Bitcoin Drops Below $67,000, Trump's Chances of Winning Surge, Crypto Market Heats UpOn October 22, Bitcoin price fell below $67,000, representing a 3.76% drop in 24 hours
Bitcoin Drops Below $67,000, Trump's Chances of Winning Surge, Crypto Market Heats Up
On October 22, Bitcoin price fell below $67,000, representing a 3.76% drop in 24 hours. Despite this fluctuation, the cryptocurrency space remains dynamic, with several significant events attracting market attention.
Bitcoin Price Volatility and Trump's Win Probability
Bitcoin encountered a pullback as it neared the crucial resistance level of $70,000. Market analysts attribute this correction to a confluence of factors, including Kamala Harris's support for cryptocurrencies, Trump's 60% chance of winning the election, low interest rates, and the diminishing fear of World War III.
Data from the prediction market Polymarket shows that Trump's probability of winning the US Presidential election has risen to 64.8%, while Harris's chances have further decreased to 35.3%, creating a near 30-percentage point gap. This trend is also reflected in the bet amounts on the platform, which currently reach close to $2.2 billion.
Stablecoins Becoming the Next Killer App for Crypto
Matt Huang, co-founder of the crypto investment firm Paradigm, believes that stablecoins are the next killer app for cryptocurrencies. While this notion is not new, the trend is becoming increasingly evident with the $1.1 billion acquisition of stablecoin platform Bridge by payments company Stripe.
Bridge offers a streamlined and user-friendly API, enabling businesses to easily integrate stablecoin payments and facilitate cross-border fund transfers. Its services have been adopted by companies like SpaceX, processing over $5 billion in annual payments.
Cryptocurrency Political Donations in the US Presidential Election
According to BitcoinMagazine, political donations in Bitcoin and other cryptocurrencies for the US Presidential election have neared $200 million. This figure indicates the growing influence of cryptocurrencies in the political domain.
Expectations of Interest Rate Cuts by the Federal Reserve
CME's "FedWatch" data suggests an 86.8% probability of a 25-basis-point interest rate cut by the Federal Reserve in November. This indicates a widespread market expectation that the Fed will continue to lower interest rates in the coming months to stimulate economic growth.
GOAT Price Soars, Market Cap Surpasses $449 Million
GOAT briefly breached $0.47, currently trading at $0.4496, representing a 70.5% surge in 24 hours. Its current market capitalization stands at $449 million. This signifies that GOAT, as an emerging project, is rapidly attracting investor attention.
LayerZero Token Contract Vulnerability and Solution
Bryan Pellegrino, CEO of LayerZero, revealed a critical issue in the AcrossProtocol token contract, allowing the withdrawal of tokens from any wallet and the zeroing out of account balances. He suggested transferring contract ownership to an immutable new smart contract to prevent over-minting and token burning.
ETH/BTC Ratio Declines
Since the Fed's 50-basis-point interest rate cut in September, Bitcoin has climbed 14%, while Ethereum has only risen by 12%. KaikoResearch points out that weaker institutional demand for Ethereum has caused the ETH/BTC ratio to fall to its lowest point since April 2021.
"Ancient Whales" Sell Bitcoin
According to Arkham data, an "ancient whale" who mined Bitcoin from its inception has recently undertaken substantial sell-offs. This address, which began mining thousands of BTC just five days after the genesis block in 2009, has now sold $9.68 million worth of BTC, leaving a remaining balance of $72.09 million.
PumpFun Trading Volume Hits New Highs, Token Launch and Airdrop Imminent
Pump.fun, a meme launch platform on the Solana chain, has introduced a new trading bot, PumpAdvanced, and plans to launch a token, possibly accompanied by an airdrop. The platform has generated over 2.5 million Solana tokens since January, generating $140 million in revenue. While a specific timeline for token launch and airdrop is yet to be provided, Pump.fun's trading volume has reached an all-time high, exceeding $1.1 billion.
CFTC Urges Congress to Advance Crypto and Election Betting Legislation
Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), has urged Congress to address cryptocurrency regulation and election betting concerns. He highlighted that while the FIT21 bill has passed the House, it has failed to progress further in Congress. Moreover, the CFTC is embroiled in a legal dispute with the prediction market Kalshi, which has begun offering bets on the US Presidential election. The CFTC is striving to overturn the court's decision and regain regulatory authority over this domain.
Apechain Ignites the Market, Will ApeExpress Be the Next Meme Wave?
The recent revival in the gaming sector has led to a surge in Apecoin ($APE) prices, with Apechain launching the MemePump application ApeExpress, captivating the BAYC community. ApeExpress surpassed $1 million in trading volume within an hour of its launch, reaching $25 million within twelve hours. Numerous popular tokens have emerged within the Apecoin ecosystem, although vigilance against on-chain scams is crucial. The market demonstrates enthusiasm for established projects entering the Meme space, but the future performance of Apechain requires further observation.
Conclusion
Despite short-term fluctuations in the Bitcoin price, the cryptocurrency space remains vibrant. The rise of stablecoins, cryptocurrency political donations in the US Presidential election, and the CFTC's calls for cryptocurrency regulation all indicate that cryptocurrencies are gradually integrating into mainstream society.
Disclaimer: The above content is for informational purposes only and does not constitute investment advice. Investment involves risks, and it is prudent to exercise caution when entering the market.
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