The price of Bitcoin is currently hovering around $29K and there is speculation about what it will take to push it past $30K. Despite this, there are new developments in the crypto world and DeFi is still relevant. The article also includes CSS code for a responsive widget container and media queries for different screen sizes.

Dan Morehead, CEO of Pantera Capital, believes that Bitcoin has reached a turning point following a long bear market. He suggests that the industry has experienced enough pain, with the collapse of Terra and crypto exchange FTX, to prepare for a bull market. Morehead notes that digital assets have decoupled from traditional markets, meaning that any future weakness in equities or bonds may not have as much impact on crypto as some analysts believe. He also anticipates that the approval of a BlackRock ETF could have a significant impact on crypto, similar to the launch of BlackRock's iShares Gold ETF in 2005.

Most coins have returned to the red zone as buyers lost the initiative. Bitcoin's rate has decreased by 0.11% since yesterday and by 1.06% over the last seven days. There is a chance for a local rise if the rate closes above $29,000, but if not, the correction may continue to the $28,900 area. Bears are still controlling the situation on the daily chart, and a breakout may lead to an ongoing correction to the $28,000-$28,500 area within the next few days. At press time, Bitcoin is trading at $29,014.

Bitcoin's price has been volatile, currently sitting at $29,072 with no immediate support level. However, Bitcoin whales, who hold large amounts of the cryptocurrency, are continuing to accumulate more despite the market turbulence and not securing their profits. This accumulation suggests a positive dynamic in the market and anticipation of an upcoming price increase. The next Bitcoin halving is expected in 2024, and historical trends indicate a new market cycle will commence, potentially triggering significant price rallies. While major investors are banking on Bitcoin's long-term potential, retail investors should approach with caution and conduct thorough research.

According to insider sources, Tether, the stablecoin issuer, has emerged as the 11th largest holder of Bitcoin globally, with a current holding value of approximately $1.6 billion. While Tether has not officially disclosed its Bitcoin address, research analyst Tom Wain of 21. co claims to have identified a potential Tether address holding around 55,022 Bitcoins, equivalent to $1.6 billion. A direct source familiar with the matter confirmed Tether's position as the 11th largest Bitcoin holder, a ranking also maintained on 21. co's Dune Analytics. Tether declined to comment.

A recent report has revealed that investors who held Bitcoin during the first half of 2023 outperformed most cryptocurrency funds. Bitcoin experienced a remarkable gain of over 80% in value between January and June, surpassing the average return of 15.2% generated by crypto funds. The report, released by Switzerland-based investment adviser 21e6 Capital AG, highlighted the significant performance gap of 68.8% between Bitcoin traders and crypto funds in H1.

Crypto asset manager Grayscale has predicted that the next President of the United States will be supportive of the development and implementation of a central bank digital currency (CBDC). In a blog post, Grayscale noted that leading candidates from both political parties, including Joe Biden and Donald Trump, have expressed their favorable stance towards CBDCs. However, while they seem to agree on CBDCs, both candidates have shown less enthusiasm for Bitcoin.

According to data from investment adviser 21e6 Capital AG, the classic buy and hold approach to Bitcoin outperformed the majority of crypto funds by 68.8% in the first half of 2023. Crypto funds generated returns of 15.2% on average in the same period, compared to the roughly 84% price gain BTC saw. The underwhelming performance of crypto funds in 2023 was attributed to challenging market conditions and significant cash buffers developed by funds after the implosion of FTX and other crypto projects in 2022. The report suggests that investor sentiment has slightly improved over H1 2023, but a full recovery has not yet taken place.

Bitcoin has been experiencing a period of low volatility, with the cryptocurrency going eight trading sessions without a 1% move. This is the longest such stretch since January and is considered unusual for Bitcoin, which is known for its wild price swings. Trading volumes have also decreased during this time. Despite excitement in the crypto community about potential developments like a spot-Bitcoin ETF launch, Bitcoin's moves have remained muted. Other asset classes, such as stocks, have seen more pronounced movements. The overall volatility of Bitcoin and Ether over the past 180 days is at multi-year lows.

Stablecoin issuer Tether has reportedly become the 11th largest holder of bitcoin in the world, with an address potentially belonging to Tether holding around 55,022 bitcoins worth $1.6 billion. Tether has not officially disclosed its bitcoin addresses, but the value of holdings matches with the total bitcoin mentioned in Tether's second-quarter reserves report. However, Tether's large bitcoin holdings could pose risks given the cryptocurrency's highly volatile nature, according to research analysts. Tether has also been criticised for not publishing proper audits of its reserves, with Binance CEO Changpeng Zhao calling it a "black box".