Bitcoin is showing a slight upward trend amid aggressive buying by whale companies, including Tether, the issuer of the stablecoin Tether (USDT), which purchased over 8,888 BTC in the fourth quarter of last year.
According to CoinMarketCap, a global cryptocurrency market monitoring site, as of 8:20 AM on the 2nd, Bitcoin (BTC) was trading at $88,602.97, up 1.23% from the previous 24 hours. Ethereum (ETH) rose 1% to $2,999.52. XRP rose 1.94% to $1.87.
The domestic market is showing a similar trend. On Bithumb, a domestic cryptocurrency exchange, Bitcoin is trading at 128,695,000 won, up 0.56% from the previous 24 hours. Ethereum is up 0.35% at 4.35 million won, and XRP is up 0.85% at 2,724 won.
Paolo Ardoino, Tether CEO, disclosed transaction details the day before via X, transferring 8,888.8888888 BTC from the Bitfinex exchange to Tether's Bitcoin reserve wallet. The purchase, valued at approximately $778.7 million at the time of the transaction, is part of Tether's stated investment strategy of allocating 15% of its net realized operating income to Bitcoin purchases starting in 2023.
This additional purchase brings Tether's total Bitcoin holdings to 96,370, valued at over $8.46 billion. This figure significantly surpasses that of Mara Holdings, the second-largest publicly traded company, which holds 53,250 Bitcoins (approximately $4.68 billion).
Bitcoinist, a cryptocurrency media outlet, noted that while the overall cryptocurrency market has been in a downtrend since October of last year, whales have continued to accumulate. This demonstrates that Bitcoin remains a valuable asset for accumulation as "digital gold."
Policy implications are also expected this year. The U.S. Senate Banking Committee is scheduled to review the revised "Clarity Act," a digital asset market structure bill, on the 15th. If it passes in the first quarter of this year, market uncertainty surrounding digital assets is expected to dissipate. Consequently, large-scale institutional investors, previously hesitant to invest, are expected to begin to flock to the market.
Cryptocurrency investor sentiment remains at a state of "extreme fear." The fear and greed index from cryptocurrency data analysis firm Alternative.me fell one point from the previous day to 20. A reading closer to zero indicates a weakened investor sentiment, while a reading closer to 100 indicates overheated markets.
- Reporter Park Min-joo
< Copyright โ Decenter. Unauthorized reproduction and redistribution prohibited >
