Bitcoin's price has jumped above $106,000, marking a 4.4% increase within 24 hours, as reports indicate that the U.S. Senate is close to finalizing a deal to end the longest government shutdown in history. This positive sentiment has also lifted other cryptocurrencies, with Ethereum trading above $3,600 and XRP gaining approximately 7%. The resolution of the government shutdown is expected to restore liquidity and investor confidence, which could further bolster crypto prices. The total crypto market capitalization has risen by 4.8%, reflecting a broader market rally driven by this political development.
U.S. spot Bitcoin ETFs have experienced significant outflows, totaling $1.22 billion over the past week, marking the third-largest outflow on record. This trend indicates a shift in sentiment among institutional investors, who appear to be taking profits amid ongoing market volatility. In contrast, Ethereum ETFs recorded a smaller outflow of $508 million, also reflecting cautious sentiment in the market. These movements suggest that while Bitcoin remains a focal point for institutional investment, the current climate is prompting a reevaluation of positions.
Whale activity remains robust as major players reposition their assets during the recent market rebound. Bitcoin's price is currently testing critical support levels around $102,980, with traders monitoring for a potential breakout above this threshold. Additionally, Ethereum's price has stabilized around the $3,300 support zone after a 12% pullback, with analysts suggesting that reclaiming $3,600 could signal a return to bullish momentum. The movements of large holders are critical as they can significantly influence market dynamics and price trends.
The recent surge in Bitcoin and Ethereum prices, coupled with significant ETF outflows, indicates a complex market environment where institutional players are both taking profits and reassessing their strategies. The potential end of the government shutdown could further enhance market stability and investor confidence. As traders keep a close eye on key support and resistance levels, the interplay between whale movements and institutional sentiment will likely dictate the next phases of market activity. Overall, the market appears poised for potential upward momentum if these trends continue.
Trump Media’s first earnings report after starting its Bitcoin buys shows it scooped up $1.3 billion, with the company saying it plans to buy more. The company reported a loss of $55 million for the third quarter.
Robinhood wants to allow amateur traders to invest in AI start-ups.
Saudi Arabia's government is advancing plans to introduce stablecoins under a national regulatory framework, which has garnered positive feedback from global crypto exchanges. This initiative is viewed as a significant milestone for the digital finance sector, potentially influencing broader adoption of cryptocurrencies in the region.
The recent presidential pardon granted to Binance co-founder Changpeng Zhao (CZ) has sparked political controversy, particularly among Democratic lawmakers who allege it reflects a "pay-to-play" scheme. This backlash underscores ongoing regulatory scrutiny in the crypto sector, as CZ denied any business connections to the Trump family or related ventures. The pardon was granted in October, following a petition submitted by CZ's lawyers in April, indicating a lengthy legal process.
Álvaro Romillo, also known as CryptoSpain, has been detained on charges of $300 million fraud and money laundering. He reportedly admitted to funding the campaign of a far-right MEP with a €100,000 euro cash donation.
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