Todays Top Stories

Editor: @PhoenixxDown

Lummis' Bitcoin Reserve Proposal Gains Traction

Senator Cynthia Lummis is already shaking things up in D.C. with a proposal that could mark a big shift in America’s financial playbook: a “Bitcoin Strategic Reserve.”

Lummis, a longtime Bitcoin advocate, is pushing for the U.S. Treasury to stockpile 1 million Bitcoin over five years. The initiative titled the BITCOIN Act (Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act), takes a page from traditional reserves like the Strategic Petroleum Reserve, but aims to tap into the growing influence of digital assets.

Lummis and her supporters see this as a way to position the U.S. as a leader in financial innovation and to hedge against economic challenges, like inflation. With Trump back in office and Republicans holding the majority in Congress, the timing could be ideal for this ambitious project.

Industry heavyweights like Michael Saylor and Samson Mow are rallying behind the plan, arguing that the current Bitcoin price presents a prime opportunity for the U.S. to build a future-proof asset base amid inevitable market ups and downs.

However, as much as this is bullish, there are hurdles to consider. Unlike gold or oil, Bitcoin is still young and volatile. While gold has a track record as a reliable store of value, Bitcoin’s role in stabilizing the economy remains untested. Critics argue that integrating Bitcoin into the national financial system might carry unpredictable risks, especially with its price swings. A full-on, long-term strategy will require Congressional approval—a process that could drag on for years. For now, limited acquisitions might be possible through executive orders, but anything more substantial would need broader support.

Despite the skepticism, Lummis’ proposal has backers beyond Congress. Ark Invest’s Cathie Wood sees this as a pioneering move for U.S. financial security. If the reserve takes off, it could normalize Bitcoin as a U.S. asset, possibly inspiring other nations to follow suit. All eyes are now on the next steps; if this gains traction, it could be the first of many national Bitcoin reserves worldwide!

Daily Alpha | TAP Wallet & Xverse Updates

The TAP Wallet, the official wallet of the TAP Protocol, is now live on the Google Play Store, offering users a seamless way to manage TAP tokens and Bitcoin while connecting to DeFi on Bitcoin’s Layer 1.

This wallet supports both Bitcoin and TAP token transactions, and its API allows developers to build dApps for the TAP Protocol. With growing buzz around the TAP ecosystem, the wallet’s release marks a major step in expanding Bitcoin-based DeFi services, including integration with TaparooSwap for enhanced functionality.

Meanwhile, Xverse has rolled out updates focused on user experience. The new update streamlines the balance view by separating Ordinals postage from actual Bitcoin holdings, providing a clearer overview of Bitcoin funds. It also simplifies the recovery of misplaced BTC with the "BREAKDOWN" tab, addressing a longstanding user concern. In response to community feedback, Xverse is exploring additional navigation features, such as “next” and “previous” account buttons.

Daily Alpha | Bitcoin Mining Difficulty Hits Record

Bitcoin’s mining difficulty just hit a record 101.65 trillion, driven by an unprecedented hashrate of 755 exahashes per second. This makes mining harder and more competitive, with smaller miners struggling to keep up due to higher costs and less powerful equipment. As a result, many are forced to sell off some of their mined Bitcoin, increasing market supply.

Larger mining operations are faring better, thanks to advanced hardware and cash reserves. They can hold onto their Bitcoin rather than selling it immediately, helping to stabilize the market. To stay competitive, miners are also turning to renewable energy to reduce costs and environmental impact.

Following the April 2024 Bitcoin halving, where the block reward dropped from 6.25 to 3.125 BTC, less efficient miners were pushed out. This has led to more centralized mining, with fewer players controlling a larger share of the network. While this increases centralization, it also strengthens the Bitcoin network. Fewer, more powerful miners make it harder for malicious actors to attack, and the shift toward more efficient, sustainable operations boosts security.

Daily Bites

Todays Markets

Ordinals

Despite no major news, Runestone continues to show impressive sales, hitting just over 100 yesterday. Is this due to general market interest, or are savvy collectors anticipating a larger move?

Today’s top 5 Ordinals collections remain relatively stable with not a lot of noticeable movements to report on, which could actually be seen as a positive. Stability might seem boring, but it's laying the groundwork for future growth.

O.P.I.U.M. had a few more sales yesterday, keeping it in the top 10. This collection, released before Bitcoin Puppets in mid-2023, often sparks the question: why are these undervalued compared to Puppets, especially considering its smaller supply of only 777 and older provenance? Who knows. Could there be a potential repricing on the cards here?

The Orange Pills by Beyond have broken into the top 10 today after their successful mint-out yesterday. Experiment9 remains strong in the top 10, and Bitmap impressively hit over 1,000 sales yesterday. Could a storm be brewing with numbers like that?

Runes

In the world of Runes, stability is again the theme today, with blue-chip collections showing little movement on average. Memento Mori saw a decline, likely due to fading speculation after Casey tweeted pictures of skulls last week. It seems buyers are starting to regret jumping in too early.

PUPS is looking strong, showing consistent gains day after day, and could be poised for something bigger if this momentum keeps up.

At the bottom, Bitcoin Bro Bear has been steadily creeping up the charts, breaking above a $1M market cap. The strong community and backing by KOLs may be fueling this rise—whether that last reason is a positive or negative depends on your perspective.

RSIC continues to eternally exist in the 6th to 8th range. Meanwhile, The Donald Trump Rune dropped another 38%, signaling continued capitulation. Could it fall further? It’s possible, as some speculate that the pace of trading and activity in Runes isn’t fast enough to match the competition, like Solana, when it comes to topical-based memecoins.

OG Runes, Based Internet Panda and Waddle Waddle Pengu both saw decent volume, keeping them in the top 10.

Todays Opportunities

ExtraOrdinals Whitelisted Mints This Week

This is the last mint for this week. Check back next week for a full new list.

Giveaways

• Pizza Pets - Ends November 7th 21:014 UTC

• All In - Ends November 7th 18:27 UTC