Altcoin Season Slows as Tether’s $2B Mint Hints at Turmoil
The post Altcoin Season Slows as Tether’s $2B Mint Hints at Turmoil appeared on BitcoinEthereumNews.com.
Key Takeaways: Bitcoin is currently trading sideways around the $100K level, with techcoins temporarily losing momentum. Altcoins are undergoing slight corrections, while BTC dominance has slightly increased. The Altcoin Season Index has dropped slightly to 76. Over $131 million in stablecoin netflows were withdrawn from exchanges in the last 24 hours, and Tether minted an additional $2 billion, signalling potential market volatility this week. BTC hits $100K, MicroStrategy buys $1.5B worth. US employment rose by 227K, with unemployment at 4.2%. South Korea declares martial law. The market shows BTC sideways trading and altcoins correcting, with a $2B Tether mint suggesting upcoming volatility. Last week’s Highlights Big News (December 2 – December 8) BTC Officially Hits $100K Screenshot: TradingView MicroStrategy buys an additional $1.5 billion worth of BTC (15,400 BTC) at approximately $95,976 per Bitcoin. Their average purchase price increases to $58,263 per Bitcoin. Screenshot: X (Twitter) Metaplanet partners with SBI VC Trade to launch a Bitcoin rewards program for shareholders via a lottery system, with a total value of 30 million yen (~$199,500) for 2,350 shareholders. Wisdom Tree Funds has officially filed an S-1 application with the SEC for the approval of an XRP Spot ETF. Other applicants for an XRP ETF are Bitcoin, 21 Shares, and Canary Funds, besides Wisdom Tree. Screenshot: XRP S-1 application Sora Ventures Launches $150M Fund to Execute MicroStrategy’s Bitcoin Strategy Across Asia The fund will look to emulate MicroStrategy’s model by deploying Bitcoin as a major reserve asset to optimize financial strategies and grow shareholder value. The U.S. government transfers 10,000 Bitcoin (~$963 million) to Coinbase. Many believe this is a preparation by the U.S. government to sell this Bitcoin, although it is equally possible they moved it to Coinbase for storage. The President of South Korea declares martial law and measures to “protect…
Filed under: News - @ December 9, 2024 8:27 am