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Crypto Today: Bitcoin Enters Bearish Stage Of Bull Cycle

Bitcoin appears to have entered a bearish phase after institutional demand diminishes and key market indicators suggest a downturn. According to CryptoQuant, Bitcoin's Bull Score Index has fallen to a concerning level of 20/100, indicating the most bearish conditions since the current bull cycle began in January 2023. The cryptocurrency’s price has plummeted below the crucial 365-day moving average of $102,000, echoing sentiments from the start of the 2022 bear market. Analysts note that Bitcoin treasury purchases have notably decreased, and ETF inflows are down 52% year-to-date. Meanwhile, Nvidia's strong Q3 earnings report, showing a 62% revenue increase year-on-year, positively impacted tech and cryptocurrency stocks. Following the report, Bitcoin's price bounced back, reaching nearly $93,000. In another development, Kraken announced a confidential filing for an IPO with the SEC. This follows significant investments, including a $200 million contribution from Citadel Securities, as digital asset companies increasingly seek public listings.

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Bitcoin Sell-Off Driven by Mid-Cycle Holders

Bitcoin's recent downturn is primarily attributed to mid-cycle holders according to asset management firm VanEck. These holders, defined as those who have moved their coins within the last five years, are responsible for the majority of the selling pressure, while long-term holders, or 'whales,' have maintained

Crypto Lobbyists Pitching Trump on Getting Things Done During Congress' Uncertainty

Crypto lobbyists are directly appealing to President Donald Trump for assistance with various federal policy changes amid Congress's delays in digital asset legislation. Over 60 groups, including the Solana Policy Institute and the Blockchain Association, penned a letter requesting the administration's intervention on issues such as

Ex-prosecutor Denies Promising Not to Charge FTX Executive's Partner

Danielle Sassoon, a U.S. attorney involved in the prosecution of former FTX CEO Sam Bankman-Fried, testified in a hearing regarding a plea deal with Ryan Salame, the former co-CEO of FTX Digital Markets, who was sentenced to over seven years in prison. During the hearing, Sassoon disputed claims that

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