Bitcoin Price: US$ 72,325.40 (-0.50%)
Ethereum Price: US$ 2,659.19 (+0.77%)
MicroStrategy has announced a “21/21 plan” to raise $42 billion in equity and fixed-income securities over three years to acquire Bitcoin, aiming to increase its BTC yield, which currently stands at 17.8% for the year; this follows a recent $1.01 billion convertible notes offering, with analysts suggesting it could further widen the gap between MicroStrategy and other companies holding Bitcoin. Meanwhile, Canary Capital has filed for a spot Solana ETF with the SEC, joining VanEck and 21Shares to provide traditional investors access to Solana without directly holding SOL, with the ETF tracking Solana prices on the Chicago Mercantile Exchange CF Solana index. Reddit also disclosed that it sold most of its Bitcoin and Ether holdings in Q3 2024, noting that proceeds from the sale were immaterial, while attributing a decline in advertising demand to macroeconomic pressures impacting the tech and crypto sectors.
Starknet, an Ethereum layer-2 solution, achieved a record 857 transactions per second (TPS) in an Oct. 29 stress test, with an average of 127.5 TPS over 24 hours, highlighting scalability potential but underscoring challenges in practical applications; CEO Eli Ben-Sasson praised Starknet’s capacity to scale with integrity, even outperforming networks like Coinbase’s Base, though congestion concerns persist. Concurrently, BlackRock’s Bitcoin ETF exceeded $30 billion in holdings within 293 days, driven by growing demand ahead of the U.S. presidential election and setting a new pace for fund growth, with analysts predicting that Bitcoin ETFs may soon hold over 1 million BTC, potentially surpassing Satoshi Nakamoto’s holdings and fuelling projections of Bitcoin reaching up to $100,000 by January 2025 amid institutional interest and altcoin dominance. Additionally, 10x Research forecasts a 40% Bitcoin price increase by early 2025, while projecting short-term gains for Ethereum, though it maintains a bearish outlook on Ethereum’s long-term yield performance barring significant innovations.
Pyth Network recently surpassed Chainlink in 30-day transaction volume due to its pull-based Oracle model optimised for high-frequency applications like trading, providing efficiency and cost advantages; Chronicle CEO Niklas Kunkel noted that the gains by Pyth and Redstone signal a shift in the Oracle landscape driven by innovation gaps in Chainlink’s push model. Meanwhile, Visa’s new partnership with Coinbase enables Visa debit cardholders to conduct instant crypto transactions, enhancing crypto accessibility amid evolving U.S. and EU regulations and potentially spurring adoption. In a related move, Florida CFO Jimmy Patronis proposed adding Bitcoin to the state’s pension funds as a diversification hedge, aligning with similar initiatives by Wisconsin and Michigan and framing decentralised assets as a counterbalance to central bank digital currencies.
Source: https://cointelegraph.com
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