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The crypto market has had another exciting week, with Bitcoin (BTC) soaring to new heights. As we gear up for the upcoming US elections, let’s explore the major headlines from October 28th to November 3rd, 2024.

Join me on your crypto and HYIP journey, where I’ll leverage my experience and insights to help you navigate this dynamic landscape. Together, we’ll make informed decisions and strive towards your financial goals.

Let’s dive into the latest crypto developments in our Weekly CryptoNews Digest. Ready to get started?

BITCOIN PRICE SURGE: BITCOIN TOPS $70,000 FOR THE FIRST TIME IN OVER FOUR MONTHS

Bitcoin experienced a significant price surge, reaching $70,000 for the first time in over four months on October 28, 2024. This milestone has generated excitement and speculation among investors and analysts, as it brings Bitcoin closer to its previous all-time high of $73,700 set in March 2024. The surge is attributed to a combination of factors, including increased institutional demand, positive market sentiment, and anticipation surrounding the upcoming U.S. presidential elections.

The rise in Bitcoin’s price has also been supported by strong inflows into Bitcoin exchange-traded funds (ETFs), reflecting growing interest from both retail and institutional investors. The total market capitalization of Bitcoin ETFs has surpassed 1 million BTC, indicating a significant level of confidence in the cryptocurrency. Additionally, geopolitical tensions and economic uncertainties have driven investors to seek refuge in Bitcoin, further boosting its value.

Despite the positive momentum, some analysts remain cautious, noting that Bitcoin’s price is still below its all-time high and could face volatility in the near term. However, the overall market sentiment remains optimistic, with many traders and investors expecting Bitcoin to continue its upward trend and potentially reach new highs in the coming months.

Overall, Bitcoin’s recent price surge has reignited interest in the cryptocurrency market, with many speculating about its future potential. The coming weeks will be crucial in determining whether Bitcoin can sustain its momentum and achieve new milestones.

BINANCE BLOCKCHAIN WEEK IN DUBAI: MAJOR ANNOUNCEMENTS

During the Binance Blockchain Week in Dubai, held from October 30 to October 31, 2024, several significant announcements and discussions took place, making a notable impact on various cryptocurrencies. The event, themed “Momentum,” brought together over 30,000 participants and 200 speakers from around the globe to explore the future of blockchain and crypto.

One of the key highlights was the appointment of Jeff Li as the new Vice President of Product at Binance. With over 16 years of experience in both Web2 and Web3 product management, Li’s expertise is expected to drive innovation and expand Binance’s product suite. Additionally, Binance founder Changpeng Zhao (CZ) made his first public appearance since his release from prison, addressing the audience and discussing the future of the crypto industry.

The event also featured a surprise airdrop for attendees, distributing tokens from the BNB Chain ecosystem, including BNB and FDUSD. The Innovation Stage showcased advanced innovations in crypto, such as cutting-edge platforms, DeFi, NFTs, and restaking solutions.

Overall, Binance Blockchain Week in Dubai was a pivotal event, emphasizing the importance of collaboration, innovation, and resilience in the crypto industry. The discussions and announcements made during the event are expected to shape the future of blockchain technology and drive global crypto adoption.

TIA TOKEN UNLOCKS: CELESTIA ECOSYSTEM SEES MASSIVE TOKEN RELEASE

The Celestia ecosystem experienced a significant token unlock on October 30, 2024, with 80.23% of its circulating supply being released. This release, valued at approximately $1.06 billion, has raised concerns about potential selling pressure that could negatively impact the price of TIA tokens. The unlock event has attracted attention from investors and analysts, who are closely monitoring the market for any signs of volatility.

The token unlock has led to discussions about the future performance of TIA, with some experts predicting a possible price dip due to increased supply. The Chaikin Money Flow Indicator, which tracks cash flow in and out of a crypto asset, has shown a decline in recent months, further supporting concerns about potential selling pressure. As a result, the Celestia ecosystem is bracing for possible market fluctuations in the coming days.

Despite the concerns, some analysts remain optimistic about TIA’s long-term prospects. They believe that the ecosystem’s strong fundamentals and ongoing developments could help mitigate the impact of the token unlock. However, the market’s reaction in the short term remains uncertain, and investors are advised to stay cautious.

Overall, the TIA token unlock has sparked a mix of excitement and apprehension within the crypto community. The coming weeks will be crucial in determining how the market responds to the increased supply and whether TIA can maintain its value amidst potential selling pressure.

TERRA LUNA CLASSIC (LUNC) BURN: TERRAFORM LABS DUE TO SETTLE WITH SEC

Terraform Labs recently announced a significant token burn of Terra Luna Classic (LUNC) and USTC holdings as part of a settlement with the Securities and Exchange Commission (SEC). This move, which took place on October 31, 2024, saw the burning of 250 billion LUNC tokens, aiming to reduce the overall supply and potentially increase the scarcity and value of the token. The burn represents approximately 4% of the total supply, a step that has been welcomed by the community as a positive move towards stabilizing the token’s value.

The settlement with the SEC has been a long and complex process, with Terraform Labs agreeing to the token burn as part of the resolution. This action is expected to generate fresh interest and build momentum for LUNC, as investors and analysts closely watch the market’s reaction to the reduced supply. The burn is seen as a crucial step in the ongoing efforts to restore confidence in the LUNC ecosystem and attract new investors.

Despite the positive outlook, some market participants remain cautious, noting that the burn alone may not be enough to counteract the broader market challenges faced by LUNC. The token’s price has been volatile, and the community is aware that sustained efforts and further developments will be necessary to achieve long-term stability and growth. Nonetheless, the burn has sparked optimism and renewed interest in the potential of LUNC.

Overall, the token burn and the settlement with the SEC mark a significant milestone for Terraform Labs and the LUNC ecosystem. The coming months will be critical in determining the impact of these actions on the token’s value and the broader market sentiment. Investors and stakeholders are hopeful that this move will pave the way for a more stable and prosperous future for LUNC.

ARBITRUM FOUNDATION’S INVESTMENTS: ARBITRUM FOUNDATION REVEALED AS BIGGEST INVESTOR

The Arbitrum Foundation has recently been recognized as the largest investor in crypto deals under $5 million. This revelation highlights the foundation’s commitment to fostering innovation and growth within the blockchain ecosystem. By strategically investing in a variety of projects, the Arbitrum Foundation aims to support the development of new technologies and solutions that enhance the scalability and security of the Ethereum network.

One of the foundation’s notable investments includes a seed round funding for Eigenpie, a project focused on enhancing privacy and security in decentralized applications. Additionally, the foundation has provided grants to several promising projects, such as idOS and Fellaz, which are working on innovative solutions to improve user experience and transaction efficiency on the blockchain. These investments reflect the foundation’s dedication to nurturing early-stage projects that have the potential to make a significant impact on the industry.

The Arbitrum Foundation’s investment strategy is driven by a desire to create a more inclusive and sustainable blockchain ecosystem. By supporting a diverse range of projects, the foundation aims to address key challenges in the industry and promote the adoption of blockchain technology. The foundation’s investments are carefully selected to ensure they align with its mission of providing secure and scalable solutions for the Ethereum network.

Overall, the Arbitrum Foundation’s role as the biggest investor in crypto deals under $5 million underscores its influence and commitment to advancing the blockchain industry. The foundation’s strategic investments are expected to drive innovation and contribute to the long-term success of the projects it supports.

FTX SETTLEMENT WITH BYBIT: $228 MILLION DEAL BRINGS EPIC LIQUIDATION CLOSER

FTX recently reached a $228 million settlement with Bybit, marking a significant step towards concluding the epic liquidation process.This settlement allows FTX to recover $175 million in digital assets and $53 million in BIT tokens, which will be used to repay creditors. The agreement, reached after months of negotiations, is expected to expedite the distribution of assets and provide much-needed liquidity to FTX’s bankruptcy estate.

The settlement also resolves allegations that Bybit and its investment arm, Mirana, used their VIP status to withdraw substantial funds from FTX just before its collapse in November 2022. Bybit’s cooperation in the settlement is seen as a positive move towards restoring trust and stability in the cryptocurrency market. The agreement includes provisions for Bybit defendants who withdrew funds before FTX’s collapse to recover 75% of their account balances as of the bankruptcy petition date.

FTX’s CEO, John J. Ray III, has emphasized the importance of negotiated agreements to streamline the bankruptcy process and reduce litigation costs. The settlement with Bybit is part of FTX’s broader strategy to repay creditors and return as much value as possible to affected customers. The court approval of the settlement, scheduled for November 20, 2024, will be a crucial milestone in FTX’s ongoing efforts to resolve its financial issues.

Overall, the settlement between FTX and Bybit represents a significant step towards resolving the complex legal and financial challenges that have arisen from FTX’s collapse. The agreement is expected to provide a clearer path to asset recovery and help restore confidence in the cryptocurrency market.

HONG KONG’S CRYPTO TAX CONCESSIONS: PROPOSED TAX BREAKS SPARK DEBATES

Hong Kong recently proposed tax concessions for crypto investments, aiming to stimulate market development and attract more investors to the region. The initiative, announced by Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, during Hong Kong Fintech Week, includes tax breaks for privately offered funds and family offices. This move is expected to create a more favorable environment for crypto investments and encourage the growth of the local blockchain ecosystem.

The proposed tax concessions have sparked debates about their potential implications for the industry. Supporters argue that the tax breaks will attract more institutional investors and foster innovation in the blockchain sector. However, critics are concerned that the concessions may lead to regulatory challenges and create an uneven playing field for traditional financial institutions. The government is also working on regulatory updates for stablecoin issuers, over-the-counter trading services, and custodians to ensure a comprehensive approach to the evolving crypto landscape.

Despite the debates, the proposed tax concessions are seen as a positive step towards positioning Hong Kong as a leading fintech hub. The city’s efforts to create a more inclusive and sustainable blockchain ecosystem are expected to attract new projects and investments, further solidifying its role in the global crypto market. The coming months will be crucial in determining the long-term impact of these tax concessions on the industry and the broader economy.

Overall, Hong Kong’s proposed tax concessions for crypto investments have generated significant interest and discussion within the industry. The government’s commitment to fostering innovation and growth in the blockchain sector is evident, and the outcome of these proposals will be closely watched by investors and stakeholders worldwide.

I hope you enjoyed our weekly crypto news and insights. Let’s take a moment to celebrate the ongoing growth and innovation in the digital asset space.

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