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Bitcoin Soars in the New Year but Altcoins Dominate the Market: This Week’s Crypto Recap
The crypto market has witnessed a significant shift over the past week, with both Bitcoin and altcoins experiencing notable changes. Despite Bitcoin’s impressive surge to start the year, it was the latter that ultimately stole the show.
MicroStrategy Stock Down 36% From November High Despite Continued BTC Accumulation
One of the most prominent stories in the crypto space has been the dismal performance of MicroStrategy’s shares. The company, known for its large-scale Bitcoin purchases, saw its stock plummet by a whopping 36% since reaching a high in November. This decline comes as a shock to many investors who have consistently backed the company’s bold approach to cryptocurrency adoption.
Tether Expands Bitcoin Reserves by $700M Amidst FUD Over USDT’s Status in Europe
In other news, Tether has expanded its Bitcoin reserves by an additional $700 million, further solidifying the stablecoin’s position as a key player in the market. This move comes as no surprise given recent rumors surrounding the status of USDT in the European Union.
Investors Are Moving Their BTC Away From Exchanges, What Does This Mean?
One trend that has gained significant attention is the mass exodus of Bitcoin from exchanges. Data suggests that investors are withdrawing their holdings at an unprecedented rate, with some platforms experiencing record withdrawals. While this development typically precedes a price increase for the asset, it remains to be seen whether this will hold true in this case.
These Price Levels Hold the Key to Bitcoin’s Resilience or Deeper Correction (Glassnode)
In a recent analysis, Glassnode identified key support levels that could determine Bitcoin’s future direction. The company noted that if the price falls below $88,000, there may be cause for concern regarding a deeper correction.
US Investor Seller Pressure Drags Bitcoin Coinbase Premium Index to 12-Month Low: CryptoQuant
A new report has shed light on the sentiment of US-based investors, revealing a sharp decline in demand. The Coinbase BTC Premium Index hit its lowest point since inception, suggesting a significant shift in investor behavior.
Terraform Labs Co-Founder Do Kwon Pleads Not Guilty in US Court
Finally, a notable development came to pass with Terraform Labs CEO Do Kwon pleading not guilty to the charges against him, including conspiracy and money laundering.
Source: cryptopotato.com
