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  • Over 40,000 BTC leave exchanges as Bitcoin hits $82k

    Over 40,000 BTC leave exchanges as Bitcoin hits $82k

    • Bitcoin rose to a new all-time high above $82 on November 11, 2024
    • Over 40,000 Bitcoin valued at nearly $3.28 billion have left exchanges in the past week.

    The price of Bitcoin (BTC) has climbed to a new record high above $82,000 as the momentum that pushed cryptocurrencies higher continues to dictate sentiment.

    On Monday, BTC reached highs of $82,329 across major exchanges to put the flagship digital asset up more than 20% over the past week.

    The gains have also impacted altcoins, with notable performances for Ethereum that has crossed above $3,100 and Solana that’s eyeing a new year-to-date high. Cardano, BNB and meme coins Dogecoin and Shiba Inu are also trading higher.

    Over 40,000 BTC leave exchanges

    According to crypto analyst Ali Martinez, Bitcoin’s spike to the new ATH comes as the amount of BC leaving exchanges surges.

    In the past week, Ali noted via X, bullish BTC holders have withdrawn over 40,000 bitcoins from exchanges. This represents nearly $3.3 billion worth of Bitcoin exiting from exchanges. Exchange balances for Bitcoin have plummeted in the last seven days.

    Bitcoin exiting exchanges has increased this past week. Chart by Ali Martinez on X

    The bullish sentiment across the market could be driving this trend. Donald Trump’s US election victory and interest rate cuts are two major catalysts. Meanwhile, institutional demand amid spike in spot ETF inflows has also helped BTC past the $82k mark.

    What next for Bitcoin price?

    BTC price forecasts suggest a surge to $100k is possible before the end of the year. With this outlook in place, a huge number of traders taking a short term bearish view after recent gains have lost significant amounts of money.

    Per Coinglass data, the past 24 hours have seen the crypto market a staggering $270 million in liquidations.

    However, longs expecting an even sharper spike for Bitcoin have recorded a $361 million liquidations. In total, more than 208,800 traders have been liquidated in the past 24 hours, the total liquidations comes in at $632.57 million, with $124 million in Bitcoin shorts.

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  • Analysts anticipate a Bitcoin Dogs breakout as Bitcoin (BTC) teases new ATH

    Analysts anticipate a Bitcoin Dogs breakout as Bitcoin (BTC) teases new ATH

    Analysts anticipate a Bitcoin Dogs breakout as Bitcoin (BTC) teases new ATH
    • Bitcoin (BTC) surges past $73,000, nearing its all-time high with strong investor interest.
    • Bitcoin Dogs (0DOG), a new meme coin, could break out with its upcoming game launch.
    • Analysts predict growth for Bitcoin Dogs, benefiting from Bitcoin’s bullish momentum.

    The spotlight is back on Bitcoin (BTC), which recently surged past $73,000, drawing both investor attention and market analysis.

    In tandem with this bullish trend, Bitcoin Dogs (0DOG) is positioning itself as a significant player in the crypto ecosystem. With its unique offerings and upcoming game launch, analysts are beginning to speculate on the potential for a breakout in the Bitcoin Dogs token, making it one of the most promising projects to watch in the coming months.

    Bitcoin (BTC) surges toward new all-time highs

    Bitcoin’s recent trading session has been nothing short of dramatic, as its price soared to a high of $73,562, just shy of its all-time high of $73,737 set in March.

    This impressive rally began late Monday when BTC first crossed the $70,000 threshold, marking a five-month high.

    The surge attracted considerable interest from both retail and institutional investors, particularly in light of the growing confidence surrounding Bitcoin Exchange-Traded Funds (ETFs) launched earlier in the year. CoinShares reported a remarkable $1 billion in new investments flowing into Bitcoin-related funds last week, highlighting robust institutional faith in Bitcoin’s future.

    Interestingly, the cryptocurrency community’s reaction to this near-record price point was relatively muted compared to past market rallies. This subdued response could indicate a maturing market where investors are becoming accustomed to Bitcoin’s high-value trading range.

    Additionally, as the US presidential election approaches, Bitcoin’s performance has emerged as a critical focal point, especially with pro-crypto candidates gaining traction in prediction markets.

    Following its impressive rally, Bitcoin has retraced slightly, settling at $72,369.36 at press time. The market sentiment is however still bullish pointing to the potential of BTC registering a new ATH soon.

    Bitcoin Dogs (0DOG) expected to ride the bullish wave

    Amid Bitcoin’s ascendance, Bitcoin Dogs (0DOG), a new meme coin, is drawing attention for its unique approach within the cryptocurrency landscape.

    As the first-ever Initial Coin Offering (ICO) on the Bitcoin blockchain, Bitcoin Dogs raised $13.4 million and minted 900 million tokens—reflecting the estimated number of dogs on Earth. The project aims to blend the enthusiasm of dog lovers with the engaging world of blockchain technology.

    Despite experiencing a 9.7% decline over the past week, there are signs that the price of Bitcoin Dogs (0DOG), which currently sits at $0.008722, could be on the verge of a major break out.

    Upcoming catalysts for Bitcoin Dogs include the launch of its play-to-earn game, which is set to offer holders unique pathways, epic battles, and in-game rewards.

    This innovative game aligns with the growing interest in blockchain gaming and NFTs, positioning Bitcoin Dogs for potential breakout success. Furthermore, the NFT drop associated with the game could significantly enhance community engagement and token value.

    In addition, analysts note that Bitcoin Dogs is well-positioned to capitalize on several bullish trends, including Bitcoin’s resurgence, the rising popularity of meme coins, and the flourishing Telegram gaming market.

    With a focus on community-driven initiatives, Bitcoin Dogs combines the utility that gaming tokens on Bitcoin need with a playful nod to dog-themed meme culture. The project also features a comprehensive Dog Owners Manual, providing users with insights on managing their digital pets, thereby enhancing the user experience.

    With Bitcoin (BTC) teasing new all-time highs and Bitcoin Dogs (0DOG) gearing up for exciting developments, the coming months could see significant shifts in the cryptocurrency market. Investors and analysts alike will be closely watching these two assets as they navigate this promising yet volatile landscape.

    For more information about the Bitcoin Dogs project, visit their official website here.

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  • Japan’s Metaplanet buys $7M Bitcoin, now holds to $40.5M BTC

    Japan’s Metaplanet buys $7M Bitcoin, now holds to $40.5M BTC

    Japan’s Metaplanet buys $7M Bitcoin
    • Metaplanet boosts Bitcoin holdings to 639.5 BTC as of Oct. 7.
    • The company’s stock price has surged 11%, with a 544% year-to-date gain since May 2024.
    • It has so far acquired an additional $1.4M in BTC via options trading, recognizing 23.97 BTC as revenue.

    Japan-based investment firm Metaplanet on October 7 announced that it has made yet another significant acquisition of Bitcoin, boosting its holdings to a total of 639.5 BTC, valued at approximately $40.5 million.

    The company, which has garnered the nickname “Asia’s MicroStrategy” for its aggressive Bitcoin purchasing strategy, acquisition of an additional 108.78 BTC, worth roughly $7 million at the current Bitcoin price of $63,600.

    Metaplanet’s Bitcoin strategy has been nothing short of bold. Since May 2024, when it first adopted Bitcoin as its strategic treasury reserve asset, the firm has made regular purchases to strengthen its cryptocurrency portfolio.

    In total, Metaplanet has invested 6 billion Japanese yen into Bitcoin over the past few months. Its consistent buying behaviour has drawn comparisons to MicroStrategy, the American company known for its own large-scale Bitcoin acquisitions.

    This most recent purchase has led to a surge in Metaplanet’s stock price, which climbed more than 11% on October 7, reaching an intraday high of 1,047 Japanese yen (approximately $7). The company’s stock has more than tripled in value since the start of the year, with a 544% year-to-date gain, although it is still trading at a 66% discount from its all-time high in May 2024.

    In addition to direct Bitcoin purchases, Metaplanet has employed options strategies to increase its reserves. Last week, the company acquired Bitcoin worth $1.4 million through options trading, selling put options with a strike price of $62,000. These options, set to expire on December 27, 2024, generated a premium of 23.97 BTC, which the company recognized as revenue.

    Market analysts remain optimistic about Bitcoin’s trajectory, with predictions suggesting it could rise to $77,700 by the end of October. As Bitcoin continues its upward momentum, Metaplanet’s ongoing acquisition strategy could further solidify its position as a leading player in the cryptocurrency space.

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  • US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under SEC rules

    US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under SEC rules

    US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under SEC rules
    • US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under current regulations.
    • SEC plans new regulations for DeFi and trading systems to protect investors.
    • Crypto firms, including Coinbase, push back against expanding regulatory scope.

    In recent statements, SEC Chairman Gary Gensler has firmly reiterated that Bitcoin is classified as a non-security under existing SEC regulations. His comments came during an interview on CNBC’s “Squawk Box.”

    Gensler emphasized the importance of regulatory clarity, insisting that while many firms have benefitted from the public’s growing interest in cryptocurrencies, they often resist the regulations designed to ensure market integrity.

    In the interview, Gensler noted that the SEC’s role is to foster trust in the market, stating, “Innovations do not develop in the long term unless they also build trust.” He referenced the significant losses and bankruptcies that have occurred in the crypto space, underscoring the necessity of having regulations in place to protect investors.

    Gensler’s remarks also follow the recent eToro settlement, which confirmed that Bitcoin (BTC), along with Bitcoin Cash (BCH) and Ethereum (ETH), are not considered securities.

    Despite Gensler’s reaffirmation regarding Bitcoin, he acknowledged the discontent among crypto firms concerning regulatory frameworks. He highlighted that many industry stakeholders argue against the existence of such regulations, which he attributes to their discomfort with the enforcement actions taken by the SEC.

    Gensler indicated that the SEC is working on new regulations for decentralized finance (DeFi), suggesting a potential shift in oversight for various trading platforms.

    SEC’s trading systems proposal

    Earlier Gary Gensler while testifying before the US House Financial Services Committee discussed the SEC’s ongoing proposal to mandate that alternative trading systems register as brokers. This proposal aims to close regulatory gaps among trading platforms, ensuring compliance with rules intended to prevent unfair trading practices.

    However, the proposed regulations have met significant push-back from digital-asset firms, including Coinbase, which argue that the definition of an exchange could inadvertently include DeFi platforms, complicating their compliance.

    As the SEC continues to navigate the complex landscape of cryptocurrency regulation, Gensler reiterated the agency’s commitment to fostering a transparent market.

    With no timeline set for final decisions on the trading systems proposal, the SEC remains open to considering applications from exchanges seeking to offer central clearing for the US Treasury market, which is projected to expand significantly under new rules.

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  • Bitcoin wallets dormant for 15 years suddenly move BTC

    Bitcoin wallets dormant for 15 years suddenly move BTC

    • Satoshi era bitcoin wallets dormant since 2009, have just moved 250 BTC to new wallet addresses.
    • The five wallets transfered BTC in batches of 50 coins each.
    • Bitcoin price traded around $63,500, having touched highs above $64,000 across major exchanges.

    Several Bitcoin (BTC) miner wallets that have been dormant for over 15 years suddenly woke up and have moved 250 BTC worth over $15 million.

    The so-called ‘Satoshi era’ wallets are miner addresses created in the years that Bitcoin creator Satoshi Nakamoto actively mined BTC. Such wallets date back to 2009 – five of which just transferred 50 bitcoin each to new addresses.

    On-chain transactions tracker Whale Alert highlighted each of the five 50 BTC wallet movements early Sept. 20. In total, five wallets had transferred coins worth $15.9 million to new wallets.

    Lookonchain shared a screenshot of Whale Alert’s posts about the dormant coins. In this case, each of the miner addresses received bitcoin as mining rewards in 2009. Not one of these wallets transacted since that first transaction.

    Notably, none of the new wallets had moved the coins to a crypto exchange as of writing.

    In March 2024, a Bitcoin wallet dormant for over 12 years, suddenly woke up to move 500 BTC. Another wallet dormant for over 10 years, suddenly activated in April 2023.

    Bitcoin price

    The movement by these ‘Satoshi era’ BTC wallets come as Bitcoin price recovered to above $64,000 amid market reaction to this week’s Federal Reserve interest rate cut. The benchmarket cryptocurrency has over the past few months struggled to break higher – with a major dip to below $50k seen on August 5, 2024.

    Commenting on price outlook, crypto analyst Ali Martinez says its likely traders may want to take profits at current prices.

    BTC price tounched highs of $64,140 on Coinbase early Friday, September 20, 2024. However, it changed hands around $63,513 at the time of writing.

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  • Bitcoin (BTC) price targets $63k as crypto market awakens after Fed rate cut

    Bitcoin (BTC) price targets $63k as crypto market awakens after Fed rate cut

    Bitcoin (BTC) price breaks above $62K as crypto market awakens after Fed rate cut
    • Bitcoin has broken past $62K post-Fed rate cut; next resistance at $63K.
    • Ethereum and Solana have also surged, reflecting a broader crypto market rally.
    • Caution remains due to economic uncertainties and potential regulatory issues.

    Bitcoin (BTC) price has surged past $62,000 following the US Federal Reserve’s decision to cut interest rates by 50 basis points.

    The move by the Fed, aimed at bolstering economic growth and mitigating recession risks, has ignited a rally across digital assets. The monetary policy adjustment has not only energized Bitcoin but also lifted a broad range of altcoins and risk assets.

    Next Bitcoin (BTC) price resistance level at $63k

    Currently trading around $62,096, Bitcoin’s price has demonstrated a solid 24-hour gain of 2.29% and a more impressive 7-day increase of 6.20%.

    Most notably, the price breach above the $62,000 mark represents a crucial psychological milestone for Bitcoin, following a period of consolidation near $60,000.

    Technical analysis highlights that Bitcoin’s next significant resistance level is positioned at $63,000, with the potential for further gains if this barrier is surpassed. The upper boundary of Bitcoin’s Bollinger Bands indicates heightened volatility, suggesting that while a short-term profit-taking phase may occur, the overall trend remains strongly bullish.

    Support is firmly established at around $60,100, acting as a critical floor that has been repeatedly tested and held firm.

    Investor sentiment towards Bitcoin is largely positive, with increased trading volumes reflecting growing institutional interest.

    As Bitcoin’s (BTC) price continues to climb, it benefits from a broader narrative of cryptocurrencies serving as a hedge against traditional market volatility and inflation fears, which have been exacerbated by the Fed’s dovish stance.

    Ethereum and Solana lead as altcoins mirror Bitcoin’s surge

    The rate cut by the US Federal Reserve has not only impacted Bitcoin price but has also spurred a broader rally in the cryptocurrency market, lifting major altcoins alongside Bitcoin (BTC).

    Ethereum (ETH), for instance, has surged past $2,400, marking a 24-hour increase of 4.94% and a 7-day rise of 2.97%. Ethereum’s price reached $2,430 before settling slightly, mirroring Bitcoin’s bullish trend. Technical indicators show Ethereum facing immediate resistance at $2,430, with potential for further gains if it breaks above this level.

    Solana (SOL) has also seen significant price movements, surging by 6.03% to reach $138.65. This gain underscores renewed confidence in Solana’s ecosystem and its applications in decentralized finance (DeFi) and NFTs.

    Other altcoins, such as Ripple (XRP) and Shiba Inu (SHIB), have also experienced notable increases, with XRP rising by 1.20% to $0.59 and SHIB climbing 7.85% to $0.00001427.

    Analysts remain cautious

    Despite the overall positive sentiment, market participants remain cautious. Mixed reactions and concerns about the sustainability of the rally are prevalent. Analysts suggest that while the rate cut has provided a significant short-term boost, the broader economic uncertainties and potential regulatory challenges could impact future performance.

    In particular, Presto Research notes that the market remains divided, highlighting the need for relief from growth concerns to maintain upward momentum.

    Amid the mixed market outlook, the coming months will be critical in determining whether the current Bitcoin (BTC) price rally can sustain momentum and push digital assets to new highs.

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  • Bitcoin Dogs (0DOG) makes an attempt at $0.04934 as Bitcoin (BTC) turns bullish

    Bitcoin Dogs (0DOG) makes an attempt at $0.04934 as Bitcoin (BTC) turns bullish

    Bitcoin Dogs (0DOG) makes an attempt at $0.04934 as Bitcoin (BTC) turns bullish
    • Bitcoin Dogs (0DOG) is projected to surge as Bitcoin’s price turns bullish.
    • 0DOG could reclaim its all-time high of $0.04934 due to increased demand amid new exchange listings.
    • Analysts predict a potential 100X move for 0DOG by the end of 2024.

    As Bitcoin (BTC) gears up for what could be a record-breaking rally after struggling below $60k, many altcoins within its ecosystem are expected to follow suit, and Bitcoin Dogs (0DOG) stands out among them.

    A BRC-20 token, 0DOG is directly tied to Bitcoin’s performance and with the current bullish outlook for BTC and a string of new exchange listings, it is poised to reclaim its previous all-time high of $0.04934.

    Bitcoin (BTC) regains its footing, surging above $60k

    At press time, Bitcoin price stood at $60,022, showing a steady 10% growth in the last seven days.

    Although the price remains 17.43% below its all-time high of $72,689 (achieved six months ago), the market sentiment is bullish after a scare that made analysts anticipate a drop below $50k this weekend.

    Most technical indicators currently show a buy signal indicating short-term bullishness and a possible long-term bullish trend. The key resistance level to watch is at $60,316, with bottom support around $58,294.

    If Bitcoin breaks above the $60,316 resistance, analysts predict it could rapidly surge to the next target of $62,441.

    Forecasts suggest Bitcoin could hit $79,207 by the end of 2024, with long-term projections reaching as high as $221,485 by 2025 and $369,701 by 2030. This anticipated growth, driven by institutional adoption and easing credit conditions, sets the stage for the entire Bitcoin ecosystem to surge, including projects like Bitcoin Dogs.

    Bitcoin Dogs (0DOG) poised to retest $0.04934

    Bitcoin Dogs (0DOG), the first-ever ICO launched on the Bitcoin blockchain as a BRC-20 token, offers a unique opportunity for those looking to capitalize on Bitcoin’s bullish momentum.

    0DOG’s value is tied to Bitcoin, meaning as BTC surges, 0DOG is expected to outperform due to its smaller market cap and higher volatility. This is a classic “beta trade,” where a smaller asset experiences more significant percentage gains as its larger counterpart rises.

    Currently priced at $0.00986, 0DOG is down 1.4% over the past 24 hours, but analysts are confident that the token is on the verge of a major breakout.

    The all-time high for 0DOG is $0.04934, reached on August 22, 2024, and its current price presents a compelling entry point for investors looking to ride Bitcoin’s momentum.

    With new exchange listings and a surge in market interest, 0DOG could see significant buy pressure, pushing it back toward its all-time high.

    Exchange listings and future projections for 0DOG

    Notably, Bitcoin Dogs has been on a listing spree, listing on major exchanges like MEXC, Gate.io, Uniswap, and UniSat Exchange shortly after a successful presale round.

    These listings have opened 0DOG to millions of potential investors, increasing liquidity and market exposure.

    The MEXC and Gate.io listings, in particular, are significant for the token’s growth prospects. For example, MEXC handles over $2 billion in trading volume daily and has a user base exceeding 6 million, providing Bitcoin Dogs with a massive platform to gain traction.

    Also, the MEXC and Gate.io listings caused the token’s price to pump 3X within the first hour of trading, indicating the potential for 0DOG to experience a similar surge amid rumours of additional exchange listings, which could further fuel demand.

    This increased market exposure, combined with Bitcoin’s expected bullish trend, makes 0DOG one of the top altcoins to watch in 2024. Analysts are predicting a potential 100X move before the end of the year, driven by both the macro environment surrounding Bitcoin and the internal developments within the Bitcoin Dogs project.

    Additionally, a play-to-earn game tied to 0DOG is set to launch later this year, which could attract even more interest and drive up the token’s price.

    For more information about Bitcoin Dogs and the 0DOG vesting schedule for those who purchased the token in the recently concluded presale, you can visit the official Bitcoin Dogs website here.

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  • BitMEX co-founder Arthur Hayes believes Bitcoin (BTC) will tap $50K

    BitMEX co-founder Arthur Hayes believes Bitcoin (BTC) will tap $50K

    BitMEX co-founder Arthur Hayes believes Bitcoin (BTC) will tap $50K
    • Arthur Hayes predicts Bitcoin (BTC) could fall below $50K amid market turmoil.
    • Bitcoin’s price drop has led to $36.71M in liquidations.
    • The Crypto Fear & Greed Index shows “extreme fear,” reflecting growing market anxiety.

    In recent days, the cryptocurrency market has been awash with uncertainty, with Bitcoin’s price taking a significant tumble.

    After slipping below $57,000 on September 5, Bitcoin has fallen to $55,711.26, leading to a sharp decline in market sentiment. This downturn has thrust the Crypto Fear & Greed Index back into the “extreme fear” zone, with a score of 22, a notable drop from the previous day’s “fear” score of 29.

    Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, has weighed in on the current market conditions and in a post on X, predicted a further decline in Bitcoin’s price, suggesting that it could fall below $50,000 over the weekend.

    Hayes’s prediction comes amidst a broader market slump and growing concerns about the US economy.

    Over 36 million Bitcoin long positions liquidated

    The recent plunge has seen Bitcoin wipe out approximately $29.7 billion from its market capitalization. According to CoinGlass data, the price dip has also resulted in over $36.71 million worth of long positions being liquidated, accounting for about 40% of today’s crypto liquidations.

    The drop in Bitcoin’s value has had a ripple effect across the cryptocurrency market. Other major cryptocurrencies have also experienced declines, with Ethereum (ETH) falling by 2.23%, Solana (SOL) dropping by 2.82%, and Ripple (XRP) seeing a 2.19% slump.

    This broad-based downturn has led to over $94.26 million in liquidations over the past 24 hours, with Bitcoin and Ether long positions accounting for over half of these liquidations.

    The current crypto market volatility is attributed to a confluent of broader macroeconomic factors. Notably, the recent US jobs data fell short of expectations, raising concerns about a potential Federal Reserve interest rate cut and adding to the market’s apprehensions.

    As Bitcoin navigates these turbulent waters, all eyes will be on whether Hayes’s prediction comes to fruition and how the broader market sentiment evolves in response to ongoing economic signals.

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  • Bitcoin (BTC) drops below $57K again amid strong selling pressure

    Bitcoin (BTC) drops below $57K again amid strong selling pressure

    Bitcoin (BTC) drops below $57K again amid strong selling pressure
    • Bitcoin drops below $57K due to major institutional sell-offs and market pressure.
    • Short-term holders face unrealized losses, could trigger market volatility if they decide to cut their losses.
    • $51K is a crucial support level and long-term investors might see this as a buying opportunity.

    Bitcoin (BTC) has once again slipped below $57,000 as its turbulent journey continues. At press time, BTC was trading at $56,749.40, down 5.32% in a week.

    This latest dip is driven by a confluence of factors, including significant institutional sell-offs, the pressure from short-term holders facing unrealized losses, and ongoing spot market selling.

    Institutional sell-offs impact Bitcoin price

    A major factor behind Bitcoin’s price decline is the heavy selling activity by institutional investors. Prominent players such as Fidelity, Grayscale, Ark Invest, and Ceffu have significantly contributed to the downward pressure.

    Fidelity leads the charge, having sold 16,000 BTC, valued at approximately $915 million. Grayscale follows with the offloading of 15,000 BTC, amounting to roughly $858 million. Ark Invest has divested 7,000 BTC worth about $400.4 million, while Ceffu has sold nearly 3,124 BTC, totalling around $178 million.

    This institutional sell-off has been a crucial factor in Bitcoin’s drop. The substantial transfers of Bitcoin to exchanges suggest that these major players are either taking profits or rebalancing their portfolios.

    Interestingly, while these institutions are actively selling, BlackRock has maintained a neutral stance, avoiding both buying and selling Bitcoin amid the current market fluctuations.

    Risk of short-term holders exiting positions en mass

    The selling pressure is further exacerbated by the situation of short-term Bitcoin holders, who are currently facing significant unrealized losses.

    According to data from Glassnode, short-term holders who acquired Bitcoin in the last six months are experiencing financial stress, with their average cost basis ranging from $59,000 to $65,200, substantially above the current market price.

    This cohort’s financial strain is evident in key metrics, and their potential to exit positions en masse poses a considerable risk for increased market volatility.

    Despite the average Bitcoin investor remaining profitable, the substantial unrealized losses among short-term holders could potentially trigger broader market weakness if they decide to cut their losses.

    The $51,000 price level is highlighted as a critical support that must be maintained to preserve the current market structure.

    Potential for market stabilization

    As Bitcoin continues to experience strong selling pressure, its market behaviour reflects a complex interplay of institutional actions, short-term holder dynamics, and broader market conditions. While immediate prospects appear uncertain, particularly with the potential for further short-term declines, long-term investors may find value in this period of adjustment.

    Analysts have observed some absorption at lower price levels, which might suggest that Bitcoin could be poised for a period of sideways movement before making a decisive move.

    The current dip might present a buying opportunity for long-term investors who can weather short-term volatility.

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  • Bitcoin Dogs (0DOG) surges as Bitcoin (BTC) demand increases in the US

    Bitcoin Dogs (0DOG) surges as Bitcoin (BTC) demand increases in the US

    Bitcoin Dogs (0DOG) surges as Bitcoin (BTC) demand increases in the US
    • Bitcoin Dogs’ token 0DOG surges after launching a high-APY liquidity pool.
    • Rising Bitcoin interest in the US boosts 0DOG’s value amid broader market trends.
    • Despite a US demand spike, global Bitcoin demand and profits remain weak.

    The cryptocurrency market is abuzz with recent developments as Bitcoin Dogs’ native token, 0DOG, experiences a dramatic surge amidst rising Bitcoin demand in the US. This notable increase in 0DOG’s value comes on the heels of the launch of its liquidity pool and a spike in Bitcoin interest following Federal Reserve Chair Jerome Powell’s comments.

    While Bitcoin’s broader market demand remains negative, the US sector’s engagement is driving significant shifts in both Bitcoin Dogs and Bitcoin itself.

    Bitcoin Dogs (0DOG) sees significant rebound

    Bitcoin Dogs (0DOG) has recently captured the spotlight with an impressive price surge following the launch of its highly anticipated liquidity pool.

    Initially, 0DOG faced a bearish trend, dipping to a low of $0.00603 after an initial surge on its first trading day. However, the token’s fortunes have reversed sharply with the liquidity pool’s debut. At press time, 0DOG was trading at 0.01646 after surging above $0.029 on August 30, 2024.

    The newly launched liquidity pool, offering an initial APY of 405.56%, has been a major catalyst for the price spike, drawing significant investor interest.

    The liquidity pool’s dynamic APY structure is designed to incentivize early participation, making it a lucrative opportunity for investors.

    With an initial pool size of $50,000, the APY will decrease as the pool grows, encouraging early entry to maximize returns. This structure, combined with Bitcoin Dogs’ innovative approach as the world’s first ICO on the Bitcoin BRC20 token, is driving heightened investor enthusiasm.

    The integration of 0DOG into the Telegram gaming sector and the forthcoming NFT collection further bolsters its growth prospects.

    These strategic developments are expected to attract a significant user base and provide added value through in-game utility for NFTs.

    Rising Bitcoin (BTC) demand in the US

    As Bitcoin Dogs regains its footing, Bitcoin’s demand in the US has shown a notable increase following Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole symposium.

    This uptick in US investor interest is evident from the rise in the Coinbase Premium to 0.11%, indicating higher local demand compared to international exchanges. The Inter-exchange Flow Pulse (IFP) metric has also seen a rally, signalling that BTC is flowing into US-based platforms in response to the price premium and increased demand.

    Despite this localized surge, overall Bitcoin demand growth remains lacklustre. The price of Bitcoin has been struggling to stay above $60,000 making investor engagement not to be marked by significant profit-taking.

    Realized profits of $536 million are modest compared to the multi-billion-dollar figures observed at previous market peaks. Furthermore, the Apparent Bitcoin Demand 30-day growth has transitioned from a positive 496,000 BTC in April to a negative 36,000 BTC, reflecting a broader decline in demand.

    Conclusion

    While Bitcoin Dogs (0DOG) benefits from the recent liquidity pool launch, there has been a rising Bitcoin interest in the US while the broader market presents a mixed picture.

    For more information about the relatively new Bitcoin Dogs project, whose native token is currently available for trading on MEXC, Gate.io, and Unisat, you can visit the project’s official website.

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