Strive Moves Bitcoin to Standard Portfolios
A company called Strive Enterprises, founded by Vivek Ramaswamy and Anson Frericks, has launched a new asset management division that aims to integrate Bitcoin into its standard investment portfolios as a hedge against economic and geopolitical risks. The launch follows a $30 million Series B funding round led by Cantor Fitzgerald, with Strive moving its headquarters from Ohio to Texas. CEO Matt Cole stated that their commitment to achieving “financial freedom” through Bitcoin integration sets them apart from other asset managers. The move coincides with the growing acceptance of Bitcoin in the traditional financial world, in line with the success of U.S.-based spot Bitcoin ETFs, which are gaining momentum among institutional investors. Strive also manages $1.7 billion in assets and focuses on maximizing shareholder value by positioning itself as an “anti-ESG” company.
Trump’s Election Ratings Are On The Decline
As election day approached, Donald Trump’s odds of winning the U.S. presidential election fell by more than 10% from their all-time highs in prediction markets such as Kalshi and Polymarket. Despite the recent decline, Trump still appears to be ahead of his rival, Vice President Kamala Harris, but Harris’ rates in critical states such as Wisconsin and Michigan have increased. Théo, a French investor who placed big bets on Trump at the Polymarket, said he was not politically motivated, betting based on his analysis and that Trump could win $80 million if he won. Théo put Trump’s actual probability of winning at 80 to 90%.
UBS Launches Ethereum-Based Tokenized Fund
UBS has launched uMINT, a tokenized money market fund on the Ethereum blockchain, making it its foray into tokenized assets alongside companies such as BlackRock and Franklin Templeton. The UBS USD Money Market Mutual Fund Token offers investors access to high-quality, conservative money market instruments. Ethereum stands out as the largest blockchain for the tokenization of real-world assets, with over $3 billion in tokenized assets, with U.S. treasury debts accounting for the largest portion. Tokenized assets on Ethereum have grown by close to 4% in the last 30 days. U.S. treasury products such as BlackRock’s $BUIDL and Franklin Templeton’s $FOBXX are among those with the highest market cap.
Reddit Sells Its Crypto Assets, Moves Away From Blockchain
Reddit sold most of its Bitcoin and Ethereum holdings in the third quarter, raising $6.87 million, making a profit of close to $30 million for the first time in its 19-year history. The platform disclosed its crypto investments in its IPO filing in February 2024, initially using Ethereum and Polygon for virtual goods payments. However, Reddit has opted to reduce its crypto-focused strategies due to scalability and regulatory uncertainties. It discontinued the Ethereum-based Community Points system and set a policy that requires board approval for future crypto investments. Reddit’s asset sale came just before Bitcoin’s recent price surge.
21Shares Applies to SEC for XRP ETF
21Shares has filed an S-1 application with the SEC to launch a spot XRP ETF called Core XRP Trust on the Cboe BZX exchange, with Coinbase serving as the depository of the fund. This ETF aims to passively track the price of XRP by tracking the CME CF Ripple to Dollar Reference Rate, providing an indirect access without holding XRP directly. While 21Shares has previously successfully launched Bitcoin and Ethereum ETFs in partnership with Ark Invest, the prospects of the XRP ETF being approved are uncertain due to the ongoing legal dispute between Ripple Labs and the SEC. Despite these legal challenges, other companies such as Canary Capital and Bitwise are also seeking SEC approval for their own XRP ETFs, reflecting strong institutional interest in the asset.
Robinhood’s Crypto Trading Volume Increased by 114%
Robinhood’s crypto trading volume in the third quarter of 2024 reached $14.4 billion. This represents a year-on-year increase of 114% and a decrease of 33% compared to the previous quarter. Despite fluctuations in revenue, Robinhood has continued to grow its user base and assets under management, and has taken new steps in the Web3 space, such as stablecoin offerings, crypto transfers, and expansion in Europe. It has also adopted a diverse Web3 strategy by venturing into political prediction markets. CEO Vlad Tenev stated that he is optimistic about the future of Robinhood and emphasized that new features such as the Robinhood Legend desktop app, index options, futures, and a profit/loss tool are coming. The positive Q3 performance had a positive impact on Robinhood’s shares, with executives expressing confidence in their future Web3 initiatives.
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BITCOIN (BTC)
BTC is priced at 68,980 with a 0.29% gain in value as of the morning hours. In particular, below 68,000.00, there is a support area extending to 66,000.00. The price has experienced a pullback after testing the 70,000.00 resistance and is fluctuating at the current levels. If the price breaks below 68,000.00, it may lead to a decline towards 66,000.00 and then 64,000.00. On the other hand, if the price manages to surpass the 70,000.00 level, an upward move towards 71,000.00 and 72,000.00 levels can be expected.
ETHEREUM (ETH)
ETH is priced at $2470 with a 0.57% gain in value as of the morning hours. Price action has been bearish after peaking near the red resistance zone between 2,560.00 and 2,640.00. The area around 2,480.00 acted as a support area where the price retested and bounced back from this level. If the price breaks below 2,480.00, it may drop to 2,461.59. Below this, 2,440.00 and 2,338.99 are important support points. On the other hand, if the price breaks above 2,560.00, an upward move towards 2,680.00 and 2,840.00 can be expected.
RIPPLE (XRP)
XRP is priced at $0.5055 with a loss of 0.50% as of the morning hours. The high resistance level is near 0.5900, where price is showing signs of reversal. Above this level, the red area between 0.6000 and 0.6500 can act as a resistance zone. In case the price breaks through this zone, a further upward move can be expected. Also, the 0.5700 and 0.5600 levels can be watched as potential support points. However, if the price breaks below these levels, the green area at 0.5100 and the 0.4900 level below it will attract attention. If the price breaks the 0.4900 USDT level, a drop to 0.4500 USDT may occur.
AVALANCHE (AVAX)
AVAX is priced at $ 162 with a value gain of 0.17% as of the morning hours. The upper resistance level is set at 26.37. Above this level, in the range of 28.00 – 29.00, the red area acts as an important resistance zone. If the price breaks above this level, it may gain upward momentum and rise towards 29.50 and 30.00. Support levels are observed as 25.00 and 24.00 levels. As the price approaches the 25.00 level, a rebound can be expected here. However, a drop below this level could raise the possibility of a decline to 23.00 and then 21.88. These points are critical for the continuation of the downtrend.
SOLANA (SOL)
SOL is priced at $162.26, down 0.23% as of the morning. The upper resistance level is set at 165.00. Above this level, in the range of 168.00 – 170.00, the red area acts as an important resistance zone. If the price breaks above this level, it may gain upward momentum towards 170.00 and 175.00. Support levels are observed as 160.00 and 155.00 levels. As the price trades at 162.00, a rebound can be expected here. However, a drop below this level could raise the possibility of a decline to 155.00 and then 150.00. These points are critical for the continuation of the downtrend.
