Bitcoin’s Roller Coaster to $69,000 and Prospects for a New ATH: This Week’s Crypto Roundup

This week saw Bitcoin ping-pong between two very important levels. This choppy price action resulted in hundreds of millions of leveraged positions being liquidated. The total cryptocurrency market capitalization has remained relatively unchanged since last week, hovering around $2.45 trillion.

As mentioned, the price of Bitcoin has fluctuated between two very important levels: $69,000 and $65,000. The week started well and the cryptocurrency was even eager to break above $70,000. However, the bears took control on Monday and pushed the price lower to $67,000 before starting another leg later in the week and falling further, towards $65,000. This is where the important 200-day moving average is located.

The bulls, however, staged an impressive recovery and were able to push BTC back towards $69,000, which is roughly where it is right now, at the time of writing.

It is also important to note that the Bitcoin network soared to a new all-time high in terms of mining difficulty, highlighting the competition between miners to produce new blocks.

Elsewhere, after eight long months, Nigerian authorities finally dropped money laundering charges against Tigran Gambaryan, a Binance executive. Gambaryan would have left the country.

In more exchange-related news, Kraken, one of the leading trading sites in the US, announced that it intends to launch its own blockchain in 2025. This follows the move by Coinbase, which launched Base, currently the most popular Ethereum layer. two scale solutions.

The US presidential election is also around the corner. Prepare for volatility because its outcome will surely have an impact on the crypto market.

Market data

Market capitalization: $ 2.45 thousand | 24 Hour Flight: $105 million | BTC Domain: 55.5%

BTC: $68,269 (-0.2%) | ETH: $2,543 (-3.8%) | BNB: $592 (-0.1%)

Source: Quantify Crypto This week’s Crypto headlines you can’t miss

Bitcoin Mining Difficulty Hits New All-Time High. Although the price of bitcoin has fluctuated quite a bit lately and has lost some of its recent momentum, the fundamentals of the network have been gradually increasing. This was made evident this week by new all-time highs for the blockchain’s hash rate and mining difficulty, making the network even more robust.

Nigeria Drops Charges Against Binance Executive Tigran Gambaryan After Health Concerns: Report. After months in prison, Nigerian authorities finally dropped all charges against Binance’s Tigran Gambaryan. However, multiple reports have emerged claiming that his health deteriorated greatly during his time behind bars due to a lack of proper medical care.

Crypto Exchange Kraken to Launch Its Own Blockchain Next Year: Report Following in the footsteps of US-based rival Coinbase, Kraken said it plans to launch its own blockchain in early 2025. Called Ink, the new product would aim for decentralized applications for users to trade, lend and lend cryptocurrency without intermediaries.

This is when Alex Mashinsky will appear in court on charges of fraud and market manipulation. Alex Mashinsky, the founder and former CEO of Celsius, will appear in a US court on November 13. He faces numerous serious charges, including securities and commodities fraud, as well as market manipulation.

Ripple files Form C in SEC case, highlighting 4 key issues: Details Ripple Labs has responded to the SEC’s most recent appeal in its ongoing legal battle, highlighting four key issues the agency has not resolved in the past four years. The main takeaway is that the Commission has not provided specific guidance on which cryptocurrencies (if any) are actually securities.

The M2 money supply expansion indicates a potential extended Bitcoin bull market. According to analysts, the growing M2 money supply suggests that BTC price could be poised for another massive rally in the long term. The prediction is based on historical returns, as bitcoin soared during the M2 supply expansion in 2017 and 2020/21.

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This week, we have a chart analysis of Ethereum, Ripple, Solana, Dogecoin and Binance Coin – click here for the full price analysis.

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