Bitcoin Price Explodes, Almost Hits New ATH As Election Week Ends – Your Weekly Crypto Roundup

What a week it has been for the cryptocurrency market! Volatility soared and Bitcoin nearly hit a new all-time high. They actually came to $150 to do it, but the sellers stepped in and brought the price back down. Ultimately, the total market capitalization managed to add about $50 billion as we head into US presidential election week.

For starters with Bitcoin, its price was trading around $68,000 during this time last week and nearly hit a new all-time high, hitting $150 on Tuesday. The bulls were having none of it, however, and sellers stepped in, pushing the cryptocurrency lower. It took a few days, but BTC is currently trading around $70,000. It will be interesting to see if this level will hold or not, as it could be pivotal to its next move in the near term.

That said, Bitcoin’s dominance, the metric that tracks its share of the rest of the market, has also increased. This is particularly indicative of current dynamics. Altcoins are struggling to keep up, with BTC accounting for nearly 60% of the total market, a high we haven’t seen in three and a half years.

Moving away from the price action, it’s worth noting that yesterday, October 31st, marked the 16th anniversary of the Bitcoin White Paper, a date celebrated throughout the industry and, as it turns out, beyond.

In a surprising tweet, Donald Trump congratulated the community:

“I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper (…)”

Elsewhere, MicroStrategy announced it plans to raise a whopping $42 billion over the next three years in its third-quarter earnings release. And in case there was any doubt, yes, they will use the funds to buy more Bitcoin and improve their “BTC yield” for their shareholders.

All in all, it was a pretty exciting week, but the week ahead is likely to bring even more volatility. After all, the entire world is anticipating the outcome of the US presidential election on November 5. Whatever the outcome, it is likely to have an impact on the crypto market as well.

Market data

Market capitalization: $ 2.46 thousand | 24 Hour Flight: $125 Million | BTC Dominance: 56.4%

BTC: $70,205 (+3.3%) | ETH: $2,536 ( 0%) | BNB: $578 (-2.3%)

This week’s crypto headlines you can’t miss

MicroStrategy Announces $42 Billion Capital Plan to Buy More Bitcoin Although already the largest corporate holder of Bitcoin, the company MicroStrategy, founded by Michael Saylor, plans to raise more than $40 billion to continue its massive BTC hoard.

Bitcoin’s path to $200,000 doesn’t depend on the demise of the dollar, says Bitwise’s CIO. Many critics of BTC believe that the asset’s path to a six-figure price involves the collapse of certain fiat currencies, such as the greenback. However, Bitwise’s CIO stated that Bitcoin only needs to take a fraction of gold’s market share to reach $200,000.

CZ on whether he will resume the role of CEO of Binance after his release from prison. Binance’s former CEO made his first public appearance since being released from prison during the company’s event this week in Dubai, where he said he has no plans to resume his former role at the exchange that founded more than seven years ago. Instead, it will now focus on mass education.

BlackRock’s IBIT Bitcoin ETF sees historic inflows of $872 million, surpassing previous highs. It was another great week for US-based Bitcoin ETFs, and especially BlackRock’s IBIT. The fund broke its own daily record for net inflows on Oct. 30, with $872 million poured in.

IMX Pours By Double Digits As SEC Sends Wells Notice To Immutable. Despite a few setbacks in recent months, the US Securities and Exchange Commission continues its crusade against the crypto industry by issuing a “Wells Notice” to blockchain gaming platform Immutable. Naturally, the protocol’s native token plummeted in response.

Bitcoin price recovers $70,000 despite weaker-than-expected US jobs data. In the last jobs report ahead of the 2024 presidential election, the US reported adding just 12,000 jobs in the previous month, October. That was just 10% of the expected number of 120,000, which was attributed to the two hurricanes that hit the country and the ongoing strike at Boeing.

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