FameEX Morning Crypto News Recap | October 18, 2024

Sharp Increase in Bitcoin Whale Trading Activity and Social Media Buzz

Santiment reported a surge in Bitcoin whale trading and social media discussions on October 17. The data showed a 10-week peak in large transactions, with 11,697 transactions exceeding $100,000 recorded on Tuesday, signaling heightened interest and activity across the Bitcoin network.

Bitcoin Profitability Reaches 95% as Market Sentiment Sees Significant Improvement

According to IntoTheBlock, 95% of Bitcoin addresses are currently profitable, indicating a notable boost in market sentiment. Historically, such high profitability levels signal strong bullish momentum but may also suggest a risk of market over-extension, hinting at the possibility of a correction.

Glassnode Chief Analyst Predicts Inevitable Price Correction, Advises Against FOMO

Glassnode chief analyst James Check, on October 17, cautioned Bitcoin investors to avoid "FOMO" and be patient, as price corrections are inevitable. He noted that Bitcoin futures open interest (OI) has reached a record high, indicating elevated leverage, which could result in heightened market volatility.

BlackRock Adds 10,126 BTC in Two Days, Bringing Total Holdings to 380,972

Lookonchain reported that BlackRock bought 5,802 BTC yesterday, valued at $390.2 million. Over the last two days, the firm acquired a total of 10,126 BTC, worth $681 million. This brings BlackRock's total Bitcoin holdings to 380,972 BTC, with an estimated value of $25.62 billion.

Google Restores Bitcoin and Ethereum Price Tracking Charts

Google briefly removed Bitcoin and Ethereum price charts from search results over the weekend due to inaccuracies from a third-party data provider. The issue has since been resolved, and the charts are back online. Users can still access real-time cryptocurrency prices via Google Finance.

EU Could Factor Musk's Other Business Income into Fines for Social Media Platform 'X'

Under the EU's Digital Services Act, platforms can face fines of up to 6% of their annual global revenue for failing to manage illegal content, disinformation, or transparency standards. The EU has cautioned that fines for social media platform "X" could also factor in revenue from Musk's other ventures, like SpaceX and Neuralink, potentially raising the penalty significantly.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​