Bitcoin Price: US$ 69,871.42 (+2.86%)
Ethereum Price: US$ 2,567.48 (+2.38%)
Bitcoin recently surged past $70,000 as strong inflows into U.S. spot Bitcoin ETFs boosted interest in digital assets, along with optimism about Republican candidate Donald Trump’s improved election odds, which some see as favourable for crypto. VanEck analysts describe this rally as a “very bullish setup” and suggest Bitcoin could become a reserve asset by 2050, potentially reaching $3 million if central banks widely adopt it. Meanwhile, Gelato raised $11 million from investors, including Kraken’s blockchain platform Ink, now a client of Gelato’s rollup infrastructure. This funding positions Gelato to expand blockchain applications for Web3 and Web2 businesses. Co-founder Hilmar Orth highlighted Gelato’s goal of providing scalable on-chain solutions, with Kraken’s Ink supporting decentralised trading and lending as Gelato addresses Web3’s scalability and cost challenges through modular expansion.
Alchemy Pay plans to launch a layer-1 blockchain called Alchemy Chain, based on Solana Virtual Machine architecture to enhance fiat-crypto integration and support large-scale business applications with flexible gas payment options. The launch follows a recent integration with Samsung Pay, expanding crypto payment accessibility through Alchemy’s virtual card. In Solana-related news, Solana’s daily transaction fees briefly surpassed Ethereum’s due to a surge in Raydium activity from memecoin trades on Pump.fun, although Ethereum still leads in monthly fee revenue. Ethena Labs addressed concerns around its ENA token staking event, dismissing insider staking allegations by clarifying that team tokens are under a vesting schedule, with added explanations following losses in previous events.
Tether CEO Paulo Ardoino cautions that Europe’s new MiCA regulations, requiring stablecoin issuers to hold 60% of reserves in EU banks, may introduce systemic risks through exposure to banking instability. Small Web3 firms could face consolidation or relocation as major players like Societe Generale and Kraken take strategic steps to comply with these regulations through partnerships and acquisitions. Coinbase’s Base network recently surpassed Ethereum, Solana, and Tron in stablecoin transaction volume, marking a rise in its ecosystem role as it hits record activity levels and challenges longstanding leaders like Solana. In the U.S., Bitcoin ETFs are nearing 1 million BTC in holdings, with potential November tailwinds such as election results, anticipated Fed rate cuts, and Russia lifting its Bitcoin mining ban, potentially driving Bitcoin to a new ATH amid evolving economic and political factors.
Source: https://cointelegraph.com
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