Bitcoin (BTC) is predicted to end 2023 on a positive note, according to on-chain analytics firm Glassnode. The firm stated that the recent gains in October, which are approaching 30%, have laid the groundwork for a price uptrend. Bitcoin has surpassed several key resistance levels, including various moving averages, indicating significant strength in the market. The profitability of different investor groups has improved, with the average recent investor seeing a profit of around 20%. Glassnode remains optimistic about the market’s performance, stating that the foundation has been set for a continuation of the uptrend in 2023.
In other news, the net worth of Changpeng “CZ” Zhao, the co-founder and CEO of Binance, has decreased by $11.9 billion due to falling trading volumes on the exchange. Bloomberg’s index cut Binance’s revenue estimates by 38%, resulting in Zhao dropping to the 95th place on the rich list. His net worth now stands at $17.3 billion, down 82% from its peak in January 2022. Binance’s spot trading market share has also declined, falling from over 55% in January to 34.3% in September. This decline in net worth and trading volumes follows lawsuits from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, which allege illegal operations and mishandling of customer assets.