Bitcoin Miners Activate, But Why?

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Voice of Crypto's Weekly Newsletter?

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Here’s what we’ve got for you:

• Market Pulse
• Biggest Web3 Stories
• Top Video of the Week
• Featured Web3 Events
• Expert Take

Market Pulse?

?? November 10 witnessed a bullish trend in crypto prices, undeterred by Fed Chair Jerome Powell's cautious remarks on the potential interest rate hike to combat inflation. ?? The market showed resilience in the face of concerns surrounding a U.S. Central Bank rate adjustment aimed at meeting their 2% inflation goal.

???? Powell acknowledged a decline in U.S. inflation but voiced apprehensions about the efficacy of recent policy measures, sparking heightened speculation about the Federal Reserve's future stance in the broader market.

?? Despite these hawkish signals, the crypto market sustained its upward momentum. ?? Ethereum marked a substantial gain of 9%, reaching $2093, with its volume surging by 161% to $26 billion. Bitcoin experienced a marginal 0.48% dip, settling at $36,215, while its trading volume increased by 40% to $32 billion over the last 24 hours.

?? However, the meme coin sector struggled to maintain positive momentum, indicating a shift in investor attention. Dogecoin's price dipped by 2% to $0.074, accompanied by a 63% surge in volume. Similarly, Shiba Inu saw a 2.61% decrease in price to $0.0000083, yet its volume increased by 50% to $282 million.

?? The surge in major cryptocurrencies contributed to a significant upswing in the overall crypto market, with the global cap rising by 1.45% to $1.4 trillion. The market fear and greed index reached 70, indicating a prevailing "greed" sentiment. Over the last 24 hours, the total market volume grew by 66%, totaling $94.85 billion. ????

Biggest Web3 Stories

Bitcoin Miners Capitalize on BTC Price Surge: Is a Local Top In?

• Bitcoin’s price went up a lot, and this was a great chance for people who mine cryptocurrency
• Some big Bitcoin miners, like Hut 8 and Bit Digital, sold a lot of their BTC for $164 million last month. This got everyone talking in the crypto world.
• The recent price increase offers an opportunity for miners to convert holdings into fiat currency.
• The “Bitcoin liquidation-to-production ratio” increased from 70% to 104% in October.?
• Looking ahead, cryptocurrency miners are important players in the market. Read more

SEC Attacks Binance’s Motion to Dismiss Lawsuit, Calls Arguments ‘Tortured,’ ‘Absurd’

• The SEC has filed a counter-motion to Binance’s motion to dismiss the lawsuit.
• The SEC alleges that Binance’s arguments are “incorrect, tortured, absurd, and unsupported by any court.”
• The SEC claimed that the company was selling unregistered securities, offering investment contracts to US customers, and was operating as an illegal exchange within the country.
• Binance also argued that the SEC is out of its jurisdiction, trying to regulate crypto transactions that happened outside of the U.S. Read more

SHIB and DOGE Rally as Bitcoin’s Recovery Fuels Investor Greed

• The memecoin market performed extraordinarily in October, with SHIB and DOGE leading the charge.
• Shiba Inu and DOGE’s open interest has increased significantly, indicating investor interest.
• Dogecoin’s historical data suggests that it may rally in November.
• SHIB has burned another 173 million tokens in the past 24 hours.
• Shiba Inu’s marketing lead has announced an ambitious marketing strategy for 2024 and 2025. Read more

$300 Million Crypto Scam in India that Shook the Nation

• $300 million worth of crypto has been stolen from around 100,000 people, including 5,000 government officials and 1,000 police personnel in India.
• The scammers created fake websites with inflated KRO prices, claiming that this cryptocurrency was backed by gold and several other assets.
• They also created several other cryptos, such as “DGT Coin” to reel more investors in.
• The scam ring employed tactics such as changing their phone numbers and location frequently, and using several bank accounts to avoid detection and arrest. Read more

VOC Top Video of the Week

Beyond Web3: Dr. Jane Thomason's Vision for a Decentralized World | VoicesOfWeb3

In Episode 14, titled "Charting the Course in Web3 and Metaverse," we are thrilled to host a globally recognized thought leader and influencer, Dr. Jane Thomason. Dr. Jane shares her remarkable journey and the depth of her involvement in the cutting-edge domains of Web3, Metaverse, HealthTech, and Tech for Sustainability, offering insights into her experiences and the path that led her to become a prominent thought leader. Watch to know more

??????????????????Featured Web3 Events

World Tokenization Summit Returns for Second Edition: Focused on Real-World Asset Tokenization in Dubai

Dubai, UAE – November 7, 2023 – The World Tokenization Summit, after its highly successful inaugural event, proudly announces the return of its second edition scheduled for November 21, 2023, in Dubai. This distinguished summit, centred on Real World Asset (RWA) tokenization, is set to provide an unmatched platform for industry leaders, innovators, and experts to delve into the vast potential of digital assets across various sectors. Read more

That’s a wrap for today!

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