BitcoinMarket
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Bhutan Sold $66 Million Worth of Bitcoin as Price Surpassed $71,000
The Bhutanese government recently sold part of its bitcoin holdings as the price surpassed the key $70,000 threshold. Although Bhutan still owns approximately $886 million worth of bitcoin, this sale could add selling pressure to the market, given that the country has been holding and mining bitcoin for over five years.
Bhutan Transfers Bitcoin to Binance
The Bhutanese government’s wallet transferred $66 million in bitcoin to the cryptocurrency exchange Binance, signaling plans to sell on this globally leading platform. According to data from Arkham Intelligence, these funds were moved in two transactions on October 29, shortly after bitcoin’s price crossed the $70,000 mark for the first time since June.
Key Price Levels and Their Impact
Price levels like $70,000 often bring volatility to the market and attract profit-taking. With the significant amount of bitcoin that the Bhutanese government holds, further selling pressure could impact the cryptocurrency’s price.
Bitcoin as a Source of Public Funding
Bitcoin mining has become an essential part of Bhutan’s economy, contributing, among other things, to a 50% pay increase for public sector employees. In 2023, Bhutan's bitcoin reserves accounted for more than 26.9% of its gross domestic product (GDP), which reached $2.9 billion.
According to local reports, revenue from mining by Bhutan’s investment fund, Druk Holding and Investments, was used to finance the wage increase for government employees in 2013. The South Asian country now holds twice as much bitcoin as El Salvador, which adopted bitcoin as legal tender over three years ago.
Macro Factors Driving Bitcoin’s Price Increase
Bitcoin’s price is also being driven by several global macroeconomic factors. These include China’s plan to secure a new $1.4 trillion debt, which, according to BitMEX co-founder Arthur Hayes, could present a “great buying opportunity” for bitcoin.
Analysts from Bitfinex also see the Chinese economic stimulus as a potential driver of demand for bitcoin. History shows that large financial injections can boost risk assets, as seen during the U.S. stimulus in 2020, which spurred bitcoin's growth.
U.S. Presidential Election Significance for Bitcoin
Additionally, bitcoin’s price is being bolstered by anticipation around the upcoming U.S. presidential election on November 5. A victory for former President Donald Trump, whose odds are rising, is seen as a positive signal for risk assets like bitcoin.
#Cryptocurrencies , #BTC☀ , #CryptoNews🚀🔥 , #BitcoinMarket , #bitcointrading
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Bhutan Transfers Bitcoin to Binance
The Bhutanese government’s wallet transferred $66 million in bitcoin to the cryptocurrency exchange Binance, signaling plans to sell on this globally leading platform. According to data from Arkham Intelligence, these funds were moved in two transactions on October 29, shortly after bitcoin’s price crossed the $70,000 mark for the first time since June.
Key Price Levels and Their Impact
Price levels like $70,000 often bring volatility to the market and attract profit-taking. With the significant amount of bitcoin that the Bhutanese government holds, further selling pressure could impact the cryptocurrency’s price.
Bitcoin as a Source of Public Funding
Bitcoin mining has become an essential part of Bhutan’s economy, contributing, among other things, to a 50% pay increase for public sector employees. In 2023, Bhutan's bitcoin reserves accounted for more than 26.9% of its gross domestic product (GDP), which reached $2.9 billion.
According to local reports, revenue from mining by Bhutan’s investment fund, Druk Holding and Investments, was used to finance the wage increase for government employees in 2013. The South Asian country now holds twice as much bitcoin as El Salvador, which adopted bitcoin as legal tender over three years ago.
Macro Factors Driving Bitcoin’s Price Increase
Bitcoin’s price is also being driven by several global macroeconomic factors. These include China’s plan to secure a new $1.4 trillion debt, which, according to BitMEX co-founder Arthur Hayes, could present a “great buying opportunity” for bitcoin.
Analysts from Bitfinex also see the Chinese economic stimulus as a potential driver of demand for bitcoin. History shows that large financial injections can boost risk assets, as seen during the U.S. stimulus in 2020, which spurred bitcoin's growth.
U.S. Presidential Election Significance for Bitcoin
Additionally, bitcoin’s price is being bolstered by anticipation around the upcoming U.S. presidential election on November 5. A victory for former President Donald Trump, whose odds are rising, is seen as a positive signal for risk assets like bitcoin.
#Cryptocurrencies , #BTC☀ , #CryptoNews🚀🔥 , #BitcoinMarket , #bitcointrading
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
🔍 In the $BTC market, a key indicator of speculation is the price gap between futures contracts expiring soon and those expiring later, like on CME & Deribit.
Recently, this gap exceeded $1,000, warning investors of potential market tops.
#BitcoinMarket #priceprediction #TrendingTopic
Recently, this gap exceeded $1,000, warning investors of potential market tops.
#BitcoinMarket #priceprediction #TrendingTopic
🔍 5 Key Points to Watch in this week's Bitcoin (BTC) market:
1. Will BTC's weekly price hit $35,000?
2. Speeches by the U.S. Federal Reserve Chairman and Vice Chairman
3. All-time high BTC hash rate
4. Increased BTC withdrawal volume from centralized exchanges
5. Fear and greed index surpassing 70, indicating the continuation of the greed phase. #BitcoinMarket #CryptoTrends 📊🏦💹📈🤑
1. Will BTC's weekly price hit $35,000?
2. Speeches by the U.S. Federal Reserve Chairman and Vice Chairman
3. All-time high BTC hash rate
4. Increased BTC withdrawal volume from centralized exchanges
5. Fear and greed index surpassing 70, indicating the continuation of the greed phase. #BitcoinMarket #CryptoTrends 📊🏦💹📈🤑
📉 Day traders are not returning to the crypto market despite Bitcoin's rise this year. Traders cite decreased volatility and attractiveness. 📈 Coinbase's data shows a 12% decrease in trading fees between Q2 and Q3 of 2023. 📊 #CryptoDayTraders #BitcoinMarket 📉💰
Dive into Bitcoin's current market dynamics with insights on consolidation and the potential bear trap. Discover what this means for investors and where Bitcoin might be headed next. Read more in-depth analysis here: Article
$BTC #BinanceTournament #BitcoinMarket
$BTC #BinanceTournament #BitcoinMarket
#MarketSentimentToday
Bitcoin Market Sends Mixed Signals: What’s Next?
#Write2earn #BitcoinMarket #Bitcoin #CryptoMarketMoves
$BTC
The Bitcoin market is currently filled with mixed signals, leaving investors uncertain about the next move. On one hand, a Bitcoin whale recently moved 2,000 BTC to Binance, a move that often precedes market volatility. On the other hand, the Bitcoin mining hash rate remains stable, usually a sign of confidence in the market's future.
These conflicting indicators make it tough to predict Bitcoin's direction. While whale activity could trigger short-term volatility, the stability in the hash rate and the confidence of long-term holders suggest underlying strength. The market is in a "wait-and-see" mode, balancing between potential bearish moves by whales and bullish signals from miners and investors. Bitcoin’s next move remains uncertain, but the market is anything but calm.
Bitcoin Market Sends Mixed Signals: What’s Next?
#Write2earn #BitcoinMarket #Bitcoin #CryptoMarketMoves
$BTC
The Bitcoin market is currently filled with mixed signals, leaving investors uncertain about the next move. On one hand, a Bitcoin whale recently moved 2,000 BTC to Binance, a move that often precedes market volatility. On the other hand, the Bitcoin mining hash rate remains stable, usually a sign of confidence in the market's future.
These conflicting indicators make it tough to predict Bitcoin's direction. While whale activity could trigger short-term volatility, the stability in the hash rate and the confidence of long-term holders suggest underlying strength. The market is in a "wait-and-see" mode, balancing between potential bearish moves by whales and bullish signals from miners and investors. Bitcoin’s next move remains uncertain, but the market is anything but calm.
📢 BREAKING NEWS 📢
🚨 MUST READ 🚨
-----Stable coin Surge: Over $2.5 Billion Minted by Tether and Circle, Potentially Fueling Next $BTC Rally
In a significant development for the cryptocurrency market, Tether and Circle have recently minted over $2.5 billion in #Stablecoins , according to insights from 10x Research.
This surge in issuance could be the catalyst needed for Bitcoin to overcome its current resistance levels and spark the next major rally.Stablecoins, particularly those issued by Tether and Circle, play a crucial role in the digital asset ecosystem, often acting as a bridge between fiat currencies and #Cryptocurrencies . The recent influx suggests a heightened demand for liquidity, which could translate into increased buying pressure for Bitcoin.
Analysts at 10x Research suggest that if this trend continues, it may provide the momentum required for Bitcoin to break through key technical barriers, potentially leading to a sustained upward trajectory in its price. As the market watches closely, the actions of stablecoin issuers like #Tether and #Circle are likely to remain a significant factor in Bitcoin’s near-term performance.
The ongoing stablecoin surge will be a crucial indicator for investors and traders alike, as it could set the stage for the next phase of the#BitcoinMarket movement.
🚨 MUST READ 🚨
-----Stable coin Surge: Over $2.5 Billion Minted by Tether and Circle, Potentially Fueling Next $BTC Rally
In a significant development for the cryptocurrency market, Tether and Circle have recently minted over $2.5 billion in #Stablecoins , according to insights from 10x Research.
This surge in issuance could be the catalyst needed for Bitcoin to overcome its current resistance levels and spark the next major rally.Stablecoins, particularly those issued by Tether and Circle, play a crucial role in the digital asset ecosystem, often acting as a bridge between fiat currencies and #Cryptocurrencies . The recent influx suggests a heightened demand for liquidity, which could translate into increased buying pressure for Bitcoin.
Analysts at 10x Research suggest that if this trend continues, it may provide the momentum required for Bitcoin to break through key technical barriers, potentially leading to a sustained upward trajectory in its price. As the market watches closely, the actions of stablecoin issuers like #Tether and #Circle are likely to remain a significant factor in Bitcoin’s near-term performance.
The ongoing stablecoin surge will be a crucial indicator for investors and traders alike, as it could set the stage for the next phase of the#BitcoinMarket movement.
Big Day For The Crypto Market 🚨🚨
The US #CPI data will be released today at 6:00 PM IST.
• Expectations: 2.6%
Right now, the market is predicting a 35% probability of a 50BPS rate cut.
➤ If CPI < 2.6%, it will be bullish, and 50BPS rate cut chances will go up.
➤ If CPI > 2.6%, a dump could happen, and 25BPS rate cut chances will go up.
#CryptoMarketUpdate #BitcoinMarket #CPIdata #RateCutExpectations
The US #CPI data will be released today at 6:00 PM IST.
• Expectations: 2.6%
Right now, the market is predicting a 35% probability of a 50BPS rate cut.
➤ If CPI < 2.6%, it will be bullish, and 50BPS rate cut chances will go up.
➤ If CPI > 2.6%, a dump could happen, and 25BPS rate cut chances will go up.
#CryptoMarketUpdate #BitcoinMarket #CPIdata #RateCutExpectations
CryptoQuant's Ki Young Ju reports a major discrepancy in #gbtc 's holdings: an alarming 19,500 $BTC difference between on-chain holdings and off-chain reserves. This raises concerns about ongoing selling pressure and potential impacts on #BitcoinMarket .
📊 Historical patterns in Bitcoin's market suggest a consistent trend: $BTC has soared 166% from its Nov 2022 low, mirroring gains from past cycles.
😳 With major increases typically post-halving, the current cycle could be setting up for significant growth!
#BitcoinMarket #BitcoinForecast
😳 With major increases typically post-halving, the current cycle could be setting up for significant growth!
#BitcoinMarket #BitcoinForecast
The Bitcoin Fear & Greed Index for September 24, 2024 shows a score of 54, indicating a Neutral market sentiment. This suggests that market participants are neither overly fearful nor excessively greedy, reflecting a balanced outlook on Bitcoin.
#CryptoSentiment #BitcoinMarket #blockchainburst
#CryptoSentiment #BitcoinMarket #blockchainburst
Navigating Bitcoin's Current Market: A Bullish Perspective
Bitcoin's ($BTC ) showing some real grit in the market lately, holding steady around $42,562. The big question on everyone's mind: Is now a good time to buy? 🤔 Let's dive in.
1. Stable Ground: BTC's resilience is notable, with the price maintaining a solid footing despite various market fluctuation (https://cointelegraph.com/news/btc-price-yearly-open-fomc-5-things-bitcoin-this-week)
2. Testing Resistance: We're seeing BTC nudging against a resistance level near $42,843. A breakthrough here could signal more uptrends on the horizon (https://www.tradingview.com/news/todayq:3d614a383094b:0-the-reason-why-the-crypto-market-is-up-today/)
3. Long-Term View: Looking ahead, there are reasons to stay bullish. With the Bitcoin halving event in 2024 and growing interest from institutional investors, the future's looking bright for BTC (https://finbold.com/how-high-will-bitcoin-go-in-2024-experts-btc-price-predictions/)
4. Economic Factors: The global economic climate, including potential policy changes by central banks, could further influence BTC's trajectory in favorable ways (https://www.tradingview.com/news/todayq:3d614a383094b:0-the-reason-why-the-crypto-market-is-up-today/)
In conclusion, while the market always carries risk, the current trends and long-term outlook for Bitcoin are leaning towards the bullish side. Remember, always do your research and consider your own financial goals before making a move!
#BitcoinMarket #cryptotrends #Bullish #BTC🔥🔥 📈
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Disclaimer: This post is for informational purposes only and should not be taken as financial advice
Bitcoin's ($BTC ) showing some real grit in the market lately, holding steady around $42,562. The big question on everyone's mind: Is now a good time to buy? 🤔 Let's dive in.
1. Stable Ground: BTC's resilience is notable, with the price maintaining a solid footing despite various market fluctuation (https://cointelegraph.com/news/btc-price-yearly-open-fomc-5-things-bitcoin-this-week)
2. Testing Resistance: We're seeing BTC nudging against a resistance level near $42,843. A breakthrough here could signal more uptrends on the horizon (https://www.tradingview.com/news/todayq:3d614a383094b:0-the-reason-why-the-crypto-market-is-up-today/)
3. Long-Term View: Looking ahead, there are reasons to stay bullish. With the Bitcoin halving event in 2024 and growing interest from institutional investors, the future's looking bright for BTC (https://finbold.com/how-high-will-bitcoin-go-in-2024-experts-btc-price-predictions/)
4. Economic Factors: The global economic climate, including potential policy changes by central banks, could further influence BTC's trajectory in favorable ways (https://www.tradingview.com/news/todayq:3d614a383094b:0-the-reason-why-the-crypto-market-is-up-today/)
In conclusion, while the market always carries risk, the current trends and long-term outlook for Bitcoin are leaning towards the bullish side. Remember, always do your research and consider your own financial goals before making a move!
#BitcoinMarket #cryptotrends #Bullish #BTC🔥🔥 📈
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Disclaimer: This post is for informational purposes only and should not be taken as financial advice
Michael Saylor predicts that 99% of Bitcoin will be mined by 2035, much sooner than anticipated! With 94.10% of Bitcoin already mined, scarcity could drive prices even higher! 💸 Recently, Bitcoin surged to $66,550—an 11.31% rise in September! 🚀 Is this a sign of more gains ahead? Watch to find out! 💥 #Bitcoin #CryptoNews #BTC #MichaelSaylor #BitcoinMining #BitcoinPrediction #BTCPrice #Cryptocurrency #BitcoinSurge #ScarcityEffect #BitcoinMarket $BTC
🚀 $BTC /USDT Market Surge 🚀
Bitcoin is showing strong upward momentum, currently trading at 62,994.99 USDT with a solid 3.19% gain over the past 24 hours. Buyers are actively pushing the price towards the 24-hour high of 63,417.56, indicating bullish sentiment across the market. If the momentum holds, $BTC could break above the resistance at 63,417, paving the way for a potential rally toward higher levels.
The moving averages are aligned in favor of further gains, with MA(7) at 62,767.56, MA(25) at 62,460.11, and MA(99) positioned at 61,666.80. The alignment of these indicators suggests continued strength in the trend, signaling traders to prepare for further upward moves.
Key support rests around 62,001 USDT. A dip below this level might trigger short-term corrections, but the overall sentiment remains positive as long as Bitcoin stays above the key moving averages.
$BTC 's recent volumes reflect strong market interest, supporting the current uptrend. This could be the moment for bulls to take control and push Bitcoin toward new highs.
#BTC #Crypto #Binance #BitcoinMarket #TradingTips
Bitcoin is showing strong upward momentum, currently trading at 62,994.99 USDT with a solid 3.19% gain over the past 24 hours. Buyers are actively pushing the price towards the 24-hour high of 63,417.56, indicating bullish sentiment across the market. If the momentum holds, $BTC could break above the resistance at 63,417, paving the way for a potential rally toward higher levels.
The moving averages are aligned in favor of further gains, with MA(7) at 62,767.56, MA(25) at 62,460.11, and MA(99) positioned at 61,666.80. The alignment of these indicators suggests continued strength in the trend, signaling traders to prepare for further upward moves.
Key support rests around 62,001 USDT. A dip below this level might trigger short-term corrections, but the overall sentiment remains positive as long as Bitcoin stays above the key moving averages.
$BTC 's recent volumes reflect strong market interest, supporting the current uptrend. This could be the moment for bulls to take control and push Bitcoin toward new highs.
#BTC #Crypto #Binance #BitcoinMarket #TradingTips
