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Bitcoin Mining Difficulty Surpasses 100 Trillion Milestone for the First Time
Bitcoin mining difficulty reached an all-time high of 101.7 trillion on Tuesday, following a 6.2% increase, driven by a record network hash rate that averaged over 750 EH/s last week. This milestone adjustment at block height 868,896 reflects an ongoing surge in computational power as miners continue ramping up capacity. Following Bitcoin’s April halving, miners faced reduced earnings, but many, especially U.S. public miners, have upgraded rigs and scaled operations to meet increased competition. Bitcoin is trading at approximately $68,694, marking a 63% year-to-date increase despite recent market fluctuations.
OpenSea CEO Hints at New Platform Built 'From Scratch' a Year After Version 2.0 Talk
OpenSea is set to launch a reimagined platform in December, built “from the ground up,” according to CEO Devin Finzer. The announcement comes as NFT trading volumes have dropped to their lowest since 2021, despite OpenSea regaining some market share in recent months. The revamped platform, teased on social media, arrives after OpenSea was overtaken by Blur, a marketplace offering advanced trading tools and incentives that attracted users amid a market downturn. Finzer’s new vision for OpenSea aims to address evolving user demands for a more versatile NFT marketplace experience.
Swift, UBS, and Chainlink Launch Pilot for Tokenized Fund Settlement
Swift, UBS, and Chainlink have completed a tokenized fund settlement pilot under Singapore’s Project Guardian, targeting modernization in traditional finance by integrating blockchain technology with existing fiat systems. Unlike blockchain-only pilots, this initiative leverages Swift’s financial messaging network, connecting over 11,500 institutions, to enable tokenized fund transactions without relying solely on on-chain payments. The pilot automates fund subscription and redemption processes, enhancing efficiency and transparency. Launched in alignment with recent MAS tokenization efforts, UBS’s new Ethereum-based tokenized money market fund, "uMINT," aims to meet rising demand for digital assets. While promising, MAS deputy managing director Leong Sing Chiong noted that scaling tokenized assets remains a challenge due to limited industry-wide adoption and supporting infrastructure.
Trading Desk Insights
Bitcoin has rallied from a low of 66,800 to crest at 70,000 this morning, marking an uptick of over 5%. Market sentiment appears to be swayed by tightening election polls favoring Donald Trump. Additionally, there's chatter about Mt. Gox transferring $2.2 billion in tokens to new addresses, a maneuver often preceding payouts to creditors that can temporarily depress prices. Amidst the electoral uncertainty in the U.S., traders are flocking to short-term hedges, reflected in the options market where puts have commanded a premium over calls on the CME, particularly noticeable in a 0.25 delta risk reversal over the past week.
In the ETF arena, Bitcoin has seen a significant exodus of $541.1 million in capital on the eve of the U.S. elections, despite continued inflows at Blackrock. Ethereum experienced an uptick in outflows too, with Fidelity leading the withdrawal at $63.2 million.
DOGE has surged 50% in the last month, buoyed by renewed support from Elon Musk, who's humorously tied his backing to a proposed "Department of Government Efficiency," acronymically dubbed D.O.G.E, within his political advocacy.
On the regulatory front, leading crypto enterprises are rallying behind the newly unveiled, regulation-centric stablecoin, the Global Dollar (USDG). The coin promises to distribute yield from reserve assets back to those advancing its proliferation, with key stakeholders including Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood.
Across the pond, UK pension strategist Cartwright has pioneered the country’s first direct pension fund investment into Bitcoin, allocating 3% of a £50 million fund, diverging from traditional spot ETF investments.
As the U.S. braces for the election results, with the first polls closing at 6 pm ET today, stock futures have edged up. Trump Media & Technology Group's shares saw gains in anticipation of potential favorable outcomes for its namesake. Historical trends suggest a general uptick in stock indices post-election, although short-term market volatility is a typical feature during such periods.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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