Bitcoin’s Wild Ride: From Highs to Election Uncertainty

DAILY MARKET OVERVIEW
Bitcoin’s Near All-Time High Run Stalls

👋Happy Friday Crypto Enthusiasts! Today, we’re exploring major shifts in the crypto landscape, with Bitcoin's slight stall and election uncertainties taking center stage. Let’s dive in!

Bitcoin’s Close Call with a New Record 📈

Bitcoin started the week strong, hitting $73,000 and nearly breaking its all-time high set in March. By Thursday, it slipped below $70,000, echoing a broader market decline.

Major stock indexes like the Nasdaq and S&P 500 dropped after Meta and Microsoft announced increased spending to meet AI demand, highlighting Bitcoin’s tight connection to tech stock performance.

The U.S. presidential race adds more uncertainty. Kamala Harris holds a slight lead over Donald Trump, who has positioned himself as pro-crypto and supportive of policies favorable to digital assets. Analysts suggest a Trump victory could push Bitcoin higher due to expected policy shifts, while Harris’s regulatory approach raises market caution.

Bitcoin ETF Momentum Slows 📉

After a surge of $3 billion in inflows over six days, Bitcoin ETFs are now losing steam. Thursday's inflows totaled just $31.3 million, with BlackRock leading the way while most other funds faced outflows.

• Despite this slowdown, Bitcoin ETFs still hold over 1 million BTC, underscoring strong institutional interest since their January 2024 debut.

Meanwhile, in the data realm, September’s job report revealed only 12,000 new jobs, far below the forecasted 100,000. Yet, crypto markets remained stable as the unemployment rate held at 4.1%.

With little reaction to the job data, attention has shifted to the upcoming U.S. election, which could bring market swings reminiscent of the volatility seen before the Bitcoin ETF launch earlier this year.

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TWITTER SENTIMENT
Quilibrium (QUIL): High Trader Interest

Quilibrium (QUIL), a project striving to redefine the internet through decentralization, has been making waves on social media, particularly among traders on X.

• Recently, Quilibrium completed a major upgrade to its system. During this time, the bridge that connects QUIL to the ETH network was paused for a few weeks. Now that the bridge is back up, many QUIL miners are moving their mined tokens to the ETH network to sell them.

This rush to sell has caused the price of QUIL to drop significantly, from $0.40 to $0.11. While some investors are worried by this drop, others see it as a chance to buy more QUIL at a lower price.

The $0.11–$0.12 price range has seen a lot of buying activity, showing strong support from buyers. Once the miners finish selling their tokens, we might see the price rebound, thanks to the project’s loyal community and its strong goal of making the internet decentralized.

NEWS OVERVIEW
The Latest Crypto Headlines 📰 

Paxos Partners with DBS Bank on New USD Stablecoin
Paxos launches the USDG stablecoin in collaboration with DBS Bank, aligning with Singapore’s regulatory standards for digital assets.

TON Foundation Launches Society DAO
TON Foundation unveils Society DAO, empowering community-driven governance and growth with transparent project funding and KPIs.

Coinbase Shares Tumble on Q3 Results
Coinbase shares drop 15.3% after reporting lower-than-expected Q3 earnings, marking the biggest decline since July 2022.

Tether Reports $2.5 Billion Q3 Profit
Tether announces $2.5 billion profit for Q3, with a year-to-date total of $7.7 billion, showcasing its stablecoin market strength.

YOUTUBE INFLUENCER SUMMARY 📷️ 
Josh Olszewicz - Broad Market Review - Getting Ready for the Big Week (01.11.2024 Summary)

Josh Olszewicz recently shared key insights for crypto traders. He discussed Bitcoin's current market position, highlighting that it remains above significant support levels but faces uncertainty due to upcoming events like the U.S. election and Federal Reserve announcements.

• Olszewicz emphasized the need for patience, reminding traders that market trends can take time to develop and that volatility could increase as macroeconomic and geopolitical factors unfold.

He also covered the recent ETF inflows, clarifying that these may not signal a direct bullish trend but could be linked to arbitrage opportunities. Olszewicz advised caution, stressing that while some traders hope for quick gains, it's essential to understand the complexities behind these trades.

In summary, while Bitcoin shows potential for growth, it remains sensitive to broader market influences.

Ivan On Tech - BITCOIN: MAYDAY! (01.11.2024 Summary)

Ivan on Tech recently sounded the alarm on Bitcoin’s current state, calling it a “Mayday moment.”

• Bitcoin initially broke past an important resistance level, giving hope to traders. But soon after, it dropped back below, creating uncertainty.

• Ivan stressed that the next two days will be crucial to see if Bitcoin can bounce back or if it will continue to struggle. Patience is key as the market waits for a clearer direction.

Coinbase also made headlines for all the wrong reasons. Their stock price saw a major drop after poor earnings. Ivan pointed out that Coinbase might be missing out by not embracing trends like meme trading and facing strong competition from decentralized platforms. In the fast-moving crypto world, adapting to new trends is essential.

Overall, the market feels uncertain. With Bitcoin facing resistance and altcoins moving slowly, upcoming global events like the U.S. elections could shake things up. Traders need to stay alert for any sudden changes.

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