At Extreme Investor Network, we dive deep into the latest trends and news in the stock market and crypto world to provide our readers with unique insights and valuable information. Today, we take a closer look at the current state of Bitcoin and some interesting developments in the crypto space.
Bitcoin is currently trading at $67.1K, with a slight 0.5% increase over the past 24 hours. While the cryptocurrency has seen minor fluctuations since the day’s opening, it has largely stabilized in line with stock indices. This period of pause is beneficial for Bitcoin bulls, allowing the market to cool off after a recent rally.
Looking ahead, investors should keep an eye on the upcoming ECB interest rate decisions and US retail sales figures, which could potentially disrupt the current stability in the market.
In other crypto news, Tesla has made headlines by transferring its entire 11,509 BTC holdings, valued at approximately $760 million, to unknown addresses. Meanwhile, Elon Musk’s SpaceX continues to hold 8,285 BTC in Coinbase’s Prime Custody wallet service. This move comes as Bitcoin continues to reach new highs, widening the gap between demand and ‘active supply,’ a trend that Glassnode suggests could lead to heightened volatility.
Additionally, Tether has reported that its USDT stablecoin was used by 330 million cryptocurrency wallets and on-chain accounts at the end of the third quarter of 2024. The company attributes the increase in users to second-tier solutions and the development of the TON ecosystem.
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