Fed Rate Cut and Bitcoin Record
The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points to a range of 4.5% to 4.75%, citing improvements in the job market and progress in inflation. Fed Chair Jerome Powell has eased fears of a hawkish policy shift, stating that Donald Trump’s election victory will not affect the Fed’s policy decisions in the short term. While emphasizing that the policy is still restrictive, Powell stated that he would not resign from his post at Trump’s request and that such action is legally limited. Bitcoin rose 1.6% to a record high of $76,951 following these statements, while the S&P 500 and Nasdaq indices also rose slightly. Following this announcement, the rate of those expecting a rate hike in December decreased from 33% to 28%.
Block Focuses on Bitcoin Mining
Jack Dorsey’s company Block will reduce its investments in Tidal and shut down its decentralized web development arm called TBD, announcing that it will prioritize Bitcoin mining and a self-custody wallet called Bitkey. This change is in line with the new administration in the United States, which supports Bitcoin mining. As part of this strategic restructuring, Block has made layoffs at Tidal and TBD. The company’s third-quarter revenues came in at $5.98 billion, but that fell short of analyst expectations and Block’s share price partially recovered after falling 10%. Block has also formed a partnership with Core Scientific to expand its mining infrastructure by developing a new mining chip.
Detroit to Accept Tax Payments in Crypto
Starting in mid-2025, Detroit will become the largest city in the U.S. to accept cryptocurrencies for taxes and other city fees. This innovation, which will enable cryptocurrency payments through a platform managed by PayPal, aligns with Detroit’s strategy to develop a tech-friendly environment. Detroit joins the list where states such as Colorado, Utah, and Louisiana have previously accepted cryptocurrencies, but there are very few examples at the city level. Mayor Mike Duggan emphasized Detroit’s commitment to blockchain innovation, inviting blockchain projects to increase transparency, improve security, and make public services more efficient.
Lummis’ Strategic Bitcoin Reserve Move
Wyoming Senator Cynthia Lummis has reiterated her commitment to building a strategic Bitcoin reserve for the U.S. following the victory of crypto-friendly republicans in the recent elections. Its proposal, dubbed the BITCOIN Act, stipulates that the treasury will buy one million BTC within five years, and that these assets will be kept in secure vaults for at least 20 years. This initiative coincides with President-elect Donald Trump’s proposal for the United States to create Bitcoin reserves and aims to strengthen the country’s influence in the crypto space. Lummis believes the proposal will succeed as 278 crypto-friendly congressmen have been elected and there is a republican majority in both chambers. Following the election results, Bitcoin reached a new high, surpassing $76,000, and BTC adoption at the nation-state level gained momentum.
Justin Sun’s Job Offer to Gensler
Tron founder Justin Sun has submitted a business proposal to SEC Chairman Gary Gensler on the condition that he adopt a more crypto-friendly approach. This proposal follows Trump’s promise to remove Gensler from office and has been welcomed in the crypto community due to the harsh regulations Gensler has imposed on the crypto sector. While Trump’s ability to fire Gensler is limited due to the SEC’s independent nature, some lawmakers are calling for Gensler’s resignation. Justin Sun’s proposal could provide a way out if Gensler voluntarily leaves the SEC.
8-Year-Old ETH Whale Sells Move
An Ethereum whale that has been dormant for more than eight years has started selling some of its 398,891 ETH, with a total value of $1.14 billion. In the first six hours, he sold around $37.38 million worth of ETH. These ETHs, which were accumulated on ShapeShift in 2016 at a cost of around $3.5, are held in 28 wallets belonging to the whale. The timing of the sell-off was noteworthy, with Ethereum outperforming Bitcoin and Solana to post an 8% increase. Pseudonim crypto trader Byzantine General predicts that ETH could experience a potential “short squeeze” due to an increase in open interest, which could push prices even higher. Moreover, U.S. spot Ethereum ETFs recorded their highest inflow in six weeks following Trump’s victory.
dApps Revenue Reaches $164 Million in October
dApps generated $164 million in revenue in October, demonstrating increased adoption, with trading bots and decentralized exchanges (DEXs) in particular contributing to this growth. Popular networks such as Tron, Ethereum, and Solana generated $182 million in revenue, while dApps captured a large portion of that revenue. Notably, memecoin trading has boosted this revenue, with Solana-based Pump.fun and dApps such as Photon generating high revenue, the report said. The report also questioned whether infrastructure projects are overfunded, emphasizing that new applications are more critical in terms of attracting users and growing the blockchain industry.
Dollar to Euro Blockchain Payments by JPMorgan
JPMorgan’s new brand, Kinexys, aims to facilitate cross-border digital payments by enabling instant blockchain payments between the US dollar and the euro. Unveiled at the Singapore Fintech Festival, Kinexys has combined JPMorgan’s blockchain operations to process more than $1.5 trillion in FX transactions and digital payments. The platform plans to expand into other currencies and add features such as on-chain privacy and identity verification. As part of JPMorgan’s blockchain initiatives, Kinexys is exploring the potential of blockchain in the financial system by working with Mastercard and Citigroup on regulated payment networks.
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BITCOIN (BTC)
BTC is priced at 75,910 with a loss of 0.07% as of the morning hours. The price has shown a strong uptrend above the 75,000 level and is currently trading at 75,956. The 75,000 level acts as an important psychological support. As long as the price stays above this level, the uptrend may continue. In the event of a possible downside move, the first support level is set at 73,620. If it breaks below this level, stronger support areas are located at 71,500 and 68,000, respectively.
ETHEREUM (ETH)
ETH is priced at $2902 with a 0.26% gain in value as of the morning hours. The price has risen to 2,904.81 after surpassing the important resistance at 2,819.69. This bullish move has been supported by strong momentum, and the current price is trading above the previous resistance level. If this level works as support, it seems likely that the uptrend will continue. In case of a possible pullback, the level of 2,819.69 should be watched as an initial support. In case of breaking below this level, the support areas at 2,720 and 2,560 should be followed. If the upside movement continues, the 2,950 – 3,000 area could be considered as a potential target.
RIPPLE (XRP)
XRP is priced at $0.5494 with a loss of 1.12% as of the morning hours. It is seen that the price has approached the 0.5500 level with a strong bullish momentum and has reached the resistance zone located here. This zone can be considered as an important resistance as it has faced selling pressure in previous tests. It is observed that the price is stuck in this resistance zone and moves sideways. In case of breaking above this level, it can be predicted that the uptrend may continue and move towards the 0.5700 area. However, a possible selling pressure in the resistance zone could push the price back to the 0.5300 level. As support, the 0.5300 level and below the 0.5000 level should be watched. Protecting these areas is important for the price to continue its uptrend.
AVALANCHE (AVAX)
AVAX is priced at $27.23 with a loss of 0.55% as of the morning hours. It is observed that the price is exhibiting a strong uptrend and is approaching the resistance zone at 27.25. This level stands out as an area where selling pressure has been encountered in previous price movements. If the price can overcome this resistance, the 28.50 – 29.00 band in the upper zone can be considered as a potential resistance level as the next target. However, in case of a pullback in the current resistance zone, the 26.37 level should be followed as the first support. A break of this support could increase the likelihood of a pullback towards the 25.00 level.
SOLANA (SOL)
SOL is priced at $198.00 with a 0.83% gain in value as of morning. It has reached the level of 197.66 with a strong uptrend. In the continuation of the upward movement, we can say that the 200.00 level can create an important psychological resistance. If the price takes a break from its rise and makes a correction, 183.38 will be the closest support level. This zone can also be considered as an area where buyer interest can be concentrated, as it is one of the areas where the price has consolidated before. If the price loses the support at 183.38, 163.70 will stand out as the next strong support point.
