Unveiling Recent Developments in the Crypto Space
Greetings Crypto Degens,
Only the most insightful updates on the dynamic world of cryptocurrency are here in our newsletter. In this edition, we unravel the most recent events shaping the crypto landscape. Let's dive in:
Today’s Market Prices: 02/12/2023
Our list of the top 10 cryptocurrencies based on market capitalization has remained constant. But it's crucial to recognize that the crypto market is dynamic, so even though we're expecting a bull run soon, we should be prepared for rankings to change.
In an exhilarating week for crypto enthusiasts, Bitcoin once again broke barriers, reaching a new all-time high of $43,000 over the past couple of months. Some would say this is a sneak peek at the bull run. This surge has catalyzed positive momentum, with several altcoins experiencing notable gains. Our analysts delve into the factors driving this bullish trend and what it means for the broader market.
CYRILXBT CURRENT WATCHLIST
Regulatory Insights
ETF approvals
The constant battle with the SEC over these regulations has a major impact on the market. Bitcoin reached an 18-month high last month, reaching $37,900+ in price, following BlackRock's initial steps toward an ether ETF. The price of Bitcoin has more than doubled since the beginning of 2023.
At present, exchange-traded funds (ETFs) that own bitcoin futures contracts—agreements to purchase or sell the asset at a later date for a predetermined price—are available to American investors—the eagerly anticipated bitcoin spot ETF would directly invest in the virtual currency.
highlight of the Past Week
A crypto whale has gained notoriety after going on an enormous buying binge that saw him acquire over $180 million in digital assets in a matter of days.
According to the blockchain-tracking service Lookonchain, the deep-pocketed investor scooped up about $187 million in cryptocurrencies in three days, including Bitcoin (BTC), Binance ecosystem’s native token Binance Coin (BNB) and Ethereum (ETH).
It seems that a whale has accumulated ~$187 million assets from Binance in the past three days, including 2,380 BTC ($90.64 million)
172,000 BNB ($39.19 million)
16,300 ETH ($33.61 million)
200,000 SOL ($12.2 million)
530 billion SHIB ($4.4 million)
460 million IOST ($4.2 million)
1.6 million MATIC ($1.22M)
16 million CHZ ($1.16 million).
The on-chain tracking service also notices a huge amount of stablecoin USDT being minted and flowing into crypto exchanges.
“Five billion USDT was minted on Tron and Ethereum in November. Where did all this minted USDT go?
On Ethereum, whale ‘0x1dBb’ received ~1.5 billion USDT from Tether Treasury and transferred it to exchanges.
On Tron, 2.56 billion USDT was transferred from Tether Treasury to Kraken via deposit address ‘TQef1n’.”
PRO TIP:
Most of the time, whale movements are good indicators of the market sentiments. Whales moving to exchanges means there would be a drop in price since they are withdrawing huge amounts. Movements out of exchanges could indicate a higher price movement since they are entering the market big.
There could also be the case that these whales are simply moving their assets to cold storage for long-term holding, reducing the circulating supply.
Community Corner
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Closing Thoughts
Thank you for joining us on this journey through the latest happenings in the crypto sphere. As always, we strive to deliver timely and valuable insights to keep you informed and engaged. Feel free to share your thoughts and feedback and stay tuned for more exciting updates in our next edition.
Happy investing!
Best regards,
CyrilXbt