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Cryptocurrency News Articles
Bitcoin Price Nears $64K – Why Is the Crypto Market Up Today?
Oct 07, 2024 at 02:03 pm
The second week of “Uptober” is starting just as crypto traders would wish. The Bitcoin price is up 3% while most top altcoins are up 4-10%.
Cryptocurrency prices are continuing to rise on Monday, with Bitcoin nearing the $64,000 mark. This comes as the second week of “Uptober” begins on a positive note.
BTC is now trading at slightly below $64K. Earlier on Monday in Central European time, the Bitcoin price was met with resistance at this level, indicating that at least locally, $64K is a key resistance level. If this level is breached, we might revisit the $66-68K range.
But what is driving this surge?
Several factors are contributing to the current positive market situation. The United Arab Emirates (UAE) has introduced revised Value Added Tax (VAT) regulations that now exempt the transfer and conversion of digital assets, including cryptocurrencies. This move will certainly come as a welcome sign for all crypto traders in the region.
The memecoin rally is also resuming, with newly listed coins on Binance leading the charge. NEIRO’s price, for instance, surged by 50% in the last 24 hours, showcasing the continued interest in this volatile yet potentially lucrative sector of the crypto market.
Read also: POPCAT Price Explodes 50% – Is It the Next Meme Coin Sensation?
Political developments are also playing a role. On Polymarket, a prediction market platform, Donald Trump now leads Kamalaもともと Harris with odds of 51-48%. This marks Trump's biggest lead in almost a month and is considered bullish by some, given his pro-crypto stance during his campaign.
BREAKING: Donald Trump is now leading with 51% on Polymarket. 🇺🇸 pic.twitter.com/k4bHPT4oS2
Meanwhile, analyst “Quinten” highlights an interesting trend in his analysis, revealing that new whales are buying Bitcoin at a rapid pace in a pattern that mirrors the activity seen in 2020 before Bitcoin’s explosive price run-up. This activity is evident in his charts and could indicate growing institutional interest in the cryptocurrency.
New whales are buying #Bitcoin like crazy Same they did in 2020 before the explosive run up pic.twitter.com/12SdUzKqjP
Best Crypto to Buy Now as Prices Pump?
Naturally, when the market is up, investors are looking for the best altcoins to invest in. PandaWorld is an early-stage meme coin that has something more to offer.
PandaWorld is not just another speculative asset; it’s working to create a sustainable ecosystem. This includes an NFT marketplace for trading non-fungible tokens, exclusive merchandise tied to the PandaWorld brand, and community events to engage users and build community spirit.
One of the standout features of PandaWorld is its profit-sharing model. Token holders can earn passive income by staking their PADW tokens. Revenue generated from various activities within the ecosystem, such as play-to-earn (P2E) games and a casino, contributes to a central pool, which is then distributed among stakers.
It’s important to note that the PADW token is currently in presale and can only be purchased through the official presale website.
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Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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- The Largest Season 1 EIGEN Claimant Withdraws 1M $EIGEN ($3.61M) From Binance and Stakes the Entirety of Their 3.011M $EIGEN Holdings on Eigenlayer
- Oct 07, 2024 at 06:30 pm
- In a significant move, the whale has now sent the entirety of their 3.011 million $EIGEN (valued at $10.7M) to Eigenlayer for staking
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- Top 7 Gaming Cryptocurrencies to Invest in by Next Year
- Oct 07, 2024 at 06:30 pm
- The convergence of the two technologies (cryptocurrency and gaming) is evolving both these industries, creating an altogether new digital expanse where players can earn & trade virtual currencies whilst playing their favorite games.