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Bitcoin’s recent drop below its realized price points to bearish trends, with potential lows of $66,575 if selling pressure persists.
Some developing countries are viewing Bitcoin as a means to achieve financial autonomy and reduce reliance on the US dollar.
DOGE has dumped the most from the larger-cap alts.
Quick Take This is an excerpt from the thirteenth edition of The Funding sent to our verified subscribers on Nov. 3. The Funding is a fortnightly newsletter written by Yogita Khatri, The Block’s longest-serving editorial member. To subscribe to the free newsletter, click here.
Coins LUCE, GRASS, and ZEREBRO are trending on Solana, showing strong demand, transaction growth, and potential for gains.
The accusations led to swift action from OpenEden, which terminated Ng, and DWF Labs, which withdrew its funds and condemned his alleged behavior.
As Solana's price remains above critical support levels, explore what analysts expect for SOL in November following its impressive October rally.
- 08:25Hyperliquid: A point penalty will be imposed on over 27,000 witch addressesThe decentralized derivatives trading platform Hyperliquid stated on the X platform that investigations show approximately 100 individuals manipulated over 27,000 addresses, attempting to gain disproportionately more points through large-scale and systematic non-organic behavior. The points of these addresses will be multiplied by a factor of 2% or 20% according to the scale of sybil activity for point penalties. Affected addresses will display a message on the points page: 'Sybil behavior detected'. The end result is that real users will receive a larger proportion of points. In addition, activities in May distributed 8 million points, and activities in October and early November distributed 8.4 million points. In total, the final number of points is 57.9 million."
- 08:24Analysis: US October PCE is expected to rebound, but the anti-inflation trend remains unchangedInflation pressure has significantly decreased since reaching its peak two years ago, but the pace of improvement has slowed in recent months. The PCE index is the Federal Reserve's preferred indicator for measuring price pressures. The Fed's goal is to keep the PCE inflation rate at around 2% over the long term to maintain a healthy economic state. According to economists' forecasts, the PCE price index will rise by 0.20% month-on-month and 2.30% year-on-year in October. Excluding volatile food and energy prices, core PCE inflation is expected to rise by 0.30% month-on-month and 2.80% year-on-year. Although economists expect both indicators to increase compared with September, analysts believe that price pressures are still improving. Russell Price, chief economist at Ameriprise Financial, pointed out that higher readings in October "will not disrupt the long-term trend." It's worth noting that due to daylight saving time and Thanksgiving holiday effects, this round of PCE data will be released on Wednesday at 21:30 Singapore time instead of usual Thursday at 20:00.
- 08:09Matrixport: BTC is experiencing a correction, the $89,000-$90,000 range is a key support levelChainCatcher reports that Matrixport released a chart today stating that Bitcoin funding rates continue to rise. Although BTC is undergoing a typical market adjustment, leveraged traders remain confident about the future. From a technical perspective, the price may pull back to the $89,000-$90,000 range. This key support level is expected to stabilize the broader market. With Thanksgiving approaching, Bitcoin's astonishing increase of up to +119% so far this year will inevitably become a hot topic at holiday dinner tables. What's more noteworthy is that Bitcoin is expected to once again be crowned as the best performing asset of the year. The highlight of this round of increases lies in traditional finance (TradFi) investors increasing their positions through ETFs. Looking forward to 2025, more institutional funds are likely to pour in further consolidating Bitcoin's strong upward momentum and reinforcing its long-term bullish outlook.