BTC Surges Back to $67K Following Lackluster U.S. Economic Reports
Crypto markets see BTC rebound amid economic data while whales increase their holdings.
Latest Price Trends in Crypto
Bitcoin (BTC) has surged back to $67,000 during the Asian morning, driven by recently released economic data from the U.S. that seems to bolster arguments for a potential rate cut in the upcoming November meeting.
The Federal Reserve's latest Beige Book, detailing economic conditions, reported a subdued outlook with nine out of twelve regional banks indicating stagnant or slightly weak economic activities since early September. In recent hours, BTC showed fluctuations around $67,000, with a slight increase of about 0.75% over the day. The larger digital currency market, represented by the CoinDesk 20 Index (CD20), has also seen an uptick of around 0.4%.
Whale Activity
Additionally, the count of 'whales'—entities holding at least 1,000 BTC—has surged to 1,678, the highest since January 2021. This upward trend signifies increasing confidence in Bitcoin's price trends, despite a slowdown in retail investor accumulation as BTC edges closer to the $70,000 mark. According to analysts from CryptoQuant, retail holdings have increased by a mere 1,000 BTC over the last month, a notably slow rate.
Market Highlights
In the market, SOL has experienced the most significant gains in the past day, rising over 4% to $173, contributing to its impressive 14% weekly growth. Notably, the Solana ecosystem has thrived, witnessing a surge in trading activities and the launch of over 40,000 new tokens in the last 24 hours.
Conclusion
With these trends, the focus is now on how upcoming economic decisions will influence market dynamics, particularly as we move closer to the 2024 elections.