{"id":572300,"date":"2024-01-30T12:00:25","date_gmt":"2024-01-30T12:00:25","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=572300"},"modified":"2024-06-11T07:03:36","modified_gmt":"2024-06-11T07:03:36","slug":"bitcoin-price-up-above-43000","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bitcoin-price-up-above-43000\/","title":{"rendered":"Why Is Bitcoin Price Up Above $43,000 Today?"},"content":{"rendered":"

Bitcoin<\/span><\/a> is back above $43,000 just days after making a swift recovery <\/span>from below $40,000 to $42,000<\/span><\/a>. This trend reversal is believed to be due to a number of recent developments that have painted a bullish narrative for the <\/span>flagship crypto token<\/span><\/a>.\u00a0<\/span><\/p>\n

The Grayscale Effect Is Wearing Off<\/h2>\n

Bloomberg analyst James Seyffart recently highlighted how <\/span>BlackRock\u2019s Spot Bitcoin ETF, IBIT<\/span><\/a>, went toe-to-toe with Grayscale\u2019s GBTC on Day 12 of trading in terms of trading volume. This happened to be the closest that IBIT or any Spot Bitcoin ETF had come close to GBTC, which holds the \u201cliquidity crown.\u201d<\/span><\/p>\n

Related Reading: Renowned Crypto Expert Reveals Top 3 Altcoins Ready To Breakout In February 2024<\/a><\/div>\n

This represents a positive development for Bitcoin\u2019s price since IBIT\u2019s volume, more of inflows, is able to suppress GBTC\u2019s volume, which has been majorly outflows. The <\/span>outflows recorded by GBTC<\/span><\/a> following its Spot Bitcoin ETF conversion had partly contributed to the flagship crypto token dropping below $40,000.<\/span><\/p>\n

However, GBTC investors seem to be cooling on the profit-taking that had overwhelmed the fund as it has now seen a reduced outflow for the fifth consecutive day. BitMEX research <\/span>revealed<\/span><\/a> in an X (formerly Twitter) post that GBTC had seen an outflow of $192 million on January 29.\u00a0<\/span><\/p>\n

That figure also represented GBTC\u2019s lowest daily outflow yet and the first time it was seeing a daily outflow below $200 million. This recent trend of reduced outflows has evidently provided some form of relief to the Bitcoin market, seeing that <\/span>Grayscale\u2019s selling pressure<\/span><\/a> has subsided.\u00a0<\/span><\/p>\n

Meanwhile, the Bitcoin bulls also contributed to ensuring that Bitcoin didn\u2019t stay down for too long. <\/span>Data<\/span><\/a> from IntoTheBlock showed that Bitcoin whales have increased their BTC holdings by 76,000 BTC since the start of this year. That suggests that there was a reasonable demand for the crypto token even when Grayscale continued to offload its BTC holdings.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price holding strong above $43,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Other Factors Behind The Bitcoin Recovery\u00a0<\/span><\/h2>\n
NewsBTC recently <\/span>reported<\/span><\/a> how macroeconomic factors like the latest <\/span>inflation data<\/span><\/a> and the US debt being at an all-time high had contributed to Bitcoin\u2019s recovery to $42,000. These factors are still playing out in Bitcoin\u2019s current momentum, which has seen it <\/span>rise above $43,000<\/span><\/a>.\u00a0<\/span><\/p>\n
Related Reading: What Are The Top 8 DeFi And Web3 Wallets To Use In Crypto?<\/a><\/div>\n
Moreover, the Federal Open Market Committee (FOMC) meeting is scheduled for January 30 and 31, and the CME FedWatch Tool <\/span>predicts<\/span><\/a> that there is a 97.9% chance that interest rates remain the same. Rates holding steady, rather <\/span>than a hike<\/span><\/a>, are good for the market.\u00a0<\/span><\/p>\n
This also provides a plausible explanation for the recent surge in Bitcoin\u2019s price since investors are already positioning themselves in anticipation of the likely outcome of the Feds meeting. Another event these investors will be positioning themselves ahead for is the <\/span>Bitcoin Halving<\/span><\/a>.<\/span><\/p>\n
Market intelligence platform Santiment <\/span>recently revealed<\/span><\/a> that Bitcoin\u2019s supply on exchanges has continued to reduce, with BTC holders moving their tokens to cold storage. This move could well be in anticipation of the likely gains that Bitcoin is expected to see once the Halving event takes place.\u00a0<\/span><\/p>\n
Chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is back above $43,000 just days after making a swift recovery from below $40,000 to $42,000. This trend reversal is believed to be due to a number of recent developments that have painted a bullish narrative for the flagship crypto token.\u00a0 The Grayscale Effect Is Wearing Off Bloomberg analyst James Seyffart recently highlighted how BlackRock\u2019s Spot Bitcoin ETF, IBIT, went toe-to-toe with Grayscale\u2019s GBTC on Day 12 of trading in terms of trading volume. This happened to be the closest that IBIT or any Spot Bitcoin ETF had come close to GBTC, which holds the \u201cliquidity crown.\u201d Related Reading: Renowned Crypto Expert Reveals Top 3 Altcoins Ready To Breakout In February 2024 This represents a positive development for Bitcoin\u2019s price since IBIT\u2019s volume, more of inflows, is able to suppress GBTC\u2019s volume, which has been majorly outflows. The outflows recorded by GBTC following its Spot Bitcoin ETF conversion had partly contributed to the flagship crypto token dropping below $40,000. However, GBTC investors seem to be cooling on the profit-taking that had overwhelmed the fund as it has now seen a reduced outflow for the fifth consecutive day. BitMEX research revealed in an X (formerly Twitter) post that GBTC had seen an outflow of $192 million on January 29.\u00a0 That figure also represented GBTC\u2019s lowest daily outflow yet and the first time it was seeing a daily outflow below $200 million. This recent trend of reduced outflows has evidently provided some form of relief to the Bitcoin market, seeing that Grayscale\u2019s selling pressure has subsided.\u00a0 Meanwhile, the Bitcoin bulls also contributed to ensuring that Bitcoin didn\u2019t stay down for too long. Data from IntoTheBlock showed that Bitcoin whales have increased their BTC holdings by 76,000 BTC since the start of this year. That suggests that there was a reasonable demand for the crypto token even when Grayscale continued to offload its BTC holdings.\u00a0 BTC price holding strong above $43,000 | Source: BTCUSD on Tradingview.com Other Factors Behind The Bitcoin Recovery\u00a0 NewsBTC recently reported how macroeconomic factors like the latest inflation data and the US debt being at an all-time high had contributed to Bitcoin\u2019s recovery to $42,000. These factors are still playing out in Bitcoin\u2019s current momentum, which has seen it rise above $43,000.\u00a0 Related Reading: What Are The Top 8 DeFi And Web3 Wallets To Use In Crypto? Moreover, the Federal Open Market Committee (FOMC) meeting is scheduled for January 30 and 31, and the CME FedWatch Tool predicts that there is a 97.9% chance that interest rates remain the same. Rates holding steady, rather than a hike, are good for the market.\u00a0 This also provides a plausible explanation for the recent surge in Bitcoin\u2019s price since investors are already positioning themselves in anticipation of the likely outcome of the Feds meeting. Another event these investors will be positioning themselves ahead for is the Bitcoin Halving. Market intelligence platform Santiment recently revealed that Bitcoin\u2019s supply on exchanges has continued to reduce, with BTC holders moving their tokens to cold storage. This move could well be in anticipation of the likely gains that Bitcoin is expected to see once the Halving event takes place.\u00a0 Chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":572303,"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":[33424,428,91393,656,679,89462,1119,89185,1122,89710,1144,78790,6664,14690],"class_list":["post-572300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-33424","tag-bitcoin","tag-bitcoin-43","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-performance","tag-btc","tag-btc-news","tag-btc-price","tag-btc-price-performance","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\nWhy Is Bitcoin Price Up Above $43,000 Today?<\/title>\n<meta name=\"description\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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