BITCOIN

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.

Musk has over the years swayed prices of numerous crypto assets, especially DOGE with just his online posts. The tech billionaire can easily create his own cryptocurrency, but it appears that he is reluctant to officially launch one, and he hasn't explained why.

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.

MicroStrategy is seemingly maintaining its bullish accumulation of Bitcoin showing no sign of slowing down as the fourth Bitcoin halving approaches and spot Bitcoin exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC) appears imminent.

Bitcoin's price has risen strongly in recent weeks with the United States possibly set to allow a popular type of trading in the cryptocurrency that would further normalise the asset.

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."

While whales moving their Bitcoin stash is not unusual in the crypto world, Binance moving a huge amount of crypto assets does not happen every day, which is why it created a big fuzz within the community.

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.

Binance CEO Changpeng Zhao said, "Technical issue with a middleware service impacting withdrawals," while assuring the community that funds were safe.

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."

Based on the analysis, BTC will continue to surge and could hit the $39,000 price level anytime soon.

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.