The weekend is almost upon us, and we’ve got the latest gossip from the crypto market for you. Bitcoin touched $73K, the Fear and Greed index is looking good, there’s a new memecoin just around the corner waiting to rug—what more could we ask of? Market looks good, if you ask me.
As usual, we’ll keep it short and sweet—no boring stuff allowed.
Top Gainers of the Week
- Dogecoin has shown the most significant growth over the past week, with an impressive 22.71% increase in price.
- First Neiro On Ethereum, a relatively newer token, has also seen notable gains with a 13.91% increase over the week.
- Maker, an established decentralized finance (DeFi) platform token, rounds out the top three with a solid 12.21% increase.
Top Losers of the Week
- Celestia experienced the most significant decline over the past week, with a substantial 24.20% decrease in price.
- Kaspa follows with a 13.97% decrease in price over the same period.
- Worldcoin rounds out the top three losers with a 12.88% price decrease.
More than a quarter of new code at Google is generated by AI
Google just dropped the bomb on just how much AI they are using. According to CEO Sundar Pichai, over a quarter of all new code used internally at Google is now generated by AI.
Sundar Pichai said on the earnings call today that more than 25% of all new code at Google is now generated by AI. pic.twitter.com/55Ph3GBIfX
— Andrew Curran (@AndrewCurran_) October 29, 2024
So, the AI does the code, and the engineers vet and deploy. While this might seem like a really nice development, its actually a hypocritical one. Google just can’t stand in one place when it comes to how AI is used. First, it said AI is bad. It then moved to generic AI is bad. Now, ‘we can use AI, but no one should use it.’
Good News Everyone! We reduced our headcount by more than 25% and we reduced our costs stealing content by 90% this led to revenues increasing 13%
— Joe Youngblood (@YoungbloodJoe) October 31, 2024
We are smart!
Its even sad, given that they’re now introducing AI into many of their core products. Alphabet, the parent company of Google, reported a significant revenue increase, with Google Services revenue at $76.5 billion, up 13% from the previous year, and Google Cloud revenue at $11.4 billion, showing a 35% year-over-year growth. This financial success was partly attributed to AI innovations.
A Trump Win Could Send Bitcoin to the Moon
The United States presidential elections are just around the corner—November 5th, to be precise. And many people in the crypto market are betting on a Trump win. The main reason is because of the potential surge in Bitcoin’s price that could follow.
Donald Trump has been quite vocal about Bitcoin and cryptocurrencies during his campaigns. The presidential candidate being pro-crypto could mean that more crypto-friendly regulations would follow should he take office once again.
Bitcoin itself is already seeing some price momentum. In the past couple of days, the apex crypto has enjoyed some high volatility that pushed it just 2% close to its June 2024 all-time high.
Current activity in the market also suggests that traders are betting on a price increase. According to some analysts, over 47% of options sold were calls.
So, will we see a jump to $80K or even $100K? The former might be possible after the election, but there isn’t enough momentum yet to push to $100K. Some experts are even issuing out warning signs. Derive founder Nick Forster said that “traders should approach with caution” as the market is currently pricing in considerable volatility. He added that “while there might be an upside, the risks are equally significant.”
Bhutan Might Cash Out $65 million Worth or Bitcoin
One of the most friendly Bitcoin nations just moved over $65 million worth of Bitcoin to Binance. Word on the street is that these guys might offload them soon—that’s according to data from Arkham Intelligence. Arkham Intelligence is an independent blockchain analytics platform that has a knack for monitoring government crypto movements.
The Royal Government of Bhutan operates a large Bitcoin mining operation through its national investment company, Druk Holdings and Investments.
— Arkham (@ArkhamIntel) October 29, 2024
In the second half of 2023, Bhutan’s Bitcoin mines were mining around 780 BTC per month (~26 BTC/day). Over the past 3 months August -… pic.twitter.com/7OXWqPISvK
Now, the offloading isn’t the main reason why this is making news. The United States and even Germany have offloaded their crypto holdings before.
The main reason is the country’s choice of exchange. Binance is a big name in the crypto industry—that’s undisputed. But the crypto exchange has been in the crosshairs of different governments across the world and is the last place any country would consider.
Even when US and Germany offloaded their holdings, they chose other exchange competitors like Coinbase and Kraken, respectively. Now, obviously, the tension between these two countries and Binance is the lead cause of this choice. But apparently, the Royal Nation of Bhutan has no problem with them.
And unlike the first two instances, a Bhutanese government crypto sale will most likely have little impact on the market. The main reason is because of their friendly approach towards the industry. In fact, Bitcoin mining is one of the top sources of revenue for the small nation.
Kataryna Habeliia
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
