Bitcoin Gets Closer to $100K, Raydium (RAY) Becomes a Noteworthy Token During a Market Upswing

The cryptocurrency scene saw noteworthy advancements in Bitcoin, Ethereum, and the larger digital asset ecosystem during a day of remarkable market moves.

Cryptocurrency Scene Heats Up as Bitcoin Nears $100K, بازار رمزارزها با نزدیک شدن بیت کوین به ۱۰۰ هزار دلار داغ‌تر شد

The cryptocurrency scene saw noteworthy advancements in Bitcoin BTC/USD, Ethereum ETH/USD, and the larger digital asset ecosystem during a day of remarkable market moves.

Bitcoin Gets Closer to $100K, Volatility Increases

On Wednesday, Bitcoin briefly hit the $97,000 level, sparking renewed speculation that it could hit the $100,000 mark before the year ends. The apex crypto rose by 3.3% during the day, after which it slipped to around $95,500. Several bullish signals were noted by market analysts, including:

Rising institutional interest in digital assets was highlighted by the recent filings with the U.S. Securities and Exchange Commission (SEC) from BlackRock, the world’s largest asset manager, to launch a spot bitcoin exchange-traded fund (ETF).

According to data from on-chain analytics firm Glassnode, there was a strong buying pressure from retail traders, as indicated by a surge in small-sized bitcoin transactions.

Relative Strength Index (RSI) on several time frames showed that Bitcoin was in overbought territory, indicating a potential slowdown in the rally. However, the sustained buying interest and the broader market optimism could continue to drive the price higher.

Bitcoin price briefly approached the $97,000 level on Wednesday. BTC/USD 1 day price chart. Source: Finbold, TradingView

Several crypto exchange tokens also recorded significant gains on Wednesday, with Binance Coin BNB/USD rising by 2.2% and Cronos CRO/USD gaining around 8%. Among the metaverse tokens, ApeCoin APE/USD slipped by 1.2%, while Decentraland MANA/USD and The Sandbox SAND/USD rose by 1.3% and 2.4%, respectively.

Cryptocurrency Exchange XT.com Loses $1.7 in Hack

Withdrawals were halted by cryptocurrency exchange XT.com following a suspected attack that led to the theft of assets valued at around $1.7 million. According to a report by blockchain security firm PeckShield, the hacker had already moved some of the stolen funds to Ethereum.

However, the exchange later clarified that the stolen assets belonged to a third-party custodian, and not XT.com itself. The exchange also stated that the stolen funds were fully covered by insurance, and that user assets on the platform remained secure.

The platform also announced that it had engaged a third-party security auditing firm to conduct a thorough investigation of the incident and enhance the exchange's security measures.

Cryptocurrency exchange XT.com приостановила снятие средств после взлома на сумму около $1.7 млн.

Crypto Exchange XT.com Loses $1.7 in HackFollowing the detection of suspicious activity, cryptocurrency exchange XT.com suspended withdrawals on Wednesday. According to a report by blockchain security company PeckShield, the attacker had already moved some of the stolen assets to the Ethereum chain.

However, in a surprising turn of events, the exchange later clarified that the stolen assets belonged to a third-party custodian, and not XT.com itself. The exchange also stated that the stolen funds were fully covered by insurance, and that user assets on the platform remained secure.

The platform also announced that it had engaged a third-party security auditing firm to conduct a thorough investigation of the incident and enhance the exchange's security measures.

The cryptocurrency exchange had earlier announced plans to conduct a token burn and launch a decentralized autonomous organization (DAO) in 2024.

DeFi Ecosystem Strength

A record monthly volume of $38 billion was recorded by Uniswap, a leading decentralized finance (DeFi) platform, across Ethereum layer-2 networks. This marks a $4 billion increase from its previous best.

The sustained interest in DeFi is also evident in the annualized perpetual funding rates, with several crypto exchange tokens—including Binance Coin, Huobi Token, and OKB—recording triple-digit rates. This indicates a strong buying pressure and optimism among traders.

Mining Industry Invests Heavily in H2 2024

A total of $3.6 billion was spent by bitcoin mining companies on plant, property, and equipment (PP&E) in 2024. Notably, Marathon Marathon Digital stock price today, BTC/USD live, price updates, newswent on to issue a convertible note, while Hive Digital purchased 6,500 ASIC mining units.

Collectively, the bitcoin mining industry recorded a sharp increase in PP&E, with several companies aiming to expand their operations and contribute to the generation of new mining blocks.

Market Sentiments and Macro Environment

In addition to the crypto market updates, traders are also monitoring broader market trends, such as potential political and economic shifts.

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