Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin price has seen a significant increase of more than 4% within the last 24 hours. The price has risen to $36,800. Several key factors have contributed to this rally. #1 Spot Bitcoin ETF Buzz The surge in BTC’s price can be attributed to renewed speculations about the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). Yesterday, Bloomberg’s James Seyffart put out a new note, highlighting that the SEC is in a unique position within the next eight days where they could approve all 12 spot ETF applications, as Bitcoinist reported. Seyffart further pointed out that the SEC has the opportunity to approve 9 applications (excluding Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF) at any point until January 10, 2024. Bloomberg\u2019s Seyffart and Eric Balchunas still estimate a 90% chance of approval for at least some of the pending applications before January 10, 2024. Related Reading: Market Makers Bet Big On Bitcoin Price Surge: Expert The ETF buzz was further fueled by news that Grayscale is in active discussions with the SEC regarding the conversion of its GBTC trust into a spot ETF. Grayscale’s recent court victory over the SEC on August 29 has added to the anticipation. #2 Bitcoin Whales There has been a notable increase in activities by Bitcoin whales, which can be interpreted as a sign of market optimism. Crypto analyst MartyParty pointed out a pattern of substantial purchases, with a whale reportedly buying $15 million of BTC every three hours, suggesting anticipation of positive developments in the ETF front. Keith Alan from Firecharts observed that Bitcoin whales are actively shifting liquidity in the market, with noticeable changes in bid levels. He stated, \u201cFireCarts shows BTC whales continuing to move liquidity around the order book. Bids that were moved down to $34k earlier have now returned to the $34.5k level.” Related Reading: Bitcoin\u2019s Grip Strengthens: Record High In Long-Term Holdings Signals Bullish Horizon Additionally, an increase in TWAP (Time-Weighted Average Price) buying on Coinbase has been reported. Crypto analyst Exitpump noted, “BTC Spot Delta: Someone on Coinbase twapping \/ market buying.” TWAP buying is a trading strategy used by big players to execute large orders in a way that aims to minimize price impact and achieve an average execution price close to the market average over a specified time period. #3 Short Squeeze The Bitcoin market has also experienced a significant short squeeze, with approximately $51 million in BTC short positions being liquidated today (according to Coinglass data, as of press time). This amount marks the largest short squeeze since October 23 and 24, when $161 million and $68.5 million in Bitcoin short positions were liquidated on consecutive days, leading to a substantial price increase of more than 18%. Today’s short squeeze certainly caught some traders on the wrong foot who believed that $36,000 – the previous range high – was a “safe” short trade. #4 Bitcoin Supply Dynamics The supply of Bitcoin on exchanges has been steadily decreasing, reaching a six-year low at the end of October. Daan Crypto Trades, a noted crypto trader, highlighted the downward trend in Bitcoin inflows to exchanges. He remarked: Bitcoin Exchange inflows have been trending down on the higher timeframe. Compared to for 2021-2022 there’s a clear trend down in BTC inflows to exchanges. Would expect that to start ticking back up once the bull market really gets going and people start taking profits. Furthermore, on-chain data reveals that a significant 76% of the Bitcoin supply is currently held by long-term holders, who haven’t moved their coins for over 155 days. Analyst Dylan LeClair emphasized the strength of hodlers, noting that a staggering 88.5% of the supply has remained static over the last three months. \u201cThe hilarious thing is that 88.5% of the Bitcoin supply hasn’t moved in the last three months. Wall Street is gonna have to really pump this thing to get hodlers to part with their coins,\u201d LeClair stated. At press time, BTC traded at $36,585. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":559855,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1122,1144],"class_list":["post-559854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd"],"acf":[],"yoast_head":"\n
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Through his extensive work with ktsl888.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/ktsl888.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Did Bitcoin Price Soar To $36,800?","url":"http:\/\/ktsl888.com\/news\/bitcoin-price-36800-heres-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-price-36800-heres-why\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/shutterstock_1922249036.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/shutterstock_1922249036.jpg?fit=5334%2C3000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btc price","btcusd"],"dateCreated":"2023-11-09T08:30:23Z","datePublished":"2023-11-09T08:30:23Z","dateModified":"2024-06-11T12:30:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Did Bitcoin Price Soar To $36,800?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-36800-heres-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-36800-heres-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/shutterstock_1922249036.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/shutterstock_1922249036.jpg?fit=5334%2C3000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusd\"],\"dateCreated\":\"2023-11-09T08:30:23Z\",\"datePublished\":\"2023-11-09T08:30:23Z\",\"dateModified\":\"2024-06-11T12:30:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/shutterstock_1922249036.jpg?fit=5334%2C3000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/559854"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=559854"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/559854\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/559855"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=559854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=559854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=559854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/F-d1efCagAA0HG9.jpg?resize=1792%2C1626\")
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