Bitcoin Tops $44K, With Whale Accumulation Suggesting Conviction in More Price Gains
Bitcoin surged to a new four-week high of over $44,000, driven by increased accumulation by large holders and new all-time highs in U.S. equity indices.
Bitcoin Surges to $44K on Whale Accumulation
Bitcoin (BTC) broke above $44,000 for the first time since January 12, fueled by increased accumulation by large investors.
The number of bitcoin wallets holding over 1,000 BTC reached a multi-month high of 73, indicating a strong conviction in the potential for further price gains.
This surge in BTC price is also supported by the new all-time highs in U.S. equity indices, indicating positive market sentiment for risk assets such as cryptocurrencies.
Ethereum's Ether Gains on ETF Optimism
Ethereum's native cryptocurrency, Ether (ETH), also saw a gain, surpassing $2,400 for the first time in two weeks.
This gain was driven by renewed optimism regarding the approval of spot ETFs for cryptocurrencies.
Asset managers Ark Invest and 21Shares amended their joint application to align it with the regulations for spot bitcoin ETFs, signaling a proactive approach to appease regulators.
Implications for the Crypto Market
The surge in both Bitcoin and Ether prices suggests growing confidence and interest in the crypto market.
It also indicates a positive market sentiment, driven by factors such as increased institutional investment and the potential for regulatory approval of new financial products.
These developments have the potential to attract more investors and further propel the growth of the overall cryptocurrency market.