Todays Top Stories

Editor: @PhoenixxDown

Bitcoin Unshaken by Political Winds

Bitcoin might have had a few hiccups lately on its quest to finally surpass that elusive $70K mark, but if you tune out the noise, we’re sitting pretty, all things considered. Our beloved orange coin has surged over 200% from its 2022 lows. This rally can be attributed to a number of factors, with much of the momentum stemming from growing institutional interest and key macroeconomic influences.

One major upcoming factor that could stir the pot even further is the 2024 U.S. presidential election—a topic we’ve covered extensively before. Some are worried about a Harris win, as her stance on crypto—while not fully telegraphed—has included some positive platitudes. However, the Democratic administration over the past four years has been somewhat hostile to our industry. Trump, on the other hand, has been much more welcoming, making him the favorite among Bitcoiners, naturally.

A Republican victory has been viewed as more bullish for Bitcoin, largely due to the party’s pro-crypto stance. As reported, Donald Trump has promised to transform the U.S. into the "crypto capital of the world" and has hinted at replacing SEC Chair Gary Gensler to create a friendlier regulatory environment for digital assets.

However, there is some good news. Many believe the asset is poised to rise no matter who takes the White House. In fact, some argue that her focus on financial stability could indirectly support Bitcoin’s growth, making the case that macroeconomic factors—like inflation, Federal Reserve rate changes, and institutional adoption—are more important drivers of Bitcoin's future price than the political outcome itself. Whether this would come to fruition or not is, of course, a very different conversation altogether.

Many traders are now eyeing $80,000 as a key target for Bitcoin by the end of the year. Options traders are showing increased interest in strike prices around this level, with some even predicting Bitcoin could hit $92,000 in the event of a Trump victory. Whether these bullish scenarios play out remains to be seen, but the general sentiment is that Bitcoin's upward momentum is strong and its potential growth isn't solely tied to who wins the election.

Additionally, we reported last week on Tesla moving their Bitcoin around, which spooked some traders into selling for fear that they were looking to sell. However, Tesla's Q3 2024 earnings report confirmed that the company hasn’t sold any of its Bitcoin for five consecutive quarters. Musk, who has often spoken about Bitcoin as a defense against centralized control, reassured the market with this move, signaling continued confidence in the asset despite ongoing market volatility.

What’s really driving Bitcoin’s potential rise is bigger than politics. Inflation, the Federal Reserve's rate cuts, and institutional adoption are what’s important. And of course, we, the faithful hodlers. In the end, Bitcoin’s future seems more tied to the global economy and how people view it as an asset, rather than who takes office. Political changes may tweak the narrative, but they likely won’t derail Bitcoin’s momentum.

Daily Alpha | $SPOOKY Token Launch Set for Q4 2024

GhostyCash has officially announced the much-anticipated launch of their $SPOOKY TGE, set for Q4 2024. The introduction of $SPOOKY, an ERC-20/TAP token, marks a huge milestone for this Bitcoin-based privacy exchange.

For those unfamiliar with GhostyCash, it’s a DeFi platform that prioritizes user privacy using zkSNARK technology, a cryptographic technique that keeps transactions confidential. While other more well known tokens like Monero have been operating elsewhere for some time, GhostyCash is pioneering this approach for Ordinals-based Bitcoin assets, allowing you to swap into an array of other assets on several chains.

The $SPOOKY TGE plays a crucial role in Ghosty’s ecosystem. Holders of $SPOOKY tokens will benefit from a revenue-sharing model, receiving rewards generated across Ghosty’s product suite in Bitcoin and other crypto assets. The token will initially launch on EVM-compatible chains and the TAP Bitcoin meta-protocol. Existing $GHSY holders will also be able to seamlessly swap their tokens for $SPOOKY, ensuring a smooth transition for early adopters.

While other specifics are still currently sparse on the TGE, more details, including tokenomics, are expected to be released closer to the date, so we’ll be keeping a close watch on GhostyCash’s socials for any new developments.

Unchained Art | Todays Editors Pick

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Todays Markets

Ordinals

Insurgence by Debauchery, which just minted out within the past hour, is already in the top 5 for today’s volume and is likely to climb higher as the day goes on. The mint only lasted until the FCFS phase, with the acquisition price set at 0.001869. Currently, the floor is just slightly above that, as speculators remain cautious.

Even hyped mints like this and Uncoded on Tuesday are struggling to ignite the market, whereas not long ago, these would have easily hit a 2x right off the bat.

Elsewhere, NodeMonkes have reclaimed the top spot, with Bitcoin Puppets close behind. The eternal struggle between the two continues!

Runes

Runes are still in a tough spot with Gizmo and Pooka the biggest losers of the day, down 24% and 16% respectively. DOG is holding it’s position well, however, with almost $1m in volume on Magic Eden alone. Absolutely astounding really.

The newest rune that is starting to creep into the top 5 is Cypher Genesis, which is currently minting. This Rune represents An AI representation of Satoshi Nakamoto that you can talk to.

Todays Opportunities

ExtraOrdinals Whitelisted mints this week

Another week, another long list of hyped mints for our ExtraOrdinal giveaway winners! If you won, and you’re feeling bullish, load up those wallets but always stay safe while minting!

Giveaways

• BWED - Ends on Friday 25th at 15:54 UTC

• Kaminari Clan (GTD + FCFS) - Ends on Friday 25th at 04:00 UTC

Join the Discord below and make sure you have notifications on so you don’t miss these or any of the future giveaways!