The purchase is one of the biggest ever and puts U.A.E. on the crypto mining map.
The CEO posted a screenshot that shows Discord connecting to Ethereum, saying “probably nothing.”
The Treasury Department sanctioned OTC exchange Suex in September.
Good morning, Here’s what’s happening:
- Market Moves: Bitcoin passes $67.500
- Technician’s Take: Indicators for bitcoin suggest an upside toward the $86,000 resistance level.
- Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.
Prices
Market Moves
Bitcoin rose over 7% during the past 24 hours. The No. 1 cryptocurrency by market capitalization had passed $67,500 on Monday at the time of publication to break its previous all-time high of $66,974.77 on Monday.
As bitcoin’s prices increased, the funding rates on major exchange Binance and OKEx, or the cost of holding long positions in the perpetual futures on the exchanges, also elevated on Monday, according to data from coinglass. (Exchanges calculate funding rates every eight hours.) CoinDesk previously reported that rising funding rates are usually a sign that the market is becoming overheated.
Tokens associated with layer 1 blockchains that are similar to the Ethereum blockchain will continue to be worth monitoring on Tuesday, as several of them – terra, solana, and avalanche – hit record highs in the past two days. Many layer 1 blockchains are holding major events in the coming days – for example, Polkadot’s hotly anticipated parachain auctions on Nov. 11 – that could boost their tokens’ prices, too.
“Retail and traditional investors lack the resources and skills necessary to analyze the wide variety of complex individual application tokens, so the tokens of layer 1 blockchains have essentially become the ‘lazy man’s index’ – a catch-all solution for betting on the overall growth of digital assets,” Jeff Dorman, chief investment officer at fund manager Arca, wrote in his latest blog post on Monday.
Technician’s Take
Bitcoin Holds Support at $60K-$65K, Testing All-Time High
Bitcoin (BTC) broke above a short-term downtrend and broke its record high. At the time of publication, bitcoin’s price had broken $67,500. The cryptocurrency rose more than 7% over the past 24 hours.
Upside momentum is improving after a two-week consolidation phase of between $60,000 and $64,000. A confirmed breakout from that consolidation would require at least two consecutive daily closes above $66,900.
Indicators suggest further upside for BTC’s price, initially toward the $86,000 resistance level. Seasonal strength in the fourth quarter could support continued bullish activity over the next two months.
For now, intraday charts appear to be overbought into Asian trading hours, although pullbacks should remain limited given strong support at around $60,000.
Important Events
Be on the lookout for the following Nov. 9:
- Housing Industry Association: Australia new home sales (October)
- 8:30 a.m. Hong Kong/Singapore (12:30 a.m. UTC): National Australia Bank’s Business Confidence (October)
- 1 p.m. Hong Kong/Singapore (5 a.m. UTC): Economic Watchers surveys on short-term economic trends (Japan)
- 5 p.m. Hong Kong/Singapore (9 a.m. UTC): Break Point conference organized by the Solana Foundation to assemble cryptocurrency leaders.
On CoinDesk TV
In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV:
Acting Comptroller of the Currency Michael Hsu on White House Stablecoin Report
“First Mover” hosts spoke with Acting Comptroller of the Currency Michael Hsu about the White House’s report on stablecoins calling for bank-like oversight. Plus, the show included crypto markets analysis from FTX.US President Brett Harrison.
Latest Headlines
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Crypto Exchange Huobi Global to Move Spot Trading Services to Gibraltar
Crypto Mining Stocks Rally After Bitcoin Surges Near Record, Ether Hits All-Time-High
Cadenza Ventures Launches $50M Crypto Fund for DeFi and Blockchain Projects
Longer Read
Bitcoin, the oldest cryptocurrency, on Monday blew past $67,000 for the first time, hitting $67,523.28 in recent trading.
The markets have been in a bull mode since the beginning of the October, as the crypto market in total has added nearly $1 trillion to its total value in just a month. At the press time, the total market capitalization of cryptocurrencies has reached near $3 trillion, according to data from CoinMarketCap.
As CoinDesk reported, bitcoin is widely perceived by many investors as a store of value asset like gold, making the crypto a haven as worries about inflation increase. Meanwhile, blockchain data from Glassnode shows that the number of unique wallets with a balance of more than zero bitcoin has returned to near 39 million, a number that’s close to a record high of 38.7 million in May.
At the same time, Glassnode noted in its weekly report on Monday that bitcoin’s balances on exchanges continued to drop, while Bitcoin mining hashrate, a measure of the total computational power being used to secure the Bitcoin blockchain, could return new all-time highs before the end of the year – after it plunged in July due to China’s crackdown in bitcoin mining.
At the same time bitcoin was surging above $67,000 around 11:14 p.m. UTC Monday, ether, the second largest cryptocurrency by market capitalization, also set an all-time high, hitting $4,794.99, according to CoinDesk.
Ether’s surge came as reports show that the Ethereum network burned more ether than it issued for at least a week, after Ethereum’s London hard fork upgrade introduced a mechanism to burn a large portion of transaction fees, measured in ether, instead of sending them to miners. Burning means that the ether is permanently removed from the circulating supply.
Meanwhile, the concerns around Ethereum blockchain’s scalability and high transaction fees continued to move parts of the market’s attention to so-called Ethereum alternative tokens including solana (SOL), polkadot (DOT), terra (LUNA), and avalanche (AVAX).
Data from blockchain data firm Kaiko shows that ethereum is losing market share to other popular layer 1 blockchains since the beginning of the year, as ether’s trading volume on Binance, the largest crypto exchange in the world, has fallen to 42% from 76% in the beginning of the year with the lost volume shifting to other layer 1 tokens.
“The recent [non-fungible token] fervor has again generated high transaction fees on the Ethereum blockchain, making alternate networks that solve for scalability concerns more attractive,” Kaiko wrote in its newsletter on Nov. 8.
Quick Take
- Standard Crypto is an investment firm based in the San Francisco Bay area that focuses on the crypto/blockchain sector
- The firm operates with a long-term orientated thesis and is primarily focused on projects in three areas: infrastructure, networks, and apps
- In total, the firm has deployed capital to at least 18 startups and protocols across eight verticals, which The Block has mapped out
Robinhood’s stock fell after the trading platform acknowledged a Nov. 3 data breach
The payments giant added 13.3 million new accounts in the quarter, up from 11.4 million in the prior quarter.
La criptomoneda podría enfrentarse a cierta presión de venta en torno a los $70.000, según un operador.
Daniel Buchner oversaw the launch of Microsoft’s ION Decentralized Identifier earlier this year.
