Bitcoin Nears $45,000 Level In Historic Price Surge Following Spot ETF Debut
February 08 2024 - 2:30AM
NEWSBTC
Bitcoin (BTC) shook off recent bearish whispers and roared back to
life on Wednesday, clawing its way past $44,000 and marking a
four-week high as the top crypto asset approaches the vaunted $45K
level. This bullish charge was fueled by a potent cocktail of
factors, from resurgent accumulation by major investors to record
highs in US equity markets and a surprise regulatory shift from
Thailand. Related Reading: From Outage To Recovery: Solana Breaches
$100 Barrier With Network Restart In Full Swing Bitcoin Surges Amid
Whale Activity The day began with Bitcoin hovering around $42,700,
but it quickly gained momentum, reaching a peak of $44,300 – its
loftiest perch since January 12th. This 2.5% surge in 24 hours
outpaced the broader cryptocurrency market’s 1.6% gain, showcasing
Bitcoin’s renewed vigor. While Ether (ETH) and Cardano (ADA) saw
modest increases, Bitcoin clearly stole the show. Source:
CryptoQuant What sparked this fiery comeback? Analysts at Bitfinex
had initially pointed to heightened miner selling as a potential
culprit for recent price dips. However, the narrative flipped as
whales, those enigmatic holders of vast Bitcoin stashes, began
gobbling up the digital gold. Crypto sleuth Ali Martinez, analyzing
data from Glassnode, revealed a multi-month high of 73 wallets
holding over 1,000 Bitcoins (roughly $44 million each). This whale
activity signaled a renewed vote of confidence in Bitcoin’s
long-term potential. #Bitcoin whales are accumulating more $BTC!
Around 73 new whales now hold 1,000 #BTC or more, marking a 3.66%
increase in two weeks. pic.twitter.com/VFArJYTQZl — Ali
(@ali_charts) February 7, 2024 Adding fuel to the fire were
record-breaking performances by US stock indices. The S&P 500,
Dow Jones, and Nasdaq Composite all flirted with all-time highs,
creating a positive ripple effect that buoyed riskier assets like
Bitcoin. This synchronized surge suggested a broader investor
appetite for risk, emboldening cryptocurrency bulls. Bitcoin
currently trading at $44,504 on the daily chart: TradingView.com
Thailand: VAT Elimination Spurs Crypto Adoption Meanwhile, the
Finance Ministry of Thailand announced the elimination of the 7%
value-added tax (VAT) on Bitcoin and cryptocurrency trading. This
groundbreaking decision positions Thailand as a frontrunner in
digital asset adoption, aiming to attract investment and establish
the country as a regional hub for innovation. Related Reading:
Cardano Price Stagnant At $0.48, But Charts Point To Potential
Upswing This bold regulatory shift injected a powerful dose of
optimism into the already bullish trend, showcasing government
recognition of the potential of cryptocurrencies. As Bitcoin
navigates its next move, technical indicators and the supportive
trend of the Simple Moving Average suggest continued upside
potential. However, the cryptocurrency market remains inherently
volatile, and investors should exercise caution. Nonetheless,
Wednesday’s surge, fueled by diverse factors, paints a promising
picture for Bitcoin’s future, leaving many wondering if this is the
beginning of another bull run. Only time will tell, but one thing
is certain: the Bitcoin bulls are back, and they’re roaring loud.
Featured image from Adobe Stock, chart from TradingView
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