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Bitcoin (BTC) Surge Puts 90% of Holders in Profit Territory After Two Years

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Wed, 10/01/2024 - 14:33
Bitcoin (BTC) Surge Puts 90% of Holders in Profit Territory After Two Years
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According to data from blockchain analytics firm IntoTheBlock, around 90% of Bitcoin (BTC) holders find themselves in profit territory for the first time since November 2021. The surge in profitability comes amid a roller coaster 24 hours for Bitcoin, marked by a false report of official approval of the first U.S. Bitcoin spot ETF, leading to whipsaw price movements.

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As of the latest data, the current price of Bitcoin stands at $45,488, representing a 2.25% decline in the past 24 hours. The tumultuous ride began when a hacker exploited a SIM swap attack to publish a misleading announcement on the SEC’s X account (formerly Twitter), falsely claiming the regulatory approval of the much-anticipated Bitcoin ETF.

This misinformation triggered a sharp surge in Bitcoin's price, reaching a high of $47,901, before swiftly retracting to its current levels. Representatives from the platform revealed that the post was the result of a security breach, emphasizing the vulnerability of even major platforms to sophisticated attacks.

Bitcoin market dynamics

The false approval announcement added to the existing anticipation surrounding a positive SEC decision on Bitcoin spot ETFs, a development expected to attract billions in new investments to the crypto market. This anticipation has been a driving force behind Bitcoin's price rally over the past two months, despite the recent dip in value.

Despite price fluctuations, the IntoTheBlock data revealing that around 90% of Bitcoin holding addresses are currently in profit is seen as a bullish sign for the leading cryptocurrency. This statistic underscores the resilience of long-term investors who have weathered the market's volatility and underscores the potential for sustained growth.

It is expected that the profitability of holders could further attract institutional investors and strengthen Bitcoin's position as a store of value. As Bitcoin continues to navigate the regulatory landscape and faces occasional bouts of volatility, the recent surge in profitability serves as a testament to the resilience of the cryptocurrency and the optimism prevailing among its dedicated community of investors.

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