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Traders Betting on Bitcoin Reaching $80K Despite Election Uncertainty

Some investors anticipate bullish momentum for Bitcoin, seeing its rise as independent of political developments. Traders are interpreting the rally leading up to the election as a sign that regardless of the administration, the market views a change in leadership as beneficial, according to CoinDesk.

The $80K Target: Open interest in Bitcoin call options expiring on November 29 and December 27 is concentrated at the $80,000 mark. A smaller group of traders is also betting on Bitcoin reaching $100,000 by the end of the year, reflecting strong market confidence.

Election as a Hedge: For options expiring on November 8, the highest open interest is seen at the $75,000 strike price. Some traders perceive these high-priced options as a hedge against the election rather than a purely bullish move, indicating caution amidst the political uncertainty.

Macro Factors Boosting Sentiment: Traders are focusing on broader macroeconomic factors, such as potential rate cuts and rising stock prices, as key drivers for Bitcoin’s upward movement. The anticipation of an easing cycle is building momentum for a significant price surge.

Commentary: Despite some bipartisan pro-crypto signals, analysts remain cautious about whether the election will yield substantial crypto policy changes. According to Bankless, “Traders are focusing on rate cuts and a fresh administration as more immediate and concrete catalysts.” The current call options suggest that many traders expect Bitcoin to continue its upward trend, driven by macroeconomic conditions rather than political outcomes.

While some market participants view a Republican win as more favorable for Bitcoin, traders appear prepared for an upside regardless of the election’s outcome. On-chain metrics continue to support a bullish outlook, reinforcing the belief that Bitcoin could maintain its momentum through the election season.

Source: Traders Bet Bitcoin Hits $80K Regardless of Election Outcome

Donald Trump Outlines Plan to Combat Inflation Ahead of 2024 Elections

As the 2024 U.S. presidential race intensifies, former President Donald Trump has positioned economic issues at the forefront of his campaign, specifically targeting the fight against inflation. Trump’s approach emphasizes a return to traditional economic policies that he believes would stabilize prices and improve the purchasing power of Americans.

Trump’s strategy revolves around tightening fiscal policies and reducing the national debt. He argues that current administration policies have contributed to rising inflation, affecting everyday goods and services. Trump’s team claims that his tenure had a more stable economic environment, suggesting a shift back to his leadership would restore confidence in the U.S. economy.

Key to his approach is a focus on energy independence. Trump aims to boost domestic oil and gas production, arguing that reducing energy costs would lower prices across various sectors, ultimately easing inflationary pressures. Additionally, he plans to re-negotiate trade deals, aiming to secure better terms for the U.S. and reduce the reliance on foreign goods, which he asserts has led to price hikes.

The former president also advocates for reducing government spending, proposing to eliminate what he describes as unnecessary programs and streamline federal expenditures. His vision suggests that cutting wasteful spending would not only reduce inflation but also lessen the tax burden on Americans.

The campaign’s emphasis on inflation highlights its significance as a central issue for voters. With many Americans feeling the pinch of rising prices, Trump’s economic platform aims to resonate with those seeking relief. Whether his proposed policies will sway voters remains to be seen, but the campaign’s focus on financial stability reflects a calculated attempt to appeal to a broader audience.

As the election season progresses, Trump’s economic proposals will be closely scrutinized, setting the stage for debates and discussions on how to best manage the U.S. economy in the coming years.

Source: Donald Trump to fight inflation but his 2 ideas might be flawed

Thunderstorm Event in Lugano Highlighting Bitcoin’s Financial Evolution

The Thunderstorm event in Lugano, organized by Fulgur Ventures, is positioning the city as a hub for Bitcoin-related financial innovation. Featuring Paolo Ardoino of Tether and Adam Back of Blockstream, the event focuses on bridging traditional finance and Bitcoin through the tokenization of real-world assets.

Held to promote the financialization of Bitcoin, the event emphasized transforming Bitcoin into a platform where assets like company shares, bonds, and real estate can be tokenized, traded, and settled efficiently. Paolo Ardoino, CEO of Tether, opened the event with an introduction on Bitcoin’s growing importance, setting the stage for discussions on its future.

This gathering wasn’t limited to crypto experts alone. Representatives from major financial institutions, including Crédit Agricole and Accenture, along with family offices, attended the event. During the panel titled “Bitcoin as the Best Digital Asset,” Ardoino expressed concerns about the global economic outlook, highlighting Bitcoin’s potential resilience. He said, “Everything we built until today only works in the best case scenario. If there’s a catastrophe, those tools won’t work. And if you look at all the macroeconomic indicators, things will go south. This is one of the reasons Bitcoin is great. Everything will fail apart from Bitcoin.”

Adam Back, CEO of Blockstream, later discussed the capabilities of the Liquid Network, a Bitcoin sidechain designed to enhance transaction scalability and privacy. Speaking during the panel “Innovating Finance: Bitcoin’s Role in New Financial Instruments,” Back explained, “Liquid Network is specialized in issuing and transferring securities. You can see pretty exciting examples of that. It’s an interesting time for Bitcoin-related technologies, for Bitcoin derivatives products. Our goal is to expand our technologies offer.”

Regarding Fulgur Ventures’ $210 million investment, Back emphasized the focus on enhancing Bitcoin technologies like Lightning and Liquid. He also predicted, “The price target of Bitcoin for the end of 2025 is $500,000.”

Source: Back: “The price target of Bitcoin for the end of 2025 is $500,000.”

U.S. Tech Leader Warns of China’s Advantage in Quantum Computing

A leading U.S. technology executive has raised concerns about China’s rapid advancements in quantum computing, suggesting that the nation may be up to a decade ahead of its global rivals. This technological lead has significant implications, especially for national security and cybersecurity, as quantum computing can potentially break through traditional encryption methods that protect sensitive data.

Quantum computing operates using quantum bits (qubits), which allow these systems to perform complex calculations at unprecedented speeds. Unlike traditional computers that use binary bits (0 and 1), qubits can exist in multiple states simultaneously. This makes quantum computers incredibly powerful and capable of solving problems that today’s fastest supercomputers cannot.

The executive highlighted the strategic advantage China could gain if it continues to advance unchallenged in this field. The ability to break conventional encryption would not only compromise digital communications but could also threaten the integrity of financial systems and governmental operations worldwide. The call for the U.S. is clear: accelerate quantum computing research, development, and funding to close the gap.

To mitigate the growing risk, the U.S. and its allies are urged to increase investments in quantum technologies and collaborate more closely. Policymakers must prioritize quantum advancements to protect national security and maintain technological leadership. As China continues to integrate quantum infrastructure, the stakes are high, and global efforts to advance in this field must intensify to avoid falling further behind.

Source: US tech exec warns China is ‘a decade ahead’ on quantum

Crypto Markets Are Shifting: An In-Depth Weekly Review

The crypto markets have seen a dynamic week with Bitcoin gaining over 5%, despite Tesla transferring $765 million worth of BTC to an unknown wallet. Meanwhile, DeFi protocol Radiant Capital temporarily halted lending services following a $50 million exploit, Singapore’s largest bank introduced tokenized banking services, and Robinhood announced plans to launch BTC and ETH futures trading.

Why Is ETH Lagging Behind BTC?
Since the Federal Reserve’s unexpected 50 basis point rate cut last month, Bitcoin surged by 14%, nearing $70K due to strong ETF inflows and improved risk sentiment. While Ethereum has also gained from positive macroeconomic factors, its ETH/BTC ratio has declined, hitting its lowest point since April 2021. This gap is attributed to slower institutional demand for Ethereum compared to Bitcoin, as seen with the mixed reception of spot Ethereum ETFs launched in July 2024. The open interest in Bitcoin CME futures reached new highs, while Ether futures on CME remain lower, signaling less institutional interest.

Meme Tokens Rising in Popularity
Meme tokens are showing resilience, with their trading volumes averaging $16 billion this year, compared to $3 billion in 2023. They have outperformed other altcoins, growing their share in the top 50 altcoins by market cap from 7% in 2023 to 25%-30% in 2024. The appeal lies in their perceived fairness compared to VC-backed tokens, as they often have fully circulating supplies with no future unlocks, allowing organic price discovery.

Altcoin Liquidity Trends
Liquidity in altcoins is becoming concentrated in a select few, leaving many lesser-known assets as “zombie coins.” With over $155 billion in token unlocks expected in the coming years, competition for altcoin liquidity is intensifying, primarily benefiting the top ten altcoins.

FBI’s NexFundAI Token Investigation
On October 9, the FBI charged several entities and individuals involved in wash trading for NexFundAI’s cryptocurrency. Kaiko’s data shows that market makers used bots and multiple wallets for illegal activities, confirming FBI findings.

Trump’s WLFI Token Sale Struggles
Donald Trump’s crypto venture, World Liberty Financial, saw low interest, selling only 650 million of its 10 billion tokens, valued at just over $10 million. The token’s lack of transferability and future uncertainties may have discouraged investors.

ETF Filings on the Rise
ETF applications continue to grow, with Grayscale pushing to convert its Digital Large Cap (GDLC) trust into an ETF, comprising assets like BTC, ETH, SOL, XRP, and AVAX. BTC and ETH dominate, making up nearly 94% of the trust’s assets.

Source: Ethereum continues to lag behind Bitcoin

Andrew Tate Launches New Token ‘TRW’ Amid Crypto Buzz

Andrew Tate, a well-known internet personality, has launched a new cryptocurrency token called ‘TRW’ (Tate’s Real World). The token aims to capitalize on the growing interest in decentralized finance and the influencer’s massive online following. TRW is positioned as a utility token, offering exclusive access to Tate’s digital ecosystem, including educational content, networking opportunities, and other premium services.

The token is designed to integrate with Tate’s existing business ventures, which focus on financial education, lifestyle coaching, and entrepreneurship. With TRW, users can participate in courses, mentorship programs, and community activities within Tate’s online platforms. The launch highlights a trend where influencers are leveraging blockchain technology to create new revenue streams while engaging their audiences in a more interactive way.

However, the launch of TRW has also drawn scrutiny. Critics have raised concerns about the sustainability and regulatory compliance of such influencer-led tokens. Some industry experts caution that without robust oversight, these tokens could pose risks to investors, especially as influencers often have significant influence over their audience’s financial decisions.

Despite the criticisms, the launch of TRW has generated substantial attention in the crypto community. Many are closely watching the token’s performance and its ability to deliver on its promises. As the cryptocurrency market continues to evolve, influencer-led projects like TRW could become a more common phenomenon, merging digital assets with personal branding and online influence.

Tate’s move into the crypto space underscores a growing trend of blending social media reach with blockchain technology, indicating a future where digital communities and financial products are increasingly interconnected.

Source: Andrew Tate Launches New Token $TRW

Tron Achieving Record Revenue as SunPump Memecoin Frenzy Drives Q3 Surge

Tron’s SunPump memecoin launchpad is propelling the blockchain’s quarterly revenue to a record $151.2 million in Q3 2024, fueled by a wave of new token launches and a surge in decentralized finance (DeFi) activity, according to blockchain analytics firm Messari.

The report highlights that Tron’s revenue jumped nearly 30% compared to Q2, marking a significant milestone for the blockchain. Between August 12 and September 30, the SunPump launchpad saw over 89,000 tokens launched, leading to a remarkable 487% increase in DeFi transactions. Messari’s October 17 report noted that activity on SunPump surged starting August 16, reaching a peak over the following two weeks.

On August 20, SunPump set a daily record with over 7,500 tokens launched, followed by the largest single-day TRX burn in Tron’s history on August 21. This token burn, totaling over 270 million TRX from August 16 to 31, generated around $42 million, contributing 27% of Tron’s Q3 revenue. Despite a slowdown in token launches by September, the initial frenzy solidified SunPump’s importance in Tron’s ecosystem.

Among the memecoins launched, SunDog (SUNDOG) emerged as the standout, reaching a market cap of $217 million. Other notable tokens included Tron Bull (TBULL) and Invest Zone (IVFUN), which also attracted significant trading volumes. This memecoin boom increased TRX’s circulating market cap by 24% to $13.5 billion at the end of Q3, peaking at $14.5 billion during the height of the SunPump activity.

Despite the rise in memecoin activity and a 14.4% increase in daily transactions, Tron’s total value locked (TVL) in DeFi protocols fell to $8.1 billion by Q3’s end, down from a peak of $10.4 billion in March 2024. The decline continued post-Q3, reflecting a broader trend in the DeFi space.

However, the stablecoin market on Tron remained robust, with the Tether (USDT) market cap on the network rising 3% to nearly $59 billion. The memecoin trend, while cooling off in September, has significantly boosted Tron’s financial performance, establishing the blockchain’s expanding role in cryptocurrency. Future growth will depend on Tron’s ability to innovate and attract continued user engagement.

Source: SunPump Frenzy Propels Tron to Record $151.2 Million Q3 Revenue

Dogecoin Surges 7% Following Elon Musk’s Endorsement at Trump’s Campaign Event

Dogecoin (DOGE) saw a significant rise of 7% after Elon Musk mentioned the meme cryptocurrency during Donald Trump’s campaign rally in Pennsylvania. The endorsement highlights the growing trend of cryptocurrency entering mainstream political conversations. Musk, known for his influence on crypto markets, has often spoken about Dogecoin, causing price movements whenever he references it.

At the event, Musk’s support for Dogecoin drew attention from both Trump supporters and crypto enthusiasts, further boosting the coin’s visibility. This surge is part of the broader influence Musk has wielded over Dogecoin’s market movements, with his previous tweets and comments often triggering price fluctuations.

Dogecoin’s recent spike comes amidst an already volatile cryptocurrency market. As political figures and influential entrepreneurs continue to mention cryptocurrencies in public forums, the impact on price remains evident. This latest increase demonstrates how quickly markets can react to endorsements from high-profile individuals, regardless of the platform or event.

The rally also underlines the growing political attention cryptocurrencies are gaining, as they become intertwined with campaign strategies and public endorsements. The continued support from influential figures like Musk signals Dogecoin’s staying power within the crypto market, but it also showcases the ongoing unpredictability and volatility linked to digital currencies.

Dogecoin’s rise following Musk’s mention at the political rally emphasizes the importance of social influence in the cryptocurrency space, where public figures can significantly affect market trends. As crypto becomes increasingly linked with mainstream politics and influential voices, its role in campaigns and public events is expected to grow, potentially shaping future market dynamics.

Source: Dogecoin Jumps 7% as Musk Touts D.O.G.E at Trump’s Pennsylvania Campaign

Japan Eyes CBDC Launch by 2030: Ripple’s XRP Could Play a Role

Japan is accelerating its plans to introduce a Central Bank Digital Currency (CBDC) by 2030, with Ripple’s XRP emerging as a potential player in this initiative. The Japanese government and financial authorities are exploring blockchain technology to facilitate secure and efficient digital payments, aiming to boost the country’s financial infrastructure. This move aligns with Japan’s broader objective of becoming a leader in blockchain and digital finance, emphasizing the importance of digital transformation in the global financial system.

Ripple’s XRP is being considered as a candidate for Japan’s CBDC framework due to its established blockchain technology and partnerships within the country. Japan’s progressive stance towards crypto regulations and its openness to digital currencies have positioned XRP as a viable option for integration. The collaboration could potentially streamline cross-border payments and enhance transaction efficiency.

However, the development of a CBDC also comes with challenges. Japanese authorities must address concerns related to privacy, security, and the potential impact on the existing banking system. Balancing innovation and regulation remains a key focus as the country works towards a comprehensive digital currency strategy.

The timeline for the CBDC launch by 2030 is ambitious, but Japan’s proactive approach and existing infrastructure make it feasible. If successful, Japan could set an example for other countries, showcasing how blockchain technology and digital assets like XRP can transform traditional financial systems. The coming years will be crucial as Japan navigates this digital transition, potentially reshaping the global financial landscape and reaffirming its position as a tech-forward nation.

Source: Japanese CBDC by 2030 — XRP dream or dystopian nightmare?

Bitcoin is Demonstrating its True Power in Gaza Amid Ongoing Crisis

The ongoing situation in Gaza highlights Bitcoin’s potential as the only viable means to deliver aid to Gazans. With traditional financial systems disrupted and controlled, Bitcoin has emerged as a lifeline, showcasing its core purpose: enabling transactions without intermediaries. The initiative “BTC For Palestine” exemplifies how Bitcoin serves as a tool for direct, unimpeded aid.

For over a year, Gazans have been completely cut off from global payment networks. Dependent on cash transactions, they face difficulties that go beyond mere inconvenience or fees. They are in a desperate fight for survival, requiring aid for basic necessities like food and water. Even international aid from the UN has been seized, leaving Bitcoin as the only method for donors to contribute directly.

“This is one of the most powerful demonstrations of Bitcoin’s necessity since Wikileaks began accepting it in 2011,” states Shinobi, a prominent Bitcoin advocate. Bitcoin’s initial purpose was to provide a way for people to transact without interference—something the people of Gaza desperately need now as they face systematic violence and genocide.

Yusef Mahmoud, a former cab driver, has been using Bitcoin to secure aid for Gazans. Over the past year, he has helped provide food and water to thousands of people in need by accepting international financial support that cannot be blocked. His story underscores how Bitcoin enables individuals to bypass controlled payment rails, making a tangible difference in the lives of those suffering.

Bitcoin’s role in Gaza is a reminder that it is more than a digital asset or a speculative investment for Wall Street; it is a revolutionary tool for self-organization. It empowers people to counteract institutional and governmental failures, proving its necessity in addressing crises governments either ignore or create.

Source: https://bitcoinmagazine.com/takes/shinobi-gaza-is-the-most-powerful-demonstration-of-bitcoin-since-wikileak