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Bitcoin Whale Holdings At All-Time High, Is BTC Correction Behind Us?
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5 hours agoon
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adminAfter taking support at the $65,500 level, the BTC price has bounced back above $68,000 today as the Bitcoin whale holdings hit a new all-time. Over the past two weeks, the whale wallet held more than 100 BTC have grown by the count of 297 wallets. This is a significant milestone in a very short period of time showing greater confidence in the asset class and hinting that the BTC correction could be behind us.
Bitcoin Whale Wallets on the Rise
The Bitcoin whale holdings have reached an all-time high as this cohort holds more than 670,000 BTC. This development can usher in a fresh wave of optimism in the market, particularly among Bitcoin investors.
Crypto analytics platform CrypoQuant stated that whenever the BTC whale holdings turn positive, the BTC price usually sees a moderate fall or tends to move sideways. It noted that this represents the calm before the storm about to arrive in the medium to long term. CryptoQuant added:
“The real surge in Bitcoin growth begins after whales gradually reduce their holdings until they reach negative percentage change values”.
Another platform Santiment confirmed that 297 new Bitcoin whale wallets, with over 100 BTC, popped up in the last two weeks, and the amount of wallets with under 100 BTC has shrunk by 20,629 wallets. with the largest holders consolidating their holdings after the dumping and panic sell-off from retail traders, it usually leads to bullish outcomes.
On the other hand, the ETF inflows have been solid with BlackRock Bitcoin ETF leading the pack. BlackRock’s IBIT has stacked nearly 30,000 Bitcoin in nine consecutive trading sessions. Thus, it now holds over 2% of the BTC circulating supply with 399,355 BTC in its kitty.
BlackRock’s iShares Bitcoin Trust (IBIT) now holds over 2% of the $BTC circulating supply.
Notably, #BlackRock has been buying #Bitcoin for 9 consecutive trading days, totaling 29,714 $BTC ($1.99B).
This brought this ETF’s current holdings to 399,355 $BTC ($27.16B), or over 2%… pic.twitter.com/irnmq74Cjc
— Spot On Chain (@spotonchain) October 25, 2024
Is the BTC Correction Behind Us?
Following the Bitcoin price rejection at $69,000 once again, retail investors have turned cautious over the next BTC move. Although the Bitcoin price is regaining the lost ground, it still needs to cross past $69,000 to sustain the uptrend.
Despite the positive development of the rising Bitcoin whale wallets, CryptoQuant has a caution for investors. they noted that if Bitcoin’s price fails to set a new all-time high around the upcoming U.S. presidential elections, by November 28 ±21 days, it could signal significant issues with the current bull cycle.
Another crypto analyst Justin Bennett explained three pointers with the current price action. He stated that when Bitcoin is seriously bullish, it rarely offers resets, unlike now.
Everyone is talking about this $BTC “breakout,” but there are three problems here. ✍️
1⃣ This trend line is cutting off candle bodies.
2⃣ Trend lines are subjective and open to confirmation bias (hence the first problem).
3⃣ When #Bitcoin is seriously bullish, it rarely offers… pic.twitter.com/kuXBHIAnqj
— Justin Bennett (@JustinBennettFX) October 24, 2024
Thus, investors should be watchful of future developments while building new positions for Bitcoin.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dogecoin-Fan Elon Musk Reacts to Secrets With Putin as he Endorses Trump
Published
2 hours agoon
October 25, 2024By
adminDogecoin-fan Elon Musk has been in regular contact with Russian President Vladimir Putin as he continues campaigning for Donald Trump, reported The Wall Street Journal on Friday. Musk reacted to the reports, not being an apologist as he has been in the crosshairs by the US and Russia.
Meanwhile, Musk has donated another $44 million to his political action committee America, taking the total donations to over $118 million.
Dogecoin Fan Elon Musk Responds to Relations With Putin
Tesla CEO Elon Musk has regularly communicated with Russian President Vladimir Putin. They have talked on wider topics including personal matters, business, and geopolitics, reported WSJ on October 25, citing current and former U.S., Russian, and European officials.
For instance, Putin earlier asked Musk not to activate Starlink satellite internet service over Taiwan as a favor to China. SpaceX, which runs Starlink has business worth billions with the US military and intelligence agencies, and Musk was allowed security clearance to some classified information. No red flags have been raised yet, but some officials raised concerns over it.
Elon Musk scoffs at reports on Putin, indicating it was another attack on Donald Trump’s re-election campaign after the “Trump is Hitler” didn’t work. Musk is now a key backer of Trump’s 2024 campaign and could hold a major role in a future Trump administration.
🤣🤣
— Elon Musk (@elonmusk) October 25, 2024
Musk Donates Over $118 Million to Re-elect Trump
As CoinGape earlier reported, Elon Musk stated, “Putin must not want Trump elected.” This statement came amid a heated debate over a $10 million payment by Russia reportedly to a political party-affiliated firm. Interestingly, Putin indicated that the support for Kamala Harris came as US President Joe Biden supported her.
Whereas, Trump has vouched to end the Russia-Ukraine war. Putin welcomed the remarks during the BRICS Summit, stating “He’s being sincere.” Trump and Musk earlier called for improving relations with Russia.
Elon Musk believes this election is crucial for the United States. He has donated another $44 million to his pro-Donald Trump group America PAC, according to the US Federal Election Commission. This makes his total contributions, through the PAC to re-elect Trump, to over $118 million.
DOGE Price May Rally to $1
Amid these developments, Dogecoin price sparked investor enthusiasm today. DOGE price chart saw notable upside momentum in the past 24 hours and is currently trading at $0.1386. The coin noted an uptick as whales hold onto their DOGE, as reported by CoinGape.
The proposed Department of Government Efficiency (DOGE) and Trump’s promise to offer Musk a key position in his cabinet, has been fueling DOGE to $1 sentiment. Dogecoin price eyes epic gains if Trump wins the U.S. presidential election.
In the derivatives market, total DOGE futures fell 2% within 24 hours as traders moved away due to crypto expiry. As per Coinglass data, the total DOGE futures OI rising higher, with 6.74 billion DOGE worth $931.79 million currently.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dogecoin Creator Defends Elon Musk, Criticizes Media Spin
Published
8 hours agoon
October 25, 2024By
adminBilly Markus, Dogecoin co-founder has expressed his views on Elon Musk, defending the Tesla CEO against what he believes are manipulated media narratives. Markus, known by his online name “Shibetoshi Nakamoto,” posted a series of tweets, stating that Musk is one of the most transparent public figures.
More so, Shibetoshi stated that media spin shapes many people’s opinions about Elon Musk. Consequently, Markus argues that those with hidden agendas have distorted the “Elon Musk bad” narrative. These comments come as the Dogecoin fan continues his political involvement to support Donald Trump ahead of the 2024 U.S. presidential election.
Elon Musk Continues Trump Endorsement As Dogecoin Creator Defends Him
In a post on X, Dogecoin co-founder Billy Markus said that media outlets have distorted Elon Musk public perceptions. Markus suggested that Elon is often mischaracterized, with his transparency being used against him by those controlling the media narrative.
Responding to the DOGE co-founder, the Tesla CEO said, “Yeah, I try to be as literal as possible.” However, Billy Markus emphasized his argument replying,
“It makes you an easy target for the spin machine just cuz you give them a lot of content to work with but it feels so lazy and banal of them”
As Musk increases his involvement in Donald Trump’s campaign, the media attention on him will continue to grow. According to reports, Musk will host two town halls this week. America PAC, founded by the SpaceX CEO reported one will be via telephone on October 25, 2024, and another in person in Lancaster, Pennsylvania, on October 26, 2024.
ANNOUNCEMENT: Two New Town Halls with Elon Musk tomorrow and Saturday at 7pm ET
Sign up & More info here: https://t.co/15Kx9YwzSL pic.twitter.com/dVWvKCklJ4
— America (@america) October 24, 2024
During these events, the possibility of Musk discussing cryptocurrencies like Dogecoin and XRP remains high. In a recent rally, Musk mentioned XRP and highlighted that crypto inherently promotes individual freedom.
Tesla Bitcoin Holdings Remain Intact
In addition to his political involvement, Elon Musk’s company Tesla confirmed that its Bitcoin holdings, amounting to 11,509 BTC worth approximately $765 million, remain intact. After speculations over a series of wallet transfers, Tesla clarified that these were security-related wallet rotations.. The company’s Q3 2024 financial report also highlighted strong growth, with no sales of its Bitcoin reserves.
Meanwhile, the Department of Justice warned Musk’s America PAC over its controversial petition initiative, which promised a $1 million daily prize to incentivize voter registration. This initiative has drawn scrutiny, with critics questioning the legality of such tactics.
Despite support from Dogecoin co-founder Billy Markus, Elon Musk has faced criticism, with figures like Mark Cuban suggesting he has taken over Donald Trump’s campaign. Cuban also raised concerns over the legality of Musk’s $1 million giveaway in support of Trump’s election bid.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Solana Anatoly Yakovenko To Model Ethereum Execution Layer
Published
12 hours agoon
October 24, 2024By
adminSolana co-founder Anatoly Yakovenko has rained accolade on a crucial infrastructure pioneered by Ethereum, despite the visible rivalry between both protocols. Taking to his official X account, the Solana founder said he likes the Ethereum Design and vision.
Can Solana Learn From Ethereum?
The design of most blockchain protocol is often to correct some flaws of existing rivals. The same holds for the underlying chains behing ETH and SOL. Many in the crypto ecosystem consider Solana a major Ethereum-killer considering its speed and lower cost.
In order to regain its dominance, Ethereum has evolved with a number of Layer-2 protocols, powered by a functional execution layer. As Yakovenko noted, if asked to build an alternative to Bitcoin, he said “ethereum settlement layer focused design is what I would steer the engineering towards.”
This comes off as a very high praise for the SOL innovator, emphasizing how Ethereum can accommodate many execution environments. Ethereum pioneered the smart contract revolution and has continued to innovate since then. Soon, the ETH Pectra upgrade will launch, further empowering the mainnet and associated Layer-2 solutions.
I like @BanklessHQ and ethereum. I even like the ethereum design and vision. If you told me to go build an alternative to bitcoin, ethereum settlement layer focused design is what I would steer the engineering towards.
If that’s the vision, ethereum can just embrace all the…
— toly 🇺🇸 (@aeyakovenko) October 24, 2024
To the Solana co-founder, establishing a main protocol that can accommodate enough blob can help in achieving the ultimate goal of serving users. He believe there should be no engineering blockers, or technical discouragement to design what he is envisioning.
Riding on this, he said he would encourage changes that can make the protocol pursue the innovation he just described.
Building a Thriving Ecosystem Beyond Memecoins
When people talk about Solana nowadays, what comes to mind is mostly memecoins. Though Ethereum also have these memecoins, Yakovenko revealed the difference between both recently. Amid this, the former protocol has recorded many milestones with the aid of its memecoin explosion but Yakovenko said he wants more.
In his X post, he said as a personal project, he wants to “steer solana towards synchronizing information around the world to as many subscribers as possible as fast as physics allow.”
While network congestion and outages are temporary setbacks, Yakovenko said these do not matter to him as he plans to achieve these goals one way or another.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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