The Breakdown The Five Most Important Stories in Crypto Last Week [Pre-Election Edition]
Nov 3, 2024
Scott Melker, a distinguished crypto analyst and educator, joins for a lively discussion on recent market dynamics. They delve into Michael Saylor's ambitious Bitcoin buys, the volatility keeping BTC at around $70k, and the challenges of accurately valuing cryptocurrencies. The conversation also touches on the innovative exSat Network aiming to enhance Bitcoin's scalability without sacrificing its core values, and the increasing regulatory scrutiny surrounding Tether and its implications for the upcoming elections.
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Unexpectedly Low Job Growth
- The U.S. economy added only 12,000 jobs in October, significantly below expectations.
- This surprisingly low number might give the Federal Reserve reason to implement another rate cut.
Bitcoin Price Action
- Bitcoin’s price briefly surpassed $70,000 but couldn't reach a new all-time high.
- Despite not hitting a new record, Bitcoin staying above $70,000 is the longest period it has held at this level.
Trump's Bitcoin Tweet
- Donald Trump tweeted support for Bitcoin and criticized the current administration's stance on crypto.
- This demonstrates how mainstream crypto has become in political discourse.