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According to a recent report by Glassnode, nearly $3 billion worth of Bitcoin was withdrawn from exchanges over the past week, which is the highest rate of withdrawal since April 2021. While it is difficult to determine the exact reason behind this trend, some analysts believe that it could be a sign of increased investor confidence in the asset's long-term value coupled with the introduction of the BRC-20 token standard and Ordinals inscriptions - which set a wave of precedents for other blockchains as well.
Cryptocurrency prices have trended higher so far in 2023 as the outlook for the U.S. economy has improved. In addition, investors are piling into Bitcoin as they anticipate the U.S. Securities and Exchange Commission will soon approve the first ever Bitcoin spot exchange-traded fund to trade on a major U.S. exchange. The bullish late-month trading action in Bitcoin, Bitget BGB and Ethereum (ETH) was driven largely by the hope asset managers such as Fidelity Investments and BlackRock will be among the first applicants greenlit by the SEC to launch Bitcoin spot ETFs, lending further credibility to cryptocurrencies and opening the door for more widespread adoption.

As the bitcoin market showcases a blend of optimism, cautious anticipation, and a quest for stability. the journey remains unpredictable, yet inherently intriguing for enthusiasts and investors globally.

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Trends in the cryptocurrency market as of December 11, 2023:
Market as a Whole:

$1.71 trillion in market capitalization (-0.27% during the past day)
Overall Market Sentiment: A little pessimistic, with Bitcoin becoming more and altcoins becoming less prevalent.

Principal Patterns:

Dominance of Bitcoin: With regard to the entire cryptocurrency market, Bitcoin's dominance rate has risen to 52.45%, a 2.5-year high. This implies that investors may be shifting their portfolios to safer, larger assets.
Technical indicators: A strengthening of the upward trend is indicated by the fact that the weekly Relative Strength Index (RSI) for Bitcoin has risen over 70. In the near run, this might be encouraging for the price of Bitcoin.
Price Action: After momentarily hitting $44,202, its highest level since April 2022, Bitcoin has been circling $44,100. Ethereum is remaining stable at $2,280.

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Working as a consultant at a global consulting firm, Ruskin Felix Consulting, Here's my feedback:

 

Industry Growth and Projections:
The exponential growth projected for the global advanced manufacturing industry, specifically in the blockchain space, underscores the transformative potential of this technology. The estimated $692.7 billion industry value in 2029, with a remarkable CAGR of 37.47%, signals the profound impact and evolving landscape.

Drivers of Growth:
The multifaceted growth factors, such as growing enterprise interest, increased investments, emerging use cases, supportive government policies, and the broader ascent of cryptocurrencies, collectively contribute to the thriving blockchain ecosystem.

Enterprise Integration and Use Cases:
Large corporations spanning banking, supply chain, healthcare, and various sectors are actively exploring blockchain applications to enhance efficiency, security, and transparency. The infusion of billions of dollars through venture capital funding and strategic partnerships emphasizes the industry's strategic relevance.

Government Initiatives:
Governments worldwide recognize blockchain's potential to instill trust and transparency. Initiatives across healthcare records, land registry, education certificates, and more demonstrate a collective effort to harness the technology for societal benefit.

Recent Trends and Insights:

a. Increased Enterprise Adoption: A notable 94% of executives anticipate significant blockchain impact within the next three years.
b. Growth of Crypto Jobs: The surge in blockchain-related job postings, reflecting a demand for skilled professionals.
c. Web3 and Metaverse Growth: Exploring the decentralized web and virtual worlds as key drivers of blockchain projects and startups.
d. Emerging Markets Adoption: Initiatives in countries like India, UAE, and Saudi Arabia exemplify blockchain's role in fostering inclusion and efficiency.
e. Sustainability Applications: Blockchain's exploration in carbon trading markets and supply chain emissions tracking for enhanced sustainability.

Product Insights and Key Companies:
a. Cryptocurrency exchanges and wallets: Dominated by industry leaders like Coinbase and Binance.
b. Smart contract platforms: Ethereum's prominence in enabling decentralized applications.
c. Supply chain management platforms: IBM Food Trust leading in traceability and transparency.
d. Digital identity and credentialing solutions: Leveraging blockchain for enhanced data control and fraud reduction.

Regional Analysis:
a. America: Noteworthy venture capital investments exceeding $25 billion in 2021.
b. Europe: Investments totaling over $3 billion, with significant rounds in cryptocurrency and digital asset sectors.
c. Asia: Despite cryptocurrency trading bans, around $5 billion invested, showcasing a focus on non-currency applications.

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3 hours ago, BashJasper said:

Looking at the top gainers chart so far this year, I can see BTC, ETH, SOL, BGB and ORDI leading the way. I also see a paradigm shift toward inscription and NFT minting on popular blockchains with Bitcoin Frogs on Ordinals grabbing the headlines right now.

In fact the gem has hit the ATH once again ya!

IMG_20231218_075910.jpg

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On 10/12/2023 at 12:46, Bash4j said:

According to a recent report by Glassnode, nearly $3 billion worth of Bitcoin was withdrawn from exchanges over the past week, which is the highest rate of withdrawal since April 2021. While it is difficult to determine the exact reason behind this trend, some analysts believe that it could be a sign of increased investor confidence in the asset's long-term value coupled with the introduction of the BRC-20 token standard and Ordinals inscriptions - which set a wave of precedents for other blockchains as well.
Cryptocurrency prices have trended higher so far in 2023 as the outlook for the U.S. economy has improved. In addition, investors are piling into Bitcoin as they anticipate the U.S. Securities and Exchange Commission will soon approve the first ever Bitcoin spot exchange-traded fund to trade on a major U.S. exchange. The bullish late-month trading action in Bitcoin, Bitget BGB and Ethereum (ETH) was driven largely by the hope asset managers such as Fidelity Investments and BlackRock will be among the first applicants greenlit by the SEC to launch Bitcoin spot ETFs, lending further credibility to cryptocurrencies and opening the door for more widespread adoption.

As the bitcoin market showcases a blend of optimism, cautious anticipation, and a quest for stability. the journey remains unpredictable, yet inherently intriguing for enthusiasts and investors globally.

Market stability is one of the  key benefits of this initiative,  the approval of Bitcoin ETFs, such as the anticipated BlackRock Bitcoin ETF, will lead to market stability around Bitcoin. Institutional adoption and regulatory approval will provide confidence to investors, contributing to a more mature and stable market, lots of tokens like the BGB you mentioned are bullish now, more financial institutions are coming into crypto market as the volume is highly increasing, I'm also bullish.

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11 hours ago, Imam said:

& It refused to stop! It's not even a bull market & BTC isn't at ATH,,, imagine what's waiting for BGB!

IMG_20231221_090252.jpg

$1 ATH is waiting somewhere for BGB, I gotta say since the unveiling of this platform token whitepaper , and the previous Launchpad I participated in for t2t2 . I got good returns of my bgb committed , more optimistic that it will be more massive on Tonup as well 

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13 hours ago, Jaja24 said:

$1 ATH is waiting somewhere for BGB, I gotta say since the unveiling of this platform token whitepaper , and the previous Launchpad I participated in for t2t2 . I got good returns of my bgb committed , more optimistic that it will be more massive on Tonup as well 

Imagine the surge,when they'll announce their own dedicated Blockchain like BSC!

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