Bitcoin Hits Record High of $75,005.08 Amid US Election

The crypto market is buzzing as Bitcoin reaches a new all-time high of $75,005.08, driven by speculation around the US presidential election ¹. With the election just around the corner, investors are betting on a Donald Trump victory, viewing him as the pro-crypto candidate.

Key Factors Contributing to Bitcoin’s Rise:
•⁠ ⁠US Election Dynamics: Trump’s reelection probability has increased, boosting investor optimism.
•⁠ ⁠Global Economic Stimulus: China’s proposed $1.4 trillion fiscal stimulus package is expected to increase global liquidity.
•⁠ ⁠Reduced Tensions: Easing tensions in the Middle East and China’s anticipated stimulus measures have strengthened investor confidence.

Crypto Regulation and the US Election:
The election outcome will significantly impact crypto regulation, taxation, and mainstream integration. The crypto industry is solidifying its position in the global economy, with milestones including a new all-time high for Bitcoin and the approval of spot Bitcoin and Ether exchange-traded funds in the US ¹.

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Donald Trump has secured a second term as U.S. president, winning the 2024 election after a highly competitive race against Vice President Kamala Harris.

Pennsylvania’s electoral votes pushed Trump to the necessary 270, marking a comeback for Republicans in the White House.

At 78, Trump becomes the oldest president to take office, surpassing Biden.

Trump remained steadfast, emphasizing plans for economic growth and border security.

With a Republican Senate backing, he pledges a new era of prosperity starting in January.

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According to Fox News, trump has secured 267 votes while his competitor Harris has secured 216 votes. A relatively small number of uncounted votes in certain states will determine the winner of US presidential race.

#ARYNews #USElection2024 #Trump #KamalaHarris

If you look at the trends since Harris joined the race, it does highlight some differences between the states.
In Arizona, Georgia, Nevada and North Carolina, the lead has changed hands a few times since the start of August but Trump has a small lead in all of them at the moment.
In the three other states - Michigan, Pennsylvania and Wisconsin - Harris had led since the start of August, sometimes by two or three points, but the polls have tightened significantly and it is currently tied in Pennsylvania.
All three of those states had been Democratic strongholds before Trump turned them red on his path to winning the presidency in 2016. Biden retook them in 2020 and if Harris can do the same then she will be on course to win the election.

The Bitcoin price edged up a fraction of a percent in the last 24 hours to trade at $68,823 as of 03:29 a.m. EST on trading volume that surged 42% to $33.6 billion.
This comes after Polymarket odds of a Trump victory in tomorrow’s US election plunged 9% in the past week. They have since recovered slightly, with the Republican’s chances rising by 3% in the last 6 hours to stand at 57% as of 3:17 a.m. EST.
The Bitcoin price briefly dipped below $69,000, which prompted big liquidations in the crypto market, hitting $350 million across $259.7 million long bets and $90.1 million short bets.

Analysts have speculated that Bitcoin could rally if Trump wins after he promised to be ”crypto president” if he is elected. Trump has also promised to fire Securities and Exchange Commission Chair Gary Gensler and make the US “the world capital of crypto.”
Bitcoin Price Could Sustain Its Bullish Rally
The Bitcoin price has been on a sustained rally since September, according to the BTC/USD chart analysis on the 12-hour timeframe. BTC has been recording higher lows and higher highs as the bulls capitalized on the $56,000 support level to push the price of Bitcoin through a rising channel pattern, as data from GeckoTerminal shows.
The Bitcoin price now trades above the 50-day and 200-day Simple Moving Averages (SMAs), indicating that BTC could still soar.

However, the Relative Strength Index (RSI) seems to be on a correction, currently falling below the 50-midline line, an indication that BTC is under some selling pressure, as it trades within the lower boundary of the rising channel.

Bitcoin price investors are aiming at maintaining the current trend, which could possibly push the price of Bitcoin to the next possible target at $76,000.

Pakistan on Verge of Cryptocurrency Legalization

In a groundbreaking move, Pakistan's government has proposed amendments to the State Bank of Pakistan (SBP) Act, potentially legalizing digital currencies like Bitcoin [source]. This significant shift from the SBP's traditionally cautious stance could establish Pakistan as a crypto-friendly nation.

Key Implications of the Proposed Amendments:

•⁠ ⁠Regulatory Clarity: Long-awaited clarity for Pakistan's crypto community, enabling investment, innovation, and job creation in the fintech sector.
•⁠ ⁠Talent Pool Expansion: Dual nationals can serve in SBP's leadership roles, retaining key figures like Deputy Governor Dr. Inayat Husain.
•⁠ ⁠Digital Currency Regulation: SBP would have authority over digital currency issuance, regulating both digital and physical currency.

Current Financial Landscape:

Pakistan's financial inclusion strategy aims to increase access to financial services for its citizens ¹. However, insurance coverage remains low, with only 7% of adults having formal pension plans ¹. The country's economy has faced challenges, with the SBP maintaining a policy rate of 22% to combat inflation [5).

What's Next?

The proposal awaits cabinet and parliamentary approval. If passed, this could revolutionize Pakistan's financial landscape, promoting financial inclusion and economic growth.

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Donald Trump’s crypto venture, World Liberty Financial (WLF), has announced that he and his family will receive 75% of the project's net revenue, valued at $337.5 million, without financial liability. The remaining 25% goes to Axiom Management Group, with $WLFI tokens launched to raise $300 million.

Despite no operational involvement from the Trump family, they stand to benefit significantly as Trump campaigns for the presidency.

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What’s going on? 😱

Drone Attack Targets Israeli Prime Minister Netanyahu's Residence

A daring drone strike targeted the residence of Israeli Prime Minister Benjamin Netanyahu in Binyamina, Israel, on October 13, 2024, amidst escalating tensions with Hezbollah.

DEVELOPING STORY

The attack occurred as part of the ongoing Israel-Hezbollah conflict, which has witnessed intensified cross-border military exchanges. Hezbollah has launched over 1,900 attacks, while Israel has responded with 8,300 strikes.

KEY POINTS

1.⁠ ⁠Drone Strike: The attack targeted Netanyahu's residence, highlighting the escalating tensions.
2.⁠ ⁠Cross-Border Exchanges: Israel and Hezbollah engage in intense military exchanges.
3.⁠ ⁠Casualties Mount: 564 killed in Lebanon, 52 in Israel, with significant civilian infrastructure damage.

REACTIONS

1.⁠ ⁠Israeli Government: "We will continue to defend our citizens against Hezbollah's aggression."
2.⁠ ⁠Hezbollah: "Our resistance will persist until Israel's occupation ends."

NEXT STEPS

1.⁠ ⁠International Intervention: Global leaders urge restraint amidst escalating tensions.
2.⁠ ⁠Military Escalation: Israel and Hezbollah prepare for further clashes.

FOLLOW FOR UPDATES

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The UAE will exempt all cryptocurrency transactions from Value Added Tax (VAT) starting November 15, 2024, as confirmed by the Federal Tax Authority (FTA). This change, part of broader VAT reforms, allows crypto activities to proceed without VAT, retroactive to January 1, 2018, enabling businesses to adjust past filings.

In addition, the UAE has revised VAT regulations for exports, simplifying documentation requirements for exporters while restricting exported services to those not conducted within the UAE or designated zones. VAT exemptions will also apply to managing investment funds and transferring virtual assets, benefiting fund managers.

Businesses in the cryptocurrency sector must review their VAT obligations under this new framework and may need to submit voluntary disclosures for previous tax filings. These amendments highlight the UAE's commitment to modernizing its tax system for emerging industries.

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