Bitcoin Rockets Past $40K!

⬆️ BTC Breaks $40K in Impressive Sunday Rally

Bitcoin (BTC) has crossed the $40,000 milestone for the first time since May 2022. This surge is believed to be influenced by positive market sentiment, largely driven by the expectation of regulatory approval for a Spot Bitcoin exchange-traded fund (ETF).

On Sunday, BTC made a remarkable climb above the $40,000 mark, a level it has not been able to reach since May of 2022. The market leader has made several attempts to breach this threshold, but BTC was able to successfully cross it on Sunday and was trading far over $40K at press time. This came after BTC’s price was able to climb by over 3% in the past 24 hours of trading. Additionally, many of the top 10 cryptocurrencies by market capitalization also experienced gains over the course of the day.

🤔Bitcoin Price Should “Logically” Correct in Jan, but Crypto’s a “Wild Card” 

According to James Edwards, a cryptocurrency analyst at Finder, it would be logical to expect that the approval of a Spot Bitcoin ETF would initiate a selling event.

“I'd like to say that logically this makes it a sell-the-news type event,” explains Edwards. He added that "The idea that this is going to lead to widespread institutional buying on day 1 is a bit too optimistic." He also believes that it's improbable that fund managers will rush in immediately upon a Spot Bitcoin ETF launch. "It could be months – if not years – before we see truly groundbreaking inflows," he added.

🔥 Binance Burns 3.9 Billion LUNC to Boost Terra Luna Classic

Binance has played a big role in supporting the Terra Luna Classic (LUNC) community's initiative to reduce its token supply. This effort has involved the burning of a massive amount of tokens, with billions of tokens already removed from circulation.

On Dec. 1, Binance carried out a huge token burn, sending 3.90 billion LUNC tokens to the burn address. This marks the 16th batch of the LUNC token burn mechanism, spanning the period from Oct 31 to Nov. 29. Binance's recent token burn has now brought the total number of LUNC tokens burned to an impressive 43 billion. This milestone is a significant step in the ongoing effort to increase the scarcity of LUNC.

💸 FTX and Alameda Transfers Another $22M Worth of Crypto Assets 

Lookonchain, a blockchain analysis company, revealed that cryptocurrency giants FTX and Alameda Research are currently involved in a very large transfer of digital assets, totaling an impressive $22 million. 

The assortment of cryptocurrencies that were transferred includes IMX, GMT, ETH, UNI, SHIB, BAL, LOOKS, and WOO. After their bankruptcy announcement, FTX and Alameda Research have been actively involved in the cryptocurrency space, conducting transfers of various digital assets. Since October of 2023, the two entities have orchestrated huge transactions, accumulating a total value of $551 million across 59 different tokens.

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