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RECAP: HOLIDAY SURGE
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RECAP: HOLIDAY SURGE

Crypto Surge on a Quiet Holiday! Why...

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InvestAnswers
Nov 29, 2023
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NUGGETS OF ALPHA

  • Since September 2023, Tether's USDT market capitalization has increased by $5B

  • Glassnode's research shows short-term BTC supplies recently hit multi-year lows

  • MSTR is now sitting on a $1.317 billion unrealized gain on their Bitcoin gambit

  • Binance’s market share is down significantly and is expected to fall further

  • Wall Street now FOMOing into miner options


Bitcoin celebrated its best Thanksgiving since 2020, with the price surpassing $38,000 on November 24, 2023. Historically, holidays are quiet because there is no volume (people are busy doing holiday things). The price action demonstrates the interest and bullish sentiment towards Bitcoin now. This is a good omen!

Bitcoin continues its recent upward trend, reaching a high of $38,002 early on Black Friday. The cryptocurrency's price has been steadily increasing since mid-October, and it is now up over 50% from its low of $25,000 in September.


$40K is now right within reach. Several days ago, I sensed a

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