Weekly News Digest for Oct 12 - 18
Market Update
The cryptocurrency market saw significant volatility last week, starting with a heavy sell-off that pushed Bitcoin to $58.8K before cautious buying led to a modest recovery. Bitcoin later surged to $67.8K, driven by spot ETF demand and whale accumulation. Political finance tokens, particularly those tied to Donald Trump, experienced impressive gains, while meme coin Goatseus maximus (GOAT) soared over 500%. Ethereum struggled, facing bearish momentum below $2,543. Analysts remain optimistic about Bitcoin's potential for an 'Uptober' rally, with predictions of reaching $73,800 before the U.S. election. Rising geopolitical tensions and energy costs also fueled bullish sentiment.
Top Stories of the Week
Bitcoin's computational power has reached a new peak of 698 exahash per second (EH/s) on Oct. 10, 2024, surpassing the previous record of 693 EH/s. This milestone was achieved despite recent challenges, including a decline in Bitcoin's price and an increase in network difficulty. Despite expectations of a higher difficulty adjustment, estimates suggest a 5.9% decrease with the next adjustment scheduled for Oct. 22, 2024.
Bitcoin reached a new peak of $67,922 at 9:35 a.m. EDT on Tuesday, maintaining high trade values around $66,905 to $67,101, representing a nearly 3% increase and pushing the seven-day gains to 6.7% against the U.S. dollar. The price surge led to the liquidation of over $32 million in short positions in the past four hours, while the broader crypto derivatives market saw $258.23 million wiped out, predominantly affecting shorts with $160.71 million liquidated. Currently trading close to its all-time high, bitcoin is just 8.3% away from reaching $73,737.
The traditional college degree is losing its luster, as the job market now favors those with practical blockchain and crypto skills provoked by a dynamic tech and AI-driven employment landscape. Decentralized education platforms offer affordable, up-to-date crypto courses, unlike colleges which may impart outdated knowledge and are slow to adapt curriculum to emerging trends. As industries increasingly integrate blockchain technology, those adept in crypto skills stand to benefit from a wealth of opportunities, avoiding the debt associated with college education.
Ubisoft is launching its first Web3 game, "Champions Tactics: Grimoria Chronicles," which will employ blockchain technology via the Oasys L2 solution to enhance gameplay. The tactical RPG game, due to release on October 23, will offer a collection of 75,000 unique digital champions for players to use in PvP battles and customizable experiences. Ubisoft's entry into Web3 represents a significant step in blending traditional gaming with emerging blockchain technology and has garnered considerable interest during alpha and beta testing.
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Justin Sun, the founder of the Tron network, has been elected as the Speaker of the Liberland Congress and appointed as the acting Prime Minister. The elections were held using blockchain technology, which is in line with Liberland's emphasis on decentralized systems. Other key figures such as Evan Luthra and Jillian Godsil have also been elected to the Congress, contributing to the nation's focus on blockchain initiatives.
Standard Chartered forecasts that the cryptocurrency solana could surge by 400% if Donald Trump is elected president in 2024. This is based on solana's fast transaction speeds and capability to support decentralized applications, making it well-suited for a crypto-friendly administration. Additionally, the bank predicts that solana, ether, and bitcoin would all see significant increases in their values, with ETH and BTC rising by 300% and 200%, respectively, under Trump's leadership.
BRICS nations plan to increase the use of their national currencies in trade, facilitated by a new BRICS-wide financial platform and specialized clearing systems aimed at simplifying transactions and reducing costs. Russian officials have underscored the importance of these developments amidst Western efforts to undermine BRICS unity, which they claim have actually attracted more global interest in the bloc. Deputy Foreign Minister Sergey Ryabkov highlighted that over 30 countries are looking to deepen ties with BRICS due to its inclusive and cooperative approach.
On Friday, U.S. spot bitcoin ETFs saw significant net inflows totaling $253.54 million, with Fidelity's FBTC and Ark Invest's ARKB being the top gainers, while ethereum ETFs experienced modest outflows. The inflows brought the year-to-date total to $18.81 billion for Bitcoin and increased reserves to $58.66 billion. Conversely, ethereum ETFs faced outflows of $97,110, contributing to their year-to-date cumulative net outflows of $558.88 million and a total reserve of $6.74 billion.
Ethiopia has increased its electricity allocation for Bitcoin mining to 600 megawatts and plans to add more by the end of the year, aiming to become a leader in the field. Chinese mining companies have signed power supply agreements which, along with the Grand Ethiopian Renaissance Dam, could provide a new source of foreign exchange and position Ethiopia as a hub for Bitcoin mining. Mid-generation mining machines are popular among Ethiopian miners due to their low power consumption, despite the cold climate negating the need for evaporative cooling systems most of the year.
BRICS nations are expected to achieve an average economic growth rate of 4.4% in 2024-2025, surpassing the G7 countries' projected rate of 1.7%. The share of global GDP held by BRICS has risen to 36.7%, and the group's expansion with new members such as Saudi Arabia, Iran, and the UAE is further solidifying its status as a formidable global economic entity. This growth represents a significant shift in international economic power dynamics, with BRICS challenging the long-standing influence of the G7 nations.
A survey by Charles Schwab indicates that 45% of respondents are interested in investing in cryptocurrency ETFs, with millennial investors showing the most enthusiasm. ETFs comprise 27% of investor portfolios, and 65% plan to increase their ETF investments, seeing them as a key wealth-building tool, especially with the inclusion of cryptocurrencies. Bloomberg’s lead ETF analyst, Eric Balchunas, expressed surprise at the finding that crypto ETFs are the number-one investment choice for millennials and the second choice overall among investors.
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