## Bitcoin's Recent Surge

Bitcoin has **surged over 8% this week**, coming close to its record high, reaching **over $73,000** before slightly paring gains. This rally coincides with the anticipation of a potential win for **Republican presidential candidate Donald Trump**.

## Predictions of New Heights

Crypto enthusiasts are optimistic, predicting that Bitcoin could achieve a **new all-time high** in the days leading up to the election. After a swift increase of **over $2,000** in just a few hours, Bitcoin's price has been fluctuating between **$71,000 and $73,000**. Notably, Bitcoin has experienced a **12% increase** throughout “Uptober,” a month historically favorable for the cryptocurrency.

## Broader Market Trends

The overall crypto market mirrors Bitcoin's trend, with **Ethereum** and **Solana** rising **4% and 5%**, respectively. **Dogecoin**, famously associated with Elon Musk, has surged **23%**, bolstered by Musk's mentions of the coin at Trump rallies.

## ETF Inflows

Spot Bitcoin exchange-traded funds (ETFs) saw significant inflows, totaling **$870 million**, coinciding with Bitcoin's price bump. This marks the **third-largest inflow** since the ETFs' approval in January, following Bitcoin's previous all-time high in March.

## Election Dynamics

As the election approaches, Trump's lead against **Vice President Harris** has widened according to **Polymarket**, a crypto prediction market. With less than a week until the election, bettors give Trump a **67% chance of winning**, while traditional polls show a more tied race. However, some trading activity on Polymarket has raised concerns of being **manipulated**.

## Candidates' Campaigns

Both candidates are in the final stretch of their campaigns, with Trump emphasizing **crypto support**, promising to make America the **crypto capital of the planet**. He has launched his own crypto venture and has made significant pledges regarding the cryptocurrency industry.

## Future Outlook

While Harris has adopted a more moderate pro-crypto stance than President Biden, some analysts warn of a potential **Bitcoin crash** should she win. Nevertheless, **Michael Terpin**, CEO of Transform Ventures, believes the currency will continue to grow regardless of the election outcome, citing current momentum.

> “There’s just too much momentum right now,” Terpin stated. “We’re at the point of the cycle where it usually does go up quite a bit.”

The currency last broke $73,000 in March following the arrival of spot Bitcoin ETFs.

Bitcoin Nears All-Time High as Trump Election Momentum Builds

Bitcoin is on a **remarkable upward trajectory**, recently surpassing **$70,000** and **$72,000**, igniting a surge in demand. While the price movements are currently confined within a **narrow range**, the overall **uptrend remains intact**. Although there have been some signs of weakness earlier today, the **candlestick formations** on daily and weekly charts indicate underlying strength.

### Is Bitcoin Preparing For A 6X Surge To $462,000?
In a recent post on X, an analyst has suggested that Bitcoin might not only break its all-time high of **$74,000** but could also **6X to over $462,000** in the near future. This bullish outlook is supported by the coin's breakout above key **resistance levels**, and **Fibonacci extension levels** suggest a significant shift in trend after the **Q3 2024 plunge**.

Historical price action indicates that BTC often peaks between the **1.618 and 2.272 Fibonacci extension levels**. Technical analysts utilize this tool to predict the speed of price rallies or declines based on specific price ranges.

![BTC to $462,000 | Source: @ali_charts via X](https://s3.tradingview.com/news/image/newsbtc:c89aa8363094b-70e3cff049498bbcb0391eabd77f936f-resized.jpeg)

If historical trends and Fibonacci levels hold, Bitcoin could potentially soar to a range of **$174,000 to $462,000**, which marks the lower and upper limits of past cycle peaks.

Despite the optimistic forecast, it's essential to acknowledge that the **Fibonacci extension** ranges are subjective and can vary between analysts, thereby affecting potential peak projections.

### Institutions Buying As BTC Recovers
The consensus is that Bitcoin is poised to reach new all-time highs in **Q4 2024**. Another analyst noted that Bitcoin is already forming a **bullish breakout**, moving past a **descending channel** or **bull flag**, while simultaneously breaking above the resistance of a **“cup and handle” pattern**.

If bullish momentum continues, it would validate the gains observed in **Q1 2024**, marking a significant rebound following a **30% drop** from March highs.

Amid this optimistic landscape, institutional investors are increasingly engaging with Bitcoin through **spot Bitcoin ETFs**. According to **SosoValue**, there have been substantial inflows of institutional investments as they acquire more shares on behalf of their clients.

![Spot Bitcoin ETF netflows | Source: SosoValue](https://s3.tradingview.com/news/image/newsbtc:c89aa8363094b-17c8c33ea307ee2f682f570eb9ebf210-resized.jpeg)

On **October 29**, spot Bitcoin ETF issuers in the U.S. purchased **$870 million** worth of shares backed by BTC for their clients. BlackRock’s **IBIT** received **$642 million**, bringing their total BTC under management to over **$24.9 billion**.

Bitcoin is marching higher, easing past $70,000 and $72,000 in the past two days, sparking a wave of demand. Although prices are moving within a tight range at spot rates, the uptrend remains. While there are pockets of weakness, at least seen earlier today, candlestick formation in the daily and w…

Bitcoin Surge Ahead: Is BTC on Track for a Massive 6X Jump to $462,000?

### The Bitcoin Promise in El Salvador
When **President Nayib Bukele** promised that **bitcoin** would be accepted everywhere in El Salvador, it seemed like a glimpse into the future—a world where cryptocurrency would be woven into everyday life. However, after a visit, the reality was starkly different. Not a single business accepted my bitcoin.

In **September 2021**, El Salvador became the world's first country to **adopt bitcoin** as legal tender alongside the U.S. dollar. The vision was ambitious: Bukele claimed it would "improve the lives and the future of millions," facilitating access to financial services in a country where traditional banking is often out of reach.

To incentivize adoption, the government launched the **Chivo wallet app**, offering $30 in bitcoin to anyone who signed up. Bitcoin ATMs appeared nationwide, and plans for **Bitcoin City**, a tax-free metropolis powered by geothermal energy from a volcano, were unveiled. El Salvador was on its way to becoming a global crypto hub.

### Reality Check
Yet my experience in El Salvador revealed a significant gap between promise and reality. At various establishments, my attempts to pay with bitcoin were met with confusion or outright rejection. Despite a **2021 law** requiring businesses to accept bitcoin, every place I visited turned it down, leaving me with puzzled looks from cashiers and waiters.

A recent survey from **Francisco Gavidia University** found that **92% of Salvadorans** don't use bitcoin, up from **88%** in a previous study. Locals expressed various reasons for opting out. Some, like a waiter at Lake Coatepeque, avoided the app due to privacy concerns, while others admitted they simply didn't understand how bitcoin worked or were deterred by **technical glitches** in the Chivo wallet.

Only about **20%** of citizens downloaded the Chivo wallet and claimed the $30 bonus, a surprisingly low rate considering the allure of free bitcoin. Despite low adoption rates, Bukele remains committed to his vision, amassing around **6,000 bitcoin** for the country and planning to buy more.

### Concerns and Future Focus
Interestingly, when respondents were asked what should be the main focus for the country's future, only **1.3%** mentioned bitcoin. Meanwhile, the **International Monetary Fund** expressed concerns about El Salvador's bitcoin experiment, advising a narrowing of the bitcoin law's scope and enhancing regulatory oversight.

Although bitcoin usage might be more prevalent in the capital or in crypto hotspots like **Bitcoin Beach**, adoption remains limited elsewhere. For now, Bukele's bitcoin revolution feels more like a distant vision than a daily reality for most Salvadorans.

The country claims to be a leader in crypto transactions. But you can't force people to take a currency they don't want.

El Salvador's Bitcoin Dream: Why Most Businesses Still Reject Crypto Payments

Bitcoin's **on-chain activity** is witnessing a surge as analyst **Yonsei Dent** from CryptoQuant highlights a potential **golden cross** in active addresses. This critical indicator tracks unique addresses interacting with the Bitcoin network, shedding light on overall **network activity**, investor engagement, and market trends.

### Golden Cross On Bitcoin Active Addresses

Dent's analysis suggests that using both **monthly** and **annual moving averages** for active addresses may signal a shift towards **bullish momentum**. A higher number of active addresses typically indicates robust participation, while a decline suggests waning interest. 

When the **30-day moving average** of active addresses surpasses the **365-day moving average**, it often correlates with **upward price momentum** in Bitcoin. This alignment between short-term and long-term trends may reflect renewed interest from both **retail** and **institutional investors**, potentially increasing Bitcoin's value.

Moreover, Dent points out the significance of this golden cross against historical market cycles. The last notable shift in active addresses occurred after the all-time high levels, resulting in a **“dead cross”**, where the short-term average dipped below the long-term average, signaling **bearish sentiment**. Conversely, the current golden cross indicates a different scenario, with transaction volumes nearly doubling compared to Bitcoin's 2021 price cycle.

### BTC On Track For $100k Rally?

Recently, Bitcoin has experienced a remarkable price rebound, reclaiming levels previously seen as resistance. Over the past **30 days**, BTC has surged by **13%**, with a **10%** increase in the last **7 days**, currently trading above **$72,000**. This price point represents a **2.3%** decrease from its all-time high in March 2024, yet it positions Bitcoin for a potential rise above **$100,000**.

Renowned crypto analyst **Javon Marks** emphasizes that as long as Bitcoin maintains above **$67,559**, the target of **$116,652** remains achievable, indicating a possible **61.2% upside** from current levels. 

![Bitcoin Active Addresses](https://s3.tradingview.com/news/image/newsbtc:697e0874d094b-12d8b55485ac3ac76f14d6a7cdb22c61-resized.jpeg)

*Featured image created with DALL-E, Chart from TradingView*

Bitcoin on-chain activity is gaining momentum as a CryptoQuant analyst, known as ‘Yonsei Dent,’ recently pointed to a potential golden cross within the active addresses metric.This indicator tracks the number of unique addresses engaging with the Bitcoin network, providing insights into the network…

Is Bitcoin About to Soar? Analyzing the Golden Cross of Active Addresses

A new player in the digital asset management space, **Canary Capital**, has recently filed to launch a **spot Solana ETF** in the United States, marking a significant milestone as the third firm to pursue this opportunity after **VanEck** and **21Shares**.

### What is the Canary Solana ETF?
The **Canary Solana ETF** aims to provide investors with a way to buy shares that track the price of **SOL**, the native cryptocurrency of the **Solana** blockchain, without the need to directly purchase and store the cryptocurrency. This ETF could pave the way for broader investment in Solana, which is currently the **fifth-largest digital asset** with a market cap of approximately **$82 billion**.

### Solana's Competitive Edge
Solana has gained recognition for its ability to support **decentralized applications (dapps)** and **decentralized finance (DeFi)**, positioning itself as a strong competitor against **Ethereum**. The platform is known for faster and cheaper transactions, which has contributed to a **400% increase** in SOL's value over the past year, reaching about **$175**.

### Canary Capital's Ambitious Plans
Founded in **September** and based in Nashville, **Canary Capital** aims to provide institutions with **crypto trading and management solutions**. Their recent S-1 filing for the **Canary Solana ETF** signals a growing interest in Solana as a viable investment vehicle.

### Regulatory Landscape
The SEC recently approved Bitcoin ETFs in January and Ethereum ETFs in May, but has been cautious regarding new applications. There are concerns about whether SOL is considered an **unregistered security**, which could impact the approval of the Solana ETF. Analysts remain optimistic about the eventual approval of Solana ETFs in the U.S., especially in light of recent developments in the crypto regulatory landscape and the upcoming U.S. elections.

### Other Players in the ETF Space
Both **VanEck** and **21Shares** have also filed for a **Solana ETF** as part of their broader offerings, which include existing Bitcoin and Ethereum ETFs in the U.S. market. The race to launch a Solana ETF is heating up, and the outcome may hinge on regulatory decisions in the near future.

New American asset manager Canary Capital has filed to launch a spot Solana ETF in the United States, making it the third such firm to do so.

The Rise of Solana: New ETF Filing Sparks Interest Following Bitcoin and Ethereum Approvals

### Political Support for Cryptocurrency

Former President **Donald Trump** and Vice President **Kamala Harris** may differ on many issues, but both have included **support for cryptocurrency** in their political platforms.

Trump, previously skeptical, now envisions making the U.S. the **"crypto capital of the planet"** and a **"bitcoin superpower."** His campaign promises include **firing SEC Chair Gary Gensler**, who has enforced strict regulations on the industry.

### Harris's Approach to Digital Assets

In contrast, Harris's support is measured, focusing on **encouraging innovative technologies** like AI and digital assets. She has pledged to create a **safer business environment** for crypto investors, appealing to **big money donors** in her campaign.

### The Reality of Public Opinion

Despite their support, public sentiment towards cryptocurrency remains lukewarm. Less than **1 in 5 Americans** have engaged with crypto, and many express distrust towards it. Even among younger demographics, crypto ranks low on their list of priorities.

### Big Money in Politics

The sudden political interest in crypto likely stems from its status as a major **corporate donor** in the 2024 election cycle. The industry has poured millions into campaign efforts, particularly through the super PAC **Fairshake**, which has targeted both Democratic and Republican candidates.

### Campaign Spending and Legislative Goals

As of June 30, crypto corporations have spent **$119 million** on election campaigns, targeting key races to influence legislation favoring the industry. However, many ads do not focus on crypto itself but rather attack opponents on unrelated issues.

### Regulatory Challenges

The U.S. has been aggressive in regulating the crypto industry, with numerous enforcement actions taken against high-profile figures and companies. Advocates argue for a shift in regulatory authority from the SEC to the **Commodity Futures Trading Commission** to foster growth.

### The Case Against Cryptocurrency

Critics argue that cryptocurrency lacks a clear use case for the average investor. Its volatility, association with illegal activities, and failure to provide a reliable investment alternative raise concerns about its viability as a financial instrument. Despite this, the industry's substantial political donations underscore the influence of money in shaping policy, showcasing how **campaign financing** drives political agendas in the U.S.

Former President Donald Trump and Vice President Kamala Harris differ on everything from tariffs to abortion.

Trump and Harris: Unlikely Allies in the Crypto Movement

### Bitdeer Technologies Group Launches SEALMINER A2

**SINGAPORE, Oct. 31, 2024** – Bitdeer Technologies Group (NASDAQ: BTDR), a leading name in blockchain and high-performance computing, has officially launched its **self-developed Bitcoin mining machine**, the **SEALMINER A2 series**.

As the **second-generation** product in the SEALMINER line, the A2 series is powered by Bitdeer's **independently developed SEAL02 chip**, showcasing significant improvements in **power efficiency**, **technology**, and **stability** compared to its predecessor, the A1.

### Models and Specifications

The SEALMINER A2 series includes two models:
- **SEALMINER A2 (Air-Cooling)**
  - **Power Efficiency Ratio**: 16.5J/TH
  - **Hashrate**: 226TH/s
  - **Power Consumption**: 3,729W

- **SEALMINER A2 Hydro (Hydro-Cooling)**
  - **Power Efficiency Ratio**: 16.5J/TH
  - **Hashrate**: Up to 446TH/s
  - **Power Consumption**: 7,359W

Both models employ **advanced cooling technologies** to optimize performance and maintain stability even under high-intensity workloads. Test videos demonstrating the exceptional performance of both models have been released.

![SEALMINER A2 vs SEALMINER A2 Hydro](https://ml.globenewswire.com/Resource/Download/658fc26a-8029-4682-abfd-2cc623896ecd/sealminer.jpg)

### Commitment to Innovation

Bitdeer is dedicated to enhancing **transparency** and **efficiency** in the mining industry through continuous **research**, **development**, and **technological innovations**. The company aims to provide **efficient** and **reliable mining solutions**, adhering to the principles of **Innovation, Efficiency, and Stability**.

### About SEALMINER

SEALMINER, a brand under Bitdeer Technologies Group, focuses on delivering **efficient** and **sustainable mining solutions**. By integrating Bitdeer's proprietary SEAL series mining chips, SEALMINER is committed to continuously enhancing power efficiency ratios and providing **innovative** and **reliable** products and services globally.  For more information, visit [Bitdeer](https://www.bitdeer.com/).

With a power efficiency ratio of only 16.5J/TH, its air-cooling and hydro-cooling mining machines boast a hashrate of 226TH/s and 446TH/s respectively...

Unveiling the Future of Bitcoin Mining: Meet the SEALMINER A2!

### Introduction
In today's financial landscape, **investors face tough choices**. A recent analysis suggests that putting money into **Bitcoin** might be a smarter move compared to investing in **MicroStrategy's stock**.

### The Case Against MicroStrategy
**MicroStrategy**, known for its heavy investment in Bitcoin, has seen its stock price inflated despite **weak financials**. Analysts argue that the current valuation does not reflect the company's actual performance. 

### Bitcoin as a Better Alternative
With the ongoing **market volatility**, many experts recommend **buying Bitcoin** instead. Bitcoin has shown resilience and continued growth potential, making it an attractive investment option. 

### Conclusion
Given the current financial landscape, shifting focus from MicroStrategy to Bitcoin could yield better returns for investors looking to capitalize on the cryptocurrency market.

Financial writer recommends buying Bitcoin instead of MicroStrategy stock due to inflated valuation and weak financials.

1 year ago Bitcoin Articles Digested