- November 10, 2024
- Category: Crypto, Weekly Crypto Digest
In the latest issue of Weekly Crypto Digest, read about new ATH for Bitcoin, record-breaking inflows in BTC ETF, how escaped monkey pumped memcoins, and more news.
Bitcoin Updated Its All-Time High Several Times
From November 4 to November 10, 2024, Bitcoin repeatedly updated its all-time high (ATH). This happened after Donald Trump won the US presidential election and the Federal Reserve System (FRS) cut interest rates.
As a result of the rally, Bitcoin momentarily reached $80,080 — this mark became the official new ATH. The weekly increase was 15%, and over the past month, the asset’s value increased by more than 32%.
Amid the jump in the rate, Bitcoin’s market capitalization reached $1.56 trillion. Thanks to this, BTC rose to ninth place in the ranking of the largest business projects by capitalization, leaving behind Meta Corporation with a capitalization of $1.49 trillion.
The Ethereum rate momentarily exceeded the $3,200 mark
Amid the general growth of the cryptocurrency market, Ethereum demonstrated a significant increase in value. The asset’s rate has jumped by 27.7% over the past week. The rally led to the cryptocurrency momentarily breaking the $3,200 mark on the morning of November 10, 2024. This is a record high since August 2024.
The Fed Has Lowered the Rate to 4.5-4.75%
On November 7, the US Federal Reserve System (FRS) lowered the key rate range by 25 bps to 4.5-4.75% per annum. This is the second such move after a 0.5% reduction in September.
The decision coincided with market expectations and analysts’ consensus forecast.
Bitcoin ETFs See Record $1.38B Capital Inflow
On November 7, 2024, net daily capital inflows into US spot Bitcoin ETFs reached a new all-time high of $1.38 billion, according to SoSo Value. According to the platform, eight Bitcoin funds received inflows, namely:
IBIT — $1.12 billion;
FBTC — $190.92 million;
BTC — $20.38 million;
ARKB — $17.61 million;
BITB — $13.36 million;
GBTC — $7.31 million;
HODL — $4.34 million;
BRRR — $2.17 million.
Ethereum ETFs saw $79.74 million in capital inflows, the highest since August 2024. The funds were raised by the following funds:
FETH — $28.93 million;
ETHA — $23.66 million;
ETHV — $12.71 million;
ETHW — $6.64 million;
ETH — $5.48 million;
QETH — $2.32 million.
Ethereum Foundation Presents 2024 Report
The Ethereum Foundation has published its 2024 report, according to which the organization has approximately $970 million in funds, of which $788.7 million is in various crypto assets.
In total, the Ethereum Foundation has $970.2 million in funds. Of this, $788.7 million is in crypto assets. 99.45% of this is Ethereum. According to the report, the organization controls 0.26% of the total asset supply as of October 31, 2024.
The remaining $181.5 million is in cash and “non-cryptocurrency investments” without specifying the latter.
At the same time, in terms of treasury volume, the Ethereum Foundation is “at the tail” of the ecosystem projects. The first place, for example, is occupied by Optimism with an indicator of $3.5 billion, 15.8% of all blocked funds in Ethereum.
WonderFi CEO Kidnapped in Toronto for $1 Million Ransom
WonderFi CEO Dean Skurka was kidnapped. According to available information, on November 6, 2024, he was kidnapped in downtown Toronto by unknown persons. The criminals demanded a payment of $1 million from the entrepreneur.
Local media claim that the kidnappers forcibly pushed the man into a car, after which they began to exert psychological and physical pressure on him. The attackers announced their intention to release the victim if the businessman immediately transfers the required amount to their crypto wallet. Skurka handed over the funds to the kidnappers, after which the victim was released. Later, the head of the company confirmed that he was safe and that an “incident” had indeed happened to him. Representatives of WonderFi did not comment on the kidnapping of their leader. At the same time, Skurka himself, during a conversation with journalists, said that all user and company funds were safe.
Escape of 43 Monkeys Provoked the Growth of Themed Memecoins
On November 6, 43 rhesus macaques escaped from the Alpha Genesis research center in Yemassee, South Carolina, which led to a sharp increase in the value of monkey-themed meme coins. In particular, on November 7, the Monkey (MONKEY) token based on Solana grew by 49%. Apes Go Bananas (AGB) showed a daily growth of 14% during the same period. The Yemassee Police Department warned residents about the dangers of approaching the macaques and recommended reporting their location to 911. Alpha Genesis uses monkeys in clinical trials of drugs, including for the treatment of brain diseases.
You may also read our crypto digest from last week here.