interest rate cuts and their impact on Bitcoin’s price trajectory. Exploring the Potential Decline in Bitcoin’s Value A recent report from Bitfinex suggests that analysts are forecasting a possible drop in Bitcoin’s price to the range of $40,000 to $50,000. This anticipated decline is attributed to the potential impact of an upcoming interest rate cut. Analysts caution that a 15-20 percent decline could occur when interest rates are adjusted this month, with Bitcoin potentially bottoming out between $40,000 and $50,000. This prediction is grounded in historical trends, where the peak cycle returns tend to decrease by 60-70 percent with each cycle, and the average bull market corrections have also diminished. The report further indicates that a 25 basis point rate cut could initiate an easing cycle, which is often followed by long-term price increases. Another expert concurs with this outlook, noting that the nature of the forthcoming rate cuts differs from those implemented during the 2007-2008 financial crisis. Today’s rate cuts are designed to prevent potential economic slowdowns rather than to respond to an existing crisis. Consequently, the market may react less dramatically to these preventive rate cuts, leading to reduced volatility. This perspective supports the likelihood of a short-term pullback, but the market is expected to recover and benefit from a more accommodative monetary policy in the long term. In the short term, Bitcoin’s price appears poised for a decline, primarily due to its lack of upward momentum. As highlighted by another analyst, Bitcoin has been consistently forming lower highs and lower lows, which is typically a sign of extended bearish trends. A Buying Opportunity on the Horizon? Over the past five months, Bitcoin’s price has been forming a right-angled descending broadening wedge, a reversal pattern that is generally considered bullish. However, this bullish potential might only materialize after a drop to $56,000. This price level could serve as a critical support floor for Bitcoin, leading to one of two possible outcomes: either a rebound toward $60,000 or a breakdown from the current pattern. Should the latter occur, Bitcoin’s price could experience a 28% drop, potentially falling below $40,000, aligning with the earlier predictions from Bitfinex analysts. If trading volumes increase around the breakdown point, this bearish outlook may be confirmed. On the other hand, given the current weak trading volumes, Bitcoin might bounce back from the $56,000 level, possibly initiating a gradual recovery to $59,000. If this level is breached, Bitcoin’s price could be on track to reach $60,000, effectively invalidating the bearish scenario. Optimism for BTC While the current outlook may seem pessimistic, it’s important to note that such predictions are not set in stone. Bitcoin’s notoriously unpredictable nature means that market dynamics could shift rapidly, leading to outcomes far different from the anticipated decline. Several factors could propel BTC beyond its previous all-time high before the year’s end, including increased institutional adoption, favorable regulatory developments, or unexpected macroeconomic shifts. Additionally, Bitcoin’s historical resilience and ability to bounce back stronger after downturns suggest that a bullish scenario is still very much on the table. If these positive factors align, Bitcoin could defy the bearish forecasts and surge past its previous highs, offering substantial returns to those who remain invested. Adding to the complexity of Bitcoin’s market behavior is its historical performance during specific times of the year. September has traditionally been a sluggish month for Bitcoin, with prices often stagnating or declining as market activity slows down. This seasonal trend has been observed over multiple years, making September a month where investors typically exercise caution. However, as the calendar turns to October and November, the market tends to shift gears. Historically, these months have marked the beginning of significant bullish action, with prices often rallying as investor sentiment improves and trading volumes increase. This cyclical pattern suggests that while September may bring short-term challenges, it could set the stage for a robust bull run in the final months of the year, potentially driving Bitcoin to new heights. Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this Press Release.

Coinbase criticizes SEC, demanding withdrawal of frivolous cases and an apology. Bitcoin surges past $71K, relieving anxious traders after consolidation. Bitcoin hit a three-month high, surging past $71,000 and providing relief for traders weary of the coin’s prolonged consolidation. But alongside this surge, the ongoing legal drama between Coinbase and the U.S. Securities and Exchange Commission (SEC) escalated. Coinbase CEO Brian Armstrong recently voiced strong criticism of the SEC on social media, urging the next chair of the commission to withdraw “frivolous cases” and apologise to the American public. He suggested this to restore public trust in the regulatory body. His post also raised crucial regulatory questions, such as “Is a digital asset a security?” and “Can the SEC regulate digital asset exchanges?”—pointing to the unresolved regulatory uncertainty in the sector. Notably in an amicus brief filed on 28 October, Coinbase supported Beba LLC and the DeFi Education Fund in a case against the SEC, criticizing the commission’s “regulation-by-enforcement campaign” against digital-asset companies. The brief accuses the SEC of failing to provide the industry with clear guidelines and argues that, without formal rulemaking, firms find themselves in a compliance “Catch-22.” Moreover, Coinbase claimed that when it went public in 2021, the SEC did not object to its listing or the presence of digital assets on its platform. However, Coinbase asserts that the commission has since reversed its stance, with SEC Chair Gary Gensler now deeming most digital assets as securities. “SEC Lacks Transparency” Coinbase further argues that the SEC’s approach lacks transparency, stating that “the agency has steadfastly refused to engage in rulemaking,” instead relying on punitive enforcement actions to regulate the industry. The exchange also highlighted its extensive efforts, including 30 meetings with the SEC in 2022 to seek regulatory guidance, only to be met with insufficient responses. Coinbase’s legal petition, initially filed in 2022, calls for regulatory clarity, contending that existing securities laws, designed for traditional assets, are inadequate for the unique nature of digital assets. The SEC has maintained that current laws are sufficient, citing the Supreme Court’s “investment contract” standard. However, Coinbase’s ongoing case could push for clearer regulation in an industry where rapid technological shifts demand flexible and well-defined rules. This case may have significant implications for the future regulatory framework of digital assets in the U.S. Highlighted News Of The Day Bitcoin Breaks Multiple Resistance as Price Rallies Past $70K

LBank, a prominent cryptocurrency exchange, has announced its upcoming “Sunset Soiree,” a side event during Devcon 2024, organized in collaboration with 13Desk. Scheduled for November 11, from 5:00 PM to 9:00 PM, this event will take place at Yao Rooftop Bar, an ideal space for gatherings and connections against the backdrop of Bangkok’s scenic skyline. Event Details: Date: Monday, November 11 Time: 5:00 PM – 9:00 PM GMT+7 Location: Yao Rooftop Bar (Level 33) @Bangkok Marriott Hotel The Surawongse Tickets: https://lu.ma/r3x9gic2 The “Sunset Soiree” event combines networking opportunities with Bangkok scenic views and an exclusive trip to visit Moodeng. The event will take place at Yao Rooftop Bar, offering attendees a panoramic 360° view of the city skyline, creating an ideal environment for connections as the sun sets over Bangkok. A select group of attendees will have the opportunity to join a package tour to Khao Kheow Open Zoo, visiting Moodeng the hippo, followed by a scenic dining experience along Pattaya’s coastline. Joining the gathering are esteemed partners including PINN, MANTA NETWORK, KIP PROTOCOL, PENCILS PROTOCOL and KYEX. The community partner is OFFCHAIN GLOBAL. This event will receive extensive media coverage from leading platforms in the crypto industry, including Bitcoin.com, TokenPost, U.today, Bee Network, MetaEra, CoinCarp, PANews, Jinse Finance, Dethings, MarsBit, Coin Republic, D Group, The News Crypto, Droom Droom, Bitmedia, The Blockopedia, Coin Edition, CryptoNewsZ, 528BTC, Cryptic, BD Ventures, and Chain Times, bringing the event’s excitement to global audience. In Q3 2024, LBank saw notable growth with daily trading volumes over $2 billion and a 16% year-on-year increase in new user registrations. The platform introduced 66 new assets, yielding an average return of 130%, which highlighted its active asset expansion strategy. According to 0xScope, LBank is ranking 12th in terms of CEX spot trading market share, surpassing Kucoin, WhiteBIT and Kraken. . LBank further enhanced its global footprint by hosting and participating in industry conferences across Dubai, Singapore, Africa, and Southeast Asia. At TOKEN2049 in Singapore, it hosted multiple side events focusing on key topics like AI, DePIN, and memecoins, each attracting over 2,000 attendees on average. Looking to Q4, LBank aims to amplify marketing and brand outreach to capture new growth opportunities and boost market share. About LBank Established in 2015, LBank is a top-tier global cryptocurrency exchange with a focus on security, innovation, and user satisfaction. Serving over 10 million users worldwide, LBank is committed to supporting emerging projects, offering seamless trading experiences, and fostering a thriving community for crypto enthusiasts.

Bitcoin price has factored in an additional 4.70% price increase in the last 24 hours. The cryptocurrency’s daily trading volume surged by 148.49% as per CMC data. The crypto space has been abuzz with activity as Bitcoin has rallied to hit the March 2024 trading levels. However, the altcoin sector has shown mixed signals in the last 24 hours. Ethereum has failed to utilize this positive momentum, but Solana, on the other hand, has hit the $180 level. Notably, Bitcoin has experienced a 4.70% price increase over the last 24 hours and has hit the $70K level. At the beginning of the day on October 28, the cryptocurrency traded in the $67,000 range before bulls propelled prices to current levels. As of this writing, BTC was trading at $71,017, according to CMC data. Additionally, Bitcoin hit a 144-day high of $71,587, according to TradingView data. Moreover, the weekly price chart shows that the cryptocurrency has traversed from the $66K level with a similar price increase rate as of the past day—4.91%. Previously, BTC had hit $68,000 and then dropped to $66,000. Meanwhile, the US spot Bitcoin ETFs have also shown bullish activities as inflows hit a weekly high of $479.35 million as per Sosovalue data. BlackRock’s IBIT recorded the highest inflows – $315.19 million. Where is Bitcoin Price Headed? On analyzing Bitcoin’s daily price chart, the cryptocurrency’s movements depict a rising wedge pattern breaking out into bullish movements. As per market experts’ opinion, the rising wedge is usually followed by a reduction in trading volume. However, the current price actions suggest that the Bitcoin price is breaking out of the pattern, as aforementioned. BTC/USDT Daily Price Chart (Source: TradingView) Moreover, Bitcoin’s bull-bear power indicator also shows coinciding indications. The bull power indicator’s value stands at 1.71, while its bear power indicator’s value stands at 0.29. This shows a positive trend in price and predicts more upward movements in the coming days. If Bitcoin sustains these predictions, then it can be expected to surpass its current ATH at $73,750. This action can also result in members of the altcoin sector such as Solana and SUI reflecting the bull run and reaching new trading levels. Highlighted Crypto News Today: Maker (MKR) Price Predicted to Hit $3000?

On-chain data shows exchanges have recently observed a large amount of Ethereum exit their wallets, a sign that could be bullish for ETH’s value. Ethereum Exchange Reserve Has Seen A Plunge Recently As explained by analyst Ali Martinez in a new post on X, the ETH investors have made net outflows from exchanges recently. The on-chain indicator of relevance here is the “Exchange Reserve,” which keeps track of the total amount of Ethereum sitting on the wallets associated with all centralized exchanges. When the value of this metric goes up, investors will make net inflows into these platforms right now. As one of the main reasons holders deposit their coins in exchanges is for selling-related purposes, this trend can have bearish implications for the asset’s price. On the other hand, the indicator registering a decline suggests a net amount of ETH is currently exiting the exchanges. Such a trend can indicate that the investors are accumulating, which can naturally prove to be bullish for the cryptocurrency. Now, here is a chart that shows the trend in the Ethereum Exchange Reserve over the last few weeks: As displayed in the above graph, the Ethereum Exchange Reserve has registered a huge drop during the last few days, which implies that investors have made large net withdrawals. The holders have taken out more than 300,000 ETH from these platforms during the past week, which is worth almost $754 million at the current exchange rate. Given the massive scale involved here, it’s likely that the whale entities were behind the outflows. Also, considering that the withdrawals have come after ETH’s stumble from its $2,700 high earlier in the month, these humongous investors may have made them buy at the lows. Naturally, if this is true, Ethereum could benefit from a rebound from this plunge in the Exchange Reserve. The surge may also have begun, as ETH has now recovered above the $2,500 mark. In some other news, as market intelligence platform IntoTheBlock has pointed out in an X post, the Ethereum Market Value to Realized Value (MVRV) Ratio is sitting at 1.2 right now. The MVRV Ratio tells us how the value that Ethereum investors are currently holding compares against the amount that they initially put into the cryptocurrency. The latest value of 1.2 suggests the average ETH holder is currently holding a profit. From the chart, it’s apparent that the asset has historically encountered tops when the MVRV Ratio has been at notably higher values, so it’s possible that the current profitability isn’t high enough for ETH to top out. ETH Price At the time of writing, Ethereum is trading at around $2,500, down 6% over the last seven days.

As Bitcoin rebounds from its brief correction and approaches the $70,000 mark, Matthew Sigel, head of digital asset research at asset manager and crypto ETF issuer VanEck, shared his insights on the cryptocurrency’s potential trajectory in light of the upcoming US presidential election and broader economic factors in a recent CNBC interview. Bitcoin Recovery Tied To M2 Growth And Seller Exhaustion Sigel noted the correlation between former President Donald Trump’s lead in betting polls against Vice President Kamala Harris and Bitcoin’s rise. He characterized Trump as the most pro-crypto candidate, suggesting that his policies may favor the cryptocurrency market. Conversely, Sigel expressed skepticism about Harris’s understanding of Bitcoin, indicating that her administration may not prioritize cryptocurrency issues. Delving deeper into Bitcoin’s price dynamics, Sigel highlighted several critical correlations. He pointed out a negative correlation with the US dollar and a positive correlation with the global money supply growth, known as M2, leading to the current uptrend. Sigel also attributed the recent price recovery to the Federal Reserve’s pivot towards reacceleration of M2 growth, alongside what he described as a current “seller exhaustion” in the BTC market. Additionally, Sigel identified a promising bullish setup for Bitcoin as the election approaches, particularly its rising correlation with the Nasdaq, reaching a two-year high of 1.5. Sigel recalled a similar pattern from the 2020 elections, where Bitcoin exhibited low volatility until the election outcome was announced, leading to a substantial rally as new buyers flooded the market. “New buyers are born every day,” he emphasized, indicating a steady influx of interest in Bitcoin. When discussing Bitcoin’s relationship with gold and M2, Sigel described Bitcoin as a “chameleon,” highlighting its dynamic correlations that can shift over time. This variability makes it challenging to accurately predict Bitcoin’s short- and long-term behaviors. $180,000 Post-Election, $3 Million By 2050 In addition to US political dynamics, Sigel pointed to recent activities within the BRICS intergovernmental organization, particularly the involvement of new members Argentina, the UAE, and Ethiopia in Bitcoin mining. The researcher noted that these countries are leveraging government resources to mine Bitcoin to counter what he termed the “irresponsible” fiscal policies of the US. Sigel also mentioned Russia’s plans for its sovereign wealth fund to invest in Bitcoin mining through BRICS, proposing settling global trade in Bitcoin. When asked about potential future price points for BTC, Sigel explained that historical rallies have seen increases of around 2,000%. If Bitcoin were to achieve half of that rise post-election, it could reach approximately $180,000. Looking further ahead, Sigel referenced a model from VanEck’s digital asset research team, predicting that by 2050, Bitcoin could serve as a reserve asset for global trade, held by central banks at a rate of 2%. This model suggests a staggering $3 million per Bitcoin price by that year. At the time of writing, BTC is trading at $68,900, up 1.7% over the past 24 hours. Featured image from DALL-E, chart from TradingView.com

Japan-based investment firm Metaplanet has now accumulated over 1,000 Bitcoin (BTC) with its latest acquisition, establishing itself as one of Asia’s largest corporate holders of the digital asset. Metaplanet’s Bitcoin Holdings Top 1,000 BTC In an announcement made on October 28, Tokyo-listed Metaplanet stated it had purchased an additional 156.78 BTC at an average price of $66,436 per BTC. The latest purchase has propelled Metaplanet’s total BTC holdings to 1,018 BTC, acquired at an average price of $61,629. Commenting on the milestone, Metaplanet CEO Simon Gerovich noted, “This latest BTC purchase makes Metaplanet one of the largest corporate holders of Bitcoin in Asia.” The company further stated: Metaplanet first declared its decision to adopt Bitcoin as a strategic reserve asset in May 2024. Adhering to a “Bitcoin-first, Bitcoin-only” approach, Metaplanet further expanded its BTC holdings with a $2 million purchase in September. Over the summer, Metaplanet embarked on a Bitcoin acquisition spree, purchasing more than 50% – approximately 620 BTC – of its current holdings within a single month, from September 30 to October 28. Notably, this acquisition has now placed Metaplanet ahead of another prominent Asian firm, Meitu Inc., in terms of total BTC reserves. According to CoinGecko data, Meitu Inc. currently holds 940 BTC compared to Metaplanet’s 1,018 BTC. Among publicly traded companies with significant BTC reserves, Metaplanet now ranks 15th, with the list led by US-based business intelligence firm MicroStrategy, which holds an impressive 252,220 BTC, representing close to 1.2% of the total Bitcoin supply. BTC Strategy Reflecting In Metaplanet’s Share Price According to Arkham Intelligence, Metaplanet’s BTC investment strategy appears to be yielding strong results. At the current Bitcoin price of slightly above $67,000, Metaplanet has an unrealized gain of over $6 million. In its announcement, Metaplanet highlighted a key performance indicator (KPI) called “BTC yield,” which reflects the percentage change in the ratio of total BTC holdings to fully diluted shares outstanding over a specific period. In essence, the KPI helps investors assess the impact of Metaplanet’s Bitcoin acquisitions on shareholder value. Between October 1 and October 28, Metaplanet’s BTC yield surged to 155.8%. Following the news of today’s BTC purchase, Metaplanet’s stock price jumped more than 7%, according to data from Yahoo! Finance. In related news, Maltese asset management firm Samara Group recently announced plans to issue bonds worth over $32 million, with a portion of the proceeds potentially allocated toward BTC purchases as a strategic reserve asset. At press time, BTC trades at $68,780, up 1.6% in the past 24 hours, with a total market cap of slightly more than $1.35 trillion.

Solana (SOL), the fifth largest cryptocurrency by market cap, has recently outperformed several of the top ten cryptocurrencies with a notable 6% price increase over the past week. This rise puts Solana just behind Dogecoin (DOGE), which gained 7.8% over the same period, as the two best performers among the top ten cryptocurrencies by market capitalization. As a result, Solana has surpassed the payment platform PayPal in market capitalization, marking a significant milestone for the cryptocurrency. Solana Market Cap Hits $83.56 Billion As of now, Solana’s market capitalization stands at approximately $83.56 billion, reflecting a 2% growth. In contrast, PayPal’s market cap is slightly lower at $83.52 billion, underscoring the growing interest and investment in SOL as it continues to attract attention from investors. In terms of trading volume, Solana has seen a remarkable increase of nearly 28% in the last 24 hours, amounting to around $2.76 billion. This contrasts sharply with PayPal, which has averaged $11.66 million in trading volume over the past three months. Despite its recent gains, Solana has faced challenges in breaking through its most important resistance level in the short term at $180, experiencing four unsuccessful attempts within the past week. This struggle has led to a slight retracement of 1% in the last 24 hours, bringing the current trading price to $175.60 per SOL. Potential Upside Breakout From Triangle Pattern Despite any short-term obstacle, crypto analyst CryptoBullet has recently shared a bullish outlook for the Solana price, suggesting that the SOL/BTC trading pair is on the verge of a “big breakout.” According to the analyst, this potential movement could represent the final leg up in Solana’s current market cycle. Previous predictions from CryptoBulltet indicated that Wave 4 of Solana’s price action on the weekly chart has concluded, setting the stage for a breakout from a “massive” triangle pattern, which could lead to new all-time highs. However, while Solana is currently trading between $175 and $179, it remains down nearly 33% from its all-time high of $259, achieved during the 2021 bull market in November. Looking at the key support levels, with the current consolidation mode experienced over the past week, the token has found strong support at $170, preventing it from retesting even lower levels, which if breached in the current retracement could take SOL to the $164 area, where its next support level is located. However, given the number of bullish predictions for Solana and the broader market in the final months of the year, especially with the upcoming US elections, if the token manages to break above $180 and consolidate, the next target would be the $200 level, which has not been tested since the start of the last bearish trend at the end of July. Featured image from DALL-E, chart from TradingView.com

Solana started a steady increase above the $165 resistance zone. SOL price is trading well above $175 and aiming for more gains above $185. SOL price is showing positive signs from the $165 support zone against the US Dollar. The price is now trading above $172 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $177 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could gain bullish momentum to retest $200 if it clears the $182 resistance. Solana Price Eyes More Upsides Solana price formed a base above the $160 level and started a fresh increase like Bitcoin and Ethereum. There was a decent move above the $165 and $170 resistance levels. The bulls even pumped the price above $175. There was a break above a key bearish trend line with resistance at $177 on the hourly chart of the SOL/USD pair. The pair even tested $182 and it currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $172.35 swing low to the $182.10 high. Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $182 level. The next major resistance is near the $185 level. The main resistance could be $188. A successful close above the $185 and $188 resistance levels could set the pace for another steady increase. The next key resistance is $195. Any more gains might send the price toward the $200 level. Downside Correction in SOL? If SOL fails to rise above the $182 resistance, it could start a downside correction. Initial support on the downside is near the $180 level. The first major support is near the $176 level or the 61.8% Fib retracement level of the upward move from the $172.35 swing low to the $182.10 high. A break below the $176 level might send the price toward the $172 zone. If there is a close below the $172 support, the price could decline toward the $165 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $1878 and $176. Major Resistance Levels – $182 and $185.

Investment activity in digital assets surged almost throughout October, as crypto investment products, especially that of Bitcoin, experienced substantial inflows, according to the latest data released by CoinShares. Last week alone, global crypto funds attracted $901 million in net inflows, pushing the total for the month to $3.4 billion. Bitcoin Dominates Inflows As Ethereum Sees Outflows According to CoinShares, out of the total fund flows recorded, Bitcoin-centric investment products captured the lion’s share of inflows, with $920 million in net additions over the past week. US spot Bitcoin exchange-traded funds (ETFs) recorded $997.6 million in net inflows, led largely by BlackRock’s iShares Bitcoin Trust (IBIT). Bitcoin’s dominance was notable, with blockchain equities and Solana-based products also seeing inflows of $12.2 million and $10.8 million, respectively. However, other Bitcoin-based products, including those outside US markets, faced some net outflows. While Bitcoin maintained strong inflows, Ethereum-based funds recorded net outflows of $34.7 million last week, signaling a decrease in investor interest. CoinShares reported that Ethereum’s price ratio to Bitcoin had fallen to its lowest point since April 2021, which could be contributing to this outflow trend. The data suggests that while Ethereum has seen gains in the past, investors are now focusing more on Bitcoin, possibly anticipating future regulatory clarity and further mainstream adoption with developments like spot ETFs. Regional Trends And Behind The Boom Geographically, US-based crypto funds attracted a substantial $906 million in net inflows last week. In contrast, other regions saw mixed results, with funds based in Sweden, Canada, Brazil, and Hong Kong collectively experiencing $29.1 million in net outflows. This difference highlights the United States’ growing role in shaping the global crypto investment market, especially as American firms like BlackRock and Fidelity expand their crypto offerings. According to CoinShares’ Head of Research, James Butterfill reveals that the we political climate likely influences the recent Bitcoin price movements and increase in inflows. He noted that Republican gains in the polls correlate with increased interest in Bitcoin investments. This suggests that market participants may see a shift in political power as favourable to digital assets, potentially driving anticipation of regulatory reforms or even greater crypto acceptance. CoinShares report shows that the October influx represents roughly 12% of assets under management (AUM) in digital asset funds and marks the fourth-largest month for inflows on record. This brings the year-to-date total to $27 billion, almost tripling the previous high of $10.5 billion set in 2021. Featured imahge created with DALL-E, Chart from TradingView

XRP price is attempting a fresh increase above the $0.5050 zone. The price must clear the $0.5250 and $0.5320 resistance levels to continue higher. XRP price is correcting losses from the $0.4880 zone. The price is now trading above $0.5200 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $0.5150 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.5250 resistance zone. XRP Price Struggles To Match Bitcoin’s Surge XRP price started a recovery wave from the $0.4880 zone. It is back above $0.5050 but struggles to match Bitcoin and Ethereum momentum. The bulls were able to push the price above the $0.5150 resistance. The price surpassed the 50% Fib retracement level of the downward wave from the $0.5333 swing high to the $0.4867 low. There is also a connecting bullish trend line forming with support at $0.5150 on the hourly chart of the XRP/USD pair. The price is now trading above $0.5200 and the 100-hourly Simple Moving Average. It is consolidating near the 76.4% Fib retracement level of the downward wave from the $0.5333 swing high to the $0.4867 low. On the upside, the price might face resistance near the $0.5250 level. The first major resistance is near the $0.5335 level. The next key resistance could be $0.5350. A clear move above the $0.5350 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5650 resistance or even $0.5850 in the near term. The next major hurdle might be $0.6000. Another Drop? If XRP fails to clear the $0.5250 resistance zone, it could start another decline. Initial support on the downside is near the $0.5150 level. The next major support is near the $0.5085 level. If there is a downside break and a close below the $0.5085 level, the price might continue to decline toward the $0.5000 support in the near term. The next major support sits near the $0.4880 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.5150 and $0.5000. Major Resistance Levels – $0.5250 and $0.5320.

Ethereum price started a fresh increase above the $2,550 resistance. ETH is following Bitcoin’s rally, but it is lacking the same strength. Ethereum started a decent increase above the $2,600 zone. The price is trading above $2,550 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it clears the $2,630 and $2,650 resistance levels. Ethereum Price Starts Steady Increase Ethereum price formed a base above the $2,450 level and started a fresh increase like Bitcoin. ETH climbed above the $2,500 and $2,550 resistance levels to move into a positive zone. The price is up over 5% and there was a move above the $2,600 level. A high is formed at $2,630 and the price is showing positive signs. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high. Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH/USD. On the upside, the price seems to be facing hurdles near the $2,630 level. The first major resistance is near the $2,650 level. The main resistance is now forming near $2,720. A clear move above the $2,720 resistance might send the price toward the $2,880 resistance. An upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,950 resistance zone. Downside Correction In ETH? If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,595 level. The first major support sits near the $2,550 zone or the 50% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high. A clear move below the $2,550 support might push the price toward $2,520. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,320. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,550 Major Resistance Level – $2,650

Currently trading around the $1,100 range, MKR has seen a price comeback. MKR has seen a price comeback as demand for DeFi solutions drives larger market recovery. The governance token of the MakerDAO protocol, Maker (MKR), has demonstrated remarkable resilience and growth within the decentralized finance (DeFi) ecosystem. Investors and experts predicting an ambitious price target—a probable climb to $3,000—are driven by fresh enthusiasm in DeFi protocols and Maker’s important position as the issuer of the decentralized stablecoin DAI. Let’s explore the main elements behind this possibility and the difficulties this new all-time high might encounter on its way. Current Market Sentiment and Price Trends Currently trading around the $1,100 range as per data from CMC, MKR has seen a price comeback as demand for DeFi solutions drives larger market recovery. Maker has shown resilience in negotiating the volatility of the market over the last year mostly because of its core value proposition: allowing a stablecoin ecosystem free from centralized financial institutions. This unusual posture has attracted institutional investors and long-term holders, therefore supporting a consistent upward trend. Main Drivers Behind the $3,000 Forecast DAI has been a popular alternative among DeFi aficionados as centralized stablecoins face increasing legal challenges, therefore supporting Maker’s usefulness and demand. Since MKR is essential for the stability and control of the Maker ecosystem, demand for it rises along with DAI use. MakerDAO has been aggressive in deploying enhancements enhancing DAI stability, user experience, and protocol security. Future innovations such as multi-collateral DAI and integrations with Layer 2 solutions could propel user adoption as well as market value for MKR. These improvements provide MKR more use, which increases its attractiveness to investors. More institutional money is drawn to the DeFi market, and Maker’s lengthy status as a trailblazer in this field makes MKR a desirable investment. The demand for governance tokens like MKR is anticipated to explode as well-known financial institutions realize the advantages of decentralized finance, hence pushing up prices as institutional investors build holdings. Technical Analysis: A Closer Look at MKR’s Price Potential Technically, MKR’s price has been trending steadily upward with main support levels around $1,200. Rising over the psychological barrier level of $2,000 may help to create conditions for another surge. Analysts point out that if MKR can exceed this level on heavy trading volume, a strong momentum might bring it above $3,000, particularly if market circumstances stay positive and Bitcoin retains its optimistic momentum. MKR is in a bullish trend according to many technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). These signals point to the likelihood of a continuous rising trend, hence $3,000 is a reasonable medium to long term aim. Although the future seems bright, investors should be aware of certain possible downturns. Regulatory changes affecting DeFi and stablecoins might immediately influence MakerDAO’s activities as well as, thus, MKR’s pricing. Macroeconomic events such inflation worries and interest rate increases might also cause a lower risk appetite throughout crypto markets, therefore slowing MKR’s rise to $3,000. MKR seems positioned for a possible surge above $3,000 given the robust foundations, growing demand for decentralized stablecoins, and positive technical indications. Although there are difficulties, Maker’s place in the DeFi ecosystem and its dedication to innovation might provide the momentum required for this price mark. Investors thinking about MKR should keep current on market trends and protocol changes as Maker’s road to a new all-time high depends much on these factors. Highlighted Crypto News Today: US Elections vs. Crypto Market: Can Donald Trump’s Victory Propel Bitcoin (BTC) to $100,000?

Speculation about how political events may impact the bitcoin market is growing as the 2024 U.S. presidential election gets close. Among them is the fascinating prospect that a Donald Trump win would propel Bitcoin (BTC) into the sought-after $100,000 level. A Trump victory might set off changes in market sentiment, adoption, and institutional interest in BTC given his polarizing presence and possible impact on financial control. Political Climate and Bitcoin’s Growth Potential Historically, geopolitical events have affected the price of Bitcoin; presidential elections are no different. The possible comeback of Donald Trump to power might start conversations on monetary alternatives, financial independence, and policy positions once again. Unlike conventional markets, Bitcoin has flourished under inflationary pressures and economic uncertainty, hence political changes might be rather beneficial for the asset. Given Trump’s reputation for supporting a deregulated financial environment, a pro-business stance under his direction would draw institutional and retail investors to cryptocurrencies. Less government interference might open the path for broad acceptance of Bitcoin and maybe inspire a surge if confidence in conventional markets erodes. Institutional Investment: The Engine Driving $100,000? Companies like BlackRock, Fidelity, and other financial titans are setting themselves to profit from the next BTC bull run as institutional interest in Bitcoin intensifies. Bitcoin’s break over the $100,000 barrier depends on institutional backing, hence a Trump government focused on deregulation might motivate these organizations even more. Positive attitudes about cryptocurrencies from Trump might provide a green light for big investments, therefore triggering a chain reaction of institutional money pouring into Bitcoin. Furthermore, Trump’s position on capital gains and tax laws might improve the appeal of cryptocurrencies as favorable tax consequences could cause more money to join the market. Apart from seeing Bitcoin as a speculative asset, institutional investors would also see it as a valid store of value and inflation hedge, hence increasing demand. Global Consequences and Market Momentum Foreign policies of Trump can have worldwide economic consequences. Should he take a positive view of cryptocurrencies, especially Bitcoin, it might inspire other countries—especially those cautious of American influence on world financial policy—to reconsider their legislative posture. With Bitcoin positioned as a borderless digital currency, a tsunami of worldwide adoption after Trump’s election might drive BTC’s price trajectory inching it closer to the $100,000 mark. Furthermore, the possibility of increased volatility in conventional markets brought on by Trump’s erratic actions may inspire investors toward Bitcoin as a hedge. Like it did in earlier times of market uncertainty, this might make Bitcoin more valuable as a “safe haven” asset. Under Trump’s leadership will Bitcoin see $100,000? A Trump win would likely allow BTC to reach $100,000 by creating a climate of deregulation, inspiring investor confidence, and hastening institutional buy-in. Important elements to keep an eye on include his policies on digital assets, tax incentives, and foreign trade policies—each of which might influence Bitcoin’s momentum. A Trump win might be crucial for Bitcoin’s path to $100,000 especially if his government supports pro-crypto policies and removes legal obstacles. Investors closely monitor the results of the U.S. election, therefore the prospect of a Bitcoin bull run connected with political changes emphasizes the increasing importance of government on crypto markets. Though there are still unknowns, if Trump’s policies fit the demands of the crypto sector and the whole market reacts positively, the $100,000 Bitcoin may be within reach.