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02/08/2024

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Bitcoin surpasses $44,000 ─ Whale accumulation suggests further price rise

Bitcoin surpassed $44,000 for the first time since January 12, the day after the physical ETF was launched. One analyst pointed out that the number of Bitcoin addresses holding more than 1,000 BTC has increased significantly over the past two weeks. Bitcoin (BTC) soared to over $44,000 (approximately 6.6 million yen, equivalent to 150 yen […]

Bitcoin surpasses $44,000 ─ Whale accumulation suggests further price rise
  • Bitcoin surpassed $44,000 for the first time since January 12, the day after the physical ETF was launched.
  • One analyst pointed out that the number of Bitcoin addresses holding more than 1,000 BTC has increased significantly over the past two weeks.

Bitcoin (BTC) soared to over $44,000 (approximately 6.6 million yen, equivalent to 150 yen to the dollar) on the 7th, 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.

Entire crypto asset market rises

Bitcoin rose from $42,700 to a peak of $44,300 on the day, its highest price since January 12, the day after Bitcoin spot exchange-traded funds (ETFs) began trading in the United States.

It is up 2.5% in the past 24 hours, and the CoinDesk 20, which measures the overall crypto market performance, is up 1.6% over the same period. Ethereum (ETH) is also up 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 have been accumulating Bitcoin. Citing data from Glassnode, Martinez said the number of Bitcoin wallets holding more than 1,000 BTC (approximately $44 million) has increased to 73, the highest level in months.

Stock market also rises

The continued rise in the U.S. stock market likely also 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. 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) appear to have eased, with the stock ending a steep early selloff and closing 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 reignited.

On the 7th, asset management companies Ark Invest and 21Shares amended their joint application to allow cash generation. This would be more in line with the recently approved Bitcoin spot ETF, likely in an effort to pre-emptively convince regulators. The updated filing also tentatively opened up the possibility of staking some 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 Accumulation Suggesting Conviction in More Price Gains

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ORIGINAL SOURCE

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