Bitcoin's price surged over 12% to reach $35,000 today, sparking predictions of a forthcoming bull run ahead of the mid-2024 halving. Approximately 80% of Bitcoin holders are now in profit, a level unseen since the peak of the 2021 bull market. The past month has seen a 27% increase in BTC holdings by short-term holders, common in bullish periods. MicroStrategy, the largest corporate Bitcoin holder, has realized a 10% profit on its $4 billion Bitcoin holdings as BTC crossed $30,000.
Yesterday, Bitcoin hit a multi-month peak of over $31K which influenced altcoins like SOL to reach $30 for the first time in months and LINK and MATIC to skyrocket by double digits. Despite the bullish trend, the Fantom Foundation suffered a hot wallet hack causing a loss of $550K; however, 99% of the foundation’s funds remain safe. The market added $100B within a week.
Last week, Bitcoin crossed $31K, triggering a ripple effect across the cryptocurrency market as numerous altcoins achieved substantial highs. Binance halted new UK user sign-ups from October 16 due to legal requirements imposed by the FCA on partner REBS. Tether seized $873K in USDT from 32 addresses linked to warfare and terrorist activities in Ukraine and Israel.
Despite these gains, negative incidents like Fantom's $550K hack also took place. Other notable developments included the EU's implementation of new crypto tax data sharing rules and PlatoData.Network offering AI and CleanTech services.
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