Feb 17, 2023
Bitcoin Surges 15%, Hits 6-Month High of $24,800
The cryptocurrency market has seen a surge in activity over the past week, with Bitcoin (BTC) hitting a six-month high of $24,800 on Feb. 16, registering a double-digit increase of 15%. This single-day surge in Bitcoin’s price came as a surprise to many, considering February has historically been a bearish month for the top cryptocurrency.
On-chain data indicates that the current price momentum can be traced back to a large institutional 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 flowed into the crypto market over the past six days. Most of the $1.6 billion was transferred from Circle-issued USD Coin (USDC).
The funds were traced from three notable wallets, starting with “0x308F”, “0xad6e”, and “0x3356”, which withdrew 155 million USDC, 397 million USDC, and 953.6 million USDC, respectively, from Circle and sent it to various exchanges.
The Bitcoin price surge comes just days 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 has reacted differently to the price surge, with some Bitcoin proponents calling it the start of another bull run. Others have warned that large players are cashing out and that the surge may be a bear trap.
The recent price surge has sparked a renewed interest in the crypto space, with many investors looking to capitalize on the potential of the web3 economy. NFTs, in particular, have seen a surge in popularity, with many investors looking to sell NFTs or promote them through Twitter NFT marketing.
This has led to the emergence of a new breed of NFT marketing agencies, which specialize in helping investors promote their NFTs on social media. These agencies offer a range of services, from developing creative campaigns to optimizing NFTs for maximum visibility. They also provide insights into the NFT market, helping investors stay ahead of the curve.
It remains to be seen if the current Bitcoin price surge is the start of a new bull run or simply a bear trap. However, one thing is certain: the web3 space is becoming increasingly popular, with investors looking to capitalize on the potential of NFTs and other crypto-related services. With the help of NFT marketing agencies, investors can maximize their returns from the crypto market.
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.
