Weekly crypto industry overview

By midweek, the price of the leading cryptocurrency on Binance reached $73,620, nearing its all-time high set in March 2024. As November started, Bitcoin price dipped, almost going below $69,000. Analysts report an atypical demand for BTC from over-the-counter market players. “Absolutely absurd amounts of Bitcoin is being bought OTC by institutions,” crypto trader Alex Becker posted on X.

Former BitMEX CEO Arthur Hayes believes the demand for Bitcoin will surge, driven by Chinese authorities boosting the economy. According to Hayes, the consequent inflation threat will lead to growing investments in risky assets. “Because when the average wealthy coastal living Zhou decides they must have Bitcoin at any yuan price, the upside price volatility will harken back to August 2015, when, after a shock yuan devaluation by the PBOC, Bitcoin went from $135 to $600 — an almost 5x pump in under 3 months,” said Arthur Hayes.

Coinbase and Visa announced a partnership that enables U.S. and E.U. Coinbase users to purchase digital currencies with their debit cards via Visa Direct. Visa assured that Coinbase clients would enjoy fast and secure crypto asset movement, strengthening the connection between traditional finance and crypto.

Decentralized app 1inch was hit by a hacker attack on October 30. Some 1inch users received wallet connection and signature requests, which allowed attackers to drain their funds. The company assured all losses would be reimbursed.