Bitcoin
Bitcoin’s climb toward $70K fuels hopes for new market peak
By Diya October 21, 2024 12:22 at 12:22 UTCBitcoin’s dominance in the market has increased to 65%, a level last achieved during the bull run of 2021.
As a young crypto writer, I am adept at tracking the trends of the market with a knack for breaking down intricate concepts into easily digestible content.
Bitcoin’s dominance in the market has increased to 65%, a level last achieved during the bull run of 2021.
The SEC’s new appeal focuses on certain aspects of the case, particularly Ripple’s sales of $XRP on exchanges and the actions of Ripple’s top executives.
According to data from CoinDesk Indices, Bitcoin is now outperforming other large cryptocurrencies, including those in the CoinDesk 20 (CD20) index, which rose by 9.6% in the same period.
$USDT’s market cap has grown by $28 billion this year, bringing it to nearly $120 billion, and giving it a dominant 71% share of the stablecoin market.
The approval, given by US Bankruptcy Judge John Dorsey on 7 October, allows FTX to use up to $16.5 billion of recovered funds to repay customers who lost their money.
In total, the company has spent 5.965 billion yen (around $40.32 million) on its Bitcoin portfolio, at an average price of ¥9.33 million ($62,906) per $BTC.
By using $PYUSD, PayPal aims to show how stablecoins can help companies make instant payments without the delays often associated with traditional financial systems.
As this appeal moves forward, the status of Ripple’s cryptocurrency, $XRP, remains uncertain.
The outflows from both Bitcoin and Ethereum ETFs come at a time of increased global uncertainty as tensions rise in the Middle East.
Since earlier this year, Metaplanet has been steadily adding to its Bitcoin reserves, showing that it believes in Bitcoin’s long-term potential, regardless of short-term market conditions.