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.
Table of Contents
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.
- 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.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
- PH Startup Week: November 11. 2024
- Manila Bootcamp | Hackers League Hackathon: November 15, 2024
- YGG Play Summit: November 19-23, 2024
- Base Manila Meetup: November 20, 2024
Stay Connected:
- Follow us on Twitter 🐦
- Check us out on Facebook!
- Join our Telegram group for real-time discussions!
We’d love to hear from you! Reply with your thoughts or questions.
This article is published on BitPinas: $300M Liquidated as Bitcoin Drops Below $70,000 | Key Points | Nov. 01, 2024
