Investing.com | Editor Venkatesh Jartarkar
Published Oct 24, 2023 06:35AM ET
Bitcoin’s price surged over 12% to reach $35,000 today, sparking predictions of a forthcoming bull run ahead of the mid-2024 halving. Approximately 80% of Bitcoin holders are now in profit, a level unseen since the peak of the 2021 bull market. The past month has seen a 27% increase in BTC holdings by short-term holders, common in bullish periods. MicroStrategy, the largest corporate Bitcoin holder, has realized a 10% profit on its $4 billion Bitcoin holdings as BTC crossed $30,000.
Yesterday, Bitcoin hit a multi-month peak of over $31K which influenced altcoins like SOL to reach $30 for the first time in months and LINK and MATIC to skyrocket by double digits. Despite the bullish trend, the Fantom Foundation suffered a hot wallet hack causing a loss of $550K; however, 99% of the foundation’s funds remain safe. The market added $100B within a week.
Last week, Bitcoin crossed $31K, triggering a ripple effect across the cryptocurrency market as numerous altcoins achieved substantial highs. Binance halted new UK user sign-ups from October 16 due to legal requirements imposed by the FCA on partner REBS. Tether seized $873K in USDT from 32 addresses linked to warfare and terrorist activities in Ukraine and Israel.
Despite these gains, negative incidents like Fantom’s $550K hack also took place. Other notable developments included the EU’s implementation of new crypto tax data sharing rules and PlatoData.Network offering AI and CleanTech services.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
