Chart of the Day
If inflation pressures last longer than what’s anticipated, can we still call it transitory? The broader markets are now on a rebound as the U.S. Federal Reserve looks to take the “financial training wheels” from the economy mid-November. The price of Bitcoin regained strength and at a point reached $59k yesterday, showing great promise of accelerating towards the $60k level in the near term. This increase in price has somewhat propelled the mining industry. Despite the Miner Exodus in May, hashrates are now seen to be swiftly recovering to previous levels; mining profitability has bounced back significantly since the start of October. Meanwhile, the U.S. has officially eclipsed China to become the top destination for Bitcoin miners, with more than one-third of the world’s total hash power located in the country. So long, China FUD.
Talk of the Town
Dotting the i’s and crossing the t’s in Milestone. Five years after first outlining the vision of a multichain framework in its whitepaper, Ethereum rival Polkadot has just announced that it is ready to launch parachains, which are parallelized chains that empower interoperability and can handle an increasing number of transactions. The price of DOT jumped more than 20% within hours of the announcement — part of a 36% gain over the past week — inching closer to its all-time high of $49.35.
Meanwhile, we are pleased to announce that the continued expansion of our coin-collateralized offerings — DOT/USD — is now live on Bybit for derivatives trading!