Feb 17, 2023

Bitcoin Surges 15% to Six-Month High of $24,800

The cryptocurrency market has been abuzz with activity lately, as Bitcoin (BTC) hit a six-month high of $24,800 on Feb. 16, registering a double-digit surge of 15%. This single-day Bitcoin price surge came as a surprise to many, as February has been historically bearish for the top cryptocurrency. BTC’s price rose by $1,820 in a single day, making it the biggest green day for the top cryptocurrency in six months.

Data from Lookonchain indicates that a mysterious fund may have been responsible for the current price momentum. Nearly $1.6 billion in institutional funds have flowed into the crypto market over the past six days, most of which came from stablecoins, especially Circle-issued USD Coin (USDC). Three wallets in particular, starting with “0x308F”, “0xad6e” and “0x3356”, withdrew USDC from Circle and transferred 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 reacted differently to the news, with 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 called the recent price surge a bear trap while warning that large players are cashing out.

The surge in Bitcoin price has opened up opportunities for NFTs and crypto-related businesses. NFTs, or non-fungible tokens, are digital assets that are unique and cannot be replicated. They are used to represent digital items such as artwork, music, and collectibles.

With the surge in Bitcoin price, NFTs have become a popular way for businesses to promote and market their products. Companies are now turning to Twitter nft marketing and nft marketing agencies to help them reach a wider audience. Web3 agencies, which specialize in blockchain and digital asset marketing, have also seen an increase in demand for their services.

For those looking to take advantage of the current market conditions, there are many ways to get involved. Selling NFTs is becoming an increasingly popular way to generate income, as the demand for digital assets continues to rise. Companies are also looking for creative ways to promote their NFTs, such as offering discounts and giveaways.

Ultimately, the surge in Bitcoin’s price has opened up a world of possibilities for those interested in the web3 space. With the right strategies and tools, businesses and individuals can capitalize on the current market conditions and make a profit.

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.