BTC’s ‘Incoming’ $110,000 Call, BlackRock’s $1.1 Billion Inflow Date, and More: Hodler’s Digest November 3

Top news of the week

BTC investors pour $1.1 billion into BlackRock ETF as Bitcoin hits another high.

BlackRock, the world’s largest asset manager, injected more than $1 billion into its Bitcoin exchange-traded fund (ETF) during a record trading day as Bitcoin continued to hit record highs.

According to Farside data, BlackRock’s iShares Bitcoin Trust ETF (IBIT) recorded inflows of $1.1 billion on November 7, recovering from two consecutive days of total outflows of $113.3 million.

It was a day when Bitcoin again hit an all-time high, reaching $76,943, according to CoinMarketCap data.

IBIT inflows accounted for nearly 82% of inflows from the 11 U.S.-listed spot Bitcoin ETFs on the day, totaling $1.34 billion.

Fidelity Wise Origin Bitcoin Fund saw the second highest inflows at $190.9 million, followed by ARK 21Shares Bitcoin ETF (ARKB) at $17.6 million.

Michigan Pension Fund Stays Invested in Bitcoin ETF, Adds Ether ETF

A Michigan retirement system has added exposure to the Ethereum exchange-traded fund (ETF), according to a filing with the U.S. Securities and Exchange Commission (SEC).

In a Nov. 4 SEC filing, the Michigan state pension fund disclosed that it holds 460,000 shares of the Grayscale Ethereum Trust and 460,000 shares of the asset manager’s Ethereum Mini Trust. The investment, reported on September 30, adds to the fund’s previously disclosed exposure to the ARK 21Shares Bitcoin ETF.

At the time of publication, the total value of Michigan’s Bitcoin investments if the state retained its stake was approximately $18 million. The value of the pension fund’s 110,000 shares of the ARK 21Shares Bitcoin ​​ETF has increased by about $1 million since it was reported on June 30.

Pakistan regulates cryptocurrency, CBDC as legal tender

The State Bank of Pakistan (SBP) announced on November 4 a package of policy proposals that, if accepted, would legalize digital assets such as cryptocurrencies across the country.

At a meeting chaired by SBP Governor Jameel Ahmad, the bank’s monetary policy committee reportedly submitted amendments to the existing policy to allow state-owned banks to issue digital currencies. The proposed amendments would also impose fines on digital currency issuers that operate without authorization.

The proposal still needs government approval at the next stage, but if passed, it could pave the way for a central bank digital currency, ostensibly a government-issued digital rupee.

2024 US Elections: Trump is elected US President for the second time.

The cryptocurrency community is celebrating former President Donald Trump’s victory in the 2024 US presidential election.

Republican candidate Trump declared victory on election night on November 6 and pledged to usher in a “golden age” for America.

In what appeared to be a victory speech, President Trump said, “I am happy to be your 47th and 45th president.”

Trump’s victory is a promising sign for the U.S. cryptocurrency industry, as President Trump has repeatedly expressed his support for cryptocurrencies and presented himself as a cryptocurrency-supporting candidate.

Trump has repeatedly promised to end the war on cryptocurrencies if elected, and promised to make the United States the “crypto capital of the Earth” if he wins the presidential election.

U.S. Lawmakers Double Down on Cryptocurrency Promises After Trump’s Election

In her first post-election message, Wyoming Senator Cynthia Lummis reiterated plans for U.S. lawmakers to “build strategic Bitcoin reserves,” perhaps when Republicans gain majority control of the Senate in 2025.

In X’s November 6 post, Senator Lummis said he plans to move forward with his plan to create a Bitcoin reserve fund. The Wyoming Republican introduced a Bitcoin bill in July that would require the U.S. government to purchase 1 million BTC, equivalent to about 5% of the total supply, and hold it for at least 20 years.

With Republicans expected to hold a majority in the U.S. Senate after flipping three seats on Election Day, Lummis and her colleagues could get the votes they need to implement the plan. The bill she proposed was based on an idea from then-presidential candidate Donald Trump, who suggested that Bitcoin not be sold if it had been seized by the U.S. government.

winners and losers

Bitcoin this weekend (BTC) It’s in $75,944; ether (ETH) to $2,933 and XRP to $0.55. The total market capitalization is $2.51 $1 trillion, according to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Neiro. (Ethereum’s first Neiro) Up to 59.03%, Kronos (CRO) 51.83% and Capricornus maximus. (chlorine) 41.13%.

The top three altcoin losers this week are Kaia. (Kaia) 11.87%, mantra (for) 5.45% and Kaspa (what) 4.74%. For more information on cryptocurrency prices, read Cointelegraph’s market analysis.

most memorable quotes

“There is a 50% chance that Bitcoin will never trade below 60,000 again.”

alex kruger, economist and merchant

“Being a chair is a pretty difficult, thankless and miserable job. “Some members may want to do this (Uyeda), but others may feel that their time is up and they are ready to move on to greener pastures.”

Jake CherbinskiCryptocurrency Attorney and Chief Legal Officer at Variant

“Unlike financial companies, ANJ has the power to block Polymarket’s platform, even if it does not specifically target French users.”

William O’Rourke, Partner at ORWL Avocats

“We believe AI will remain a key theme driving global technology stocks again in 2024 and through the remainder of the decade.”

UBS, Asset management and financial services companies

“With the regulatory environment likely to be cryptocurrency-friendly, we may even see a staked ETH ETF approved early in this new administration, which would fully leverage the benefits of ETH as an asset.”

edward wilsonanalyst Nansen

“I think cryptocurrency adoption is definitely what makes Telegram stand out among other social media, and it’s actually one of the reasons why we want to get closer to the Open Network ecosystem.”

Gracie Chen, Bitget CEO

Key predictions of the week

Bitcoin price rises to $110,000 ‘in’ on positive Coinbase premium and Trump victory – Analyst

Bitcoin reached an all-time high of $75,358 after rising 7.23% in a single four-hour candle. This bullish momentum was accompanied by Donald Trump’s victory in the US presidential election on November 5.

As the US election concludes with a “pro-crypto” president, one cryptocurrency analyst has reiterated his Bitcoin price target of above $100,000 in the coming weeks.

Hours after the US election results came out, anonymous independent trader Titan of Crypto highlighted Bitcoin’s long-term cup and handle pattern, which is currently on a successful uptrend.

The Cup and Handle pattern has a high success rate of 95% in bullish market conditions and can produce an average return of 54% on breakout ranges.

Following this, the trader stated an “earnings” price target for BTC of $110,000, which is a 47% return on investment (ROI) of the current breakout price range of $75,000.

FUD of the week

WonderFi CEO kidnapped and forced to pay $1 million ransom: Report

The Canadian Broadcasting Corporation reported on November 7 that the CEO of Toronto cryptocurrency company WonderFi Technologies was kidnapped and forced to pay a $1 million ransom for the release.

Dean Skurka allegedly forced his way into a vehicle in downtown Toronto during rush hour on November 6. He made an electronic transfer of $1 million to secure his release, a source close to the investigation told CBC.

Skurka said in an email that he was involved in the incident on November 6 but confirmed he was safe and that company funds and data had not been affected.

Police said the investigation was ongoing and did not release further details, CBC reported.

California revokes BlockFi lending license two years after bankruptcy

The California Department of Financial Protection and Innovation (DFPI) has permanently revoked the license of bankrupt cryptocurrency lender BlockFi, two years after its bankruptcy.

California DFPI announced the news on November 7, stating that BlockFi’s license was suspended in November 2022 and that the license revocation followed an investigation by regulators.

BlockFi agreed to revoke its license and agreed to cease violations and cease unsafe practices, DFPI said.

After suspending BlockFi’s license two years ago, DFPI decided to revoke it entirely after finding that the company had violated the California Financial Services Law (CFL).

BlockFi violated the CFL by charging borrowers interest before the loan was disbursed without considering the borrower’s ability to repay the loan. The bankrupt cryptocurrency lending platform also failed to provide credit counseling to consumers and was unable to report payment performance to credit bureaus.

Former Alameda Research CEO sentenced to 2 years in prison

Former Alameda Research CEO Caroline Ellison is scheduled to return to prison on November 7 to begin serving a two-year sentence for crimes committed at cryptocurrency exchange FTX.

At the time of publication, the Federal Bureau of Prisons website said Ellison was not in custody but provided his inmate number, age, race and gender. On September 24, Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York sentenced Ellison to two years in prison, with Ellison expected to be released as early as November 7.

According to Judge Kaplan, the BOP ordered Ellison to report to a correctional facility no later than 2:00 PM ET on November 7. The former Alameda CEO is expected to surrender at a minimum security facility near Boston, suggesting she could serve time in prison. The Federal Correctional Institution in Danbury, Connecticut houses both male and female inmates.

Magazine Story of the Week

Real Yield Farming: How Tokenization Is Transforming Lives in Africa

More than half of Africa’s population makes a living from agriculture. Now blockchain and cryptocurrency are opening up new opportunities for them.

Asian cryptocurrency traders profit from Trump victory, China’s 2025 CBDC deadline: Asia ExpressS

How Asia’s cryptocurrency industry reacted to Trump’s election victory, China’s renewed push for a digital yuan, how Korean companies wait for cryptocurrency accounts, and more.

AI agents give retail cryptocurrency traders an edge: Giulio Xiloyannis, X Hall of Flame

AI agents won’t change the fact that “trading is a zero-sum game,” but they could give the average cryptocurrency trader an edge, says Giulio Xiloyannis.

editorial staff

Cointelegraph Magazine writers and reporters contributed to this article.