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Crypto Today: Bitcoin Enters Bearish Stage Of Bull Cycle

Bitcoin is currently facing a downturn in its bull cycle, which began in January 2023. As institutional demand dwindles and key market indicators signal bearish trends, analysts suggest that the bull market might be ending. The CryptoQuant Bull Score Index has plunged to a low of 20/100, with Bitcoin trading below the significant 365-day moving average of $102,000, a critical indicator for market transitions. This decline is attributed to reduced corporate buying and challenges faced by Bitcoin ETFs, which have seen a 52% drop in inflows year-to-date. In a contrasting move, Nvidia reported impressive Q3 earnings, which boosted both tech stocks and cryptocurrency market confidence, leading Bitcoin to rise to nearly $93,000. Additionally, Kraken has filed confidentially for a proposed IPO in the US, sparking interest amidst increasing regulatory participation in the crypto sector. Overall, while Bitcoin's immediate future seems bearish, positive developments in tech and IPO preparations present a mixed but dynamic outlook for the crypto landscape.

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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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