Bitcoin Price Nears $76,000 as Jack Dorsey’s Block Shifts Focus to Mining, Halts Web5 Project

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

November 8, 2024

Jack Dorsey’s Block (formerly Square) is refocusing its strategy by halting its Web5 project and reallocating resources to Bitcoin mining. With Bitcoin price hovering near $76,000, Block aims to strengthen its role in the crypto ecosystem by partnering with mining firm Core Scientific and developing a 3-nanometer mining chip.

This shift aligns with the U.S. administration’s supportive stance on Bitcoin, potentially enhancing infrastructure and security in the Bitcoin network.

Jack Dorsey’s Block Shuts Down Web5, Increases Focus on Bitcoin Mining

Bitkey, a self-custody wallet developed by Jack Dorsey’s company Block (formerly Square), is shifting its focus toward Bitcoin mining equipment. To fund these initiatives, Block is discontinuing its decentralized “Web5” project and reducing investments in Tidal, its music streaming service.

This strategic pivot aligns with the recent U.S. administration’s pro-crypto stance, as newly re-elected President Trump has pledged support for Bitcoin mining.

Block has partnered with Core Scientific, a major Bitcoin mining firm, to utilize its mining rigs and has also developed a 3-nanometer mining chip.

Block’s intensified investment in Bitcoin mining could strengthen mining infrastructure, improve network security, and stimulate interest in Bitcoin investments, potentially supporting BTC price growth.

Crypto Markets Rise as Fed Lowers Interest Rates by 25 Points

The Federal Reserve cut interest rates by 25 basis points, following a 50-point cut in September, bringing the target range to 4.50%-4.75%. This move aims to curb inflation and support the labor market.

Following Donald Trump’s election win, Bitcoin maintained its upward trend, nearing $76,000. Solana and Ethereum also saw gains, rising 4% and 7%, respectively. Lower rates generally boost investor risk appetite, helping drive momentum in the crypto sector.

Bitcoin’s appeal benefits from the Fed’s rate cut, which increases demand for risk assets, likely fueling BTC’s upward trajectory.

Kalshi Introduces Political Betting Contracts Tied to Trump Administration

Following a judicial win against the U.S. Commodity Futures Trading Commission (CFTC), Kalshi, a U.S.-based prediction market, has launched contracts for betting on political events related to Trump’s administration.

Users can wager on events ranging from hiring decisions to impeachment outcomes, as well as international elections in Canada and Ireland. Ahead of the November 5 presidential election, Kalshi’s market reported $250 million in political betting volume.

The platform recently began accepting USD Coin (USDC) to attract cryptocurrency users. Other platforms, including Robinhood and Polymarket, also offer political betting options. Growing interest in political wagers may bolster Bitcoin by increasing demand for stablecoins.

Bitcoin Price Forecast; Technical Indicators Signals Uptrend

Bitcoin is trading at $75,970, down 0.40% on the day, and sitting near a critical pivot point at $75,405. Immediate resistance is at $77,800, with higher levels at $80,350 and $82,180. On the downside, support is observed at $73,610, with further levels at $72,120 and $71,000.

The 50-day EMA, currently around $71,960, offers a stable base, while the Relative Strength Index (RSI) at 67.23 is hovering near overbought levels, signaling a potential short-term correction.

Traders are closely watching these levels, as a move above $77,800 could spark bullish momentum, whereas a break below $75,405 may encourage further selling pressure.

Key Insights:

• Immediate Resistance: $77,800; Next Resistances: $80,350, $82,180.Immediate Support: $73,610; Next Supports: $72,120, $71,000.RSI near overbought at 67.23, suggesting caution for new buyers at current levels.

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Flockerz Presale Surpasses $1.31M: Final Countdown Before Price Increase

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