10/11/2024. Weekly CryptoNews Digest (November, 04 – November, 10)

Hello and welcome to MNO – your guide to cryptocurrency and high-yield Investment programs and your trusted expert in the world of cryptocurrency and HYIPs. With over 17 years of experience, I’m here to help you make informed investment decisions and navigate the ever-changing digital asset landscape.

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Before we dive into the latest cryptocurrency news, I’d like to acknowledge the outcome of the US presidential election. The results have sparked significant interest in the crypto community, and I’d like to provide some context.

The election outcome has been met with optimism among Bitcoin holders, as Donald Trump’s administration is expected to bring more regulatory clarity and support for the cryptocurrency industry. This is driven by the expectation that Trump’s policies will promote the adoption and stability of digital assets, ultimately benefiting BTC holders in the long run.

In this week’s Weekly CryptoNews Digest, we’ll analyze the impact of Trump’s victory on the crypto market and explore other widely discussed news in the industry that happened this week, November 4th to 10th, 2024. Let’s get started!

TRUMP’S ELECTION VICTORY BOOSTS BTC AND CRYPTO PRICES

Donald Trump’s election victory has had a significant impact on the price of Bitcoin (BTC) and other cryptocurrencies. Following the announcement of his win, Bitcoin surged to a new all-time high, reaching above $80,000 at the time of writing. This dramatic increase is attributed to Trump’s pro-crypto stance and his promises to create a strategic Bitcoin reserve and foster a favorable regulatory environment for digital assets. Investors are optimistic that his administration will bring more clarity and support for the cryptocurrency industry, driving further adoption and investment.

The market’s reaction to Trump’s victory has also been reflected in the performance of other cryptocurrencies. Ethereum (ETH), the second-largest cryptocurrency by market cap, saw a substantial increase in value, rallying by 28%. This positive sentiment has extended to other altcoins as well, with many experiencing significant gains. The overall market capitalization of cryptocurrencies has surged, reflecting the renewed confidence among investors in the potential of digital assets under Trump’s leadership.

Trump’s victory has also sparked discussions about the future of cryptocurrency regulation in the United States. His administration is expected to take a more favorable approach towards the industry, potentially reducing regulatory hurdles and encouraging innovation. This shift in policy could attract more institutional investors to the market, further driving the growth and adoption of cryptocurrencies. The anticipation of a supportive regulatory environment has contributed to the bullish sentiment in the market.

Overall, Trump’s election victory has had a profound impact on the cryptocurrency market, with Bitcoin and other digital assets experiencing significant price increases. The optimism surrounding his pro-crypto policies and the potential for regulatory clarity has fueled investor confidence, leading to a surge in market activity. As the new administration takes office, the cryptocurrency industry will be closely watching for further developments that could shape the future of digital assets.

ETHEREUM HITS $3.2K, SURPASSING BANK OF AMERICA MARKET CAP

Ethereum, the second-largest cryptocurrency by market capitalization, recently hit $3,200 on November 10, 2024, surpassing the market cap of Bank of America. This milestone marks a significant shift in financial market dynamics, as blockchain technology adoption and growth begin to exceed traditional finance (TradFi). The rise in Ethereum’s value is attributed to increased interest in decentralized finance (DeFi) and crypto assets, especially as the US Securities and Exchange Commission considers listing the first options tied to spot Ethereum exchange-traded funds (ETFs).

The surge in Ethereum’s price has been accompanied by a notable increase in its market cap, which now stands at around $383 billion, up almost 5% in 24 hours. This puts Ethereum roughly $40 billion above Bank of America’s market cap, highlighting the growing appeal of digital assets. Analysts have mixed views on Ethereum’s future price trajectory, but many anticipate further upward momentum, with some predicting a new all-time high soon.

Ethereum’s recent performance has been its strongest weekly surge since May, driven by the broader market optimism following Donald Trump’s victory in the U.S. presidential election. The price of Bitcoin also reached new all-time highs, surpassing $79,000, further boosting investor confidence in the cryptocurrency market. However, Ethereum’s supply has been increasing at an inflationary rate of 0.424% per year, compared to a deflationary rate earlier in October.

The milestone achieved by Ethereum underscores the changing landscape of financial markets, where decentralized finance and blockchain technology are gaining prominence over traditional banking systems. As Ethereum continues to attract institutional and retail investors, its role in the global financial system is likely to grow, potentially paving the way for further innovations in the DeFi space.

SEC MULLS APPROVING ETHEREUM ETF OPTIONS

The U.S. Securities and Exchange Commission (SEC) is currently reviewing a request to list the first options tied to spot Ether (ETH) exchange-traded funds (ETFs) on NYSE American’s securities exchange. If approved, this would authorize options on several Ethereum-focused funds, including the Bitwise Ethereum ETF, Grayscale Ethereum Trust, Grayscale Ethereum Mini Trust, and any trust that holds Ether. This move is seen as a potential game-changer for the cryptocurrency market, providing investors with a regulated way to hedge or leverage Ethereum price movements.

The SEC’s decision comes in the wake of its recent approval of options trading on 11 Bitcoin ETFs, signaling a possible softening stance on cryptocurrency-related products. The proposal aims to offer investors exposure to Ethereum price movements through options, similar to existing commodity-backed ETFs. However, the SEC has delayed its decision, citing the need for further review to ensure the proposal meets regulatory standards for preventing fraudulent practices, ensuring fair trade, and protecting investor interests.

The potential approval of Ethereum ETF options has generated significant interest and optimism within the cryptocurrency community. Analysts believe that this could attract more institutional investors to the market, increasing liquidity and providing more flexible ways to manage risks. The SEC’s ongoing review process includes inviting public comments and rebuttal comments, extending the timeline for a final decision. If approved, this could mark a monumental advancement in the integration of digital assets into mainstream finance.

The SEC’s cautious approach reflects the complexity and volatility of the cryptocurrency market. While options on Bitcoin ETFs have gained market acceptance, Ethereum ETFs face additional challenges due to Ethereum’s unique market dynamics. The SEC’s decision will have a significant impact on both institutional and retail investors, potentially boosting the market by providing new investment opportunities and enhancing investor confidence in Ethereum and other digital assets.

XRP’S MOMENT IN THE SPOTLIGHT

Ripple’s XRP token has recently experienced a significant surge of over 20%, fueled by positive developments surrounding regulatory clarity in the United States. This development has ignited renewed interest and optimism among investors, who view it as a crucial step towards broader adoption and mainstream acceptance of cryptocurrencies. The potential for increased regulatory certainty in the US has far-reaching implications for the entire crypto industry, and XRP, in particular, stands to benefit from this positive momentum.

The recent surge in XRP’s price can be attributed to several factors, including a series of favorable court rulings and regulatory developments. The ongoing legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) has been closely watched by the crypto community. Positive outcomes in this case could pave the way for greater regulatory clarity and a more conducive environment for cryptocurrencies to thrive. Additionally, increased institutional interest and growing adoption of blockchain technology have contributed to the bullish sentiment surrounding XRP.

As the crypto market continues to evolve, XRP’s potential to emerge as a leading digital asset remains strong. With a focus on cross-border payments and financial inclusion, XRP offers a unique value proposition that could resonate with both individual and institutional investors. However, it is important to note that the cryptocurrency market is inherently volatile, and price fluctuations can occur rapidly. Investors should conduct thorough research and consider consulting with financial advisors before making investment decisions.

In conclusion, the recent surge in XRP’s price is a testament to the growing optimism surrounding the cryptocurrency and the broader crypto industry. As regulatory clarity continues to unfold and institutional adoption accelerates, XRP has the potential to unlock significant value and play a pivotal role in the future of finance.

SNOWDEN CALLS FOR DECENTRALIZATION, CRITICIZES VC INFLUENCE ON SOLANA

Edward Snowden recently made headlines by calling for greater decentralization in the blockchain space and criticizing the influence of venture capital (VC) on projects like Solana. Speaking at the Near’s Redacted conference in Bangkok, Snowden highlighted the importance of decentralization in countering the expansive surveillance capabilities enabled by artificial intelligence (AI). He expressed concerns that heavy VC funding can impede a blockchain network’s ability to operate independently, using Solana as an example. Snowden described Solana as “born in prison” due to its heavy reliance on VC support, suggesting that such financial backing can limit the network’s autonomy.

Snowden’s critique of Solana’s early VC investment focused on how such funding could undermine the decentralization and autonomy of blockchain networks. He cited concerns echoed previously during a vote by venture capital firm Andreessen Horowitz (a16z) against a proposal to deploy Uniswap v3 on the BNB Chain. The venture firm used its substantial holdings to sway the governance vote, highlighting the control that large, centralized stakeholders can wield over decentralized projects. Snowden emphasized that heavy investment stakes can give venture firms outsized power, sometimes shaping the direction of projects that are meant to be community-driven.

Throughout his talk, Snowden emphasized the importance of decentralization in countering the expansive surveillance capabilities enabled by AI. He warned of AI-driven surveillance allowing governments and corporations to process large volumes of personal data in real time, potentially paving the way for live data analysis on a massive scale. Snowden advocated for open-source tools as an essential medium for countering the centralization of control and touted their ability to empower individuals. He described open-source models as “incredibly empowering,” enabling users to understand and apply blockchain technologies much better.

Snowden’s remarks come amid rising interest in decentralized solutions, especially as AI’s role in surveillance expands. He encouraged attendees and blockchain users worldwide to adopt open-source tools, which he believes allow people to better understand and use blockchain technologies. Snowden argued that open-source models are “incredibly empowering” and enable individuals to maintain autonomy in an increasingly centralized digital environment. With growing concerns about surveillance and data privacy, Snowden urged blockchain communities to prioritize decentralized and open-source frameworks to safeguard individual rights and foster a more transparent technological future.

DETROIT RESIDENTS TO PAY TAXES WITH CRYPTO FROM MID-2025

Detroit has announced that starting mid-2025, residents will be able to pay their taxes and other city fees using cryptocurrency. This move is part of a broader effort to modernize and improve the city’s payment channels. The initiative aims to create a more technology-friendly environment that empowers residents and entrepreneurs. Detroit Mayor Mike Duggan expressed excitement about being one of the first major U.S. cities to explore blockchain’s civic applications and allow residents to use their cryptocurrency as a payment option.

The new payment platform, managed by PayPal, will increase accessibility for Detroiters, including those who are unbanked. According to a 2020 study by the University of Michigan, one in four Detroiters is unbanked, meaning they do not have a checking or savings account. The Treasurer’s Office is dedicated to ensuring that the city’s payments channels and processes move toward modernization, making it easier for residents to make electronic payments.

Detroit’s initiative also aims to attract blockchain companies and entrepreneurs to the city. The city has invited blockchain innovators to pitch their ideas for blockchain civic applications, with the goal of enhancing transparency, improving data security, and streamlining public services. This open call for proposals is part of Detroit’s commitment to positioning itself as a place for entrepreneurs and bold ideas to thrive.

Overall, Detroit’s decision to accept cryptocurrency for taxes and city fees reflects a growing trend among U.S. cities and states to embrace digital assets. By providing a secure and accessible payment option, Detroit hopes to foster economic growth and civic engagement, while also paving the way for future innovations in blockchain technology.

I hope you enjoyed my weekly crypto news and insights! As we wrap up the week, I want to take a moment to celebrate the incredible growth and innovation happening in the digital asset space.

I want to express my heartfelt gratitude to each and every one of you for your constant support and engagement. Your passion and enthusiasm are what drive me to keep sharing valuable insights and information with you.

Take some time to relax and recharge this weekend. Don’t forget to share your thoughts in our MNO TalkBack poll. Your feedback is invaluable in helping us shape our content to better serve you.

I’ll be back next Sunday with more crypto news and insights. Keep building your portfolio and remember, I’m here to support you on your financial journey. Thanks for being part of MNO – For Money Lovers!

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