Bitcoin (BTC) is expected to end the year on a high note, according to on-chain analytics firm Glassnode. The cryptocurrency has seen gains of nearly 30% in October and is poised for further price uptrend. This week, Bitcoin broke through various resistance levels, including key moving averages, indicating a bullish market sentiment. The profitability of investors has significantly improved, with the average investor now enjoying a profit of 20%. Glassnode believes that the foundation has been set for a strong uptrend in 2023. However, caution is advised as the market remains volatile and investors should conduct their own research before making any investment decisions.
In other news, Binance co-founder and CEO Changpeng “CZ” Zhao has experienced a significant decline in his net worth. The slump in trading volumes at Binance has led to a 38% cut in the exchange’s revenue estimates, causing CZ’s net worth to plummet by $11.9 billion. He is now ranked 95th on the Bloomberg Billionaires Index, with a net worth of $17.3 billion, compared to a peak of $96.9 billion in January 2022. Binance’s declining trading volumes have been attributed to regulatory challenges, including lawsuits from the U.S. SEC and CFTC.