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Blockchain security firm CertiK has issued a warning to crypto investors about the rising threat of phishing scams, which emerged as the most significant security threat of 2024.
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He’s also nominated pro-crypto Scott Bessent as Treasury Secretary and designated former PayPal Chief Operating Officer David Sacks as AI and crypto czar, tasked with developing a clear legal framework for the crypto industry.
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The European Securities and Markets Authority, one of the key supervisors of MiCA compliance, told Cointelegraph that it was yet to announce the legal status of USDT, with discussions pending.
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According to data from Farside Investors, BlackRock’s iShares Bitcoin Trust ETF brought in $5.6 billion of investments in November, accounting for almost 87% of the total monthly inflows.
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United States investors poured $6.4 billion into spot Bitcoin exchange-traded funds (ETFs) in November as the BTC market price rallied 45% to the $99,000 level for the first time in history.
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Earlier, Cointelegraph reported on increased selling pressure from Bitcoin’s more seasoned hodler cohorts.
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“As the market moves towards the later stages of the cycle, the magnitude of the rise tends to be larger, and the periods of decline/adjustment are shorter,” the post said.
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SOPR measures whether coins used in onchain transactions move at a higher or lower price than their last transaction, thus expressing onchain profitability. A golden cross occurs when the metric’s 30-day moving average crosses above its 365-day equivalent.
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“After the golden cross appears, the market usually starts a strong rise within 2 months at the latest,” he wrote in one of CryptoQuant’s Quicktake blog posts on Dec. 2.
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Highlighting the event, Crypto Dan, a contributor to onchain analytics platform CryptoQuant, said its implications were unequivocal.
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This week, it was the Spent Output Profit Ratio (SOPR) on the radar, as it printed only its second “gold cross” of the current bull market.
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“If a Bitcoin breakout doesn’t happen before the Dec 18th FOMC Meeting, a 25bps rate cut would not only be an early Christmas gift, it will likely be the catalyst that sends $BTC past $100k,” Material Indicators’ Alan said.
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Data from CME Group’s FedWatch Tool currently puts the odds of a 0.25% cut at 67%.
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“The mantra ‘not your keys, not your coins’ remains highly relevant, as the market continues to recognize the risks of leaving assets on centralized exchanges — a hard lesson learned from the collapse of numerous exchanges in the past,” Sanders said.
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Bitcoin reserves on crypto exchanges like Binance and Coinbase have declined to their lowest levels in six years, with investors withdrawing 427,000 BTC, or roughly $40 billion, in 2024 alone, according to CryptoQuant.
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“Seasonality-wise and halving-wise, there was already an expectation of a price increase as part of the four-year cycle, roughly six months post-halving,” Sanders said.
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The US election wasn’t the only driver of cryptocurrency markets in the ongoing market rally, with other factors like Bitcoin’s fourth halving in April 2024 and macroeconomic developments.
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The difference is that the improved US environment continues to drive the price to new heights, which in turn drives global demand for self-custody as new customers enter the space,” the exec said.
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Rampant BTC price gains have barely seen consolidation or support retests since Bitcoin broke through its old all-time high set in March. While some argue that a retracement should come next to shore up potental future upside, the market has yet to provide any signs of slowing.
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As Cointelegraph reported, mass inflows from institutional investors are vying with long-term holders distributing coins hodled for years. “The ETFs have played a key role, absorbing over 90% of sell-side pressure by Long-Term Holders,” onchain analytics firm Glassnode wrote in the latest edition of its weekly newsletter, “The Week Onchain.”
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