Bitcoin Price Jumps Above $44,000, Here Are The Factors Driving It
08 Febrero 2024 - 6:00AM
NEWSBTC
Bitcoin is back above $44,000 for the first time since the Spot
Bitcoin ETFs were approved for trading in January. This price surge
is believed to be due to several factors that have played out in
favor of the bulls in recent times. BTC Whales Accumulate
More Bitcoin Citing data from Glassnode, crypto analyst Ali
Martinez revealed recently that Bitcoin whales have been
accumulating more BTC, with around 73 new addresses now holding
1,000 BTC or more. This figure is said to mark a 3.66% increase in
the last two weeks, thereby continuing the accumulation
trend. Related Reading: XRP Price On The Brink: This 10-Year
Trendline Could Lead To A 4000% Surge NewsBTC had previously
reported how Bitcoin whales had gone on a buying spree following
Bitcoin’s decline to below $40,000. The flagship crypto token is
believed to have dropped to that level due to the significant
selling pressure from Grayscale, the issuer of the GBTC Spot
Bitcoin ETF. The asset manager has, however, cooled off on
its BTC sell-offs recently as outflows from the fund continue to
decline. This is another factor that could have contributed to
Bitcoin’s recent price surge. Data from the on-chain analytics
platform Arkham Intelligence shows that other whales like FTX and
Alameda Research have also eased off on offloading their crypto
tokens. Spot Bitcoin ETFs Doing Their Bit There has been
increased institutional demand for Bitcoin thanks to the Spot
Bitcoin ETFs. This is evident in the success which these funds have
achieved since their launch. As a result, the issuers of these
funds, like the world’s largest asset manager, BlackRock, have had
to accumulate a significant amount of Bitcoin. Recently, these
asset managers were reported to hold over 657,000 BTC, thereby
accounting for more than 3% of Bitcoin’s circulating supply. The
newly listed Spot Bitcoin ETFs (excluding Grayscale) alone hold
about 187,000 BTC. Interestingly, these funds are well on their way
to surpassing MicroStrategy, which has a BTC holding of 190,000.
Related Reading: Cardano Activity Sees New Life That Could Send ADA
Price Soaring, Here Are The Targets Meanwhile, Spot Bitcoin ETFs
could launch soon in Hong Kong with 10 applications already made to
the country’s financial regulators. This is another narrative that
could be driving Bitcoin’s current price surge, seeing the impact
that the approval rumors in the US had on Bitcoin’s price towards
the end of last year. Hong Kong isn’t the only country in
Asia showing crypto enthusiasm as Thailand was recently reported to
have removed VAT (Value Added Tax) on crypto trading. At the
time of writing, Bitcoin was trading at around $44,800, up over
4.4% in the last 24 hours, according to data from
CoinMarketCap. BTC recovers to $44,800 | Source: BTCUSD on
Tradingview.com Featured image from Medium, chart from
Tradingview.com
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