Bitcoin ETF

Bitcoin

<p>The U.S. SEC account on X Platform was compromised on Tuesday leading to <a href="https://coingape.com/bitcoin-whiplash-on-bogus-etf-approval-news-sparks-market-manipulation-memes/?utm_source=24hrsupdateall" target="_blank" rel="noopener noreferrer nofollow">fake tweets</a> of Bitcoin ETF approval and causing a stir in the BTC price movements. The BTC price surged all the way to $48,000, however, it has dropped to $46,000 as of writing this story.</p>
<h3 id="bitcoin-etf-approval">Bitcoin ETF Approval</h3>
<p>In a surprising turn of events, Bitcoin prices surged to a 19-month high, reaching $47,900, only to experience a brief dip to $45,100. The volatility was mainly due to a false announcement posted on a hacked U.S. SEC Twitter account, falsely claiming the approval of a Bitcoin ETF.</p>
<p>Bloomberg ETF analyst Eric Balchunas addressed the situation, anticipating the official SEC announcement of the Bitcoin spot ETF approval between 16:00 and 17:00 ET on Wednesday, with the listing set for Thursday. The incident highlights the impact of misinformation on cryptocurrency markets and the anticipation surrounding potential ETF approvals.</p>
<p>The Bitcoin price has been oscillating around $45,000 over the last week and more amid expectation of the spot Bitcoin ETF approval. Some analysts believe that this could be a sell-the-news event going ahead with Bitcoin likely seeing a pullback to around $40,000.</p>
<p>Also, in a recent analysis by crypto analyst Ali Martinez, Bitcoin (BTC) has solidified a robust support zone at $42,000, underpinned by the presence of 2.48 million addresses collectively holding over 1.12 million BTC.</p>
<figure id="attachment_173063" aria-describedby="caption-attachment-173063" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-173063" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-supply-demand.jpeg" alt="" width="2342" height="856" srcset="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-supply-demand.jpeg 2342w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-supply-demand-300x110.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-supply-demand-1224x447.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-supply-demand-768x281.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-supply-demand-1536x561.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-supply-demand-2048x749.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-supply-demand-150x55.jpeg 150w" sizes="(max-width: 2342px) 100vw, 2342px">
 <figcaption id="caption-attachment-173063" class="wp-caption-text">
  Courtesy: Ali Martinez
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<p>The on-chain data also indicates that if Bitcoin manages to breach the resistance level at $48,000, a clear path forward may be on the horizon. Notably, there are no significant supply zones in the immediate vicinity, suggesting that BTC could potentially set its sights on $55,000. This analysis provides further insights into the key levels and dynamics shaping Bitcoin’s current price movement.</p>
<h3 id="90-of-btc-holders-are-in-profit">90% of BTC Holders Are In Profit</h3>
<p>In a recent report from Glassnode, it has been revealed that with Bitcoin (BTC) surpassing the $46,000 threshold, over 90% of all coin-holding addresses are currently experiencing profit. This marks a significant milestone as it is the first instance of such widespread profitability since November 2021. The question remains whether these addresses will continue to hold or move towards profit booking.</p>
<p>Additionally, the report indicates that approximately 78% of Ethereum (ETH) holding addresses are also currently in a profitable position. The data sheds light on the positive market sentiment and the financial gains realized by a substantial majority of cryptocurrency investors.</p>
<figure id="attachment_173064" aria-describedby="caption-attachment-173064" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-173064" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Profit-Addresses.jpeg" alt="" width="1800" height="1013" srcset="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Profit-Addresses.jpeg 1800w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Profit-Addresses-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Profit-Addresses-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Profit-Addresses-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Profit-Addresses-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Profit-Addresses-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Profit-Addresses-150x84.jpeg 150w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-173064" class="wp-caption-text">
  Courtesy: Glassnode
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<p>The post <a href="https://coingape.com/90-of-bitcoin-holders-are-currently-sitting-on-profits-buy-or-sell/" rel="noopener noreferrer nofollow">90% of Bitcoin Holders Are Currently Sitting on Profits, Buy Or Sell?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

90% of Bitcoin Holders Are Currently Sitting on Profits, Buy Or Sell?

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