Election Countdown: Bitcoin Braces for a 10% Move!

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• Presidential Election Could Trigger Major 10% Bitcoin Price Shift

• ‘Grand Finale of Altcoin Reckoning’ Soon, Warns Crypto Trader

• October Crypto Losses Reach $129M From Hacks and Exit Scams

• Peanut the Squirrel Outrage Ignites Solana Meme Coin Craze

↕️ Presidential Election Could Trigger Major 10% Bitcoin Price Shift

Bitcoin's price could experience a 10% swing in either direction in response to the U.S. presidential election.

• Daan Crypto Trades believes Bitcoin's price movement could depend on the upcoming election result, despite its less-than-ideal recent weekly close.

• IG Markets analyst Tony Sycamore shared that Bitcoin has to break above $74,000 to signal an upward trend toward $80,000. A drop below $65,000 could indicate a failed rally.

• Despite election uncertainties, there is still broader optimism that Bitcoin and other risk assets could see positive momentum, regardless of the election outcome.

⚠️ ‘Grand Finale of Altcoin Reckoning’ Soon, Warns Crypto Trader

Altcoins could still be in for more pain before they see any gains, according to a crypto trader.

• Benjamin Cowen, the founder of ITC Crypto, believes that the "altcoin reckoning" could reach its conclusion by December of 2024 or early January of 2025.

• His prediction is based on patterns that were seen in the 2019 bear market, which could indicate a possible final sell-off phase for altcoins on the horizon.

• Altcoins showed a gradual recovery in 2020 before surging to fresh highs in 2021. According to the analyst, this scenario could very likely to play out in 2025 as well.

💸 October Crypto Losses Reach $129M From Hacks and Exit Scams

Incidents like exit scams, flash loan attacks and exploits pushed crypto losses to $129.6 million in October.

• According to CertiK, exit scams led to $1.2 million in losses, while flash loan attacks caused $1.5 million in crypto losses. Exploits accounted for the most losses, with $127 million lost.

• Radiant Capital experienced the largest single incident after losing over $50 million, followed by a $36-million phishing attack on a whale and a $13-million hack on the M2 exchange.

• The $127 million in exploit-related losses were a 2.91% increase from September’s $123.4 million in similar losses.

🐿️ Peanut the Squirrel Outrage Ignites Solana Meme Coin Craze

The euthanization of Peanut the Squirrel by New York state officials sparked outrage on social media and caused a surge in Peanut-themed meme coins.

• On Oct. 30, New York's Department of Environmental Conservation euthanized Peanut the squirrel and Fred the raccoon, which sparked widespread outrage and even drew criticism from Elon Musk. He called the decision “mindless” and “heartless.”

• The incident also quickly fueled online reaction, which created the perfect opportunity for meme coin creators to launch Peanut-themed tokens, especially on the Solana blockchain.

• The “Peanut the Squirrel” (PNUT) token became especially popular. It achieved very high trading volumes and even topped charts on decentralized exchanges.

👀 QUICK NEWS

• Wiz Khalifa’s X Account Apparently Hacked to Promote Sham Meme Coin

• Singapore Pushes for Commercialization of Tokenization

• NFT Sales Climb 18% in October, Breaking Seven-Month Decline on Solana

• US Justise Department Pursues Return of $13M in Political Contributions Linked to FTX

• Coinbase Finds Over ‘20 Examples’ of FDIC Telling Banks to Avoid Crypto

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