BTC

The crypto market, particularly Bitcoin, is poised for a bull run in the coming weeks or months, with spot Bitcoin ETF applications and the Bitcoin Halving event on the table.

The number of wallet addresses holding more than $1 million in BTC surged during the previous bull market in November 2021.

MicroStrategy purchased a total of 6,067 BTC for $167 million in Q3 2023, which means it spent $4.69 billion or 29,5686 per BTC.

A brief examination of Binance's 38DN2 wallet at 11:53 a.m. ET on Thursday revealed that it had already been emptied, as the billion-dollar transfer had taken place approximately seven hours earlier.

The latest development highlights one of the highest volumes observed in the entire year.

Grayscale Chief Legal Officer Craig Salm has also said financial giants like BlackRock and Fidelity are making progress with their spot Bitcoin ETF applications.

While the SEC has remained mum about the development surrounding the spot Bitcoin ETF applications, Bloomberg Intelligence analysts maintained their previous prediction that there is a 90% chance that the filings will be approved by Jan. 10, 2024.

ETF analysts think the odds for Bitcoin ETF approvals by the end of 2023 is 75%. They said the SEC might approve multiple filings at once.

The Bitcoin value surge has ended the crypto market's long winter, with predominantly inactive long-term holders signaling a bullish sentiment.

The recent shift in Bitcoin dominance suggests that new investors are entering the market, as it follows a long period of market downtrend.

Currently, there are 12 spot Bitcoin ETF applicants awaiting a decision from the Securities and Exchange Commission (SEC).

Block's Bitcoin revenue represented 43% of its $5.6 billion total revenue, driven by heightened consumer demand and positive spending, boosting its overall Q3 growth.

The appearance of the ticker on DTCC's official site is considered a significant development in the progress of the Bitcoin ETF applications of several Wall Street giants.

The agenda of an upcoming closed-door meeting of the SEC was published online and suggested that the regulator may include in its Thursday meeting a review of settlement and resolution claims.

The number of wallets in profit as of Monday was 39.1 million, which is by far the highest number ever recorded for the crypto asset, surpassing the 38.1 million peak seen in November 2021.

Analysts project there is a "60% likelihood that November will be a green month for BTC."

There is still excitement surrounding spot Bitcoin exchange-traded fund, with the world's largest crypto asset by market capitalization trading in the green zone.

The SEC chairman's statement created a myriad of speculations in the cryptocurrency industry, especially among those eagerly waiting for the official rollout of the products that would be offered by Wall Street giants, including BlackRock.

By far, this is the highest rate Bitcoin's dominance has reached over the past two and a half years or since the bull market in April 2021 where it hovered within the 50%–60% range.

Long-term holders are not impacted by the recent rally of Bitcoin since nearly 30% of their supply is being held at a loss, which according to the report, is high, historically.

If the government had sold the same number of Bitcoin at an average price of $35,000, it could have raked in $345,135,000, which meant it missed around $129,135,000 worth of gain.

BlackRock, whose spot Bitcoin ETF filing is at the center of speculations, maintained that the application in question is still within the SEC's "filing restriction period."

Like other Wall Street giants, Ark Invest, along with 21Shares, had filed a spot Bitcoin ETF filing, and recently amended its prospectus following communication from the U.S. regulator.

This decision basically solidifies the court's earlier ruling on Aug. 29, which noted that the SEC was "arbitrary and capricious" in its decision to reject Grayscale's bid to convert its $17 billion Grayscale Bitcoin Trust (GBTC) into a spot ETF.

Titled "Don't Trust...Verify," the documentary shows the journey of Bitfinex CTO and Tether CEO Paolo Ardoino to El Salvador, where he collaborated with community leaders, government officials and BTC evangelists who work tirelessly on the adoption of Bitcoin in the country.

Bitcoin rallied to $31,000 at the start of the week, but it seemed like the king of crypto was poised to surge to a much higher price level as it climbed to the $35,000 threshold later in the day until early Tuesday.

Early Monday morning, BTC was trading at $30,936.86 painting a huge gain of around 3% over the past 24 hours and a double-digit spike of over 10% in the past seven days.

Bitcoin's resurgence over the weekend, which continued at the start of the week, allowed MicroStrategy to nullify all of the losses it had incurred when BTC traded at $30,687.28.

The top developer announced his resignation from the Lightning Network's development and its various implementations, and his departure has been a hot topic on social media.