Breaking Crypto Stories

Here are the top stories today:

• Kamala Harris Surpasses Trump in Polymarket Presidential Election Odds Following Debate

• Vitalik Buterin Pushes for Layer-2 Decentralization, Sets Strict Standards for Acknowledgment

• CryptoPunk Acquired for 10 ETH in "Steal of the Century" through Smart Contract Buyout

Question of the Day

📊Kamala Harris Surpasses Trump in Polymarket Presidential Election Odds Following Debate

Kamala Harris has overtaken Donald Trump in Polymarket's prediction market odds for the upcoming U.S. presidential election, reflecting growing support for Harris after her strong debate performance.

• Kamala Harris' chances of winning the U.S. presidential election have risen to 50% on Polymarket, surpassing Donald Trump's 49%.

• Debate polls, such as YouGov and CNN/SSRS, indicated that Harris outperformed Trump, boosting her odds in prediction markets like PredictIt and Polymarket.

• While cryptocurrency wasn't mentioned during the debate, both candidates have engaged with the crypto industry, with Trump expressing pro-Bitcoin views and Harris' team reaching out to the crypto community.

☝️Vitalik Buterin Pushes for Layer-2 Decentralization, Sets Strict Standards for Acknowledgment

Vitalik Buterin emphasized his commitment to only recognize layer-2 scaling solutions that meet "stage 1" decentralization requirements, signaling a shift towards greater cryptographic trust in Ethereum's scaling efforts.

• Vitalik Buterin stated that starting next year, he will only recognize layer-2 solutions that meet "stage 1+" decentralization, which includes active fraud-proof or validity-proof systems.

• Buterin's decentralization path involves three stages, with "stage 0" as full training wheels and "stage 2" as fully decentralized with minimal override mechanisms.

• Several layer-2 projects like ZKsync and Arbitrum aim to reach full "stage 2" decentralization within the next few years, moving toward cryptographic trust and away from multisig-based control.

🤑CryptoPunk Acquired for 10 ETH in "Steal of the Century" through Smart Contract Buyout

A trader acquired a rare CryptoPunk NFT worth $1.5 million for only 10 ETH through a smart contract buyout, shocking the NFT community and sparking debate over the legality and ingenuity of the transaction.

• A rare CryptoPunk NFT with bids exceeding 600 ETH was purchased for just 10 ETH due to a smart contract "shotgun" mechanism after fractionalization.

• The CryptoPunk, split into 10,000 parts in 2020, was acquired when a buyout proposal went uncontested due to a failed counterbid by another collector.

• The NFT community reacted with mixed opinions, with some labeling it a "heist," while others called it a smart move within the rules.

Meme of the Day

Potential Trade Opportunities

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Ethereum (ETH)

Ethereum Price Has Room To Rise as Technicals Flash Bullish

Price Movements: ETH has demonstrated a range of price movements, with closing prices fluctuating between $2,325.9 and $2,368.0. The short-term outlook appears bullish, supported by the upward trajectory of both the 9-day and 20-day Exponential Moving Averages (EMAs). The MACD indicators show increasing bullish momentum, with the MACD line significantly above the signal line and a growing positive histogram. The Relative Strength Index (RSI) is in the mid-50s, indicating a neutral stance, which could mean potential consolidation or further gains depending on upcoming price action.

Key Levels To Watch: Traders should closely monitor key resistance and support levels for ETH. The primary resistance level to watch is $2,388.52; if ETH breaks through this, it could challenge higher resistance levels at $2,455.4 and $2,526.0. On the downside, critical support levels include $2,342.8, $2,325.01, and $2,290.57. A drop below these support levels could signal a bearish shift and potential for further declines.

Trade Strategies: For long trades, consider entering positions around current levels if ETH maintains support near $2,342.8. A breakout above $2,388.52 could be a strong signal to hold or add to long positions, with profit targets at $2,455.4 or higher. Conversely, for short trades, look for a breakdown below $2,342.8 as a signal to enter short positions, targeting potential declines towards $2,325.01 or $2,290.57.

Bitcoin (BTC)

Bitcoin Price Prediction: BTC Technical Flash Bullish Despite the Crypto Being Overbought

Price Movements: Bitcoin (BTC) has experienced significant price swings recently, closing between $56,701.23 and $58,232.72. The recent trend shows a bullish outlook with the 9 EMA and 20 EMA both trending upwards, indicating positive short to medium-term momentum. Additionally, the MACD is reflecting growing bullish pressure, while the RSI values suggest BTC is approaching overbought conditions.

Key Levels To Watch: Key resistance levels for BTC are at $58,134.00, $58,214.00, and $58,230.13, where selling pressure has been evident. On the downside, important support levels are situated at $57,301.86 and $57,392.03, which have previously provided buying support and could act as crucial points in the event of a price pullback.

Trade Strategies: For long trades, consider entering positions on dips near support levels or if BTC breaks above resistance at $58,134.00, with targets set at higher resistance points. Conversely, short trades could be considered if BTC fails to hold above resistance levels, particularly if it breaks below support. Monitoring these key levels will be essential for effective trading decisions.

Artificial Superintelligence Alliance (FET)

FET Crypto Price Prediction: Technicals Suggest a Continuation of the Bullish Trend, but a Correction May Be Looming

Price Movements: FET has demonstrated a strong bullish trend, with closing prices rising from $1.324 to $1.4. The upward momentum is supported by the exponential moving averages (EMAs), with the 9 EMA consistently above the 20 EMA. This alignment indicates sustained bullish sentiment in the market.

Key Levels To Watch: Resistance levels to monitor are at $1.444 and $1.48. A breakout above these levels could signal further price increases. Conversely, key support levels are at $1.383, $1.365, and $1.334. These areas are crucial for potential buying opportunities if the price experiences a retracement.

Trade Strategies: For long trades, consider entering around the support levels of $1.383 and $1.365, with stop-loss orders below these points to manage risk. For short trades, look for opportunities if the price fails to breach the resistance levels of $1.444 and $1.48, and consider setting exits near the support levels. The current bullish trend, along with high RSI readings, suggests careful monitoring of potential price corrections.

ICYMI:

• Bitcoin ETFs Surge With $116.96 Million Net Inflows After Eight-Day Outflow Streak

• State Street and Galaxy Launch Three New Crypto ETFs, Focusing on Web3 and Blockchain Growth

• Crypto Goes Unmentioned in First Presidential Debate Between Donald Trump and Kamala Harris

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