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Cryptocurrency Trends Today: Bitcoin and Altcoins on the Rise Driven by Billionaire Injection into Tether

Fast Take
  • Bitcoin and altcoins demonstrate resilience in the face of turmoil and regulation.
  • Injection of US$1,7 billion by Tether whales signals potential upside.
  • Analysts predict strong upward momentum for Bitcoin and cryptocurrencies.
Bitcoin Targets $18.000; ETH, ADA, MATIC, SOL, DOGE, XRP have bullish pattern
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The month of November was marked by a period of turbulence for Bitcoin, starting with an abrupt drop of more than 5% following the surprising resignation of Changpeng Zhao, better known as CZ, as CEO of Binance. Despite this initial setback, the leading cryptocurrency displayed impressive resilience, climbing to the $38.360 mark on Friday, its highest since May 2022, and subsequently stabilizing over the weekend.

Meanwhile, cryptocurrencies today are bullish, including Ethereum, XRP, Solana, Dogecoin, Shiba Inu and Cardano, have demonstrated considerable strength, weathering the challenges brought by recent regulatory headwinds that have rocked the cryptocurrency sector.

In addition to the enthusiasm generated by the proximity of the Bitcoin halving event, scheduled to take place in around 150 days, the cryptocurrency's robust performance is largely anchored in the growing optimism regarding the possible approval of a Bitcoin exchange-traded fund (ETF).

Reports indicate ongoing discussions between institutional investors and the Securities and Exchange Commission (SEC) from the US on Bitcoin ETF applications, signaling a possible influx of institutional capital into the cryptocurrency market.

Cryptocurrency analytics firm santiment revealed a notable piece of data in a tweet: the significant contribution of the top 100 Tether addresses. As noted, these addresses injected around US$1,67 billion into the market in the last six months, an increase of 9,7% in their purchasing power. “If the purchasing power of the $USDT whale continues to increase, it is likely that $40K+ $BTC is coming,” the company said.

“Crypto Sunmoon”, an analyst at CryptoQuant, offered insight into the future trajectory of Bitcoin. He highlighted a historical pattern: an increase in the percentage of Bitcoin held on US exchanges before bull runs. Currently, with regulatory changes affecting the Binance and its CEO, an increase of approximately 12.000 BTC in Coinbase reserves was observed, while Binance recorded a decrease of 5.000 BTC.

Read also   Bernstein points to Ethereum as the next 'institutional darling'; Spot ETH ETF?

At the time of publication, the BTC price it was quoted at US$ 38.238,02, up 4% in the last 24 hours.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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