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- Crypto Compass by BitcoinWalletSG #96
Crypto Compass by BitcoinWalletSG #96
Bitcoin Leaps Past Silver in Market Cap? Read it in our weekly newsletter now!
Hello Fam,
Bitcoin has surged to an all-time high, breaking past $89,000 (as of writing), marking a historic moment for the cryptocurrency as it continues its powerful rally. This ascent has been swift and striking, fueled by increasing institutional interest and favorable market sentiment. Analysts are noting the record pace of this climb, with Bitcoin's value doubling in just the past few months as both retail and institutional investors seek exposure. This week’s newsletter delves into the broader crypto market reaction, emerging trends, and what this historic rise means for future price action.
Bitcoin Leaps Past Silver in Market Cap
Bitcoin’s impressive rally continued Monday as it surpassed silver in market capitalization, briefly reaching $1.75 trillion amid an ongoing crypto surge fueled by strong institutional demand and recent pro-crypto political developments. Topping out at $89,560 (as of writing), Bitcoin now ranks as the world’s eighth-largest asset, outpacing silver’s $1.732 trillion cap. Major indices tied to Bitcoin, including spot ETFs, Coinbase, and MicroStrategy, also saw record trading volumes, highlighting Wall Street’s growing embrace of the digital asset as a high-beta hedge amid traditional market uncertainty.
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I haven't been pushing @usualmoney as it was nearing TGE and I was unsure if it will be good returns to farm in the last 30 days to TGE.
However, there should be more farming opportunities post TGE based on the new @pendle_fi pool expiring on Mar '25.
Access code: J5VTJ… x.com/i/web/status/1…
— Bullish (@bullishNFT)
9:42 AM • Oct 27, 2024
Analysts Urge Investors to Jump into Crypto Market as Bitcoin Hits New Highs
Following Donald Trump's recent election win and Bitcoin’s surge past $80,000, analysts from Bernstein are advising investors to ramp up exposure to the crypto sector. Citing a pro-crypto regulatory outlook under Trump, the team led by Gautam Chhugani predicts a shift toward mainstream adoption, including the potential for a U.S. Bitcoin strategic reserve. They recommend a mix of crypto assets and industry players, from Bitcoin ETFs to public miners and crypto exchanges, anticipating a favorable risk-reward landscape and maintaining a $200,000 Bitcoin target by late 2025.
Dogecoin Skyrockets 51% Amid Trump Election and Musk’s Support
Dogecoin has surged 51% to reach $0.43 (as of writing), placing it at a market cap of $63.5 billion, largely driven by speculation around Elon Musk's involvement in the Trump administration. Musk, a long-time Dogecoin supporter and significant Trump backer, has fueled the rally with public appearances at campaign events and hints at a “Department of Government Efficiency” — conveniently abbreviated to “DOGE.” As Musk’s role with the new administration grows, many believe Dogecoin could see further gains, especially given its high visibility and popularity among meme-focused investors.
Happenings of the week
FTX Sues Binance for $1.76 Billion Over Alleged Fraudulent Transfers
In a new lawsuit, FTX is seeking to reclaim $1.76 billion from Binance, accusing the exchange and its co-founder Changpeng Zhao of fraudulent transfers and actions that led to FTX’s downfall. The lawsuit claims that in 2021, FTX was already insolvent when it paid Binance in a share buyback deal allegedly funded by FTX depositor capital. FTX also accuses Zhao of contributing to FTX's collapse by initiating a sell-off of FTX’s FTT token in 2022, triggering a “run on the bank.” Binance has dismissed the claims as meritless and plans to contest them in court.
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