Bitcoin’s Record-Breaking Surge Sparks Optimism Amid U.S. Election Buzz
Bitcoin surged to a new all-time high of $75,000, driven by rising interest in cryptocurrencies amidst U.S. election results, with former President Trump leading Vice President Harris. Market analysts suggest a "Trump trade" effect, where investor optimism stems from Trump's perceived pro-crypto stance. Additionally, crypto-powered prediction markets are seeing increased activity, with significant bets placed on the election outcome. Analysts expect continued crypto market volatility based on the election’s final results. (BitPinas)
Detroit to Accept Crypto for Taxes in 2025 via PayPal Partnership
Starting mid-2025, Detroit residents will be able to pay their taxes in cryptocurrency, making it the largest U.S. city to adopt crypto payments for municipal services. Partnering with PayPal, Detroit aims to provide a secure platform for these transactions, aligning with the city's broader goals of fostering tech innovation. This move reflects a growing interest in blockchain and crypto integration in civic applications, potentially driving economic growth and public engagement. Additionally, Detroit is encouraging blockchain entrepreneurs to propose new civic solutions to enhance public services. (CoinDesk)
JPMorgan Expands Instant Blockchain Settlements to Dollar and Euro Transfers
JPMorgan is leveraging blockchain technology to enable instant, round-the-clock foreign exchange (FX) settlements between USD and EUR for its clients. This new service builds on the JPM Coin, the bank’s blockchain-based digital currency launched in 2019, which already facilitates tokenized asset transfers. By using the bank's Onyx blockchain platform, clients can execute rapid settlements for a variety of transactions, improving efficiency over traditional methods. This marks a significant step in JPMorgan's ongoing commitment to modernize financial transactions through blockchain innovation, streamlining processes and potentially reducing transaction risks for corporate clients. (BeinCrypto)
Ethereum Revenues Recover as Layer-2 Activity Surges
Ethereum’s network revenue is rebounding due to an increase in Layer-2 (L2) transactions, with daily data usage tripling since March. This rise is attributed to Ethereum’s Dencun upgrade, which shifted L2 data storage to off-chain "blobs," reducing costs but initially leading to lower network fees. Now, as demand for L2 solutions like Base and Scroll grows, Ethereum’s fee revenue is bouncing back. Analysts expect this trend to continue, potentially driving higher value for Ethereum holders. (Cointelegraph)
Musk-Inspired 'X Empire' Token Soars Amid Trump Election Gains
The "X Empire" token, themed around Elon Musk, saw a sharp increase in value following positive momentum for former President Donald Trump in the U.S. election. This token, connected to a Telegram game, benefited from speculative trading as investors connected Trump’s success with potential crypto market gains. The token’s rise underscores the influence of political events on cryptocurrency trends, especially for tokens tied to high-profile figures. Despite its surge, experts advise caution due to its speculative nature. (Decrypt)
