The latest data from CoinMarketCap shows that there has been a 1.8% surge in the global crypto market cap over the last 24 hours. The data shows that it currently stands at $1.07 trillion at press time.
The crypto market saw a surge today with Bitcoin jumping as high as $26.8K. According to market intelligence platform Santiment, this rise can be attributed to increased accumulation by Bitcoin whales and shark addresses that are now adding to their stacks again.
Source: Santiment – Start using it today
Over 156,000 wallets holding between 10 and 10,000 BTC have accumulated a total of $308.6 million in Bitcoin since August 17th. Many take this as a positive sign that the crypto markets are on their way to recover from the recent downturn.
Santiment also points to the increasing FUD (fear, uncertainty and doubt) being expressed by traders, referring to current conditions as a bear market. Historically, markets tend to rebound when this type of negative sentiment is prevalent.
The Economic Affairs Committee of the European Parliament took a major step towards further cryptocurrency adoption on Tuesday, approving new legislation that will allow banks to hold Bitcoin and other digital assets.
Starting in January 2025, banks will be able to allocate up to 2% of their total capital into cryptocurrencies. This is part of the final stage of implementing the Basel III regulations that govern bank capital requirements.
Under the Basel III framework, cryptocurrencies like Bitcoin are designated as the highest risk investment class. Therefore, exposure is capped at only 2% of overall capital, despite growing demand from banks to add crypto to their balance sheets.
Nonetheless, the legislation represents official recognition from the EU of the expanding role that Bitcoin and other decentralized digital currencies are playing in the world of finance. The approval is a milestone for cryptocurrency advocates who argue that adoption by mainstream banks will drive further legitimacy.
In related news, Elon Musk made comments yesterday suggesting that the social media platform he recently acquired, formerly known as Twitter and now rebranded as X, will become more “Dogecoin-friendly.” While no official statement has been released yet by the company, Musk’s well-known support of the meme cryptocurrency Dogecoin has led analysts to believe integration as a payment option on X is likely.
Past tweets and comments from Musk promoting Dogecoin have already significantly increased its popularity and value. Making Dogecoin payments available on a major social platform like X would be the next logical step for the eccentric billionaire.
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