Get your daily, bite-sized digest of blockchain and crypto news today – investigating the stories flying under the radar of today’s news.
The global cryptocurrency market capitalization has increased by 6.4 over the past 24 hours, hitting $2.59 trillion.
Notably, the crypto trading volume in the last day is significantly higher than what we’ve been saying over the past few months (typically around $80,000-$100,000 in a day), now standing at $260 billion.
Not a single coin is red today in the top 100 category at the time of writing.
The best performer is SPX6900 (SPX), which increased by 33.4% to $0.9014.
Uniswap (UNI) follows with a 31.2% rise to the price of $9.14.
Additionally, Injective (INJ), Aave (AAVE), and Bittensor (TAO) are all up between 23% and 25%.
Many other coins have recorded double-digit increases.
When it comes to the top 10 coins per market cap, all are green over the past 24 hours.
Dogecoin (DOGE) and Solana (SOL) are the day’s biggest gainers. DOGE is up 18.9%, trading at $0.20307, while SOL appreciated 13.4% to $185.28.
Tron (TRX) is up the least: 0.6% to $0.16275.
At the same time, Bitcoin (BTC) went up 8.2%, moving back above the $70,000 level and close to $75,000, now trading at $74,384.
Ethereum (ETH) appreciated 7.9%, changing hands at $2,632.
Meanwhile, spot Bitcoin exchange-traded funds (ETFs) saw net outflows totaling $116.8 million on November 5, in a cautious response to the US election day.
By November 6 (UTC time), crypto exchanges started congratulating Donald Trump on his presidential election victory.
In crypto news today, BNB Chain has announced the launch of its one-stop tokenization solution.
Per the press release shared with Cryptonews, it provides a one-stop service to individuals and businesses interested in Web3 to easily tokenize their assets.
Users can fragment and tokenize their assets, benefiting from “robust compliance tools that ensure security and trustworthiness,” the team claimed.
The initial solution includes two key components:
The solution, says the company, is particularly beneficial for individuals and small business owners. It can help them streamline operations, improve asset efficiency, and support business growth and development.
Coding and blockchain knowledge are not needed.
“In the future, BNB Chain will introduce more sections and tools into its tokenization solution, such as loyalty programs and mini-apps embedded in the social platform, to enable more individuals and companies to join Web3 seamlessly,” they added.
Edward Chen, Managing Partner of HTX Ventures, the global investment division of the HTX exchange, comments on the transforming crypto investment landscape and managing risk in a volatile crypto market.
According to the press release, Chen argued that liquidity is vital for both large and small investors, especially during periods of heightened market volatility.
“Maintaining liquidity is paramount in this space,” Chen said. “For smaller investors, the risks are often higher when dealing with less liquid assets.”
He continued: “That’s why we provide tools like stop-loss orders, portfolio tracking, and algorithmic risk management to help mitigate these risks and protect them during market swings.”
Exchanges manage liquidity by maintaining deep order books, employing algorithmic trading, and utilizing price stability mechanisms, he added.
This ensures trades are executed smoothly across different market conditions.
Furthermore, he said, exchanges work on educating smaller investors on understanding market depth and liquidity management. This promotes informed decision-making in a highly volatile environment, Chen argued.
“Such initiatives are crucial as the crypto market continues to attract a broader range of participants, many of whom are new to the space,” he concluded.
In other crypto news today, miners have been sharing their operational October updates, showing rises in revenues.
Argo Blockchain reported that, during the past month, the company mined 46 BTC, or 1.5 BTC per day.
This is a 24% increase over the company’s September production.
Mining revenue amounted to $3 million, up 36% from $2.2 million in September 2024.
“The increase in mining revenue reflects increased uptime as a result of lower power costs compared to September and the stronger hashprice realized during the month of October,” the team said.
Also, on 31 October 2024, the company held two BTC equivalents.
Core Scientific also released its unaudited production and operations updates for the same month.
They reported 369 self-mining BTC earned, compared to 345 in September.
The average self-mined BTC earned per day was 11.9 in October and 11.5 in September, marking another increase.
The company sold 370 BTC in both September and October, however, it earned approximately $22.2 million in the former and $24.2 million in the latter.
In addition to its self-mining fleet, Core Scientific provided data center hosting services, as well as technology and operating support for approximately 16,000 hosted, customer-owned Bitcoin miners.
This represented some 9% of the Bitcoin miners operating in the company’s data centers as of October 31.
Customer-owned Bitcoin miners earned an estimated 52 BTC last month, including the rewards paid to the company per the proceeds-sharing agreements.
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