Bitcoin on Verge of Potential Golden Cross, Shiba Inu May Be in Line for Whale-Induced Rally, Tesla Confirms It Still Holds BTC: Crypto News Digest by U.Today

U.Today presents the top three news stories over the past day.

Bitcoin on verge of potential golden cross, likely scenarios?

As can be seen on Bitcoin charts, the flagship crypto may be about to form a golden cross, a significant technical pattern that often signals a bullish trend. If the golden cross is confirmed, there could be several scenarios for Bitcoin. Historically, it could lead to major price increases, with traders hoping for a breakthrough above $70,000, possibly reaching $75,000 or more. However, some experts warn that this crossover might mislead traders, leading to false breakouts, where prices rise quickly but then fall back. Additionally, a brief pullback could occur as traders take profits, but the market might regain momentum afterward, potentially driving prices higher again. Currently, Bitcoin is changing hands at $67,940, up 0.44% over the past 24 hours, per CoinMarketCap.

Shiba Inu next in line for whale-induced rally

According to recent data, Shiba Inu demonstrated an impressive 41% increase in large transactions within the previous 24 hours, with a total of $29.74 million shuffled. Over the past week, the number of transactions worth at least $100,000 rose from 48 to 209. In terms of volume, large transactions over the previous 24 hours totaled 1.68 trillion SHIB moved across chains. Additionally, there has been a substantial increase, with the transaction volume shifting from a low of 925.75 billion SHIB to a high of 3.42 trillion SHIB within the past week. At the moment of those transactions taking place, SHIB has rebounded slightly by 0.44%, as whales seem to have helped reboot its price. Currently, however, the token is trading down 0.76%, at $0.00001769, according to CoinMarketCap.

Tesla confirms it still holds Bitcoin

Leading e-car manufacturer Tesla addressed community speculation about potential sell-offs, stating that it continues to hold its Bitcoin assets. This comes following Arkham Intelligence logging a series of transfers to unknown wallets, which were later clarified as wallet rotations. Following a report of better-than-expected earnings, Tesla's stock surged over 12% in premarket trading, with Musk noting that the company achieved record profits despite a challenging automotive market. Additionally, Tesla is preparing to launch new vehicle offerings in the first half of 2025 and has introduced a ride-hailing service for employees in San Francisco, set to be available to the public next year in California and Texas.