Lunar New Year 2023 wasn’t Red for Bitcoin, Witnessed Massive Surge
Bitcoin (BTC) is currently trading at US$22,639.49, the highest level since August 2022
Bitcoin, the largest cryptocurrency, rose as much as 6.25% in the past 7 days. Currently, it is trading at US$22,639.49, the highest level since August 2022. It also had strong gains over the weekend. History depicts that the price of Bitcoin decreases in the month of Chinese New Year. But this year was different, though many consecutive services remain closed, Bitcoin still managed to be green.
The beginning of 2023 was not good for BTC. Many expected the last few weeks of December to be promising owing to the Santa Rally but unfortunately, it did not have any significant impact and the markets were mostly steady during the holidays.
According to an article published by CoinTelegraph, “exchange outflows have now hit their lowest levels in over six months.
After seeing an overwhelming surge in light of the FTX meltdown, BTC withdrawals from exchange wallets have entirely reversed the spike, which began around six weeks ago.”
However, in only two weeks, BTC has hit a price of almost US$19,000, and it seems that this upward trajectory will continue to grow. Most analytics believe that the Federal Reserve will have to stop hiking rates which will lead to an improvement in risk sentiment.
The investors will return to crypto and BTC as their primary coins. Investing in BTC now when the price is low is a good idea, but there are other high-profile projects many investors are also considering.
The Bitcoin price from 2009 to 2018 was also a highly interesting period. The asset went from virtually nothing to thousands of dollars per coin in a few short years. Much of this enormous rise has been attributed to the Bitcoin halving.
The post Lunar New Year 2023 wasn’t Red for Bitcoin, Witnessed Massive Surge appeared first on Analytics Insight.
Bitcoin (BTC) is currently trading at US$22,639.49, the highest level since August 2022
Bitcoin, the largest cryptocurrency, rose as much as 6.25% in the past 7 days. Currently, it is trading at US$22,639.49, the highest level since August 2022. It also had strong gains over the weekend. History depicts that the price of Bitcoin decreases in the month of Chinese New Year. But this year was different, though many consecutive services remain closed, Bitcoin still managed to be green.
The beginning of 2023 was not good for BTC. Many expected the last few weeks of December to be promising owing to the Santa Rally but unfortunately, it did not have any significant impact and the markets were mostly steady during the holidays.
According to an article published by CoinTelegraph, “exchange outflows have now hit their lowest levels in over six months.
After seeing an overwhelming surge in light of the FTX meltdown, BTC withdrawals from exchange wallets have entirely reversed the spike, which began around six weeks ago.”
However, in only two weeks, BTC has hit a price of almost US$19,000, and it seems that this upward trajectory will continue to grow. Most analytics believe that the Federal Reserve will have to stop hiking rates which will lead to an improvement in risk sentiment.
The investors will return to crypto and BTC as their primary coins. Investing in BTC now when the price is low is a good idea, but there are other high-profile projects many investors are also considering.
The Bitcoin price from 2009 to 2018 was also a highly interesting period. The asset went from virtually nothing to thousands of dollars per coin in a few short years. Much of this enormous rise has been attributed to the Bitcoin halving.
The post Lunar New Year 2023 wasn’t Red for Bitcoin, Witnessed Massive Surge appeared first on Analytics Insight.
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