Bitcoin Price: US$ 72,689.38 (+4.03%)
Ethereum Price: US$ 2,638.80 (+2.78%)
dYdX Trading recently laid off 35% of its staff under returning CEO Antonio Juliano, who cited the need for a new direction in response to a challenging market environment and rising competition. This move mirrors ConsenSys’ 20% workforce reduction aimed at boosting agility and underscores ongoing struggles for crypto firms. Meanwhile, the U.S. Department of the Treasury’s National Strategy for Financial Inclusion identifies cryptocurrencies mainly as a consumer risk, focusing on improving access to safe financial products rather than on digital assets as a way to expand financial access in the U.S. Circle has also raised its fees for redeeming USD Coin (USDC) for the second time within a year, targeting institutional investors and large redemptions as it prepares for an IPO and attempts to position USDC as a regulated digital currency amid mounting competition from Tether and a shrinking market share.
U.S. President Joe Biden thanked Nigerian President Bola Tinubu for securing the release of Tigran Gambaryan, a Binance executive detained for eight months in Nigeria who faced health issues and legal delays before his charges were dropped. Meanwhile, Grayscale’s low-fee Bitcoin and Ether Mini Trusts have attracted $750 million in inflows, meeting demand for affordable crypto ETFs as investors shift from legacy funds to more competitively priced options. In Asia, Hex Trust’s partnership with Stacks Asia Foundation aims to access a $180 billion Bitcoin DeFi market by integrating Stacks layer support for DeFi applications. This initiative aligns with growing institutional interest in Asia’s Bitcoin ecosystem, supported by projects like Hermetica’s USDh and Zest Protocol’s staking yield token, suggesting Bitcoin DeFi could eventually rival Ethereum’s DeFi presence.
Consensys is cutting over 20% of its workforce, impacting 162 employees, as part of a restructuring strategy to enhance decentralisation and secure long-term financial sustainability. CEO Joe Lubin affirmed the company’s commitment to supporting affected staff with severance and extended healthcare, clarifying that the SEC legal battle did not influence the decision. In the Bitcoin market, analyst Aksel Kibar advises caution despite BTC nearing all-time highs, suggesting that a monthly breakout above $73,700 is essential to confirm a sustained uptrend. Meanwhile, BitMEX’s Arthur Hayes suggests that China’s potential debt increase could offer a substantial Bitcoin buying opportunity, as past national debt hikes have often spurred significant price gains in the cryptocurrency.
Bitcoin is projected to exceed $80,000 by the end of 2024, with bullish trends in derivatives markets and a significant rise in call open interest for December 27 options, signalling strong positioning ahead of the U.S. presidential election. On October 28, Bitcoin surpassed the $70,000 resistance level, with nearly 99% of holders in profit, fuelling optimism for a historic post-halving rally. Positive sentiment around Bitcoin ETFs has also emerged, with inflows exceeding $479 million on October 28 alone and bringing the 12-day total to nearly $4 billion, largely driven by BlackRock’s IBIT ETF. Analysts suggest a Trump election victory could further catalyse risk assets like Bitcoin, given its historical correlation with Trump’s rising odds. Bitfinex analysts also anticipate a “perfect storm” for Bitcoin price action, combining election uncertainty and favorable Q4 seasonality that could push it to a new all-time high. Ethereum co-founder Vitalik Buterin, addressing blockchain security, emphasised the need for advanced cryptography to prepare for quantum computing threats. His “The Splurge” initiative aims to upgrade the Ethereum Virtual Machine (EVM), optimise transaction fees, and introduce enhancements like account abstraction and multidimensional gas pricing to ensure Ethereum’s resilience against future technological shifts.
Source: https://cointelegraph.com
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