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Bitcoin Price Shows Strength, Crosses $38,000 Amidst Changpeng Zhao’s Departure from Binance

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Rally Above $38,000 Could Indicate Future Momentum

The Bitcoin price recently reached a significant milestone, crossing above the $38,000 level for the first time in over a year. This positive move came amidst the departure of Changpeng "CZ" Zhao from Binance, the world's largest cryptocurrency exchange.

Largest Tether Addresses Contribute to Bitcoin Surge

An on-chain revelation by blockchain analytics platform Santiment suggests that the recent rally above $38,000 could be a sign of what's to come if Bitcoin maintains its current momentum. According to Santiment, the top 100 largest Tether (USDT) addresses have invested $1.67 billion into the market over the past six months, indicating a 9.7% increase in buying power. Tether, being the largest US dollar stablecoin, provides stability for traders and investors in the volatile cryptocurrency market.

Growing Confidence Amongst Investors

Santiment's data suggests that the infusion of funds by USDT whale addresses reflects a growing confidence among investors. Whales, or large crypto holders, have the ability to influence market sentiment and asset prices. The analytics platform highlights that if whale USDT buying power continues to rise, the Bitcoin price could potentially break the $40,000 barrier in the near future.

Other Factors Affecting the Bitcoin Market

While the recent surge in the Bitcoin price is promising, it's important to consider other factors that drive the cryptocurrency market. These factors include regulatory developments, macroeconomic trends, and technological advancements. Asset managers are still awaiting approval from the Securities and Exchange Commission (SEC) to offer Bitcoin spot exchange-traded funds (ETFs) in the United States.

As of now, the Bitcoin price is at $37,834, reflecting a 1.1% increase in the past 24 hours. Despite a relatively quiet week, BTC's value has grown by nearly 4% in the last seven days. With a market capitalization of approximately $739 billion, Bitcoin remains the largest cryptocurrency.