Bitcoin Price Surges Near New ATH as Election Week Approaches: Weekly Crypto Recap

The cryptocurrency market experienced significant volatility this past week, with Bitcoin nearly reaching a new all-time high (ATH). The price came within just $150 of this milestone before sellers intervened, leading to a slight pullback. Despite this, the total market capitalization increased by approximately $50 billion as the U.S. Presidential Elections draw near.

Bitcoin's Price Movement

Last week, Bitcoin was trading at around $68,000. By Tuesday, it surged close to a new ATH but faced resistance from sellers, resulting in a temporary decline. Currently, Bitcoin is priced at approximately $70,000, a critical level to monitor for potential short-term movements.

• Bitcoin's dominance in the market is on the rise, now accounting for nearly 60% of the total market capitalization, a level not seen in over three years.

• This trend indicates that altcoins are struggling to keep pace with Bitcoin's performance.

Celebrating Bitcoin's Milestone

October 31 marked the 16th anniversary of the Bitcoin white paper, a significant event celebrated throughout the cryptocurrency community.

• In a notable gesture, former President Donald Trump tweeted his congratulations to Bitcoin enthusiasts, acknowledging the impact of Satoshi Nakamoto's work.

MicroStrategy's Major Plans

In other news, MicroStrategy announced its ambitious plan to raise $42 billion over the next three years, with intentions to further accumulate Bitcoin and enhance its BTC yield for shareholders.

Looking Ahead

The upcoming week is expected to bring heightened volatility, particularly as the world anticipates the results of the U.S. Presidential election on November 5. The election outcome is likely to influence the cryptocurrency market dynamics significantly.

Market Data

• Market Cap: $2.46T

• 24H Volume: $125B

• BTC Dominance: 56.4%

• BTC Price: $70,205 (+3.3%)

• ETH Price: $2,536 (0%)

• BNB Price: $578 (-2.3%)

Key Headlines This Week

• MicroStrategy Plans $42 Billion Bitcoin Acquisition: The company aims to expand its already substantial Bitcoin holdings.

• Bitwise CIO on Bitcoin's Future: Claims Bitcoin can reach $200,000 without relying on the collapse of fiat currencies.

• Former Binance CEO's Future: CZ discusses his role post-prison, focusing on education rather than returning to his former position.

• BlackRock's Bitcoin ETF Sees Record Inflows: The IBIT fund recorded $872 million in inflows, surpassing previous highs.

• SEC Targets Immutable: The blockchain gaming platform received a Wells Notice, causing its token to drop significantly.

• Bitcoin Price Stability Amid Job Data: Despite disappointing U.S. jobs data, Bitcoin managed to reclaim the $70K mark.

This week has been notable for Bitcoin and the broader cryptocurrency market, with significant price movements and upcoming events that are likely to shape the future landscape.