Feb 16, 2023
Bitcoin Surges 15% to Six-Month High of $24,800
The crypto market has been abuzz with news of Bitcoin (BTC) hitting a six-month high of $24,800 on Feb. 16, with a single-day surge of 15%. This unexpected price surge has taken many by surprise, as February has been historically bearish for the top cryptocurrency.
On-chain data suggests that the current price momentum can be attributed to a mysterious fund that started pouring money into the crypto market on Feb. 10. According to Lookonchain, nearly $1.6 billion in institutional funds have been channeled into the crypto market over the past six days, with most of these funds coming from stablecoins, particularly Circle-issued USD Coin (USDC).
It is believed that these funds were withdrawn from Circle and then transferred to various exchanges. Three wallet addresses in particular have been linked to the fund, with the first starting with “0x308F” withdrawing 155 million USDC from Circle, the second starting with “0xad6e” withdrawing 397 million USDC from Circle, and the third starting with “0x3356” withdrawing 953.6 million USDC from Circle.
The Bitcoin price surge came 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 reacted differently to the price surge, with some 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.” Meanwhile, others warned that large players are cashing out and that the surge could be a bear trap.
The surge in Bitcoin price has opened up a lot of opportunities for NFT and crypto marketers. With the rise of the web3 space, NFTs have become increasingly popular and an effective way to promote a brand or product. NFTs can be used as promotional tools to engage customers and build brand loyalty.
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Twitter has also become a popular platform for NFT marketing. Companies are using Twitter to promote their NFTs and reach a wider audience. Twitter has become an effective platform for NFT marketing due to its high engagement rate and ability to quickly reach potential customers.
The recent surge in Bitcoin price is a positive sign for the crypto market and could be the start of a new bull run. It has also opened up a lot of opportunities for NFT and crypto marketers. With the rise of the web3 space, NFTs are becoming increasingly popular and are being used as a powerful tool to promote brands and products. Companies are now turning to NFT marketing agencies to help them create and promote their NFTs, while Twitter has become a popular platform for NFT marketing.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.