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On November 1, Bitcoin (COIN:BTCUSD) hit an intraday low of $68,750.37 but rebounded to $69,905, marking a -0.4% drop in the last 24 hours. This recovery followed US employment data showing only 12,000 new jobs in October, far below the expected 106,000, weakening the dollar and increasing Federal Reserve rate cut expectations.
BTC/USD reached a high of $71,620 as analysts like Michaël van de Poppe indicate a slowing labor market may signal an economic reversal, favoring Bitcoin.
The dip below $69K was attributed to various factors, including profit-taking after a recent rally, reduced odds of a Trump victory on Polymarket, and the influence of tech earnings. Tensions between Iran and Israel and rising UK bond yields after the new budget also impacted the market.
Despite this, BTC’s October close suggests an optimistic outlook. Institutional Bitcoin adoption is growing, particularly with the launch of spot Bitcoin ETFs in the US. Some countries are also beginning to buy Bitcoin, indicating global support. With initial regulatory risks largely overcome, the Bitcoin network is becoming more secure and mature, demonstrating continued growth and innovation, including the advancement of the Lightning protocol for fast and secure transactions.
In Q3 2024, institutional interest in Solana’s native blockchain applications rebounded, with 29 DApps raising $173 million — a 54% increase from the previous quarter. Despite a 37% decline in funding rounds, this marked the highest Solana investment since 2022. Additionally, the number of daily paying users grew, boosting the network’s total revenue, which surpassed Ethereum in October.
The Tron network reached a financial milestone, with its native token (COIN:TRXUSD) reaching $0.17, a 55% annual increase, solidifying its position among the top 10 digital assets. In October, Tron recorded $205 million in revenue, its second-highest monthly mark, driven by DeFi, memecoins, and NFT expansion. Tron is also the second-largest stablecoin blockchain, with a 35.2% market share and high demand in emerging markets, attracted by the network’s low fees and fast transactions.
The TON Foundation launched the Society DAO, a community governance model to decentralize decision-making, resource allocation, and project management within the TON ecosystem. Society DAO allows community members to propose and execute strategic initiatives aligned with network growth, promoting transparency and open participation. Beyond autonomy, this model aims to strengthen TON’s stability, scalability, and real-world expansion, with strategic guidelines set to be released in 2025.
Polkadot 2.0 (COIN:DOTUSD) promises major improvements. In May, Asynchronous Backing improved block processing efficiency, and Agile Coretime, launched in September, cut costs by enabling on-demand block space purchases. The final expansion with Elastic Scaling, expected by late 2024 or early 2025, will allow for higher transaction volumes without compromising security. OpenGov onchain governance and the rise of DAOs highlight Polkadot’s commitment to democratic governance and Web3 ecosystem innovation.
Solana’s Layer 2 network, Sonic, reached $50 million in staked Solana tokens (COIN:SOLUSD) through partnerships with Solayer and Adrastea, expanding the staking and restaking sector. This partnership strengthens Sonic as the largest Actively Validated Service (AVS) on Solayer, marking Solana’s potential to replicate Ethereum’s liquid staking success. According to Chris Zhu, Sonic’s founder, Solana’s decentralized solution innovations, combined with the growth of protocols like Jito and Fragmetric, position the network for increased decentralization and application complexity.
SingularityDAO (COIN:SDAOUSD) finalized a vote approving a merger with Cogito Finance and SelfKey (COIN:KEYUSD), creating Singularity Finance, a Layer 2 to tokenize the AI economy. With 94.78% of SDAO holders in favor, the merger aims to combine technologies to foster innovation in DeFi and AI. Singularity Finance will offer services such as real-world asset tokenization and onchain identity management, led by Ben Goertzel, Cloris Chen, and Mario Casiraghi, positioning itself as a pioneer at the intersection of AI and decentralized finance.
The Mt. Gox estate transferred 500 BTC (around $35.04 million) to two unknown wallets, according to Arkham. This is the first BTC movement since September. The nature of the transfers is unclear, but similar transactions have preceded creditor reimbursements via exchanges like Bitstamp and Kraken. Mt. Gox still holds 44,905 BTC (approximately $3.1 billion), with a new payment deadline extended to October 2025.
At the TON Gateway event in Dubai, Tether (COIN:USDTUSD) announced the launch of its stablecoin pegged to the United Arab Emirates Dirham on The Open Network (COIN:TONCOINUSD) blockchain. Partnered with the Phoenix Group and Green Acorn Investments, the stablecoin will be fully backed by local liquid reserves. Manager Alessandro Giori highlighted the rapid growth of USDT on TON, reaching 1 billion tokens in six months, with integration across over 100 crypto platforms.
Paxos launched the Global Dollar (USDG), a dollar-pegged stablecoin regulated to operate under Singapore’s forthcoming stablecoin rules. The stablecoin is issued by Paxos Digital Singapore and will have cash management and custody support from DBS, the largest local bank. Approved by the Monetary Authority of Singapore (MAS), USDG initially operates on the Ethereum blockchain, with plans for other networks.
UBS Asset Management, with a Q4 2023 portfolio of $5.7 trillion, launched its first tokenized fund, “uMINT,” on the Ethereum blockchain to broaden client access to innovative investments. This fund offers exposure to high-quality money market instruments within a conservative risk management structure. According to Thomas Kaegi, the product reflects the growing interest in tokenized assets, aligning with the “UBS Tokenize” initiative.
Bitcoin mining’s daily revenue and gross profit fell for the fourth consecutive month in October, with miners earning an average of $41,800 per exahash (EH/s), 1% lower than in September, according to JPMorgan. Gross profitability per block dropped 2%, reaching recent historical lows. However, transaction fees accounted for up to 60% of rewards at the month’s end, offsetting some losses. The average monthly hash rate hit a record of 702 EH/s, with a 62% annual increase. The market value of monitored miners grew by 14%, reaching $23.9 billion.
CleanSpark (NASDAQ:CLSK) acquired GRIID Infrastructure for $155 million, strengthening its plan to increase Bitcoin mining capacity to 400 megawatts. CEO Zach Bradford stated that the acquisition, approved by shareholders, provides operational flexibility with expansion in the Tennessee Valley Authority and geographic diversification. With GRIID’s team integration and local support, CleanSpark plans new facilities and a 22% hash rate increase. Despite a 12% share drop due to the market downturn, the company sees significant advantages in its Tennessee expansion.
The M2 exchange, based in the UAE, was hacked on October 31, resulting in a $13.7 million loss. Assets were moved to a suspicious address across Bitcoin, Ethereum, and Solana networks. M2 stated that affected funds were restored and its security was strengthened. Cyvers reported that CeFi platform attacks have grown nearly 1,000% this year, exceeding $2 billion in losses, while advising advanced security measures for exchanges.
A Federal Reserve Bank of Minneapolis paper discusses how Bitcoin, by protecting asset value, could limit the US government’s ability to sustain perpetual public deficits. This scenario concerns lawmakers who prefer flexibility to increase spending during crises. The paper explores the idea of banning Bitcoin to preserve this fiscal freedom, but experts warn such a restriction would be drastic and challenging. The study highlights Bitcoin’s potential as a “pressure valve” for those seeking to protect their purchasing power against currency devaluation policies.
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