Bitcoin on Verge of Potential Golden Cross, Shiba Inu May Be in Line for Whale-Induced Rally, Tesla Confirms It Still Holds BTC: Crypto News Digest by U.Today

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As an analyst with over two decades of experience in the ever-evolving crypto market, I find myself constantly intrigued by the ebb and flow of this dynamic landscape. Today’s news, in particular, piques my interest for several reasons.

U.Today presents the top three news stories over the past day.

Bitcoin on verge of potential golden cross, likely scenarios?

Looking at the Bitcoin graphs, it appears that a potential golden cross formation might occur, which is a technical pattern often associated with a bullish market direction. If verified, this development could present several possibilities for Bitcoin. In the past, such occurrences have been followed by significant price surges, with investors anticipating a surge beyond $70,000 and potentially reaching $75,000 or higher. However, some analysts caution that this crossover might lead to deceptive breakouts, causing prices to increase rapidly initially but then drop again. It’s also worth noting that a temporary dip could happen as traders cash out their profits, after which the market may recover, potentially pushing prices even higher. At present, Bitcoin is being traded at $67,940, marking a 0.44% increase over the previous 24 hours according to CoinMarketCap.

Shiba Inu next in line for whale-induced rally

Based on the latest figures, it appears that Shiba Inu has experienced a significant surge of 41% in large transactions over the last day, totaling approximately $29.74 million. Interestingly, the number of transactions valued at $100,000 or more has nearly quadrupled within this period, rising from 48 to 209. The total volume of these high-value transactions over the last 24 hours was a staggering 1.68 trillion SHIB transferred across various platforms.

Tesla confirms it still holds Bitcoin

1) Tesla, a pioneer in electric cars, clarified that it still owns its Bitcoin holdings amidst community rumors suggesting sell-offs. The confusion arose after transactions were observed being sent to unidentified wallets, which turned out to be simple rotation of these wallets. After posting better-than-anticipated earnings, Tesla’s shares increased by more than 12% in premarket trading, with Elon Musk indicating that the company managed to make record profits despite a tough auto market. Moreover, Tesla is planning to introduce new automobile options in the first half of 2025 and has launched an employee-exclusive ride-hailing service in San Francisco, with plans to expand this service to California and Texas residents next year.

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2024-10-25 18:23