Nearly $300M Liquidated as Bitcoin Drops Below $70,000 | Key Points | Nov. 01, 2024

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s daily recap: What happened to Bitcoin (and traders) in the past 24 hours.

Plus the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Here are the crypto highlights of the day:

Crypto Price Update

Bitcoin (BTC): $69,275.59, down 4.2% over the last 24 hours.
Ethereum (ETH): $2,499.35, down 5.9% over the last 24 hours.
Solana (SOL): $166.87, down 4.3% vs the previous day.

Trending Coins Update

Ethervista: $49.39, up 48.4% vs the previous day. (This token is also up 40% yesterday — check yesterday’s newsletter for this.)
Kaia: $0.1374, up 5.5% over the last 24 hours.
Immutable: $1.17, down 13.8% vs the previous day.

For the daily price update, check out our post on Facebook.

Feature News: Bitcoin Drops Below $70,000 Amid US Election Uncertainty, Nearly $300 Million Liquidated

It has happened – Bitcoin dropped below $70,000 today after nearing its record high earlier this week.

Photo for the Article - Nearly $300M Liquidated as Bitcoin Drops Below $70,000 | Key Points | Nov. 01, 2024

The crypto saw a 4.2% dip over 24 hours as per Coingecko, at the time this article is written.
- Meanwhile, Ethereum declined by 5.3% to $2,500.
The decline saw over 90,000 traders being liquidated and $280 million worth of value destroyed, as reported by Coinglass (via).
- One trader lost around $11 million:

Bitcoin’s price initially approached its all-time high of $73,737 set in March, coming within $175 of this peak on Tuesday before experiencing a pullback.
The decline paralleled a drop in U.S. equities, with the Nasdaq and S&P 500 suffering their steepest losses in a month, as major firms like Meta and Microsoft announced increased spending to expand AI capabilities, Decrypt reported.

The election angle

A recent CNN poll shows Kamala Harris slightly ahead of Donald Trump.
Trump has been vocal in his pro-crypto stance, while Harris supports more regulatory oversight.
Multiple predictions suggest Bitcoin will gain momentum if Trump wins. (Read more: This is the Price of Bitcoin if Trump Wins — Bitwise Executive | Key Points | Oct. 24, 2024

What’s next: Traders and analysts will be watching closely for any last-minute shifts in the polls and how they could impact market sentiment in the final days before the election.

Also, there will be a BitPinas webcast on November 6 to discuss the U.S. elections along

Let’s go to the news recap today:

Philippine Crypto News 🇵🇭

YGG Play Summit opened the voting for the People Choice Awards.
ICP Hub PH conducts an iThink Code Camp focused on building dApps in CEU Malolos today.
BitPinas article: Enjin Lawyer Isabel “Ish” Guidote-Pangalangan has been named one of Asia’s top young lawyers in the ALB Asia 40 Under 40 2024 rankings.

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

NBA Topshot NFT sales surged to a six-month high of 43,600 NFTs in the week ending Oct. 27, marking a 94% increase as the 2024-2025 NBA season began.
DWF Labs fired a partner following allegations from a woman that he drugged her drink during a business meeting in Hong Kong.
dYdX CEO Antonio Juliano announced the layoff of 35% of the workforce, citing a need for the company to adapt to its changing goals.

Educational Corner 🎓

Article update! Check out the newly streamlined: List of 170+ Cost Free Airdrops 2024 Without Spending Money.

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

Tether denied allegations of a federal investigation into potential anti-money laundering violations.
Gemini received preliminary approval for its Major Payment Institution license in Singapore.
The Bank for International Settlements (BIS) is considering shutting down the mBridge project, which facilitates cross-border payments using decentralized ledger technology.

Community Spotlight 🔦

Meet Mench Dizon (LinkedIn): She is one of the prominent web3 gaming community thought leaders.

She is the country head of YGG Pilipinas.
They are set to host the YGG Play Summit on November 19-23.
Last year, YGG also organized the YGG Web3 Games Summit.

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

“Three Arrowz Capitel”, Three Arrows Capital’s supposed offshoot, is engaging heavily in low-cap meme coins, sparking accusations of pump-and-dump schemes.
Google Cloud partnered with Mantra as the primary validator and infrastructure provider for Mantra Chain, a Layer 1 network focusing on real-world assets.
The Bitcoin layer-2 project Stacks activated its anticipated Nakamoto upgrade, enhancing transaction speed.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

Drake Star’s Q3 2024 report shows blockchain gaming attracted 32% of all gaming investments.
The African gaming market, fueled by mobile adoption and rising internet connectivity, is projected to grow from $2.14 billion in 2024 to $3.72 billion by 2029.
Tomarket is set to launch its TOMA token on Halloween, offering players a “Premium Medal” to boost their airdrop allocations and full token access for a fee of 1 TON or 250 Telegram stars.