Crypto Daily Roundup, 05 Nov: "Altcoins Thrive, Bitcoin Remains Calm"



Crypto News Key Highlights:​

Bitcoin (BTC) held steady around $35,000 while altcoins led a weekend rally. Analysts speculate the Fed might cut rates in March 2024 due to disappointing job data. The next Bitcoin halving coincides with April 2024, adding potential fuel to its rally. CME FedWatch Tool shows a 25.9% chance of a rate cut in March. Over 700,000 new BTC addresses were created, a promising indicator for price prediction. Capital inflows into the crypto market exceeded $10 billion in the last month, indicating strong investor confidence.

In the previous week, the S&P 500 surpassed Bitcoin and Ethereum with a remarkable 6% gain in just four days. The Fed's decision to keep the current interest rate contributed to a significant stock price surge, while BTC and ETH maintained levels above $35,000 and $1,900.

Tether (USDT) continues its reign as the leading stablecoin with a record-breaking supply of 84 billion, marking a 22% YoY increase and an all-time high. This growth may be attributed to increased market recovery and decreased trust in other stablecoins like USDC. USDT remains the preferred choice for most users.

Tether (USDT) CEO Paolo Ardoino highlighted the company's strong financials and global use as an inflation hedge. Tether maintains its mission of providing a stablecoin pegged to the U.S. dollar, recently generating $700 million in profit. Despite scrutiny, the company is working proactively with law enforcement agencies and has no plans to go public. They aim to diversify and become a comprehensive tech provider...crypto news