Top Crypto News: Bitcoin Hit New All-Time High, RIpple (XRP), Polkadot (DOT), and FLOKI

November 8, 2024

Crypto World

Maciej Zerelik

Stay tuned for the latest updates from StealthEX and CryptoDaily! Each week, we cover the hottest stories in crypto. Curious about the biggest trends? Our quick summary breaks down the top headlines, making it easy to stay informed. With our updates, you’ll never miss what’s happening in the crypto world. Ready to dive in? Let’s get started!

Polkadot and SP Negócios Join Forces to Drive Blockchain Growth in São Paulo

Polkadot has partnered with SP Negócios, São Paulo’s agency for investment and export promotion, to support blockchain innovation across the city’s business landscape. As market demand for blockchain technology rises, Polkadot is stepping up as a vital partner, helping companies embrace secure and transparent digital solutions. Through an educational initiative called Código Brazuca, Polkadot will provide São Paulo residents and businesses with access to blockchain programming courses beginning in December.

This free online program, accessible to businesses of all sizes—from startups to major corporations—will be available without prior qualifications, enabling broader access to blockchain skills. Registrations are expected to open soon via SP Negócios.

Gustavo J. Massena, Decentralized Business Developer at Polkadot, highlights that the collaboration with SP Negócios aims to nurture a new generation of blockchain developers, driving technological adoption among São Paulo’s companies. By promoting specialized training, SP Negócios seeks to establish São Paulo as a hub of blockchain innovation, attracting investments, fostering new startups, and bolstering the city’s tech industry.

FLOKI Launches Major Marketing Campaign at Dubai’s Iconic WAFI Mall

FLOKI is embarking on an exciting four-week promotional campaign at WAFI Mall, one of Dubai’s premier shopping destinations. From November 8 to December 5, FLOKI’s brand will shine across 18 strategically placed digital screens.

WAFI Mall, known for attracting around 19,500 visitors daily, spans an impressive 2.5 million square feet with 860,000 square feet dedicated to retail. Hosting over 300 stores, the mall offers a unique blend of international and local brands, providing FLOKI with high visibility in this bustling retail hub.

The digital screens showcasing FLOKI’s campaign are positioned in high-traffic zones within the mall, maximizing exposure. With these prime spots, the campaign is set to capture the attention of thousands of shoppers every day.

WAFI Mall, distinguished by its Egyptian-inspired decor, has been a staple in Dubai’s retail scene since the 1990s. Visitors encounter grand sphinx statues, pharaoh sculptures, and stunning stained-glass pyramids that evoke ancient Egypt. The mall also features cultural events, a light and sound show, and family-friendly attractions like KidZania.

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Bernstein Predicts Bitcoin Could Reach $200K by 2025

Bernstein, a leading financial advisory firm, has released an optimistic forecast, suggesting Bitcoin might hit $200,000 by the close of 2025. The firm’s prediction hinges on macroeconomic factors rather than the results of the U.S. presidential election.

Bernstein’s projection reflects confidence in Bitcoin’s resilience, asserting that its price is more influenced by economic trends than by political events. Analysts at Bernstein highlight the importance of long-term market drivers—particularly monetary policy shifts and the evolving role of institutional investors—as the primary forces behind Bitcoin’s anticipated growth.

Key catalysts identified include potential Federal Reserve interest rate cuts and greater market liquidity, both of which could increase investor interest in Bitcoin and other risk assets over the next two years. These economic conditions, Bernstein suggests, may fuel a sustained upward trend for Bitcoin, independent of political changes.

Rob Hadick, General Partner at Dragonfly, supports this view, noting that while elections can cause short-term market fluctuations, they are unlikely to disrupt Bitcoin’s broader trajectory. In a recent interview with Coinage, Hadick emphasized that Bitcoin’s current momentum is more reflective of macroeconomic influences than electoral concerns.

Ripple’s Unprecedented 470 Million XRP Reserve Sparks Market Concerns

Ripple has taken an unusual step by setting aside a massive 470 million XRP tokens for sale, marking the largest monthly reserve in seven years. This deviation from its typical pattern has raised concerns about the stability of XRP’s price, especially given the broader market and regulatory pressures Ripple faces.

Earlier this month, Ripple unlocked its standard 1 billion XRP tokens but doubled its typical reserve from 200 million to 470 million. This substantial increase, just before the U.S. presidential election, has intensified market jitters, as political and economic shifts could further impact XRP’s price trajectory. Ripple’s larger reserve, combined with its ongoing legal battles, suggests a potential need for heightened liquidity, which may signal future financial requirements.

Since 2017, Ripple has maintained an escrow-based release system to control XRP’s circulation, releasing 1 billion tokens monthly while re-locking a portion and reserving a smaller amount for sale. This structured release, aimed at managing supply, originally placed 55 billion XRP into escrow, released incrementally over 55 months.

November’s reserve stands out against recent months, including June 2024, when Ripple’s 400 million XRP sale caused a 20% price drop in XRP within a week.

Ripple’s Q3 Report Shows Strong Growth in XRP Demand Amid Rising Transaction Volumes

Ripple reported a robust third quarter as transaction volumes on the XRP Ledger surged alongside growing institutional interest in XRP. The recently published XRP Markets Report highlights an uptick in demand driven by new XRP offerings and Ripple’s ongoing legal battles with the SEC, which has only bolstered confidence in the token.

Ripple’s legal journey with the SEC, which began in 2020, initially led to many exchanges delisting XRP. However, a 2023 court ruling declared XRP and Bitcoin as non-securities, providing rare regulatory clarity in the U.S. This decision led to the relisting of XRP on numerous platforms, restoring investor sentiment. As the SEC continues its broader campaign against the crypto industry, its failure to progress in the Ripple case has diminished its credibility, with the SEC choosing not to appeal the court’s decision on XRP.

Ripple’s report also details a significant rise in institutional demand for XRP, boosted by developments like the CME’s launch of an XRP reference price and Bitnominal’s plans to offer XRP futures. Additionally, Bitwise, Canary, and 21Shares have filed for XRP ETFs, while Grayscale introduced an XRP Trust and aims to convert its multi-asset fund, which includes XRP, into an ETF.

Mt. Gox Moves 500 BTC to Cold Storage Amid Repayment Delays

Mt. Gox, the once-prominent crypto exchange, has transferred 500 Bitcoin (worth around $35 million) to cold storage, as identified by blockchain intelligence platform Arkham. This movement follows Mt. Gox’s announcement that it will delay repayments to creditors until October 2025, nearly a decade after the infamous 2014 hack.

On November 1, Arkham flagged two transactions totaling 500 BTC—31.78 and 468.24 BTC respectively—sent to unmarked addresses. These transfers mark the first major movement from Mt. Gox wallets in over a month. Despite these shifts, around 44,905 BTC, valued at $3.1 billion, still sits in Mt. Gox-associated wallets.

Mt. Gox was once a leading Bitcoin exchange, handling up to 70% of global BTC transactions. However, a 2014 hack drained 850,000 BTC, leading to its shutdown. Years later, law enforcement recovered 140,000 BTC, paving the way for creditor repayments under a rehabilitation proposal approved in 2021. Although some creditors have received partial repayments, a significant portion remains pending, attributed to “issues in the repayments process” and incomplete procedures by creditors.

Bitcoin Skyrockets to New Heights

In the early hours of November 6, 2024, Bitcoin’s price soared, hitting an all-time high. By 4:00 a.m., BTC broke past $75,000, climbing by over $6,000 in just one trading session. This sharp rise reflects the largest single-day gain seen since August, signaling renewed interest in the cryptocurrency.

Since September, Bitcoin has grown by an impressive 42.83%, up from $53,000. In a broader view, the ongoing bull market that began in November 2022 has seen Bitcoin’s value jump by a staggering 348.85%. This remarkable growth cements its place in financial history.

Trump’s increasing lead, currently at 242 electoral votes against Harris’s 112, has fueled investor confidence. If he clinches victory, analysts expect Bitcoin to continue its upward trend. Past elections show similar boosts, with BTC often climbing significantly in the year following major elections.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.