Feb 17, 2023
Bitcoin Soars 15% to 6-Month High of $24,800
The crypto market experienced a surge on February 16th, with the price of Bitcoin (BTC) reaching a six-month high of $24,800 – a rise of 15%. The unexpected jump in the top cryptocurrency’s price has been attributed to a number of factors, including an increase in the dollar’s value and declining inflation.
On-chain data has revealed that the current price momentum can be traced to a mysterious fund that began pouring money into the crypto market on February 10th. According to Lookonchain, nearly $1.6 billion of institutional funds have been invested in the market over the past six days, with the majority of it coming from USD Coin (USDC) issued by Circle.
The funds were tracked from Circle to various exchanges, with three wallets in particular standing out. The first wallet, starting with “0x308F”, withdrew 155 million USDC from Circle and sent it to exchanges since February 10th. The second wallet, starting with “0xad6e”, withdrew 397 million USDC from Circle and transferred it to various exchanges. The third wallet, starting with “0x3356”, withdrew 953.6 million USDC from Circle and sent it to exchanges.
The Bitcoin price surge comes after the top cryptocurrency hit its first-ever weekly death cross. A 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 its bearish nature, the death cross has been followed by above-average short-term returns in recent years.
The crypto community has offered mixed reactions to the price surge, 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.” Others have warned that large players are cashing out and that the recent price surge could be a bear trap.
The surge in Bitcoin’s price has also seen a rise in the promotion of Non-Fungible Tokens (NFTs). NFTs are digital assets that are unique and cannot be replicated or exchanged. They are often used to represent digital art, music, and collectibles.
NFTs are becoming increasingly popular in the crypto space, and many businesses are turning to NFT marketing agencies to help them promote their products. These agencies use a variety of strategies, including Twitter NFT marketing, to help businesses reach their target audiences and increase sales.
The surge in Bitcoin’s price has also seen a surge in the sale of NFTs, with many businesses now turning to web3 agencies to help them sell their NFTs. These agencies use a variety of strategies, including NFT promotion and marketing, to help businesses reach their target audiences and increase sales.
The surge in Bitcoin’s price is a sign that the crypto market is gaining momentum, and it is likely that the trend will continue as more businesses and investors enter the space. It is also likely that the NFT market will continue to grow, with businesses turning to web3 agencies to help them promote and sell their NFTs.
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.
