The Block
Bitcoin is poised for a potential increase in value as the U.S. elections on November 5 approach; however, analysts caution that a sell-off could follow.The largest digital asset by market capitalization is now trading just below the $69,000 mark, with just over one week to go before the U.S. presidential election on November 5.
Quick Take The Telegram-linked network experienced a second outage on Wednesday. TON developers attributed the second outage to the “heavy load” from DOGS memecoin minting, which likely caused the previous six-hour outage on Tuesday.
Ethereum’s infrastructure limitations are leading users, applications, and capital to migrate to Layer 2 solutions and competing blockchains like Solana, an analyst said.Another analyst noted that liquidity fragmentation across Ethereum’s Layer 2 networks poses a risk to market efficiency.
Quick Take Shares in several U.S.-traded bitcoin mining stocks are trading sharply higher in Monday’s session. An analyst noted the price of bitcoin is rising “at the same time that enthusiasm for bitcoin mining stocks as plays on the growth of AI has returned.”
Quick Take Bitcoin topped $70,100 at 22:10 UTC, the first time the largest cryptocurrency by market capitalization crossed the $70,000 level in more than seven months,.
Quick Take On Monday, spot bitcoin ETFs in the U.S. experienced net inflows of $479.4 million, the largest daily inflows since Oct. 14. BlackRock’s IBIT led the inflows, with $315 million flowing into the product.
Quick Take BTC has a 60% year-to-date return, compared to the nearly 4X higher return provided by MSTR. The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take The crypto exchange hired Min Lin, the former regional vice president for Latin America and head of business development at Binance, to drive growth.
Quick Take From my perspective, October also underscored an evolving trend — Wall Street is absorbing crypto’s culture and first principles. This column is adapted from The Scoop newsletter.
Quick Take The crypto lobbyists Blockchain Association and Crypto Council for Innovation are backing apparel firm Beba’s pre-emptive lawsuit filed in March.
