Russia Bitcoin Mining Ban, BitFuFu’s 80k ASIC Order, and a Rhodium Update
Latest Prices
- CoinDesk 20 Index: 2,008.80 +0.39%
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- Russia’s ban on cryptocurrency mining has sparked concerns among investors about the potential impact on global supply.
- BitFuFu, a leading provider of high-performance computing solutions, has placed an order for 80,000 ASIC miners from Chinese manufacturer, MicroBT.
- The purchase is one of the largest single orders for ASIC miners in history and is expected to boost the company’s mining capacity by over 50%.
- Bitcoin (BTC): $68,897.73 +0.86%
- Ether (ETH): $2,473.42 +0.81%
- S&P 500: 5,728.80 +0.41%
- Gold: $2,742.19 +0.38%
- Nikkei 225: 38,053.67 -2.63%
Top Stories
- The global cryptocurrency market has been relatively stable in the run-up to the U.S. presidential election.
- Bitcoin (BTC) prices have fluctuated between $68,000 and $69,000 over the past 24 hours.
- The broader digital asset market has also seen a slight increase, with most major cryptocurrencies rising less than 1%.
- Investors are cautious ahead of the election, waiting for clarity on the outcome before making significant trades.
- Betting platform Polymarket shows a shift in market sentiment, with perceived winning odds of Democrat Kamala Harris continuing to rise.
- Shares of Harris winning the election have surged to 43 cents from 33 cents on Oct. 30.
- Republican Donald Trump’s shares have fallen, dropping from 66 cents to 57 cents.
The Impact of a Biden or Trump Presidency
- A potential Biden presidency could lead to increased regulations on cryptocurrency mining and trading.
- This may affect the global supply chain for cryptocurrencies, potentially leading to price volatility.
- On the other hand, a Trump presidency might be seen as more favorable to the cryptocurrency industry.
Singapore’s Central Bank Takes Steps Towards Tokenization
- The Monetary Authority of Singapore (MAS) has announced new measures to advance tokenization in financial services.
- The MAS aims to form commercial networks to deepen liquidity of tokenized assets and develop an ecosystem of market infrastructures.
- Leong Sing Chiong, deputy managing director for markets and development, expressed enthusiasm for the collaboration between financial institutions and policymakers.
MacroMicro Chart
The chart shows yields on the U.S. 10-year note and the three-month bill, along with their spread and the S&P 500 since 1985.
- The spread is fast de-inverting, just 20 basis points short of normalizing or turning positive.
- Previous de-inversions were characterized by a renewed downtrend in the S&P 500 and presaged U.S. recessions marked by vertical shaded portions.
Trending Posts
- Bitcoin Likely to Rally After the U.S. Election, Irrespective of Who Wins, History Shows
- A look at past election cycles reveals that bitcoin has historically performed well after a presidential election.
- Citi, Fidelity Exhibit Proof-of-Concept for Real-Time Forex Swap Onchain
- The two financial institutions have demonstrated the feasibility of using blockchain technology to facilitate real-time foreign exchange swaps.
Ethereum Researchers Relinquish EigenLayer Roles Over Conflict of Interest Concerns
- Ethereum researchers have stepped down from their roles at EigenLayer due to concerns about conflict of interest.
- The move is a significant development in the ongoing effort to maintain transparency and accountability within the cryptocurrency industry.
