The post Why is Bitcoin Price Up Today? What’s Next For BTC Price? appeared first on Coinpedia Fintech News
Bitcoin (BTC) price crossed the $50,000 mark for the first time since spot Bitcoin exchange-traded funds (ETFs) were approved in the United States. The flagship coin reached a fresh 24-month high of around $50,380 on Tuesday during the early Asian session, following a 4 percent spike in the past 24 hours.
As a result, more than $74 million from Bitcoin derivatives has been liquidated in the past 24 hours. The notable uptick in Bitcoin value has rejuvenated the overall bullish sentiments despite the recent calls for a market correction. Furthermore, the 30-day Market Value to Realized Value (MVRV) ratio issued a cautionary warning after it exceeded 11.50 percent for the first time in two years.
On Monday, Digital Currency Group (DGC) announced its valuation doubled to $4.4 billion by the end of the fourth quarter and managed to repay over $1 billion in debts. With the company’s Grayscale Bitcoin Trust (GBTC) being the leading spot ETF issuer, experts anticipate further declined outflows. Meanwhile, the several spot Bitcoin ETF issuers – excluding Grayscale’s GBTC – now hold more than 216k Bitcoins, more than MicroStrategy’s holdings of 190k.
According to on-chain data analysis provided by market intelligence firm Santiment, Bitcoin whales have been on a buying spree in the past few weeks, acquiring over 140,000 Bitcoins worth more than $6.2 billion. Notably, more than 70 percent of Bitcoin supply is held by long-term investors who have not moved the coins in more than a year.
The fourth Bitcoin halving is expected to happen in less than 70 days, thus triggering historical speculation. Ideally, Bitcoin price could continue on a bullish trend until the next significant resistance around $57k, when a possible correction could begin.
The post Why is Bitcoin Price Up Today? What’s Next For BTC Price? appeared first on Coinpedia Fintech News
Bitcoin (BTC) price crossed the $50,000 mark for the first time since spot Bitcoin exchange-traded funds (ETFs) were approved in the United States. The flagship coin reached a fresh 24-month high of around $50,380 on Tuesday during the early Asian session, following a 4 percent spike in the past 24 hours.
As a result, more than $74 million from Bitcoin derivatives has been liquidated in the past 24 hours. The notable uptick in Bitcoin value has rejuvenated the overall bullish sentiments despite the recent calls for a market correction. Furthermore, the 30-day Market Value to Realized Value (MVRV) ratio issued a cautionary warning after it exceeded 11.50 percent for the first time in two years.
On Monday, Digital Currency Group (DGC) announced its valuation doubled to $4.4 billion by the end of the fourth quarter and managed to repay over $1 billion in debts. With the company’s Grayscale Bitcoin Trust (GBTC) being the leading spot ETF issuer, experts anticipate further declined outflows. Meanwhile, the several spot Bitcoin ETF issuers – excluding Grayscale’s GBTC – now hold more than 216k Bitcoins, more than MicroStrategy’s holdings of 190k.
According to on-chain data analysis provided by market intelligence firm Santiment, Bitcoin whales have been on a buying spree in the past few weeks, acquiring over 140,000 Bitcoins worth more than $6.2 billion. Notably, more than 70 percent of Bitcoin supply is held by long-term investors who have not moved the coins in more than a year.
The fourth Bitcoin halving is expected to happen in less than 70 days, thus triggering historical speculation. Ideally, Bitcoin price could continue on a bullish trend until the next significant resistance around $57k, when a possible correction could begin.