Bitcoin’s price soared to $122,000 Monday. The move was driven by a Washington bullish executive decision and the three days in a row of Bitcoin-based exchange traded funds receiving inflows.
Henrik Andersson is the chief investment officer at Apollo Crypto. He said this move had been overdue, following a period of consolidation.
“In our view it was just a matter of time before it would break up. In this time we have seen positive ETF flows, more treasury companies buying Bitcoin and a number of positive developments coming out of the White House.”
BitcoinBTCTradingView data showed.
“Bitcoin has been stuck in a low-volatility band between $115,000 and $120,000 despite all the good news,” Andersson tells Cointelegraph.
Bitcoin’s two-hour rise is not attributed to any specific catalyst, but rather the US President Donald Trump. executive order Allowing cryptocurrency to be included in retirement 401(k), was seen by many as an industry boost.
This order could lead to an additional $9 trillion in funds flowing into Bitcoin, and the wider crypto industry.
More Bitcoin is also on the horizon. Michael Saylor Sunday hinted On X, Strategy says it will continue to add Bitcoins to its $76.8 Billion stash. “If you don’t stop buying Bitcoin, you won’t stop making Money.”
Bitcoin ETF issuers Farside Investors scooped up $773,000,000 worth of Bitcoin in the three last trading days that closed last week. data shows.
The Bitcoin Market is not Overheated
Despite the rally, the Crypto Fear & Greed Index score The sand is not in the “Greed” Zone 70 indicates that the social market is not too hot at this time.
Bitcoin’s price was below $120,000 on Monday when the scores were updated, but it had only increased by one point from Sunday.
Related: Michael Saylor is not sweating the rise of Ethereum treasury companies
Google’s interest in Bitcoin is only a fraction of what it was a year ago. risen The last week saw a modest improvement, with a score of 48 points out 100 compared to its highest level over the past 12 months. The point fell between November 10-16. This was a full week after Trump won the US election.
BTC and ETH drive crypto markets to new highs
Bitcoins’ rise to above $122,000 has also helped. make up for lost distance On EtherETHBTC has seen a 3.3% increase in the past 24 hours, while.
ETH stands for ETH risen nearly threefold TradingView’s price has risen from $1.435 to $4.315 since the last time it was written, a rise of nearly $2,000 in just nine days. data showed.
CoinGecko reported that BTC and ETH price increases also pushed Monday’s total crypto market capital to $4.14 trillion, a new record. data showed.
Magazine: US risks being ‘front run’ on Bitcoin reserve by other nations: Samson Mow
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Source: cointelegraph.com
