Feb 17, 2023
Bitcoin Skyrockets 15%, Hits 6-Month High of $24,800
The crypto market has seen a major surge in the past week, with Bitcoin (BTC) hitting a six-month high of $24,800 on Feb. 16. The single-day BTC price increase of 15% was a surprise to many, as the month of February has historically been bearish for the top cryptocurrency. The rise of $1,820 in a single day was the biggest green day for the top cryptocurrency in six months.
On-chain data indicates that the current price momentum can be traced back to a mysterious fund that began pouring money into the crypto market on Feb. 10. According to data from Lookonchain, nearly $1.6 billion in institutional funds have been injected into the crypto market over the past six days, with the majority of this coming from stablecoins, particularly Circle-issued USD Coin (USDC).
Three wallets in particular have been identified as the source of these funds, with a wallet address starting with “0x308F” withdrawing 155 million USDC from Circle and transferring it to exchanges since Feb. 10. The second wallet address beginning 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 comes 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.
Reactions to the price surge varied, with some Bitcoin proponents calling it the start of another bull run. Samson Mow commented on the price surge, “BTC price is still below the 200 WMA, which is 25k. Bitcoin trading below the 200 WMA is an anomaly.” In each of its major market cycles, Bitcoin’s price historically bottoms out around the 200-week moving average. Others called the recent price surge a bear trap while warning that large players are cashing out.
The surge in the crypto market has been a boon for those selling NFTs, as well as those who are using NFTs to promote their businesses. NFTs are a type of digital asset that is stored on a blockchain and can be used to represent ownership of a variety of digital assets. They have become increasingly popular as a way to promote businesses and as a way to monetize digital content.
As the demand for NFTs grows, so does the need for NFT marketing services. NFT marketing agencies are popping up to help businesses create and promote their NFTs, as well as to help them reach the right audiences. Twitter NFT marketing is one of the most popular methods of promoting NFTs, as it allows businesses to reach a wider audience and to build relationships with potential customers.
The price surge of Bitcoin is a sign that the crypto market is continuing to mature and that more people are turning to digital assets as a form of investment. As the crypto market continues to grow, businesses should take advantage of the opportunities that NFTs provide to promote their businesses and to monetize their digital content.
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.
