Bitcoin has experienced a remarkable surge in value, eclipsing the $66,000 mark amidst historically significant market movements known as “Uptober.” This rise is driven by a notable influx of investments into Bitcoin exchange-traded funds (ETFs) following recent interest rate reductions by the Federal Reserve, demonstrating the cryptocurrency's status as a preferred "risk-on" asset. Concurrently, other cryptocurrencies like $ETHEREUM and $SOLANA have enjoyed similar gains, indicating a broader rally in the crypto market.

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Tether is aiming to deploy its profits and disrupt an industry traditionally reliant on banks for credit.