Global Hive Buzz

Bitcoin Whales Take the Lead as $100K Transactions Surge

Recent on-chain data for Bitcoin (BTC) points to heightened activity by whales, those investors with significant capital capable of shaping market dynamics, particularly as Bitcoin crossed the $35,000 threshold.

According to insights from blockchain analytics firm IntoTheBlock, the number of transactions processed on the Bitcoin blockchain, involving a transfer of at least $100,000 worth of BTC, reached a year-to-date peak of 23,400 last week.

André Dragosch, the Head of Research at Deutsche Digital Assets, noted, "We observed an uptick in activity across both small and large BTC wallet entities, indicating growing participation from smaller investors in the market." This trend is reflected in a substantial increase in the median value of transfer volumes on the Bitcoin blockchain, signifying increased engagement from smaller investors.

Dragosch emphasized, "It's important to note that the involvement of new, smaller investors is a vital factor for the sustainability of a bullish trend in the crypto asset market."

Which Altcoin Will Experience a Meteoric Rise?

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US Lawmakers Call for Action Against Binance & Tether Over Hamas Funding Allegations

US lawmakers are urging the Department of Justice (DOJ) to take legal action against major cryptocurrency companies, Binance and Tether. They allege that these companies have been involved in facilitating illicit financial activities, including the funding of the terrorist organization Hamas.

The lawmakers argue that Binance, an unregulated overseas exchange, allowed accounts connected to Hamas to remain operational even after being previously seized by Israeli authorities. They accuse Binance of providing "material support" to terrorism due to what they perceive as insufficient anti-money laundering controls.

These allegations have emerged following reports indicating that Binance and Tether were cooperating with Israeli authorities to freeze crypto assets linked to Hamas. The Department of Justice has been conducting an investigation into Binance's compliance with anti-money laundering regulations since 2018. However, this investigation has faced delays, primarily related to jurisdictional issues.

All Eyes on the Upcoming Federal Reserve Meeting this Wednesday

Following the relative stability in the markets after Bitcoin's remarkable surge towards $35,000 last Monday, the focus has shifted to the next potential macroeconomic catalyst: the impending announcement from the Federal Open Market Committee (FOMC) regarding US interest rates. The FOMC, composed of twelve members responsible for overseeing America's Central Bank, convenes to make decisions on how to utilize the central bank's tools, such as open market operations, the discount rate, and reserve requirements, to influence bank lending and deposit rates.

At the forthcoming meeting, it is widely anticipated that the Federal Reserve will maintain the status quo with its key rate, the Fed Funds Rate. This means that there will be no change in the interest rate at which depository institutions lend their overnight balances to other depository institutions through the Federal Reserve. The current Fed Funds rate stands at 5.25%-5.50%.

The Federal Reserve has been showing indications that it might be approaching the conclusion of a period of monetary tightening, during which interest rates have steadily risen to control inflation. A stable or potentially decreasing interest rate environment is seen as a positive signal for investment markets. It suggests that capital is becoming more affordable, reducing the incentive to save and encouraging investors to take more active positions in trading.

Exciting Upcoming Announcement from President Biden

The Biden administration is preparing for a substantial announcement that could potentially have a substantial influence on the market. This revelation has the capacity to drive the value of a specific asset to new heights, and I'm not talking about gold or stocks.

But here's the catch: if you don't seize this investment opportunity before President Biden's announcement, which could be just around the corner, you might miss out completely. Delve into the particulars of this development and its implications for you by clicking here.

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