{"id":18280,"date":"2024-11-02T16:00:00","date_gmt":"2024-11-02T14:00:00","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-nears-73000-amid-ethereums-struggles-and-russian-mining-ban\/"},"modified":"2024-11-02T16:00:00","modified_gmt":"2024-11-02T14:00:00","slug":"bitcoin-nears-73000-amid-ethereums-struggles-and-russian-mining-ban","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-nears-73000-amid-ethereums-struggles-and-russian-mining-ban\/","title":{"rendered":"Bitcoin Nears $73,000 Amid Ethereum’s Struggles and Russian Mining Ban"},"content":{"rendered":"

“Should Have Bought” is a news podcast by the ForkLog editorial team covering the week’s major industry events and the hottest tokens.<\/em><\/p>\n

Topics: Bitcoin near ATH<\/span>, pre-election volatility, <\/em>L2<\/em> “eating” Ethereum, a wave of layoffs, and analysts’ price forecasts.<\/em><\/p>\n

Special guest: Oxly director Denis Makashov.<\/em><\/p>\n

Participants: ForkLog authors <\/em>Vladimir Sliper<\/em> and <\/em>Alex K<\/em><\/a>. <\/p>\n

ATH Approaches<\/h2>\n

On October 29, the leading cryptocurrency neared $73,000 and soon surpassed it, remaining just 1% shy of the all-time high reached on March 14.<\/p>\n

In the days that followed, the overheated market faced a correction, with the price adjusting to around $69,000.<\/p>\n

Overall, October lived up to its community-given name of Uptober<\/span>\u2014a month historically marked by Bitcoin’s rise following a typically poor September for the cryptocurrency.<\/p>\n

Pre-Election Uncertainty<\/h2>\n

Standard Chartered analyst Jeff Kendrick anticipates that Bitcoin may encounter increased volatility and a price drop due to mass liquidations ahead of the US elections. According to the expert, uncertainty and mass liquidations will reduce the chances of reaching a new price record, likely pushing the rate below $73,000.<\/p>\n

Kendrick also believes that a Republican victory in the US Congress elections could propel digital gold to significant growth\u2014up to $125,000 by year-end\u2014and trigger an “altcoin season,” particularly favorable for Solana.<\/p>\n

Ethereum’s Uncertainty<\/h2>\n

While Bitcoin rose by 10.7% in October, Ethereum corrected by 3.4%<\/a>.<\/p>\n

Zeta Markets co-founder Anmol Singh believes Ethereum’s limited scalability forces users to shift to L2 and competing blockchains like Solana. QuarkChain and EthStorage founder Qi Zhou added that second-layer solutions like Arbitrum and zkSync create liquidity fragmentation, isolating pools and increasing transaction costs.<\/p>\n

However, there are optimists: citing various indicators, Cointelegraph analyst Yashu Gola noted Ethereum’s readiness to rise to $6,000. According to his observations, the current support level around $2,400 is the lower trendline of a multi-month ascending channel.<\/p>\n

Mining Ban?<\/h2>\n

Russian authorities plan to ban mining in regions with electricity shortages, such as the Far East, southwest Siberia, and the south of the country, where capacity shortages are forecast until 2030, reported Deputy Energy Minister Evgeny Grabchak. The ban covers all cryptocurrency mining, including participation in pools.<\/p>\n

The laws “On DFA<\/span> and digital currency” and “On electric power industry” empower the government to restrict mining in certain regions. Deputy Anton Gorelkin noted that such measures will be applied only in exceptional cases.<\/p>\n

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Deezer<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

“Should Have Bought” is a news podcast by the ForkLog editorial team covering the week’s major industry events and the hottest tokens. Topics: Bitcoin near ATH, pre-election volatility, L2 “eating” Ethereum, a wave of layoffs, and analysts’ price forecasts. Special guest: Oxly director Denis Makashov. Participants: ForkLog authors Vladimir Sliper and Alex K. ATH Approaches […]<\/p>\n","protected":false},"author":1,"featured_media":18279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1241],"class_list":["post-18280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-podcast"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=18280"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18280\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/18279"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=18280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=18280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=18280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}