Coinbase Faces Significant Drop Amidst Broader Market Decline
The cryptocurrency exchange giant Coinbase experienced a dramatic 15% drop in its stock value, marking the worst day for the company in over two years. According to CNBC (https://www.cnbc.com/2024/10/31/crypto-market-today.html), this decline followed weaker-than-expected earnings and a tepid revenue outlook for the current quarter. The broader market downturn also impacted other crypto-related stocks such as Robinhood, which fell by 16%, while miners Mara Holdings and Riot Platforms saw declines of 8% and 11%, respectively.
Bitcoin's Potential Shift in U.S. Economic Role
A recent article from Forbes (https://www.forbes.com/sites/davidbirnbaum/2024/10/31/bitcoin-exempt-from-capital-gains-bitcoin-becomes-money-in-us/) discusses how Bitcoin might be on the verge of being recognized as "money" within the United States economy. This shift could exempt it from capital gains tax when used for transactions like buying coffee, potentially increasing adoption significantly. Michael Saylor shared insights into Donald Trump's evolving views on Bitcoin, suggesting that if Trump wins upcoming elections, his policies may favor further integration of Bitcoin into mainstream financial systems.
Bitcoin Approaches $70K Amid Tightening Election Race
As reported by Decrypt (https://decrypt.co/289477/bitcoin-flirts-with-70000-as-us-election-race-race-narrows), Bitcoin briefly dipped below $70,000 after nearing an all-time high earlier this week due to traders selling off equities amidst tightening presidential race polls between Kamala Harris and Donald Trump. Analysts suggest that should Trump win next week's election; we might see upward momentum in Bitcoin prices given his pro-crypto stance compared to Vice President Harris’s regulatory approach towards blockchain technology.
Ethereum Gaming Firm Immutable Under SEC Scrutiny
The Ethereum-based gaming firm Immutable is reportedly facing potential legal action from the Securities and Exchange Commission over alleged securities law violations related to their IMX token sales back in 2021. As detailed by Decrypt (https://decrypt.co/289409/ethereum-gaming-immutable-sec-enforcement-threat), Immutable has expressed confidence that their tokens do not qualify as securities despite receiving a Wells notice indicating possible enforcement actions against them soon.
Solana Sees Surge Despite Ethereum Recovery Efforts
An analysis published by CryptoGlobe (https://www.cryptoglobe.com/latest) highlights Solana's significant inflows totaling $2.36 billion year-to-date primarily sourced from Ethereum networks even though ETH managed to recover nearly half these outflows recently through increased activity across Layer-1 ecosystems driving substantial growth, particularly among competing platforms like Arbitrum or Optimism, throughout the past months, contributing positively towards ongoing developments surrounding decentralized finance applications worldwide.
Sources:
- Coinbase drops 15% after earnings, posts worst day in more than two years
- Crypto's Unseen Impact on Treasury Demand: How Tokenization Might Redefine Market Hedging
- Bitcoin Exempt From Capital Gains? Bitcoin Becomes ‘Money’ In U.S.
- Bitcoin Flirts With $70,000 as US Election Race Narrows
- First Mover Americas: Bitcoin Returns to $72.5K in Muted Market Activity
- JPMorgan Predicts Bitcoin, Gold Boost With Trump Triumph on Horizon
- Ethereum Gaming Firm Immutable Says SEC Is Threatening Lawsuit Over IMX Token Sales
- Solana’s TVL Surges Amid $2.36 Billion Inflows from Ethereum, but ETH Recovers Nearly Half
- What to Expect from Ethereum (ETH) in November 2024: Analysts Weigh In
- Cryptocurrencies Price Prediction: Ethereum, USDT & Cryptos – American Wrap 31 October
- Best Crypto to Buy Now October 31 – Ethereum, Kaspa, Raydium
- 3 Best Ethereum and Solana Tokens to Grow Your Portfolio from $500 to $50,000
- Altcoin Season unlikely before 2025, says crypto analyst Benjamin Cowen
- 3 Hidden Gem Altcoins That Can Yield Gains in November
- Crypto Bull Market Returns: Experts Share Q4 Price Forecast for Binance Coin, Near Protocol, and
- Breaking Bitcoin News: Institutions Increase Bitcoin Holdings says Michael Saylor as Altcoins also Shine
- Will the altcoins join the coming Bitcoin ($BTC) price surge?
- If Bitcoin (BTC) Passes $100K, These 4 Altcoins Could Surge Due to Strong Positive Correlation
- Bitcoin (BTC) Price to Hit New ATH as Long as It Stays Above This Resistance Zone (Analyst)
- Top Analyst Issues Countdown to XRP Historic Breakout, Projects Massive 1,347% Surge to Follow
- Bitcoin needs catalyst for $100K, gold going higher, ETH still undervalued: Analyst
- Ethereum price rally to $3K depends on a few key factors
- Cardano Price Sinks to New Lows Against SOL and ETH, Experts Say $1 Unlikely for ADA This Cycle |
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- Second City takes the lid off its ‘Best Kept Secret,’ a show with a few star turns
- Atlanta Hawks swept by Washington Wizards, injuries, defense, Zaccharie Risacher, Trae Young, etc.
- TSX Penny Stocks Under CA$10M Market Cap To Watch
- 3 Promising Penny Stocks With Market Caps Below US$600M
- After Losing Over $16 Billion Of Market Capitalization
- USDT market cap crosses $120 billion as stablecoins continue their uptrend
- 3 Promising Penny Stocks With Market Caps Below US$600M
- Microsoft, Meta among Thursday's afternoon market cap stock movers
