Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
The cryptocurrency market remains steady at around $2.31 trillion in market capitalisation, mirroring the local highs of late September, while Bitcoin continues to climb. The pause in overall growth has led to a 2-point dip in the Cryptocurrency Market Sentiment Index, now at 71—still reflecting high-level greed.
Bitcoin is currently at $67.1K, showing a 0.5% increase over the past 24 hours but a slight 0.5% decline since the day’s opening. These minor fluctuations mirror the stabilisation seen in stock indices. This pause benefits the Bitcoin bulls, allowing the market to cool off after the recent rally.
The upcoming ECB interest rate decisions and US retail sales figures, set to be released just before the US session begins, could potentially disrupt the market’s current stability.
News background
Tesla has transferred its entire 11,509 BTC holdings, valued at approximately $760 million, to unknown addresses, as reported by Arkham Intelligence. Meanwhile, SpaceX, also owned by Elon Musk, continues to hold 8,285 BTC in Coinbase’s Prime Custody wallet service.
Since Bitcoin reached new highs in March, the gap between demand and ‘active supply’ has widened, a trend that Glassnode notes is historically a precursor to periods of heightened volatility.
According to its issuer, Tether, at the end of the third quarter of 2024, the USDT stablecoin was used by 330 million cryptocurrency wallets and on-chain accounts. The company compared the figure to the US population and attributed the increase in users to second-tier solutions and the development of the TON ecosystem.
The Kenya Revenue Authority is introducing a new control system that will integrate with cryptocurrency exchanges. This system will enable real-time tracking of crypto transactions to ensure timely tax collection.
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
Recommended Content
Editors’ Picks
XRP funding rates flashes negative, eyes $2.17 following 4% decline
Ripple's XRP declined 4% on Friday following a decline in its funding rates. The remittance-based token could decline to test the $2.17 support level if the crypto market decline extends.
Pro-crypto Senator Lummis likely to chair potential crypto subcommittee
In a post on Thursday, Fox Business reporter Eleanor Terret unveiled the Senate Banking Committee's latest plan to kick off a new subcommittee committed to crypto, likely to be headed by Bitcoin strategic reserve advocate Senator Cynthia Lummis.
Lack of Bitcoin allocation could be risky for nations in 2025: Fidelity
Fidelity Digital Assets' Look Ahead report for the crypto market in 2025 highlights key trends expected for the year, including increased Bitcoin adoption by governments worldwide, broader use cases for stablecoins and more app blockchain launches.
Crypto Today: BTC traders hold $90K support as SUI, LTC, TIA see green
The cryptocurrency market’s losing streak entered its third day; aggregate market cap declined 10.9% to hit $3.1 trillion. Bitcoin price stabilized around the $91,800 area as bulls moved to avoid further downside.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.