This morning, Bitcoin once again began to hit the high point of $70,000, reaching a peak of $69,500, just one step away from $70,000. The price of Ethereum also rose to $2,760.
Altcoins generally rose by more than 10%, among which APE performed the strongest, rising by more than 70%.
This is mainly driven by the Meme craze on the APE chain.
Recently, Yuga Labs made a big move and launched ApeChain.
This is a Layer 2 blockchain based on Ethereum, mainly to improve user experience.
To make cross-chain transactions easier, they also launched Ape Portal, which makes cross-chain transactions easier.
Yesterday, ApeCoin also announced a new feature on the X platform: automatic income mode.
Simply put, as long as you hold ApeCoin on ApeChain, you can automatically receive income without manually claiming or staking tokens.
In order to catch up with the MEME coin craze, ApeChain also quickly launched Ape Express, a one-click coin issuance platform supported by ApeCoin.
The official said on the X platform that Ape Express is like the "ApeChain version of pump.fun", and users can issue a Meme coin within one minute, greatly simplifying the coin issuance process.
With attention returning to Yuga Labs, APE’s token has surged more than 80% in 24 hours.
Not only that, the NFT market has also begun to pick up.
According to the latest data provided by Blur, Yuga Labs’ NFT series floor prices have rebounded significantly in the past 24 hours, with BAYC floor prices rising by more than 24% in 24 hours.
These data indicate that with the launch of ApeChain and other new features, community and investor interest in Yuga Labs has been rekindled.
However, how long the Ape craze can last still requires further observation of subsequent consensus and data.
Next, let’s take a look at the news and data that are worth paying attention to:
1. Musk said: If Trump loses the election, I'm finished. Guess how many years I will be sentenced?
Recently, Musk has been very active in supporting Trump's presidential campaign.
He said he might be "finished" if Trump lost the election, and even joked that he might be sentenced.
In support of Trump, Musk donated $75 million to "America PAC".
At an event in Pennsylvania, Musk promised that anyone who was a registered voter in the state would have a chance to win $100 if they signed a petition supporting free speech and gun rights.
From October 19th to November 5th, which is the US election day, he will randomly give out $1 million every day to Pennsylvania voters who sign the petition.
Democratic Senator Bob Casey of Pennsylvania has supported Trump's trade policies in recent campaign ads and criticized Biden's crackdown on the energy sector.
This makes people think that Casey may think Trump will win the vote in Pennsylvania.
Judging from the latest data, although Polymarket predicts that the market generally bets that Trump will win the election.
But other opinion polls in the United States show that Trump and his opponent are almost evenly matched, and it is unclear who will win. Many people have high hopes for Musk's campaign.
However, Musk's move has also caused a lot of controversy.
Some experts believe this may involve vote buying because federal law prohibits offering monetary incentives for registering to vote or voting itself.
Pennsylvania Governor Josh Shapiro expressed concern and suggested that law enforcement investigate.
Musk said in an interview that he "gave everything" to support Trump and that he could face jail time if Trump loses the election.
2. US spot ETF purchases exceed output
Recently, there has been a surge in buying of spot Bitcoin ETFs in the United States.
This week, these ETFs bought a total of 32,370 bitcoins, while only 2,250 bitcoins were produced during this period.
This shows that market demand has far exceeded supply, especially the purchasing power of institutions and high-net-worth individuals has increased significantly. This is also one of the reasons for the recent strong rise in Bitcoin prices.
If we compare the inflows of funds between the gold ETF and the Bitcoin ETF after their first year, we will find that Bitcoin's performance is more prominent.
Gold experienced an eight-year bull market cycle after its first year. Whether Bitcoin can also experience a similar long bull market depends on whether traditional funds can continue to recognize Bitcoin.
3. The Bitcoin balance on exchanges hit a five-year low
Recently, Bitcoin balances on exchanges hit a five-year low.
From the trend of Bitcoin balance on exchanges, it can be seen that the balance of Bitcoin on exchanges has hit a new low.
This means that there are fewer and fewer Bitcoins available for trading on exchanges.
Overall, Bitcoin is gathering strength and is preparing to break through the high of $70,000.
The main force in the market now is American investors. You can pay attention to the performance of U.S. stocks after they open tonight.
This week marks the start of earnings season for tech stocks, which could further boost bitcoin prices.
