$2.19 Billion BTC Transfer from Mt. Gox
Mt. Gox transferred approximately 32,371 BTC (worth about $2.19 billion) to two unidentified wallet addresses, according to blockchain analysis firm Arkham. This transaction involves transferring 30,371 BTC to an unidentified wallet, and an additional 2,000 BTC to a Mt. Gox cold wallet and then another unidentified wallet. This large transfer follows a smaller move of 500 BTC last week. In the past, such moves have resulted in payments through exchanges such as Bitstamp and Kraken. Last month, Mt. Gox postponed the payment deadline from October 31, 2024 to October 31, 2025. Mt. Gox, once the world’s largest Bitcoin exchange, suffered a major security breach in 2014 in which it lost 850,000 BTC, and thousands of creditors are still waiting for compensation.
Global Dollar Network from Robinhood and Kraken
Robinhood, Kraken, Paxos, and other major traditional finance and crypto companies have launched the Global Dollar Network, a cohesive network to promote stablecoin adoption globally. This new network supports Paxos’ USDG stablecoin, which was launched on November 1, is initially available on the Ethereum blockchain and is planned to be expanded to other blockchains as regulations evolve. USDG, issued by Paxos in Singapore, is designed in accordance with the Monetary Authority of Singapore’s stablecoin framework. The stablecoin is fully backed 1:1 by U.S. dollar deposits, short-term U.S. government bonds, and other cash equivalents, and is managed by DBS Bank. The network’s goal is to promote competition in the stablecoin market, which is currently dominated by Tether (USDT) and Circle’s USD Coin (USDC), which hold 56% and 27% of the Ethereum stablecoin supply, respectively. USDG aims to attract mainstream players to the ecosystem by supporting wider stablecoin use cases.
Marathon and Riot Record BTC Production
Marathon Digital and Riot Platforms have achieved their highest monthly Bitcoin production since the halving in April, due to increases in hash rates. Marathon produced 717 BTC in October, thanks to a 14% increase in hash rate and higher transaction fees. This amount is worth $48.8 million. Riot, on the other hand, increased its hash rate with new equipment at its Corsicana facility, producing 505 BTC (worth $34.4 million) in October. Both firms have set expansion targets. Marathon aims to reach a hash rate of 50 EH/s by 2025, while Riot is targeting 34.9 EH/s by the end of 2024 and 100 EH/s by 2027. Despite positive production results, shares of both companies fell on November 4.
BTC Mining with Renewable Energy from Deutsche Telekom
Deutsche Telekom’s T-Systems MMS, in collaboration with Bankhaus Metzler, has launched a pilot project called “Digital Monetary Photosynthesis”, which mins Bitcoin using more renewable energy. This initiative aims to balance energy grids by using excess renewable energy that remains idle due to grid limitations or inadequate storage options. Similar to the method used by Bitcoin miners in the US state of Texas, this project contributes to balancing energy supply and demand by using mining flexible load capacity. The project is hosted at RIVA Engineering in Germany, which produces its own solar energy, and Bankhaus Metzler is investigating wider applications in digital finance by managing test runs and data analysis.
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BITCOIN (BTC)
BTC is priced at 68,457 with a 0.88% gain in value as of the morning hours. On the chart, significant resistance levels are located at 70,000.00 and 72,000.00. If the price manages to break through these levels, a rise to 72,000.00 could be likely. This could potentially create momentum towards the 74,000.00 level. Support levels are 68,000.00 and 66,000.00. The price is currently trading around 68,487.79, while a break below this level risks a pullback to 66,000.00. If the price loses 66,000.00, 64,000.00 and 60,000.00 could be considered as a deeper correction.
ETHEREUM (ETH)
ETH is priced at $2430 with a 1.34% gain in value as of the morning hours. The range of 2,550.00 – 2,575.00 and the range of 2,675.00 – 2,725.00 are important resistance levels that the price may encounter. In case these areas are crossed, upside momentum could be gained and a move towards the 2,800.00 level would be possible. Below, the level of 2,338.99 is observed as support. A break below this level could pull the price lower, towards the 2,250.00 – 2,300.00 support area. If this support level is broken, there is a potential retracement towards 2,168.07.
RIPPLE (XRP)
XRP is priced at $0.5075 with a loss of 0.79% as of the morning hours. Below the current level, there is a wide area of support around 0.5000. This support area could prevent the price from falling further and create an opportunity for a rebound. In case the price makes an upward move, the range of 0.5400 – 0.5500 stands out as the first resistance level. A break of this level could push the price towards higher resistance areas, specifically the 0.5800 – 0.5900 range. However, in the current situation, it seems that the price is struggling to overcome these resistances.
AVALANCHE (AVAX)
AVAX is priced at $23.07 with a 0.34% gain in value as of the morning hours. The following support level is 21.88. This level can limit the decline of the price and act as a recovery area. If the price reacts from this support level, a rebound can be seen towards the support area around 25.50. However, for an uptrend to be sustainable, the price needs to break above the 26.37 resistance. A close above this level could allow the price to gain upside momentum and test the 28.00 – 29.00 resistance zone.
SOLANA (SOL)
SOL is priced at $160.22 with a 1.44% gain in value as of the morning hours. The first resistance zone for the price to recover to the upside is the 163.70 level. Closing above this level is important for the continuation of the uptrend. Otherwise, the price is likely to pull back to the support zone located around 150. If the 150 level is also broken, the 135 – 140 range, which is a stronger support area, may come into play. This region stands out as an important area where buyers can concentrate.
