Bitcoin passed $44,000 for the first time since January 12, the day after the physical ETF launched. One analyst pointed out that the number of Bitcoin addresses with more than 1,000 BTC has increased significantly in the past two weeks.
Bitcoin (BTC) rose to over $44,000 on the 7th (about 6.6 million yen, equivalent to 150 yen against the dollar) due to the accumulation of Bitcoin by large holders (whales) and the new record high of the US stock index. It hit a new high for the first time in four weeks.
The entire crypto asset market is rising
Bitcoin rallied from $42,700 to a high of $44,300 on the day, its highest price since January 12, the day after Bitcoin exchange-traded funds (ETFs) began trading in the United States.
It’s up 2.5% in the past 24 hours, and the CoinDesk 20, which measures overall crypto market performance, is up 1.6% over the same period. Ethereum (ETH) also gained 2.3%. A laggard was Cardano (ADA), which fell 0.4%.
Analysts at crypto exchange Bitfinex said earlier this week that the recent pressure on Bitcoin prices could be due to increased selling by miners. . However, on this day this movement may have reversed and overwhelmed the sellers.
Crypto asset analyst Ali Martinez pointed out on X (formerly Twitter) on the 7th that Bitcoin whales are hoarding Bitcoin. Citing data from Glassnode, Martinez said the number of Bitcoin wallets holding more than 1,000 BTC (about $44 million) had increased to 73, the highest level in months.
Stock market is also rising
The continued rise in the US stock market also likely supported risk assets such as crypto-assets, with the S&P 500 closing at an all-time high approaching the 5000 level and the Dow Jones Industrial Average just a few steps away from its all-time high. times . It became a tick. The NASDAQ Composite Index continues to hit new all-time highs.
Concerns about the health of regional bank New York Community Bancorp (NYCB) appeared to ease, with the stock ending a steep early selloff to close 6.7% higher. New York Community Bancorp issued a statement late Thursday to reassure market participants about the company’s liquidity and deposit stability after Moody’s downgraded its credit rating to junk. .
Ethereum Leads Gains on ETF Optimism
Ethereum rose above $2,400 for the first time in two weeks as optimism around physical ETFs revived.
On the 7th, asset management companies Ark Invest and 21Shares amended their joint application to allow cash generation. It will be more in line with the recently approved Bitcoin spot ETF, likely in an effort to convince regulators beforehand. The updated filing also tentatively opened up the possibility of staking a portion of the Ethereum held by the fund to earn rewards.
Ethereum-related tokens such as Polygon (MATIC), Optimism (OP) and Arbitrum (ARB) rose 2-4%, while LidoDao (LDO) rose 5%.
｜Translation and editing: Rinan Hayashi｜Image: CoinDesk｜Original: Bitcoin tops $44K, with whale rally suggesting belief in more price gains
\n window.fbAsyncInit = function() {\n FB.init({\n appId : ‘592401157873165’,\n cookie : true,\n xfbml : true,\n version : ‘v3.2’\n }) ;\n FB.AppEvents.logPageView();\n };\n (function(d, s, id){\n var js, fjs = d.getElementsByTagName(s)[0];\n if (d.getElementById(id)) {return;}\n js = d.createElement(s); js.id = id;\n js.src = \”https:\/\/connect.facebook.net\/en_US\/sdk.js\”;\n fjs.parentNode.insertBefore(js, fjs);\ n }(document, ‘script’, ‘facebook-jssdk’));\n\r\n”,”author”:{“@type”:”Person”,”name”:”Damien Martin”,”url “:”https:\/\/ourbitcoinnews.com\/author\/damien-martin\/”,”sameAs”:[“https:\/\/www.linkedin.com\/in\/damien-martin-231789227\/”]},”articleSection”:[“News”]”image”:{“@type”:”ImageObject”,”url”:”https:\/\/files.ourbitcoinnews.com\/wp-content\/uploads\/2024\/02\/08064851\/ NNSAB53ERI5EMLBZHXQXGMD6UO4 .png”,”width”:564,”height”:368},”publisher”:{“@type”:”Organization”,”name”:””,”url”:”https:\/\/ourbitcoinnews .com”,”logo”:{“@type”:”ImageObject”,”url”:””},”sameAs”:[“#”,”https:\/\/twitter.com\/CryptoObn”,”https:\/\/ourbitcoinnews.com\/feed\/”]}}
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
