The excitement and enthusiasm in the crypto world continue as Bitcoin holds steadily at a price of $34,274, marking a growth of 0.75% on this Monday.
Besides the price movement, the crypto community is also encouraged by an enthusiastic tweet from Elon #Musk himself.
While the pro-Bitcoin stance of Nayib Bukele, the President of El Salvador, is making headlines, it is Musk’s tweet that has gained admiration in the crypto world and boosted enthusiasm.
In this context, a report from Bloomberg sheds light on the financial wealth of Changpeng Zhao, the CEO of #Binance , whose net worth exceeds $17 billion, despite the challenges the exchange has faced this year.
Pro-Bitcoin President Bukele Announces Bid for Second Term
Nayib Bukele, the President of El Salvador and a #Bitcoin advocate, has announced his candidacy for re-election in the presidential elections set to take place in February 2024.
Some critics argue that Bukele cannot run for a second consecutive term due to constitutional restrictions in El Salvador, although he enjoys considerable popularity and support from his party, Nuevas Ideas. However, the country’s Supreme Court ruled in favor of the possibility of consecutive re-election in September 2021.
Nuevas Ideas has the support of about 70% of the voters in the country, placing it in a strong position against its political rivals.
The economic situation in the country has changed significantly thanks to the government’s support of the Bitcoin initiative and other pro-technology regulations.
Gabor Gurbacs, a strategic advisor at VanEck, highlighted the potential of El Salvador to become a financial hub in the Americas.
Elon Musk and His Positive Influence on Cryptocurrencies
Tech entrepreneur Elon Musk celebrated the anniversary of his Twitter takeover in October 2022 with a tweet emphasizing the newly found “freedom” of the platform. Musk’s journey to acquiring Twitter was full of twists and turns, including a major investment in the company’s shares, a rejection of a board seat, and eventually a rejection of the takeover offer.
Following the $44 billion acquisition, Musk implemented a series of significant changes on Twitter. He rebranded the website, expanded content options, introduced monetization and subscription options, and optimized operations.
As a result, the platform now boasts 500 million active users per month.
The Bitcoin community thanked Musk for “freeing the bird” and highlighted Bitcoin as a symbol of financial independence.
A point of interest remains whether Musk will incorporate Dogecoin into his plans with Twitter, a question that has captured the attention of many.
CZ’s Billion-Dollar Wealth Despite Binance Challenges
Reports indicate that Changpeng Zhao (CZ), CEO of Binance, has seen a significant reduction in his wealth due to decreased cryptocurrency trading volumes, now estimated at around $12 billion.
Data from Bloomberg shows that Binance, the world's largest crypto exchange, experienced a 38% drop in trading volumes this year.
As a result, CZ's estimated net worth fell to $17.2 billion, according to the Bloomberg Billionaires Index.
Binance’s market share dropped from 62% in the first quarter to 51% by the end of the third quarter following a zero-fee campaign.
Binance is facing various challenges and regulatory restrictions in the USA, but the price of Bitcoin remains positive today and seems unaffected by these developments.
Bitcoin Price Forecast
Analysis of the daily Bitcoin chart shows a key pivot point at the price of $33,920, corresponding to the 23.6% Fibonacci retracement level. Immediate resistance levels are found at $34,500, followed by $35,250 and $36,150.
Conversely, support is expected at the $33,000 price level, corresponding to the 38.2% Fibonacci retracement level, followed by $32,450 and $31,800, which correspond to the levels
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