Data Signals Start Of Bitcoin And Crypto Market Rally

The world's largest crypto exchange Binance's decision to move away from BUSD and TUSD stablecoins due to regulatory hurdles has sparked positive sentiment from traders. Tether (USDT) market share on Binance is again increasing and hints at the possible start of Bitcoin and crypto market rally, according to Kaiko data.

Timeline of Bitcoin

There has been a lot of talk, in the community lately about the possibility of BlackRock, the world's asset manager with over $9 trillion in assets under management reconsidering its stance on Bitcoin (BTC) and exploring XRP as an alternative.

Bitcoin's (CRYPTO: BTC) renewable energy usage for mining purposes has reportedly crossed the 50% mark, meeting the criteria set by Tesla Inc. (NASDAQ:TSLA) for reconsidering Bitcoin payments. What Happened: According to a report by Bloomberg analyst Jamie Coutts, the use of clean energy for Bitcoin mining has now exceeded 50%.

South Korean Bitcoin lender Delio is gearing up to file an administrative lawsuit against the country's Financial Service Committee (FSC). The firm contends that the FSC's allegations of fraud and embezzlement are unfounded and stem from a flawed interpretation of existing laws.

A recent erroneous Bitcoin transaction that led to an inflated transaction fee of $510,000, nearly 480,000 times the average network fee of $2.176, traced back to Paxos, has been returned.

In recent days, Bitcoin has shown signs of a potential reversal, with the cryptocurrency charting three consecutive green daily candles. The last time such a pattern was observed was early July and between mid and late June, when Bitcoin rallied from just under $25,000 to over $31,000.

Bitcoin (BTC) posted another green candlestick on Thursday, with the BTC/USDT pair closing above $26,500, or around 1.15% on the previous day's closing price. It brought the world's largest cryptocurrency to its highest price point this month, lifting hopes that the September (or Septem'bear') curse may not chip away at bitcoin's strong year-to-date performance after all.

An analyst who predicted the crypto bottom in November of 2022 is re-entering the market after Bitcoin (BTC) briefly dropped below the $25,000 support level earlier this week. Pseudonymous crypto strategist DonAlt tells the 53,100 subscribers of the TechnicalRoundup YouTube channel that he faced two choices before he opened a new position on Bitcoin.

In the ever-changing world of cryptocurrencies, there's talk that BlackRock, the world's biggest asset manager with over $9 trillion, might change its approach to digital assets. Instead of focusing on Bitcoin, it could turn its attention to XRP, a digital currency mainly used for payments.

The world's largest cryptocurrency Bitcoin (BTC) has bounced back to $26,500 levels and has been sustaining there for quite some time. This week has been pretty volatile for Bitcoin amid the news of FTX creditor liquidation.

BTC price response to the United States Consumer Price Index (CPI) which rose by 0.6%, beating economists' expectations and a 0.4% increase from July's 0.2%, continues to shock many. Bitcoin live price managed to reclaim support at $26,000 and is currently pushing for gains above $27,000 where bulls will be free from a multi-week range channel.