US Recovers $20 Million Crypto Fund
A wallet linked to the US government recovered $19.3 million in 24 hours, 88% of the $20 million stolen in a hack on October 24. The stolen funds included $14 million in AUSDC, $5.4 million in USDC, $1.1 million in USDT, and $500,000 in ETH. The funds, which stemmed from the 2016 Bitfinex hack, had lain dormant for more than eight months. Analysts Arkham and ZachXBT said the funds were being moved to unauthorized applications, which were used to launder stolen assets.
Investigation into Illegal Use of Tether
US prosecutors are investigating allegations of potential misuse of Tether by third parties for illegal activities such as terrorism and hacking. The Treasury Department is also considering sanctions on Tether because it is used by Hamas and some in Russia. If sanctions go into effect, Americans could be restricted from trading with Tether. Tether CEO Paolo Ardoino called the allegations speculative, said he had no knowledge of such an investigation, and emphasized that Tether was cooperating with law enforcement. Tether had previously been under investigation for making misleading statements about its reserves.
Record Demand for Bitcoin ETFs
In the year since their launch, spot Bitcoin ETFs have accumulated 938,000 BTC ($63.3 billion), reaching 4.5% of Bitcoin’s circulating supply. These ETFs have surpassed the inflows of gold ETFs in their first year, exceeding $21 billion in 10 months, driving demand for Bitcoin. BlackRock’s IBIT, Grayscale’s GBTC, and Fidelity’s FBTC funds account for about 84% of total ETF inflows. While 80% of this demand comes from retail investors, institutional investor interest is also increasing. More than 1,200 institutional investors are currently involved in the ETFs. Ethereum ETFs, on the other hand, have not been able to match this success, experiencing outflows of more than $103 million.
DeFi Event on Shibarium
Shiba Inu aims to increase user experience and activity on the Shibarium network with the launch of ShibaSwap 2.0. Key updates include concentrated liquidity options that increase capital efficiency, simplified staking rewards, and multi-hop swaps that can be traded across multiple pairs. The new version offers transparency and flexibility features such as APR rates and variable fee rates. For the future, ShibaSwap V3 is planned, with features such as limit orders and dollar-cost averaging being considered. ShibaSwap 2.0 aims to increase its presence in the DeFi space by becoming a leading DEX on Shibarium.
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BITCOIN (BTC)
BTC is priced at $67,686 with a 0.50% loss in value as of the morning hours. The price is currently trading at 67,950 and a consolidation is observed near the 67,688 USDT level. In case of falling below this level, the 67,000 level stands out as a support point. In addition, the 0.5 Fibonacci retracement level at 64,605 should be carefully monitored for a deeper pullback or the start of a possible downtrend. If the price falls below this level, the 62,360 level can be retested. Above, the 68,500 and 70,000 levels have been determined as potential resistance areas. If the price exceeds these levels, 71,000 USDT can be targeted.
ETHEREUM (ETH)
ETH is priced at $2476 with a 1.24% loss in value as of the morning hours. The price is currently trading at 2,475 and consolidation is observed in a support area near 2,461. This level is a critical support point to be observed in case the price falls further. If the price falls below this support level, 2,400 should be carefully monitored as the next potential support area. However, if the price can maintain 2,461, a recovery towards 2,500 and then 2,560 may occur. At the same time, the red areas above 2,680 are defined as important resistance levels on the chart. If the price breaks these resistance levels, it can support upward movements and allow for momentum towards 2,800.
RIPPLE (XRP)
XRP is priced at $0.5132 with a 0.72% loss as of the morning hours. The price is currently at 0.5131, which is seen as an important support area within the current trading range. If the price closes below this level, the next support point should be watched as 0.5000. The price failed to stay above this support level in the previous days and there was a short-term decline. If the price can maintain the 0.5131 level, a return to the 0.5200 level may occur. This level has been determined as a target for an upward movement. In addition, the price has the potential to rise to the 0.5300 and 0.5400 levels. However, there is a significant resistance area at 0.5500, and if the price breaks this level, there may be further increases.
AVALANCHE (AVAX)
AVAX is priced at $25.27 with a 1.98% loss in value as of the morning hours. The price is currently at 25.23, which is determined as an important support area between 25.00 and 26.37. If the price closes below this support area, it may indicate that the downward movement may continue, and in this case, a decline towards 24.00 may occur. The price previously tested the 27.00 level, but it returned with the selling pressure from here. The red areas act as important resistance areas, and the sales from these levels pressured the price downwards. If the price continues to stay below 26.37, this increases the possibility of further declines. On the other hand, if the price manages to stay above 25.00, a return towards 25.50 may occur. However, the sustainability of these movements will vary depending on market sentiment and volume.
SOLANA
SOL is priced at $175 with a 0.90% gain as of the morning hours. The price is currently at 175.14. This level is just above the important resistance and support area between 163.70 and 177.50. The price has pulled back after testing the 177.50 level and is currently trading at 175.14. Price movements generally indicate that an upward trend continues. However, if the price fails to stay above 177.50, this could increase the possibility of a drop towards 170.00. Below, 163.70 is an important support point; if this level is broken, the price can be expected to experience further declines. If the price can break above 177.50, this could signal a new upward movement and a target towards 180.00 could be determined. However, the sustainability of these movements will vary depending on market sentiment and volume.
