Top 5 Crypto News of the Week! (04 - 10 November)
Dear PointPay Family,
A lot of interesting things have happened this week! Behind the swirl of colorful headlines, it was easy to miss something important, and therefore, we have prepared for you a selection of the Top 5 most important news of this week!
Bitcoin Reaches New Heights at $76,460 Amid Crypto Market Surge
Bitcoin has once again set a new all-time high, reaching a trading price of $76,460 and surpassing its previous peak of $75,400. This 9.18% increase reflects the ongoing bullish trend in the cryptocurrency market. Meanwhile, Ethereum has shown significant gains as well, climbing by 11% to $2,878, which marks its most substantial increase since August. Ethereum’s market capitalization has grown to $322.71 billion, highlighting the broader crypto rally as both Bitcoin and Ethereum capture renewed interest from investors and traders.
Crypto Leaders Launch USDG Stablecoin and Global Dollar Network
Anchorage Digital, Galaxy Digital, Kraken, Paxos, and Robinhood have launched the Global Dollar Network, introducing the USDG stablecoin to expand stablecoin utility worldwide. Spearheaded by Paxos, this initiative aims to increase real-world stablecoin use and offers yield sharing for contributors. By bringing together leading financial and crypto firms, the network sets the stage for stablecoin adoption and invites other sector leaders to participate in this global financial movement. DBS Bank, the largest bank in Southeast Asia, will support the network as its primary banking partner, providing reserve management and cash services.
MicroStrategy Seeks $42 Billion to Expand Bitcoin Holdings
MicroStrategy, the enterprise software company co-founded by Michael Saylor, has announced plans to raise $42 billion through stock sales and debt issuance to fuel additional Bitcoin purchases. Although ambitious, this move aligns with the firm’s strategy to strengthen its cryptocurrency reserves. Recently, MicroStrategy raised $2.1 billion through similar efforts, helping boost its stock price nearly 500% in the past year. According to Sean McNulty of Arbelos Markets, the target is challenging yet achievable, especially if Bitcoin’s value continues to rise.
BlackRock’s Bitcoin ETF Hits Record-Breaking Trading Volume
As Bitcoin surged past $76,000, BlackRock’s Bitcoin ETF (IBIT) achieved a record daily trading volume of $4.1 billion. This milestone surpassed trading volumes of high-profile companies like Berkshire Hathaway, Netflix, and Visa. Capital inflow into US Bitcoin ETFs surged to $6 billion on November 6, representing two-thirds of the total trading volume for cryptocurrency funds. The heightened activity signals growing interest in Bitcoin ETFs, with BlackRock’s IBIT spearheading this financial shift.
UK Pension Fund Invests $65 Million in Bitcoin for Portfolio Diversification
In a pioneering move for the UK, a British pension fund has allocated 3% of its assets, equivalent to $65 million, directly into Bitcoin. Managed by investment advisory firm Cartwright, this initiative enables fund diversification and offers an asymmetric risk-reward balance to institutional investors. Some experts expressed pride in this bold step, hoping it sets a trend for UK-based funds seeking to capture Bitcoin’s potential benefits. The fund’s investment decision echoes similar moves by US pension funds, notably in Wisconsin and Michigan, that have ventured into crypto assets.
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