Reddit's Crypto U-Turn: Why the Social Giant is Ditching Bitcoin and Ethereum

Reddit's Cryptocurrency Strategy Shift

According to Decrypt, Reddit has sold the majority of its cryptocurrency holdings, primarily Bitcoin and Ethereum. This decision was made during the third quarter as part of a strategic shift away from using digital assets for treasury purposes. Despite this move, Reddit still retains some crypto assets like MATIC derived from virtual avatar sales on Polygon. The company remains cautious about future investments in cryptocurrencies due to uncertainties surrounding their long-term adoption by consumers and businesses.

Bitcoin Surges Past $73,000 Amid Market Optimism

CNBC reports that Bitcoin recently climbed above $73,000 for the first time since March 2024. This surge is attributed to several factors including upcoming U.S. presidential elections and positive market sentiment towards risk-on assets such as stocks and bitcoin ETFs. Analysts suggest that favorable economic conditions could continue pushing Bitcoin prices higher into year-end.

Analysts Predict Bitcoin Could Reach $100K by January 2025

A report from Cointelegraph highlights predictions by analysts at 10x Research who believe Bitcoin may hit $100,000 by early 2025 driven largely by institutional interest and increasing dominance over altcoins. Their model suggests significant potential gains based on historical accuracy rates while noting increased investment flows into spot BTC exchange-traded funds (ETFs).

Billionaire Investors Favor "Long Bitcoin" Strategy Over Bonds

An article in Forbes discusses how prominent investors are increasingly viewing Bitcoin as an alternative hedge against inflation compared with traditional bonds, amid ongoing concerns regarding monetary policy decisions globally impacting fiat currencies' value stability and negatively affecting bond yields, further supporting diversification strategies involving decentralized digital commodities like Bitcoin.

Ethereum Eyes Potential Breakout Following Recent Rally

The latest analysis from CoinGape indicates renewed optimism around Ethereum following recent price increases alongside broader crypto-market rallies, initially led through rising demand across various blockchain-based applications leveraging layer-two solutions. These enhance transaction efficiency and scalability prospects, potentially driving ETH valuations upwards beyond current resistance levels targeting approximately three thousand dollars per unit soon, if sustained momentum persists favorably within investor circles worldwide. This overall positively influences outlooks, moving forward optimistically, perhaps ultimately achieving greater heights eventually.

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