Category: AI

Bitcoinpricehitanewhightoday,surgingpast$72,000andpushingallBTCholders’addressesintoprofitforthefirsttime.Atonepoint,theflagshipcryptoeventouchedthe$73,000markbeforeexperiencingabriefpullback,suggestingsomeresistanceatthislevel.Moreover,thisrallyhasputallBTCholdersinprofit. BitcoinPriceSurge&Analysis Atpresstime,theBTCpricesurged3.30%to$72,203.72onTuesday,October29.Moreover,Bitcoinhitahighof$73,577.21,whichisveryclosetoitsall-timerecordedearlierinMarch2024.Also,accordingtoIntoTheBlockdata,100%ofthe53.94millionBTCaddressesare“currentlyinprofit.” PeterBrandt,awell-knowntraderandcryptoanalyst,commentedontherecentbullishmovementinapostonX.BrandtemphasizedthatwhilerecentBitcoinpricerallyispromising,investorsshouldexercisecautionwheninterpretingitasafull-fledgedbreakout.“Bitcoinbullsshouldbeexcited–buttherearerulestodeterminebreakouts,”Brandtwrote. Brandtexplainedthechallengesassociatedwithdiagonalpricepatterns,whichtendtohaveslantedboundarylines.Accordingtohim,thesepatternsarenotoriouslydifficulttotradeastheycancreatefalsesignalsofabreakout.Hecautioned,“Thenickingofaboundaryline–whileexcitingtobulls–doesNOTrepresentabreakout.” AllBitcoinholdersarecurrentlyinprofitpic.twitter.com/mLoTQlXZLM —IntoTheBlock(@intotheblock)October29,2024 ForBitcoinpricetoestablishatruebreakout,Brandtsuggeststhatitmustcloseabove$76,000onthedailychart.Additionally,hepointedoutthatsuchacloseshouldbeconfirmedonaSundayatmidnightUTC.“Tobeconsidereda‘forreal’breakout,priceonthedailychartMUSTcloseabove$76,000(ATRcloseaboveMarhigh)andbeconfirmedonaSundayeveningatmidnightUTC,”hestated. Brandt’sremarksunderscorehisbeliefthatthecryptocurrency’srallyhasonly“nickedimportantchartpoints”sofar,ratherthansurpassingthemdecisively.“Bitcoinbulls,beexcited,butdon’tbedogmatic,”headvised,suggestingthattherecentupwardmovementisnotyetenoughtoconfirmasoliduptrendontheweeklychart. Withthecryptocurrencymarketridingawaveofoptimism,Bitcoin’snextcriticalresistanceat$76,000mayultimatelydeterminewhethertherecentgainsmarkthebeginningofasustainedrally.Fornow,BTCinvestorsarehopefulbutheedingBrandt’sadvicetotempertheirexpectations. cryptonewsz.com

FloridaChiefFinancialOfficerJimmyPatronisrecentlysentalettertotheFloridaStateBoardofAdministration,pushingforthecreationofa“strategicBitcoinreserve,”previouslyannouncedbyformerPresidentDonaldTrump.PatronisalsoencouragedthestatetoinvestpensionfundsinBitcoin.ThismoveplacesFloridaattheforefrontofcryptoadoptionamongU.S.states,followingsimilaractionsbyWisconsin,Michigan,andArizona. FloridaStateTreasurer’sPro-BitcoinMove IntheletteraddressedtoChrisSpencer,ExecutiveDirectoroftheFloridaStateBoardofAdministration,PatronisemphasizedFlorida’seconomicstrengthandinnovativespirit.“Florida’seconomyisinitsprime,withaTripleAbondratingforthefifthyearinarow,recordreserves,andweareoutpacingthecountryinnearlyeverykeyeconomicmetric,”Patronisstated.HeaddedthatFloridawouldrankasthe16thlargesteconomyworldwideifitwereasovereignnation. PatroniscitedrecentcommentsfromRepublicanDonaldTrumpattheBitcoin2024convention,whereTrumpsuggestedtheestablishmentofa“nationalstockpileofcryptocurrency.”Theproposednationalstockpile,accordingtoTrump,wouldbefilledusingcryptoassetsseizedinlawenforcementactions. HebelievesthismovewouldhelpsecuretheUnitedStates’positionasaglobalcryptoleader.Moreover,PatroniscalledTrump’sideas“forethoughtandinnovativethinkingfromasuccessfulbusinessman”thatshouldnotbeoverlooked. HighlightingGovernorRonDeSantis’stanceoncrypto,PatronisnotedtheGovernor’seffortstoshieldFloridiansfromCentralBankDigitalCurrencies(CBDCs).Inaddition,hedescribedcryptoas“theantithesisofacentralcurrency.” BREAKING:FloridaTreasurerJimmyPatronismakeshistorywithletterendorsinga‘StrategicBitcoinReserve’–PushesstatepensionstoaddBitcoin. ThisisamassivemoveforBitcoinintheUSA.We@SatoshiActFundareproudtohaveourworkinArizonacitedinthisletter.pic.twitter.com/Upd5nM414g —DennisPorter(@Dennis_Porter_)October29,2024 Furthermore,headdedthatdecentralizeddigitalcurrencies,suchasBitcoin,operateoutsidegovernmentalcontrol,aligningwithDeSantis’legislativeactionagainstCBDCs.Thisprotection,hesaid,counters“globalisteffortstoadoptaworldwidedigitalcurrency.” NeedforCryptoPensionFund PatronisproposedthattheFloridaGrowthFund,aninitiativemanagedbytheStateBoardofAdministrationthatsupportsemerginginvestments,couldincorporateBitcointodiversifythestate’spensionportfolio.AccordingtoPatronis,Bitcoinisoftenlikenedto“digitalgold,”acharacterizationhebelievesreflectsitspotentialtoactasahedgeagainstvolatilityinotherassetclasses. “Itcouldhelpdiversifythestate’sportfolioandprovideasecurehedgeagainstthevolatilityofothermajorassetclasses,”Patroniswrote.Patronisalsopointedtootherstates’movestowardcryptoadoption.Wisconsin,Michigan,andArizonahaveallmadestridesinincorporatingcryptointopensionfundallocations. Meanwhile,WyomingandNebraskahaveenactedlegislationtoattractcrypto-relatedindustries,includingframeworksforcharteringcryptobanks.Theletterconcludeswitharequestforafeasibilityreport,askingtheStateBoardofAdministrationtoevaluatethepotentialbenefitsandrisksofinvestingstateretirementfundsincrypto. “AsaTrusteeovertheStateBoardofAdministration,pleaseconsiderthisletterasarequesttotheSBAtoprovideareportonthefeasibility,risk,andpotentialbenefitsofdirectingaportionofstateretirementsystemmoniesintodigitalassetclasses,”Patroniswrote. DennisPorter,founderoftheSatoshiActionFundandavocalBitcoinadvocate,firstsharedtheupdateonsocialmedia.TheannouncementcaughttheattentionofBTCmaximalistsquicklyastheflagship’scrypto’sprocecrossedthe$72,000marklately.WiththegrowingadoptionbyU.S.states,analystsforeseeaBTCpricerallyincoming. cryptonewsz.com

StablecoinissuerCircleannouncedonTuesdaythatithadsignedaMemorandumofUnderstanding(MOU)withHKT,amajorplayerintechnology,media,andtelecommunications. Themainobjectiveofthiscollaborationistoexploreopportunitiesforcreatingblockchain-basedloyaltysolutionstailoredtoHongKong’smerchantlandscape. Circle-HKTCollaboration Accordingtotheblogpost,Circle’sexpertiseinWeb3services,combinedwithHKT’smerchantnetworkandcustomerengagementresources,willallowthetwocompaniestodevelopWeb3-poweredloyaltysolutionstoimproveconsumerinteractionswithmerchants,potentiallycreatingmoreinteractiveengagementexperiences. Inanofficialstatement,JeremyAllaire,co-founderandCEOofCircle,said: “WeareexcitedtocollaboratewithHKTtobringourWeb3Servicestotheforefrontofcustomerloyaltyinnovation.Thiscollaborationisatestamenttoourcommitmenttohelpingbusinessesunlockthepotentialofblockchaintechnologytocreatevalue-drivencustomerexperiences,redefiningloyaltyprograms,andprovidingmerchantswiththetoolstheyneedtothriveinthedigitaleconomy.” Well-knowncompanieslikeAmericanExpressandMarriotthaveseennotableengagementandrevenuepercustomer,partlyduetothestrengthoftheirloyaltyofferings.ThesetypesofprogramshavealsobecomepopularwithGenZsandmillennialsinHongKong.However,consumerexpectationsaroundthemhaveshiftedovertime. CirclecitedaStatistareportstatingthatthegloballoyaltymarketisvaluedatapproximately$5.57billion,with70%ofconsumersindicatingthatloyaltyprogramsplayasignificantroleintheirpurchasedecisions. Recognizingtheadvantagesofon-chainloyaltyprogramsovertraditionalmethods,thecryptofirmlaunchedits“SmartContractPlatform”inMarchthisyeartocreateintegratedon-chainloyaltyoptionswithinapplications,makingrewardearningandredemptionasmoothprocessforusers. BlockchainBenefitsinLoyalty ArecentDeloittereporthighlightedthattraditionalloyaltyandrewardsprogramsarefailingtoachievetheirfullpotentialduetoseveralkeychallenges.Theseincludeaccountinactivityandlowredemptionrates,whichhinderprogrameffectivenessandcustomerengagement. Additionally,timedelaysinprocessingrewardsandhightransactioncostscontributetoinefficiencies,furtherexacerbatingissuesrelatedtosystemmanagementandcustomeracquisition.Thereportalsopointstolowclientretentionasacriticalconcern,suggestingthattheseprogramsstruggletomaintainongoingcustomerloyaltyandengagement. Thecompanybelievesthatblockchaincouldeliminatemanyinefficiencies. “Soweknowwhatisbehindthislackofexecutionefficiency–fragmentedandclunkysystemsthatdependoncentralizedadministrationrequiringthecoordinationofmultiplepartiesthroughtrustedintermediariestomoveprocessesalongthevaluechain.Ironically,blockchainanswersthisproblembytakingtrustoutoftheprocessanddecentralizingit.” cryptopotato.com

AccordingtoHongKong’sSecuritiesandFuturesCommission(SFC),theregulatorisreadytoapprovemorelicensesforcryptoexchanges.However,itremindedthemthattheymustfirstundergostringentcompliancechecks. TheSFCreleasedalicensingframework,whichallexchangesmustcomplywith.Thisframeworkaddresseskeyissues,suchasAMLpractices,investorprotection,andsecureassetscustody. TheSFC’sdigitalassetlicensingframework Afteraninspectionperiodofaboutfivemonths,thecommissionfoundsomeofthedigitalassetstradingcompaniesthatsubmittedtoitsapprovalprocesslackinginkeyareas,suchascustodyofclients’assetsandothersafetypractices. Thisledtothreeexchanges:OSL,Hashkey,andHKVAX,gettingfullylicensed.11others,includingCrypto.com,gotatentativelicense,pendingwhenallissuesarefixed. ThesenewlyissuedlicensesareexpectedtoimproveHongKong’sreputationasaninternationalcryptocurrencyhub. Dr.EricYip,theExecutiveDirectorofIntermediariesattheSecuritiesandFuturesCommission,confirmedthatexchangesfoundthefeedbackusefulindevelopingtheirbusinesses.Healsosaidtheyarewillingtocommitresourcestorectifyissuesnotedduringtheaudit.Henotedthatscrutinyfromregulatorybodiesintothedigitalassetseconomywilldrivemarketparticipantstooperatewithinlegalboundaries,whichisanetpositivefortheadoptionofdigitalassets. HongKongdigitalassets-friendlyregime Sincetheywerefirstintroduced,cryptoregulationhasbeenadivisivesubject.Inthepast,HongKongwasnottoofriendlywithdigitalassetseither.Atthetime,itcitedtheirvolatilenature,concernsaboutinvestorprotection,andmoneylaundering. AfterJPEX,anunlicensedcryptoexchangedefraudedover2,600peopleofabout$105million,theHongKonggovernmentsprungintoactiontoprotectitscitizens.Sincethen,theregionhasmadeastrongbidtobecomeaglobaldigitalassetshub. TheSFChasgrowntobeoneoftheregulatorswithacomprehensivepolicyregardingtheregulationofdigitalassets.HongKongalsoestablisheditselfasapioneerbybeingthefirsttolaunchcryptoETFsinAsia,just3monthsafterthefinancialproductswerelaunchedintheU.S. cryptopolitan.com

MANTRAhasannouncedanofficialpartnershipwithGoogleCloudastheL1networkwilluseGoogleasaprimaryvalidatorforitsmainnet. AccordingtoMANTRA’sannouncement,thispartnershipwillextendtoGoogle’srecentlylaunchedCloudWeb3Portal.MANTRAwillcreateatestnetwithintheportaltoallowdeveloperstoworkontheL1ecosystemandreceivefreeOMtokens. MANTRAisBuildingonItsMainnetLaunchwithNotablePartnerships InadditiontotheGoogleCloudpartnership,MANTRAisalsocollaboratingwithBCWGroupasitsimplementationpartner.BCWisoneoftheleadingWeb3infrastructuresolutionprovidersfortheGoogleCloudecosystem. Thenetworklauncheditsofficialmainnetlastweek.Followingthislaunch,thenetworkcannowbringtokenizedreal-worldassets(RWAs)on-chain,whileallowinguserstostakeOMtokensandearnstakingrewards. WorkingalongsideGoogleCloudisatestamenttoMANTRA’sgrowthanddevelopment,aswellasamarkofcredibilityforthereal-worldassetindustry,”thenetwork’sCEOJPMullinsaidinanX(formerlyTwitter)post. ThemainnetlaunchalsoshiftsOMtokenfromEthereum’sERC-20totheMANTRAChain.Despitethesedevelopments,theOMtokenisunderperforming,asthetokenhaslostnearly5%sincethemainnetlaunch. Mantra(OM)priceperformance.Source:BeInCrypto OMisstillthelargestRWAtokeninthemarket,witha$1.2billionmarketcap,closelyfollowedbyONDO.Thetoken’srecentperformanceislargelyduetoliquidationafterOMhititsall-timehighonOctober14. Sinceitslaunchayearago,MANTRA’sOMtokenhasgainedmorethan6500%,quicklybecomingthelargestRWAassetinthemarket. TheoverallRWAtokenizationindustryhasexperiencedsignificantgrowththisyear.RWAtokenscurrentlymakeupapproximately0.33%oftheoverallcryptomarket. Nonetheless,theRWAtokenizationindustryhasexpandedsignificantlythisyear.RWAtokenscurrentlyhaveamarketcapof$8.56billing,makingupapproximately0.33%oftheoverallcryptomarket. Mostrecently,RippleLabshasbegunexploringRWAoptions,asthenetworkisreportedlylookingtoexpandintotokenizedbondsandmoneymarketfunds. beincrypto.com

Thecryptomarketisuptoday,increasingover5%inthelast24hours.ThispricerallyforcryptoassetshasbeenledbyBitcoin,whichbrokeabove$70,000forthefirsttimeinfourmonthsandiswelloncoursetoreachitsall-timehigh(ATH)beforethemonthends.

JustdaysafterBillyMarkus,theDogecoinfounder,defendedElonMuskagainstwhathecalleda“mediaspinmachine,”hepostedonXthathecannotwaitforMusk’sreactionwhenthemainstreammediabecomeforcedtocoverDogecoin.This,accordingtoMarkus,willhappenif(when)DonaldTrumpwins2020USElection.

DuringTuesday’stradingsession,thecryptomarketsawsubstantialinflowsasBitcoinsurgedpastthecritical$70,000level.Amidthisrenewedmomentum,thememecoinsector,knownforitsvolatility,displayednotablemoves.Inparticular,thefrog-themedmemecoinjumped3.7%,testingafour-monthresistance.However,analystssuggestafinaldipinPepecoinpricemayoccurbeforeamajorrallyunfolds.

DuringTuesday’sU.Smarketsession,thecryptomarketwitnessedasurgeinbuyingpressureasBitcoinpriceralliedabove$70,000.TheAAVEpricefollowedthebullishmomentumalongwithmostmajoraltcoins,signalingrenewedconfidenceintheQ4bullrun.However,therecentwhalesell-offandstrongoverheadresistancesuggestsubstantialbarriersthatcoulddelayAAVE’sbreakoutpast$200.

InresponsetorecentU.S.regulatoryactionstargetingcryptocurrencyfirms,includingCLSGlobal,thecompanyhasclarifieditsstanceandpledgedfullcooperationwithauthorities.