Feb 17, 2023

Bitcoin Price Surges 15% to Six-Month High

The world of cryptocurrency was sent into a frenzy on February 16th when Bitcoin (BTC) hit a six-month high of $24,800, surging a whopping 15%. The single-day Bitcoin price surge was a surprise to many, as February has typically been a bearish time for the top cryptocurrency.

On-chain data indicates that this current price momentum can be linked back 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 injected into the crypto market over the past six days, with the majority of that coming from the stablecoin USD Coin (USDC).

The funds were traced from Circle to various exchanges, with three notable wallets being identified. The first wallet address starting with “0x308F” withdrew 155 million USDC from Circle and transferred it to exchanges since February 10th. The second wallet address starting with “0xad6e” withdrew 397 million USDC from Circle and sent it to various exchanges, and a third wallet starting with “0x3356” withdrew 953.6 million USDC from Circle and transferred it to exchanges around the same time.

The Bitcoin price surge happened shortly after the top cryptocurrency hit its first-ever weekly death cross. The death cross appears on a chart when an asset’s short-term moving average, usually the 50-day, crosses below its long-term moving average, usually the 200-day. Despite the bearish nature of the pattern, the death cross has been followed by above-average short-term returns in recent years.

The crypto community had mixed reactions to the price surge. Bitcoin proponents called it the start of another bull run, with Samson Mow commenting, “BTC price is still below the 200 WMA, which is 25k. Bitcoin trading below the 200 WMA is an anomaly.” Others called the recent price surge a bear trap while warning that large players are cashing out.

The Bitcoin price surge is just one of the many exciting developments taking place in the world of web3 and blockchain. The emergence of Non-Fungible Tokens (NFTs) has created a new realm of opportunity for marketing and promotion. NFTs have become a powerful tool for businesses to promote their products, services, and brands in a unique and engaging way.

The use of NFTs for marketing and promotion is growing rapidly, with Twitter being one of the most popular platforms for NFT marketing. Companies are increasingly turning to NFT marketing agencies to help them create, launch, and promote their NFTs. These agencies provide expertise in everything from designing NFTs to developing marketing strategies to help companies maximize their NFTs’ potential.

The surge in Bitcoin price is just the beginning of a new wave of crypto and blockchain-related activities. The increasing popularity of NFTs and the emergence of NFT marketing agencies is testament to the fact that the web3 space is evolving rapidly. As the crypto and blockchain space continues to grow, more companies will be looking to take advantage of the opportunities it offers, such as selling NFTs, to promote their products, services, and brands.

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.