A crypto analyst known for timely Bitcoin calls believes BTC’s price action following the US midterm election suggests that the flagship digital asset is gearing up for an all-time high (ATH) rally.

Pseudonymous analyst DonAlt tells his 797,800 followers on X that Bitcoin’s monthly chart turned green after it dropped to the $75,000 level on November 4th.

“Good start; the monthly looks like it just wants to go straight back to ATH.  Would be fun if it did. Fingers crossed we continue being this strong.”

The crypto strategist appears to suggest that BTC continues to respect its support level at $70,000 while potentially carving a higher low on the monthly chart.

Bitcoin rallied to an all-time high of $126,000 in October of last year.

The analyst also counters the prevailing narrative that crypto will be bearish if Democrats win.

“>’Crypto bearish if Republicans lose’
>Republicans lose
>Daily green

I don’t know man; the more the Democrats win, the less grifting is gonna be allowed. And I think that’s a good thing; s**t got disgusting over the last two years.”

Earlier this month, DonAlt said Bitcoin flashed signs of strength as BTC barely flinched following the $6.34 Binance hack.

“Last time the market didn’t properly sell off after a huge event like this was the FTX collapse.

When I saw the lack of follow-through, then I got giga bullish. And we subsequently went from $16,000 to $100,000.

Hard to be bearish here after having been given the same setup yet again.”

The Democrats won a majority in the House and Senate in the midterm election, reports the Associated Press. Democrats won 54 seats in the Senate, compared with 44 for Republicans. In the House, Democrats secured 237 seats, while Republicans won 147.

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NVIDIA, Tesla, SpaceX, Microsoft, Amazon and Alphabet are among more than 60 prominent US stocks that could soon be available for 24/7 tokenized trading.

OKXICE, the joint venture between crypto exchange OKX and the Intercontinental Exchange (ICE), filed with the US Securities and Exchange Commission (SEC) on Sunday, notifying the regulator of plans to launch a marketplace for investors to buy tokenized stocks.

Former New York Governor Andrew Cuomo, OKXICE’s co-chair, says the firms plan to launch the trading venue under the SEC’s new “innovation exemption.”

“This is a landmark step toward a truly global, 24/7 Wall Street — and toward keeping the future of digital finance anchored here in the United States.

The digital asset revolution is already transforming our financial system. Tokenized securities are part of what comes next.”

Cuomo has advised OKX on policy matters since 2022, including during the exchange’s $504 million settlement with the Department of Justice (DOJ) over anti-money-laundering violations.

ICE, the parent company of the New York Stock Exchange (NYSE), has made a broad push into crypto infrastructure, including investments in OKX and the prediction market Polymarket, as well as its participation in stablecoin platform Circle’s $222 million Arc presale alongside BlackRock and Apollo.

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Cardano’s (ADA) recent price surge is running into fresh headwinds from fading trader interest and large-holder exits.

Futures open interest for ADA has dropped 9% over the past week, sliding from $1.99 billion to $1.81 billion as traders cut back on leveraged bets, says Ali Charts on X.

Whales also appear to be taking profits.

“Since September 20, large holders have offloaded roughly 90 million ADA, worth approximately $22.5 million, adding to the recent selling pressure.”

This decline in demand aligns with a Tom DeMark Sequential sell signal that appeared on Cardano’s daily chart.

“Since then, ADA has fallen 10%, and the correction may not be over yet.”

According to the analyst, a parallel channel on the daily chart points to $0.24 as the key mid-range support.

“If ADA loses that level, a move toward the channel’s lower boundary near $0.21 becomes likely.”

If $0.21 holds, it could present the next buying opportunity, targeting the channel top near $0.28.

Looking at Bitcoin, Ali says whales have cut their BTC holdings significantly over the last seven days.

“Most of the market has moved sideways over the past week. So what have whales been doing during the lull?

Bitcoin whale holdings have fallen by roughly 30,000 BTC, worth about $2.52 billion.

Large holders appear to be reducing their exposure.”

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• Illinois has released draft rules for its 0.2% crypto transaction tax, including stablecoins and memecoins.
• The tax is scheduled to take effect on January 1, 2027.
• NFTs are excluded from the proposed digital asset tax rules.

The U.S. state of Illinois has released draft rules for its new 0.2% digital asset tax, giving crypto exchanges and other service providers more detail on how the levy could work when it takes effect next year.

The Illinois Department of Revenue (IDOR) posted the draft rules on September 28 and is accepting public comments through October 30, 2026. The rules have not yet been filed with the Secretary of State or submitted to the Joint Committee on Administrative Rules.

The underlying Digital Asset Tax Act was signed into law in June and is scheduled to take effect on January 1, 2027. It applies a 0.2% tax to the value of a digital asset involved in covered business activity received by an Illinois customer. Digital asset brokers are responsible for collecting the tax.

What the Draft Rules Cover

The proposed rules define taxable activity as the exchange, transfer or storage of digital assets through a business or for a customer. Exchanges include buying or selling crypto for dollars, trading one digital asset for another, converting fiat into crypto, converting crypto back into fiat and bridging assets between blockchains.

Transfers can also fall under the tax when a broker performs them for a fee. The draft specifically includes transfers between accounts belonging to the same customer when a digital asset broker facilitates the transaction for consideration. Direct peer-to-peer transfers without an intermediary are not covered.

The proposal also covers stablecoins and memecoins, while specifically excluding NFTs. Network or gas fees paid directly to miners and validators are not treated as taxable consideration. DeFi transactions generally fall outside the tax unless a platform receives qualifying fees, such as protocol fees.

The tax is based on the dollar value of the digital asset when the taxable activity is completed, rather than on whether the customer made a profit.

How It Compares With U.S. Federal Crypto Taxes

Illinois’ levy is separate from federal crypto taxation. The IRS treats digital assets as property, meaning sales and exchanges can create taxable capital gains or losses. Federal rules also require certain brokers to report digital asset transactions to the IRS through Form 1099-DA.

Illinois is currently the first U.S. state to enact a transaction-based tax specifically targeting digital asset activity. A separate Illinois bill, HB 5798, has been introduced to repeal the Digital Asset Tax Act, but it has not repealed the law.