As a seasoned crypto investor with a decade-long journey through this digital frontier, I must admit that the recent surge of Bitcoin to $65,250 is reminiscent of a rollercoaster ride – exhilarating and nerve-wracking all at once. The last time we were here was in August 2013, and while the market has matured since then, the thrill remains unchanged.
During the recent trading day, Bitcoin (BTC), the leading cryptocurrency in terms of market value, scaled up to an impressive peak of $65,250. This peak was last reached way back in August.
The wider cryptocurrency sector is keeping a close eye on the fluctuations in Bitcoin’s price, especially since it’s approaching a significant level where profits could be made.
Based on data from analytics platform IntoTheBlock, Bitcoin is gradually increasing, and as a result, more investors are finding themselves in a profitable position.
As an analyst, I’m observing that Bitcoin continues to ascend, and consequently, the number of individuals benefiting from their holdings increases. If Bitcoin surpasses the $65k mark, more than 90% of holders would be in profit – a figure last observed in July when Bitcoin fell short of establishing a new high. The intriguing aspect here is: will this instance diverge from its previous course?
— IntoTheBlock (@intotheblock) September 26, 2024
According to IntoTheBlock’s analysis, if Bitcoin surpasses $65,000, more than 90% of its current holders would make a profit – a milestone last reached in July when Bitcoin fell short of setting a new record high. This begs the question: Could this time mark a significant change?
As a researcher examining the Bitcoin market trends, I noticed a period of profit-taking towards the end of July when the cryptocurrency struggled to surpass the $70,000 mark. Consequently, Bitcoin dipped to an intraday low of $49,050 on August 5th, but swiftly rebounded thereafter.
As I write this, Bitcoin (BTC) has increased by 0.92% over the past 24 hours to reach $64,536. In the same period, a number of cryptocurrencies such as Shiba Inu (SHIB), Dogecoin (DOGE), and Worldcoin (WLD) have experienced significant surges. This bullish trend seems to be driving the market during the early trading session on Thursday.
Fed signal awaited
Last week, the Federal Reserve implemented its initial rate reduction, which sparked an increase in risky investments like Bitcoin. Traders are anticipating another 0.5 percentage point decrease in interest rates by November.
On a Wednesday hearing before the Financial Services Committee, as a researcher, I found myself listening intently to Gary Gensler, Chair of the Securities and Exchange Commission (SEC). He clarified his stance on Bitcoin, asserting that in his view, it does not fall under the category of a security. This response was directed at concerns raised by Republican committee chair Patrick McHenry. This declaration, if upheld, could potentially boost the overall sentiment within the Bitcoin market.
Investors are seeking indications about the speed of possible interest rate reductions in talks given by significant Federal Reserve decision-makers, such as Jerome Powell, the Federal Reserve Chairman, and other economic information.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- BICO PREDICTION. BICO cryptocurrency
- VANRY PREDICTION. VANRY cryptocurrency
- USD CLP PREDICTION
- SHI PREDICTION. SHI cryptocurrency
- Best 6-Star Characters In Bleach: Brave Souls
- LPT PREDICTION. LPT cryptocurrency
2024-09-26 18:49