This milestone represents a significant leap in Bitcoin's mining power and overall network strength. To put this into perspective, the hash-rate has grown by an impressive 13% since the last halving event in April, when the daily Bitcoin production was cut in half to 450 BTC. This increase in hash-rate, despite the reduction in block rewards, demonstrates the robust health and growing competitiveness of the Bitcoin mining industry. Interestingly, public Bitcoin miners are playing an increasingly prominent role in this surge. Data shows that 12 of the top publicly traded mining companies now contribute nearly 29% of the total hash-rate, which translates to over 200 EH/s. This trend suggests that these public miners are steadily gaining market share, potentially at the expense of smaller, private mining operations.

This surge is reigniting hopes among investors and enthusiasts that we might soon witness new all-time highs. What's driving this bullish trend? Well, there are a few key factors at play. First and foremost, there's a growing sense of optimism surrounding riskier assets in general. This sentiment is buoying Bitcoin along with other speculative investments. Adding fuel to the fire is the upcoming U.S. election. Political events of this magnitude often create waves in financial markets, and the crypto sphere is no exception. Investors are keenly watching how potential policy changes could impact the digital asset landscape.

This move comes as part of Prime Minister Giorgia Meloni's efforts to finance expensive election promises while simultaneously working to reduce the country's fiscal deficit. Deputy Finance Minister Maurizio Leo justified this substantial tax hike, citing the widespread adoption of Bitcoin. In his words, "the phenomenon is spreading," suggesting that the government sees this as an opportunity to tap into a growing revenue stream. This decision raises several important questions for the cryptocurrency community. How will this affect Italy's position in the global crypto market? Will it discourage investment and innovation in the country's blockchain sector? And perhaps most crucially, could this set a precedent for other nations grappling with similar financial pressures?

This transfer, which occurred on Tuesday, involved moving more than 11,500 Bitcoin. What's particularly intriguing is that Tesla's wallets now retain only about $6.65 worth of Bitcoin—essentially emptying their coffers. This move has sparked speculation about whether Tesla is planning to sell its Bitcoin. It's worth noting that Tesla is—or perhaps was—the fourth-largest holder of Bitcoin among publicly traded U.S. companies, trailing only behind software company MicroStrategy and Bitcoin mining firms MARA Holdings and Riot Platforms.

This surge brings Bitcoin to its highest level since July, marking a notable rebound in the digital asset sector. The cryptocurrency market is known for its volatility, and this recent price movement is no exception. What's particularly interesting is the timing of this surge, coming as we approach the US elections. This convergence of market forces and political events has created a perfect storm for Bitcoin's price action. Chris Newhouse, director of research at Cumberland Labs, offers some insight into what's driving this price increase. He points to a combination of factors, including short squeezes, speculative positioning, and fresh capital inflows. This potent mix has propelled Bitcoin to these new local highs.

The company has successfully raised $210 million through a convertible note offering. This funding round was led by Fulgur Ventures, a venture capital firm known for its investments in blockchain and cryptocurrency projects. This substantial injection of capital is a testament to the continued interest and confidence in Bitcoin-related technologies and infrastructure. Blockstream, known for its contributions to Bitcoin development and its satellite network that broadcasts the Bitcoin blockchain, is likely to use these funds to further expand its operations and drive innovation in the space.

Fink has declared that Bitcoin has evolved into an asset class that rivals gold in terms of investment potential. This endorsement from such a prominent figure in the financial world marks a pivotal moment for Bitcoin and the broader cryptocurrency market. Fink's comments suggest a shift in perception among traditional financial institutions towards digital assets. The BlackRock CEO's statement comes at a time when institutional interest in Bitcoin is at an all-time high. More and more major companies and investment firms are exploring ways to incorporate Bitcoin into their portfolios and services.

Bitcoin is making waves once again, outperforming both stocks and gold this month. The driving force behind this surge? Growing optimism about the future of cryptocurrency regulation in the United States, particularly in light of the upcoming presidential election. As of early Tuesday morning in Singapore, Bitcoin was trading at around $66,200, hovering near a two-week high. This represents a modest increase of less than 1% in the short term, but looking at the bigger picture, we're seeing a 4% rise for the month of October. That's no small feat, especially when you consider that Bitcoin is outpacing both global stock indices and gold during this period.