Bitcoin ETF

Bitcoin

The world’s largest cryptocurrency, Bitcoin (BTC), experienced a significant surge, propelling other altcoins to rise in tandem. This surge coincided with the potential approval of a spot Bitcoin Exchange Traded Fund (ETF), garnering increased interest from substantial investors and institutions. Bitcoin’s record high and the role of Tether whales 
According to the recent report by Santiment, an on-chain analytics firm, on November 24, 2023, Bitcoin reached $38,300, a level not observed since May 5, 2022. A key contributing factor to this upswing is the top 100 largest Tether addresses, collectively injecting $1.67 billion in the past six months. 
Also Read: <a href="https://news.todayq.com/bitcoin-etf-approval-set-to-move-crypto-options-market/">Bitcoin ETF set to move Crypto options market: Deribit insights</a> 
If these major Tether holders keep boosting their buying power, it’s possible that Bitcoin could soon surpass $40K. Keep an eye on the whales and their USDT investments for potential further upward movement in Bitcoin prices. 
🐳💸 Institutional confidence driving price projections 
As of writing, BTC is trading at around $37,800, showing a fair 0.64% increase in the last 24 hours. However, the BTC price is up by a massive 45% in the last 90 days, and everyone from experts to analysts predicting that BTC may end up closing above the $40,000 level by the end of this year. 
This massive interest from institutions and investors shows confidence and also gathers everyone’s attention. As of November 23, 2023, investors spent a significant $3.14 million on BTC (equivalent to 83.65 BTC) in miner fees to facilitate a single transaction. This transaction, identified by the crypto analytic platform Bitinfocharts, drew widespread attention due to the rarity of such substantial transaction fees, hinting at a significant development. Source: Twitter 
Furthermore, on November 22, 2023, creditors of the <a href="https://news.todayq.com/bitcoin-dump-incoming-mt-gox-aims-repay-creditors/">infamous Mt. Gox cryptocurrency exchange</a> reportedly received an email notice from the bankruptcy trustee. The anticipation of long-awaited repayments raised concerns in the digital assets market, fearing a potential Bitcoin (BTC) dump. The trustees expressed their intention to commence the repayment process soon, adding an element of uncertainty to the cryptocurrency landscape. 
© Todayq News

Bitcoin breaches $38k, sets 52-week high; $40k next?

Todayq News

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