Why does bitcoin go up

This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to persons residing in Australia, Canada, Hong Kong, Japan, Saudi Arabia, Singapore, UK, and the countries of the European Union. Bitcoin price falls This is why the U.S.\u2019 authorization of a Bitcoin ETF this past week is such a big deal. By making it easier to buy and own Bitcoin, it increases the number of people who will hold Bitcoin. Right now, about a quarter of Americans own some Bitcoin. But somewhere around 60% own stocks. If Bitcoin ownership becomes as common as stock ownership, demand for Bitcoin could soon soar.

While the complete flow data wasn’t currently available, at least $720 million flooded into the 10 Bitcoin ETFs that began trading, Bloomberg data show. The Bitwise Bitcoin ETF (ticker BITB) led the way with nearly $240 million in flows, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) and the iShares Bitcoin Trust (IBIT), according to data available Friday morning. What can I do to resolve this? The data also showed that 610,686 active addresses received Bitcoin during that period, and 560,331 active addresses sent Bitcoin during the same time frame, amounting to 265,000 transactions. What was, however, more interesting was the fact that only 23 million addresses held BTC out of the total 48.7 million addresses in existence.

Bitcoin faces resistance at the $44,400 and $45,500 levels, and a failure to surpass these levels could initiate a fresh decline with support at the $43,500 level. Despite being 34% down from its all-time high, Bitcoin has seen a 163% increase year-to-date, starting at the $16,800 level on January 5th, 2023. Chris Dixon Talks Techno-Optimism, Permissionless Innovation and the Need for Crypto The high volatility over the past day saw bitcoin almost touch $49,000 before posting a sharp decline below the $43,000 mark. The increased price fluctuations led to the liquidation of over $80 million worth of leveraged bitcoin positions. The majority of those leveraged positions were longs, with over $47 million wiped out.

As the custodian for 9 out of the 11 new bitcoin ETFs, Mizuho analysts earlier this month estimated that Coinbase could stand to gain only around $25-$30 million in annual revenue. Genesis asks bankruptcy court to approve $1.4 billion sale of GBTC shares For Bitcoin specifically, we often see a firesale during the Christmas holidays as people want some extra cash to buy presents and don’t want to be mentally bothered by managing their portfolio while they are with their families. Therefore, the first months of the year often see a rally as investments pick up again. During the summer holidays, it’s not very uncommon to see a short dip as investors go on holidays and get out of their positions.