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As Trump Gains Momentum for the Election, Bitcoin Rises

by V Sinclair
written by V Sinclair
In a remarkable turn of events, Bitcoin (BTC) has soared to an unprecedented high of $75,700, driven by the increasing likelihood of Donald Trump winning the U.S. presidential election. This notable rise, observed on various betting platforms, has captured the attention of both cryptocurrency enthusiasts and market stakeholders.

What Are the Latest Betting Odds for Trump?

The online betting platform Polymarket has revised Trump’s winning odds, now at 92.2%, drawing keen interest from the trading community. This shift is significant as it reflects a heightened belief in Trump’s potential electoral success.

How Is the Race Shaping Up in Pennsylvania?

In the crucial race for 270 electoral delegates, Pennsylvania has emerged as a focal point. Current reports suggest Trump is leading by approximately 100,000 votes, with 67% of the total ballots tabulated, indicating a competitive atmosphere.

As of the latest update, Bitcoin stands at $74,560, marking a substantial 9.5% increase in just 24 hours. This price movement underscores a significant trend in the cryptocurrency market.

Key takeaways from this rise in Bitcoin’s price include:

  • Political events can have a direct impact on cryptocurrency valuations.
  • Market sentiment appears to be improving, with increased confidence reflected in Bitcoin’s price.
  • Future political and economic occurrences are expected to continue influencing the crypto markets.

Bitcoin’s latest surge illustrates the intricate connections between political dynamics and financial markets. Stakeholders are urged to stay alert and responsive to these developments as they unfold.

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BitcoinMarket

Bitcoin Price Surges as US Election Day Sparks Volatility

by Isaac lane
written by Isaac lane

Bitcoin surged 3.7% on November 5, reaching nearly $70,300 on Bitstamp, as the United States presidential election day injected volatility into the crypto market. Data from TradingView captured the dramatic rise, though the spike was followed by a quick correction to $69,500. The sudden increase in BTC price triggered a wave of short-position liquidations, with many traders surprised by the abrupt move. Popular trader Exitpump noted “sudden spot buying in unison” as a driver of the surge.

Historical Trends Fuel Optimism

Some analysts drew parallels between this election season and previous ones, highlighting a familiar pattern in Bitcoin price movement. CryptoQuant’s recent report pointed out that Bitcoin has consistently rallied after the last three U.S. presidential elections. In 2016, Bitcoin prices rose 37% from election day to year-end, and in 2020, the figure was an impressive 98%. The on-chain analytics platform suggested that Bitcoin remains “fairly valued,” hinting that further gains could follow if post-election sentiment proves positive.

BTC/USD 1-hour chart. Source: TradingView

BTC/USD 1-hour chart. Source: TradingView

Market Positions Anticipate Volatility

QCP Capital, a trading firm, reported that the crypto market was anticipating a 3.5% swing in Bitcoin prices during election night itself. However, it warned traders that they may underestimate risks following the election, noting that the lack of a volatility premium beyond November 8 implies that the market expects a swift result. QCP cautioned that traders might be discounting the possibility of delays or a contested outcome that could extend volatility.

Analysts See Further Bullish Potential

As the election unfolded, some analysts expressed optimism about Bitcoin’s resilience. Charles Edwards, founder of Capriole Investments, believes Bitcoin’s bull run remains intact, with strong inflows into US-based spot Bitcoin ETFs underscoring sustained investor interest. Moustache, another well-known trader, suggested Bitcoin might have already bottomed out, potentially front-running expectations for a post-election dip.

Source: Eric Balchunas

Source: Eric Balchunas

With market eyes closely following the election’s outcome, Bitcoin could see heightened activity as investors assess potential economic impacts.

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BitcoinCryptoMarket

$PNUT Soars Over 400%: Viral Squirrel Memecoin Hits $120M Market Cap on Solana

by V Sinclair
written by V Sinclair

The sudden rise of $PNUT, a memecoin inspired by Peanut the Squirrel, has captured attention on the Solana DeFi markets. Created in response to the viral news surrounding the squirrel, $PNUT climbed over 400% shortly after launch, hitting a $120 million market cap before a minor correction. Another related token, $FRED, launched on Solana in memory of a raccoon involved in the same incident, reached a market cap of $8.2 million with 150,000 transactions.

Mark Longo, the owner of Peanut’s social media account with over 600,000, wrote that on Oct. 30, New York’s Department of Environmental Conservation confiscated and euthanized the popular squirrel and a raccoon named “Fred.” This follows complaints of alleged unsafe housing for Peanut. Longo wrote on Instagram:
“Well internet, you WON. You took one of the most amazing animals away from me because of your selfishness. To the group of people who called DEC, there’s a special place in hell for you.”

According to Longo, he saved the squirrel for the first time almost seven years ago after witnessing Peanut’s mother being struck by a car. Longo determined that Peanut was unable to survive in the wild due to an injury. As a result, Peanut became his caregiver and helped him recover.

Viral squirrel ‘Peanut’ triggers Solana memecoin frenzy

The event triggered outrage, with personalities like billionaire Elon Musk criticizing the government and calling it “mindless” and “heartless.”

Peanut-themed memecoins hit the markets

Peanut’s sudden popularity spurred memecoin creators to launch meme-based tokens based on the popular squirrel.

Viral squirrel ‘Peanut’ triggers Solana memecoin frenzy

A number of Peanut-based memecoins have been introduced on the Solana network, according to DeFi data tracker Dexscreener. Furthermore, according to Dexscreener’s 24-hour charts, two memecoins with a Peanut theme have reached the top 10.

Two days ago, a token known as Peanut the Squirrel (PNUT) registered over 200,000 transactions and had a volume of about $300 million. Prior to a drop, the token’s market capitalization peaked at $120 million, and it is currently valued at $100 million.

A comparable memecoin also made its way onto the BNB Smart Chain, reaching a market value of $80 million with a volume of $110 million.

The Solana memecoin markets also saw the release of a Fred-themed memecoin, which was based on the raccoon that was put down with Peanut. A trade volume of $83 million and nearly 150,000 transactions were registered by a token known as First Convicted Raccoon (FRED). The project’s market valuation is merely $8.2 million in spite of this.

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BitcoinMarketNews

MicroStrategy Aims to Raise $42 Billion to Boost Bitcoin Holdings

by Oscar phile phile
written by Oscar phile phile

MicroStrategy has announced an ambitious “21/21 plan” to increase its Bitcoin holdings by raising $42 billion over the next three years. The company, led by CEO Phong Le, will seek $21 billion through equity and an additional $21 billion via fixed-income securities. If Bitcoin prices remain stable, the firm would acquire approximately 578,586 BTC, accounting for around 2.7% of Bitcoin’s total supply.

Boosting Returns on Bitcoin Holdings

The primary objective of this substantial investment is to enhance returns from the company’s Bitcoin holdings. MicroStrategy has consistently held Bitcoin as a treasury reserve asset, and Le emphasised the company’s commitment to raising yield. “As a Bitcoin Treasury Company, we aim to leverage additional capital to increase BTC yields while maintaining a robust reserve,” Le stated. MicroStrategy’s year-to-date Bitcoin yield currently stands at 17.8%, with a projected annual return of 6% to 10% between 2025 and 2027.

Recent Financial Moves Fuel the Plan

In September, MicroStrategy successfully completed a $1.01 billion private offering of 0.625% convertible senior notes due in 2028. This offering targeted institutional investors, with part of the proceeds allocated to Bitcoin purchases. The convertible notes enable investors to exchange for cash or MicroStrategy shares, adding a layer of flexibility to the firm’s capital-raising strategy.

Record Stock Performance Amid Aggressive Bitcoin Strategy

MicroStrategy’s stock has surged over 1,500% since 1999, outpacing major tech companies, including Microsoft, which posted a 1,460% gain during the same period. Quant researcher Ryan McGinnis described the 21/21 plan as reaching “escape velocity,” underscoring MicroStrategy’s unique position among publicly traded companies actively pursuing Bitcoin acquisition.

With its aggressive strategy, MicroStrategy continues to set itself apart, leading the charge in corporate Bitcoin investment while betting on substantial future gains.

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BitcoinMarketNews

Bitcoin Drops Amid $250M Liquidations as Market Sentiment Peaks

by Oscar phile phile
written by Oscar phile phile

Bitcoin’s recent price slide has triggered over $250 million in liquidations, with market sentiment indicators showing “extreme greed”—a sign that often precedes corrections. The cryptocurrency market, experiencing high volatility, faced a 5.5% drop in overall capitalization, impacting Bitcoin and other major tokens.

$250 Million in Bullish Liquidations

Bitcoin (BTC) saw a nearly 4% price drop over 24 hours, falling from $72,500 on Thursday to just over $69,000 by Friday morning. This downturn led to significant bullish liquidations as investors took profits ahead of the weekend. According to data from CoinGlass, Bitcoin futures alone accounted for $88 million in losses, while ether (ETH) futures faced $44 million in liquidations. Traders who had bet on rising prices ahead of November’s U.S. elections suffered, as nearly 90% of all futures bets were bullish.

Fear and Greed Index Hits “Extreme Greed”

The popular Fear and Greed Index, which gauges market sentiment, hit “extreme greed” levels on Thursday. Historically, such peaks have indicated local market tops, often followed by corrective movements. By Friday, the index had receded slightly to “greed,” suggesting a potential for further corrections. The index highlights a trend where extreme fear signals buying opportunities, while extreme greed often points to upcoming sell-offs.

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Bitcoin’s open interest—representing the value of open contracts—reached a record high of over $43 billion earlier this week but dropped to just above $41 billion by Friday. This shift often signals a turning point, as large-scale liquidations can prompt a price reversal. The liquidations underscore a highly speculative environment, with traders potentially overleveraging amid bullish sentiment.

Wider Market Retreat as Correction Looms

Bitcoin’s downturn caused ripples across the broader crypto market, with other major tokens like Solana (SOL) and Dogecoin (DOGE) following suit, each seeing nearly $15 million in liquidations. The weekend profit-taking follows weeks of price gains fueled by positive economic and political sentiment, with some traders anticipating Bitcoin’s rise to $80,000. However, the recent wave of liquidations and sentiment indicators suggest a market at risk of correction, potentially dampening short-term gains for traders.

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BitcoinCryptoMarketNews

Bitcoin Soars to $71K, Altcoins Follow with Double-Digit Gains

by Oscar phile phile
written by Oscar phile phile

Bitcoin surged past $71,000 for the first time since June, reaching a new all-time high on October 29 and spurring significant gains across the crypto market. The leading cryptocurrency hit an intraday high of $71,540, edging closer to its March record of $73,737 and bringing its market cap to $1.4 trillion. The rally comes amid growing speculation over the upcoming U.S. election, with predictions favouring a Republican victory.

BTC 24-hour price chart — Oct. 29

Altcoins See Double-Digit Gains

Bitcoin’s rally extended to popular altcoins, including Dogecoin (DOGE), Ethena (ENA), Popcat (POPCAT), and Bitcoin SV (BSV), all posting double-digit gains. DOGE jumped 15.1%, reaching a five-month peak of $0.1653, while ENA rose by 13.7%. Meme coin Popcat hit a record high of $1.69, bringing its market valuation to $1.66 billion, while BSV, often tracking Bitcoin’s performance, gained 11.9%.

Bullish Technical Indicators Drive Momentum

Recent Bitcoin inflows into U.S. spot-based Bitcoin ETFs have added fuel to the surge, with a record $920 million entering funds last week, contributing to net inflows of $3.5 billion in October. Additionally, Bitcoin recently formed a “golden cross” on its technical charts—a signal where the 50-day moving average crosses above the 200-day moving average, indicating a strong upward trend.

Market watchers attribute Bitcoin’s performance partly to increased predictions of a Trump victory in next week’s U.S. election, with Polymarket giving the Republican nominee a 65.8% win probability. Former President Trump’s favourable stance on cryptocurrency has led to widespread optimism about potential policy benefits.

Global Crypto Market Gains

The altcoin rally also helped lift the total cryptocurrency market cap by 2.2%, reaching $2.51 trillion. Other major cryptocurrencies, including Ethereum (up 4.4% to $2,618), Binance Coin, Solana, and XRP, also saw modest gains, highlighting renewed interest in the digital asset market. With the election approaching and a bullish technical outlook, crypto markets may see continued volatility in the days ahead.

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BitcoinMarketNews

Bitcoin Breaks $71,000 as U.S. Elections Near

by Oscar phile phile
written by Oscar phile phile

Bitcoin soared past $71,000 on Tuesday, marking a significant 5% gain within 24 hours and crossing a critical resistance level. This rally, spurred by increased buying activity among major traders or “whales,” comes just a week before the U.S. elections—a potential catalyst that many in the crypto community believe could benefit Bitcoin regardless of the political outcome.

Short Liquidations Skyrocket

Bitcoin Price Chart | Source: CoinMarketCap

As Bitcoin breached the $70,000 mark, many traders betting on a price drop faced substantial losses. A staggering $176 million in short positions were liquidated, with Bitcoin and Ethereum short traders suffering losses of $88.89 million and $39.73 million, respectively. This wave of liquidations highlights the volatile market environment as traders pivot amid heightened demand.

Strong Buying Demand from ETFs and Whales

Large-scale buying interest continues to come from Bitcoin exchange-traded funds (ETFs), which have seen inflows of around 47,000 BTC over the last two weeks. Much of this activity has been observed on Binance, particularly during Asian trading hours, suggesting a robust demand from high-volume players looking to capitalise on potential future gains.

Following Bitcoin’s lead, other cryptocurrencies experienced notable gains. Dogecoin jumped 15%, while Shiba Inu saw an 8% increase. Ethereum gained nearly 5%, with Cardano, Solana, and BNB Chain all climbing by over 3%. The broader market optimism underscores the anticipation around the U.S. election and the overall positive sentiment surrounding crypto assets.

Traders Eyeing $75,000 Target

With the November elections on the horizon, options traders are focusing on a potential $75,000 price target for Bitcoin. As traders weigh the election’s impact on traditional markets, many see a favourable environment for Bitcoin’s growth regardless of the outcome, cementing optimism that new highs may be in sight.

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BitcoinMarket

Bitcoin Price Stuck in Limbo as US Election Approaches

by Oscar phile phile
written by Oscar phile phile

Bitcoin is currently hovering around $68,952, trapped within a constricting trading range as traders remain cautious ahead of the upcoming US Presidential Election on November 5. Throughout October, Bitcoin has struggled to sustain momentum above the $69,000 mark, with each breakout attempt leading to a retreat towards a support zone between $64,000 and $67,000.

Political Uncertainty Pressures Bitcoin

The close nature of the presidential race, particularly between Donald Trump, who has taken a pro-crypto stance, and Kamala Harris, whose policies on digital assets remain less defined, is impacting Bitcoin’s price movement. Recent polls from CBS News/YouGov indicate a tight contest, with Harris holding a slight edge at 50% to Trump’s 49%. Conversely, betting markets like Polymarket suggest Trump has a clearer path to victory, showing a 66.5% probability of winning compared to Harris’s 33.5%.

BTC/USD daily price chart. Source: TradingView

BTC/USD daily price chart. Source: TradingView

This uncertainty has left traders in a state of flux, preferring to refrain from major trading decisions until the election results clarify the future regulatory environment for cryptocurrencies.

Mixed Signals in the Market

Conflicting sentiments between US retail investors and institutional players further complicate the situation. On October 25, the Coinbase Premium Index, which reflects the price difference of Bitcoin between Coinbase and other global exchanges, fell to its lowest yearly figure of -0.20. This indicates heightened selling pressure from retail traders. However, institutional confidence remains strong, evidenced by Bitcoin Spot ETFs recording a remarkable $402 million in inflows.

Presidential election winner 2024 bets. Source: Polymarket

Presidential election winner 2024 bets. Source: Polymarket

Bull Flag Indicates Possible Breakout

Despite the current stagnation, Bitcoin is testing the upper trendline of a bull flag formation after breaking through it on October 15. Yet, the lack of strong momentum and moderate trading volume during recent breakout attempts suggest that traders are biding their time for a more definitive signal before making significant moves.

The Relative Strength Index (RSI) hovers around 60, indicating a moderately bullish trend without being overbought. If Bitcoin manages to confirm a breakout, analysts predict a target price around $101,608, suggesting a potential move towards the coveted $100,000 mark if bullish momentum gathers strength.

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MicroStrategy
BitcoinNews

MicroStrategy Surpasses Microsoft with Bitcoin-Fueled Stock Gains

by Oscar phile phile
written by Oscar phile phile

MicroStrategy has overtaken Microsoft in stock performance, with a staggering 1,570% increase since 1999, surpassing Microsoft’s 1,460% over the same period. This milestone underscores the impact of MicroStrategy’s substantial Bitcoin holdings as the company continues to experience bullish momentum in 2024.

MSTR/USD monthly chart. Source: TradingView

Bitcoin Strategy Elevates MicroStrategy’s Market Cap

Since its 2020 decision to accumulate Bitcoin, MicroStrategy has become the world’s largest corporate Bitcoin holder, with 252,220 BTC, valued at around $17 billion. The company’s recent acquisition of 7,420 BTC in September brought its holdings to over 1% of all Bitcoin that will ever be mined, sparking renewed investor interest. This surge has increased MicroStrategy’s market cap to $43.35 billion, making it the 477th most valuable company globally.

Trading Volume Rivals Giants like Nvidia

The rising price of Bitcoin has also driven a surge in MicroStrategy’s trading volume. On Oct. 11, the company saw a 30 million trading volume, approximately 17.65% of Nvidia’s trading volume, reflecting an increase in investor activity.

MSTR Trade Volume as Percentage of NVDA. Source: Investing.Com

MicroStrategy’s Net Asset Value (NAV) premium recently rose to almost three, the highest since early 2021, with Bitcoin trading around $68,000. This NAV expansion is indicative of investor confidence in the company’s BTC-driven strategy.

Future Outlook: Continued Growth Potential

MicroStrategy’s stock trajectory suggests continued upward potential, fuelled by its significant Bitcoin exposure. As Microsoft weighs a potential Bitcoin addition to its balance sheet, MicroStrategy’s pioneering crypto strategy positions it as a unique tech player with expanding investor enthusiasm.

With a market cap within 8% of $50 billion, the company’s Bitcoin-driven growth showcases the potential benefits—and volatility—of corporate crypto holdings.

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BitcoinNews

Microsoft Shareholders to Decide on Bitcoin Investment

by Oscar phile phile
written by Oscar phile phile

Microsoft shareholders are set to vote on December 10 on whether the company should explore adding Bitcoin to its corporate balance sheet. This proposal, titled “Assessment of Investing in Bitcoin,” has been put forth by the National Center for Public Policy Research (NCPPR) and will be presented at Microsoft’s annual shareholder meeting.

Proposal Highlights Potential for Inflation Hedge

The NCPPR advocates that Bitcoin, despite its volatility, could act as a hedge against inflation and declining bond yields. Citing MicroStrategy’s success, which has seen Bitcoin investments yield over 300% this year compared to Microsoft’s stock, the NCPPR argues that a modest investment – such as 1% of Microsoft’s holdings – could provide long-term value.

Microsoft’s Board: Risks Outweigh Rewards

The Microsoft board, however, has advised shareholders to reject the proposal, highlighting the risks associated with Bitcoin’s liquidity and price volatility. In a recent SEC filing, the company clarified that while cryptocurrencies like Bitcoin are continuously monitored, past assessments have concluded that they do not currently align with Microsoft’s investment strategy.

Though the company accepted Bitcoin payments for its Xbox store between 2014 and 2018, Microsoft has since focused on artificial intelligence rather than blockchain technology. Microsoft states that Bitcoin and other cryptocurrencies are routinely considered but dismissed due to factors such as price instability and security concerns.

The Broader Picture: Governance and AI Focus

The December meeting will also cover executive compensation, board elections, and other governance issues. The Bitcoin proposal underscores the increasing corporate interest in cryptocurrencies, even as Microsoft reiterates its focus on traditional assets and AI advancements.

Microsoft’s decision could set a precedent for tech giants contemplating digital assets, as the shareholder vote represents a growing intersection between corporate governance and the evolving cryptocurrency landscape.

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