Bitcoin Reaches $75,000, Replenishing ATH
Bitcoin hit a new record high of over $75,000 as $94 million of bearish positions were liquidated, according to Coinglass data. The price increase coincided with early U.S. election results in favor of Donald Trump, who is seen as crypto-friendly. Trump’s lead in the early vote has led investors to increase their Bitcoin purchases. Because a possible Trump presidency is seen as positive for the industry. Moreover, BTC is trading at a premium on the Coinbase exchange, indicating strong demand from the United States.
Michigan State Pension Fund Receives $10 Million in Ethereum
The Michigan State Pension System, which manages $13.6 billion in assets, has expanded its crypto portfolio by investing $10 million from Grayscale’s Ethereum Trust (ETHE), becoming the first U.S. state pension fund to invest in Ethereum ETFs. This move caused the fund to hold more Ethereum than Bitcoin, whereas Bitcoin ETFs had previously received regulatory approval. The pension fund also received an additional $1.1 million in shares in Grayscale’s Ethereum Mini Trust. While ETHE enables ownership of a portion of Ethereum, it offers indirect exposure to its performance without requiring direct ownership. However, it competes with lower-fee Ethereum ETFs from companies like BlackRock and Fidelity.
Bitcoin Mining Difficulty Reaches Record High
Bitcoin mining difficulty increased by 6.2%, surpassing the 100 trillion mark for the first time and hitting a record high of 101.7 trillion. This adjustment came after the network’s seven-day moving average hash rate crossed the 750 EH/s level. The increase in difficulty reflects an increase in the computational power required for block mining, suggesting that more miners are joining the competition despite revenue challenges following the recent halving event. High electricity costs and inefficient machinery are pushing some miners into negative profitability.
VanEck Launches Solana-Based PYTH ETN to European Market
VanEck launched the Solana-based PYTH ETN on Euronext, giving European investors access to the Pyth Network without holding cryptocurrencies directly. This ETN provides access to Solana-backed real-time financial data in 15 European countries such as Germany and Switzerland. By partnering with Bank Frick for secure cold wallet storage, VanEck is committed to asset protection. VanEck also established a $30 million venture fund to support early-stage crypto and artificial intelligence projects under the name VanEck Ventures; It aims to promote innovation in stablecoins, cross-border payments, and blockchain technologies.
UK Pension Fund Moves to Direct Investment in Bitcoin
The first pension fund in the United Kingdom invested directly in Bitcoin, allocating 3% of its assets to cryptocurrency. This bold move was led by retirement expert Cartwright. Unlike other funds, instead of a Bitcoin ETF, there is direct token ownership, and private keys are distributed to five independent institutions for security. Cartwright is also introducing the Bitcoin Employee Benefits program, which will allow employers to pay employees in Bitcoin. Currently, five companies are showing interest in this product. This move reflects the growing acceptance of digital assets in institutional investment portfolios.
$541 Million Withdrawn from Bitcoin ETFs Due to Election Uncertainty
$541 million was withdrawn from Bitcoin ETFs this week, the largest outflow recorded since May. Uncertainty ahead of the U.S. presidential election is influencing this trend. Many investors are taking a cautious “wait and see” approach, concerned that political shifts could affect market dynamics. Historically, Bitcoin has shown increased volatility during election cycles and periods of political uncertainty. Meanwhile, the prospect of a Federal Reserve cut interest rates this week could make Bitcoin attractive as a potential inflation hedge, as the prospect of the dollar’s depreciation could drive investors to alternative assets.
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BITCOIN (BTC)
BTC is priced at 74,800 with a 7.88% gain in value as of the morning hours. The price has risen strongly to 75,000 USDT. This move was made by surpassing the resistances at 73,620.12 and 71,500 levels. The increase in volume is also noteworthy in this rise. This, in turn, supports the strength of buyers and the bullish trend in the market. In case of a close above the 75,000 level, further movement towards higher levels can be expected. However, in case of a pullback below 75,000, 73,620.12 should be watched as an initial support.
ETHEREUM (ETH)
ETH is priced at $2600 with a 7.25% gain in value as of the morning hours. The price rose to 2,601.60 with a strong buying reaction at 2,461.59. During this rise, there has been a significant increase in trading volume, which reveals the power of buyers in the market. The 2,601.60 level stands out as a resistance area that the price has recently tested. If the price can sustain above this level, a move towards the next resistance area at 2,819.69 can be expected on the upside. However, if the price rejects at 2,601.60, there is a possibility of a pullback to 2,461.59 and 2,338.99 as support.
RIPPLE (XRP)
XRP is priced at $0.5075 with a loss of 0.79% as of the morning hours. It took a strong buying reaction from the support at 0.5000 and rose to 0.5354 levels. During this rise, a significant increase in trading volume is observed. This shows that buyers are strongly present in the market. The 0.5354 level stands out as an area where the price is currently facing resistance. In case of a break of this level, a move to the upside can be expected and the price can be predicted to continue to 0.5500 levels. However, in case of a reversal from this resistance, it seems likely that the price will pull back towards the 0.5000 level.
AVALANCHE (AVAX)
AVAX is priced at $23.07 with a 0.34% gain in value as of the morning hours. It rose from the lower support zone with a strong buying reaction and approached the resistance zone at 26.37. During this rise, there is a significant increase in trading volume. This, in turn, indicates that buyers are entering the market strongly. If the price can break 26.37, it has the potential to rise to the next resistance zone at 28.50. However, if a rejection occurs from this level, it could be the case that the price pulls back towards the lower support zones.
SOLANA (SOL)
SOL is priced at $160.22 with a 1.44% gain in value as of the morning hours. It rose from the support level at 163.70 with a strong buyer reaction and quickly overcame the resistance of 183.38 to reach the level of 186.46. This move is also supported by an increase in trading volume. This suggests that buyers are heavily active in the market. If the price can hold above this level, it may be possible for the upside movement to continue and move towards higher resistance levels. However, if resistance is encountered at this level, there is a possibility that the price could retrace again.
