We begin with an event that could potentially influence the direction of BTC prices in the coming days.
U.S. Elections Less Than a Week Away
The cryptocurrency market is showing signs of activity, with the prices of Bitcoin and other leading digital assets on the rise. The primary driver is the upcoming U.S. elections on November 5. Who will win? Betting platforms indicate a lead for Donald Trump, while polls suggest that the race between the Republican and Democratic candidates remains tight. Key results will come from swing states.
A Trump victory could fuel stronger growth in cryptocurrencies, though a win for Harris may not halt Bitcoin’s bull market.
Gold Reaches a New All-Time High
Growth is also evident in other markets. Gold has hit a new all-time high, now priced at $2,800. It’s possible that Bitcoin, often referred to as “digital gold,” may follow suit.
What’s driving the rise in gold? Primarily, it has been undervalued for some time. Additionally, there are concerns about the potential for a new war in the Middle East (though this is an unlikely scenario) or an escalation of the conflict in Ukraine.
BlackRock Accumulating Bitcoin
Returning to the cryptocurrency market, particularly BTC ETFs: BlackRock’s ETF now holds $30 billion worth of BTC. Interestingly, investors in this ETF are purchasing BTC in larger amounts than those seen in other funds. A similar trend is visible in ETH ETFs, where BlackRock’s ETF is also leading.
Why the Ethereum Foundation is Selling Ether
Recently, Ethereum has faced some negative press, with the ETH/BTC exchange rate declining and many predicting the project’s slow downfall. The situation is further complicated by actions of the Ethereum Foundation, which has been selling ETH. Why are they doing this? Have they lost faith in their own network?
In a discussion on X, Vitalik Buterin explained everything. It turns out that the foundation is using these sales to fund experts working on changes to the blockchain. Vitalik himself has stated that he’s buying ETH.
According to the platform Scopescan, the foundation recently sold 4,066 ETH for a little over $11 million.
Source: x.com