Feb 17, 2023
Bitcoin Price Soars 15% to Six-Month High
The crypto market experienced a major surge on February 16th, when Bitcoin (BTC) jumped 15% to hit a six-month high of $24,800. This single-day surge of $1,820 was the biggest green day for the top cryptocurrency in six months, leaving many to speculate on the cause.
On-chain data suggests that the price momentum was due to a mysterious fund that began pouring money into the crypto market on February 10th. According to Lookonchain, nearly $1.6 billion in institutional funds have been channeled into the crypto market in the past six days, with most of the money coming from stablecoins, particularly USD Coin (USDC) issued by Circle.
Three wallets in particular were identified as having withdrawn USDC from Circle and sent it to various exchanges. The wallet addresses beginning with “0x308F”, “0xad6e”, and “0x3356” each withdrew between 155 million and 953.6 million USDC from Circle and transferred the funds to exchanges.
The Bitcoin price surge comes shortly after the top cryptocurrency hit its first-ever weekly death cross, a bearish pattern that has been followed by above-average short-term returns in recent years. The crypto community has reacted differently, with some claiming the surge is the start of another bull run, while others are warning of a bear trap and large players cashing out.
The surge in Bitcoin’s price has also been linked to a rise in the dollar value and declining inflation. The price surge has created a great opportunity for those looking to get involved in the web3 space, and those looking to invest or sell NFTs.
NFTs, or non-fungible tokens, are digital assets that are unique and cannot be replaced with another item. They are being used to create digital art, music, and collectibles, and have become increasingly popular in recent months.
NFTs offer a great opportunity for businesses to promote their brand, as well as for individuals to make money. However, marketing NFTs can be a difficult and time-consuming task. As such, many businesses are turning to NFT marketing agencies to help them promote their NFTs on social media platforms such as Twitter.
These agencies can help businesses create effective NFT marketing campaigns, as well as provide guidance on how to best sell their NFTs. They can also provide advice on the best platforms and tools to use, as well as how to reach the right audiences.
Overall, the recent Bitcoin price surge has created a great opportunity for those looking to get involved in the web3 space. Whether you’re looking to invest or sell NFTs, there are plenty of options available to help you make the most of this exciting new space.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
