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Bitcoin (COIN:BTCUSD) rose 1.8% in the last 24 hours, recovering losses after dipping to $65,700 on Friday due to a DOJ investigation report on Tether. Tether denied the allegations, and Bitcoin is now trading above the $69,000 mark at $68,054, fueled by a rally that began on Sunday. Meanwhile, the S&P 500 (SPI:SP500) and Nasdaq (NASDAQI:COMPX) are up 0.44% and 0.55%, respectively. Among the top 10 cryptocurrencies, Dogecoin (COIN:DOGEUSD) stands out with a 5.6% increase, trading at $0.1509.
Back to Bitcoin, the main cryptocurrency is testing the resistance zone between $69,000 and $70,000, where sellers have set barriers. Although traders hope for a breakout to new highs, the spot buying demand is insufficient to sustain the move. According to HighStrike analyst JJ, the increase in futures volumes reflects attempts to liquidate short positions and push the price up, but the lack of a spot premium suggests the breakout might be temporary.
Last week, the eleven approved Bitcoin ETFs accumulated $997.7 million in new inflows. The main flow day was October 25, with a daily inflow of $402.08 million. BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) led, capturing $291.96 million that day, raising its total to an impressive $23.99 billion. In weekly totals, IBIT attracted over $1 billion, reinforcing its market dominance.
In contrast, Ethereum ETFs recorded outflows of $24.45 million, marking the 11th consecutive week of negative flows.
Robinhood (NASDAQ:HOOD) announced that it will allow a group of users to speculate on the outcome of the 2024 presidential election through election contracts. This new feature, expanding the platform’s alternative product offerings, enables investors to buy “Yes” contracts to bet on a candidate’s victory, with $1.00 payouts for correct predictions and $0.00 for incorrect ones. Political prediction markets are gaining popularity, and Robinhood will compete with rivals like Polymarket, Kalshi, and PredictIt.
Atlanta’s Emory University revealed investments of over $15 million in the Grayscale Bitcoin Mini Trust (AMEX:BTC) and 4,312 Coinbase shares (NASDAQ:COIN), valued at $922,639 million. This is the first endowment fund to publicly disclose Bitcoin exposure, highlighting growing institutional interest. With total assets of $21 billion, the university joins a limited number of institutional funds betting on Bitcoin ETFs’ potential.
Japanese company Metaplanet acquired another 156.78 BTC for $10.4 million, raising its reserves to 1,018.17 BTC (about $68.8 million). This expansion is part of its Bitcoin accumulation strategy as a reserve asset, funded by capital market activities, and makes Metaplanet the second-largest Bitcoin holder in Asia.
FTX reached a $228 million agreement with Bybit to settle a lawsuit aimed at recovering $1 billion in assets. The agreement allows FTX to withdraw $175 million in digital assets from Bybit and sell $53 million in BIT tokens to Mirana Corp., Bybit’s affiliate. This resolution expedites asset recovery and supports FTX’s plans to repay creditors, pending court approval in November.
Coinbase and Tether have introduced innovative solutions to integrate AI and blockchain. Coinbase’s “Based Agent,” developed by Lincoln Murr, facilitates the rapid creation of autonomous cryptocurrency agents using AI, connecting multiple blockchain networks. Meanwhile, Tether’s Local AI SDK, announced by Paolo Ardoino, focuses on privacy, enabling AI app development on local devices, keeping data secure without centralized servers and expanding access to various platforms.
Astria, an innovative blockchain project, launched the alpha version of its mainnet as the “first layer of decentralized shared sequencing.” Astria aims to decentralize sequencers, allowing layer 2 networks like Ethereum to use an alternative to the centralized model, reducing censorship risks and failure points. Supported by Celestia, Astria received $5.5 million in April 2023 and operates in environments compatible with Ethereum and Solana for fast, decentralized transaction processing.
On Monday, the Phantom wallet experienced an outage, displaying incorrect balances for some users following the GRASS token airdrop on Solana’s Grass app. The issue lasted nearly four hours. Despite the “major failure” reported on the status page, Phantom assured users their funds are safe and that the app and browser extension remain operational. Phantom had faced similar issues in February and August this year.
Solana (COIN:SOLUSD) generated $2.54 million in daily fees on October 28, surpassing Ethereum’s (COIN:ETHUSD) $2.07 million, according to DefiLlama. The increase mainly comes from activity on the Raydium DEX and highlights Solana as the fifth-largest protocol in fees. Although still behind Ethereum in monthly fees, Solana’s interest in memecoins drives nearly half of its monthly revenues.
Jefferies (NYSE:JEF) initiated coverage of Core Scientific (NASDAQ:CORZ) with a buy recommendation and a price target of $19, citing the company’s ability to capitalize on growing AI demand. With vast energy capacity and an advanced data center team, Core signed a 12-year contract with CoreWeave in June, standing out in the sector. Jefferies expects more partnerships to be announced by the end of the year, while Core maintains profitable Bitcoin mining operations and continues to upgrade its ASIC miner fleet.
According to CoinDesk, Sazmining will launch a Bitcoin mine in the Arctic Circle, transforming the heat generated by mining rigs to warm a building in Norway. The 2.6 MW operation uses liquid cooling to direct heat to indoor areas, replacing a former oil boiler. Leveraging local hydropower, the company seeks to promote a sustainable approach with affordable, carbon-free electricity, despite growing government restrictions on mining in the country.
Gelato, a smart contract automation network, raised $11 million in a Series A+ round led by Hack VC, bringing the total to $23 million. This funding will help Gelato enhance its platform and user experience, enabling startups to launch scalable on-chain applications. Additionally, Kraken’s blockchain Ink has become a Gelato client.
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