● Bitcoin breaks 76,000 USDT again this morning, hitting a new historical high
According to Binance market data, Bitcoin once again broke through 76,000 USDT this morning, reaching 76,849.99 USDT, hitting a new historical high.
● Federal Reserve announces interest rate cap at 4.75%, in line with expectations
According to reports from Wu Shuo, the Federal Reserve announced an interest rate cap at 4.75%, in line with market expectations, compared to the previous value of 5.0%. The Federal Reserve's statement noted that since the beginning of the year, the labor market conditions have generally eased, with an increase in the unemployment rate but still at a low level. Progress has been made towards the 2% inflation target, but it remains slightly above the target. The scale of balance sheet reduction will remain unchanged. The committee members unanimously agreed on this interest rate decision.
● Dow Jones and Nasdaq hit new historical highs in early trading
According to Jin Shi reports, the Dow Jones and Nasdaq both hit new historical highs in early trading.
According to Cointelegraph reports, in the 2024 U.S. elections, Republican candidates Jeff Hurd and Scott Perry defeated their Democratic opponents in Colorado's 3rd congressional district and Pennsylvania's 10th congressional district, respectively, narrowing the gap for Republicans to maintain a majority in the House.
Hurd and Perry both support the FIT21 bill, which has received bipartisan support in the House and is awaiting a Senate vote. Both have been listed as 'strong supporters' by the 'Stand With Crypto' political initiative. Although the Republicans control the White House and the Senate, the majority party in the House has not yet been determined. According to 'Stand With Crypto', the next Congress will be the 'most crypto-friendly' in history.
● Ethereum Foundation launches Mekong testnet to test Pectra fork
According to Foresight News reports, the Ethereum Foundation announced the launch of the first short-term Pectra testnet, Mekong. The Mekong testnet includes all EIP proposals that will soon be used for the Ethereum Pectra fork. These changes include user experience improvements implemented through EIP-7702, staking changes through EIP-7251, and changes to deposit and withdrawal mechanisms through EIP-6110/EIP-7002.
According to Cointelegraph reports, analyst Rekt Capital stated that if Bitcoin (BTC) weekly closing price exceeds $71,500, it will confirm entry into a parabolic rise phase. Rekt Capital pointed out that Bitcoin has been in a re-accumulation period of over 200 days, which increases the likelihood of a breakout compared to before. The current market exhibits similar characteristics to the bull market of 2020, but the cycle has accelerated, shortening from the original 260 days to just 13 days.
Currently, the trading price of BTC/USD is approximately $75,200, with a slight decline of 0.5% for the day. Meanwhile, CryptoQuant data shows that recently, about $9.3 billion worth of ERC-20 stablecoins have flowed into cryptocurrency exchanges, a trend that is generally seen as a signal that a bull market is approaching.
According to Odaily Planet Daily reports, IntoTheBlock states that the number of short-term investors holding Bitcoin is rapidly increasing. This pattern typically appears in bull markets, as new participants join in with rising prices.
● Binance releases 24th proof of reserves: BTC up 2.09%, ETH up 6.20%
Binance released its 24th proof of reserves (snapshot date 11-1), covering 34 tokens with assets exceeding $120 billion. User BTC assets are 608,000, an increase of 2.09% from the last report (10-1), adding 12,473 BTC; user ETH assets are 4.699 million, an increase of 6.20%, adding 274,000 ETH; user USDT assets are 20.85 billion, a decrease of 2.61%, down 559 million USDT; user BNB assets are 3.7939 million, a decrease of 8.78%, down 364.9 thousand BNB.
● Bank of England cuts interest rates by 25 basis points to 4.75%
According to BlockBeats reports, on November 7, the Bank of England announced a 25 basis point cut, lowering the benchmark interest rate from 5% to 4.75%, in line with market expectations.
