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2024 Expected To Be World’s Hottest Year, Eu Scientists Report

by THEFUTURE.TEAM

This year is set to be the hottest on record, marking the first time global temperatures surpass 1.5°C above pre-industrial levels, the European Union’s Copernicus Climate Change Service (C3S) announced. From January to October, record-breaking temperatures made it “virtually certain” that 2024 will exceed 2023 as the warmest year since records began. C3S Director Carlo Buontempo emphasized that climate change is the main driver of this milestone, with every continent and ocean experiencing unprecedented warming.

The announcement comes just before the COP29 climate summit in Azerbaijan, where global leaders aim to secure increased funding for climate action. Climate scientist Sonia Seneviratne urged faster action on fossil fuel reduction, warning that the world may breach the 1.5°C limit set by the Paris Agreement by 2030 unless stronger measures are taken.

The rise in temperatures has intensified extreme weather events globally. In October alone, severe floods in Spain, wildfires in Peru, and destructive floods in Bangladesh highlighted the pressing need for climate policies. Each fraction of warming fuels such events, underscoring the urgency of the upcoming climate talks.

Bitcoin Surges 23% In A Week As Investor Optimism Returns

by News Editor

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.

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