Market report for traders
š® BTC and altcoins
Over the last 7 days,Ā BitcoinĀ reached $67,220, increasing by +12.45% at the time of writing. Meanwhile,Ā EthereumĀ rises to AU$3,501, moving +8.06% week-on-week. And in other altcoin movements,Ā AvalancheĀ rises +13.04%,Ā CardanoĀ +6.32%, andĀ DogeCoinĀ 12.86%.
š Whatās happening in the news?
As we near the end of the year and the holiday season approaches, the crypto market is not slowing down. In fact, Bitcoin is making significant moves upward, capturing the attention of investors and enthusiasts alike. Let's dive into this week's market update to uncover the latest trends and developments as 2023 draws to a close.
Following up from last week's news, former Binance CEO Changpeng Zhao'sĀ travel plansĀ have been temporarily put on hold by a U.S. federal judge. Zhao, released on a $175 million bail bond, pleaded guilty to violating anti-money laundering laws. Amidst these charges, Binance was slapped with $4.3 billion in fines and forfeitures. Now, Zhao's plans to return to the UAE before his sentencing have been denied.
Meanwhile, in the world of Bitcoin, ābullsā haveĀ charged ahead, pushing the price up to AU$67,000 ā a level not seen since early April 2022. Speculations are rife about Bitcoin's trajectory as it approaches its ATH, especially with the upcoming Bitcoin halving in 2024 and the potential approval of a spot Bitcoin ETF.
However, analysts suggest that Bitcoin might face aĀ correctionĀ in January, reminding us that the crypto market can be unpredictable.
Lastly, the stablecoin market is witnessing a major trend reversal. After a prolonged downtrend of 1.5 years,Ā fresh capitalĀ is flowing into cryptocurrencies. Tether's USDT, in particular, has seen its market cap rise to a record high of $89 billion. This growth means better liquidity in the crypto market, and could be a signal for the possible end to our crypto winter.
š What weāve been reading
Why are people spreading falsehoods about Bitcoinās water use?Ā āNo, despite what you might have heard recently, Bitcoin transactions do not consume a swimming pool of water.āĀ Read more
Bitcoin price hit 2023 high, so why are retail traders waiting on the sidelines?Ā āBitcoin price keeps going up but retail traders are not piling in yet. Cointelegraph explores why.āRead more
Coinbase NFT and OpenSea respond after Thirdweb vulnerability disclosureĀ āThe vulnerability specifically targets pre-built smart contracts provided by Thirdweb, affecting multiple NFT collectionsāĀ Read more
Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.
