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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Bitcoin Price Soars 11%, Here Are The Reasons

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin price

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The Bitcoin bulls are back for good. The BTC price has risen by about 11% in the last 24 hours. At one point, Bitcoin reached a price of $24,789 and took a breather just before the August 15, 2022 high at $25,195.

The rally is likely to have caught some bears off guard. After Tuesday’s headline CPI came in at 6.4% higher than expected (6.2%), but still lower than the previous month on a year-over-year basis (6,5%), market disappointment was initially high; nevertheless, BTC saw an initial push to the upside as early as Tuesday.

Then, on Wednesday, US retail sales for January 2023 were released. Those rose 3.0% in January, an impressive rebound from December’s -1.1% and well above the consensus estimate of 2.0%.

Subsequently, Bitcoin experienced a surprising decoupling from the rest of the financial market. While Bitcoin began its massive rally, the S&P 500 remained largely stuck at its level. The dollar index (DXY) even rose in parallel with Bitcoin – an event that has been extremely rare in recent months due to the inverse correlation.

Bitcoin is also defying financial market fears that the recent CPI and U.S. retail sales will give the data-dependent Federal Reserve more arguments for higher and longer rate hikes. In addition, there are fears about a recession.

So What Has Been Driving Bitcoin Prices Higher?

Crypto analytics service Santiment has cited a surge in Bitcoin holdings by owners with 100 to 1,000 BTC. However, while this cohort of investors has accumulated Bitcoin, the sharks (1,000 to 10,000 BTC) and whales (more than 10,000 BTC) have not provided any sign of major buying behavior.

Bitcoin BTC holder behaviour
Bitcoin holder behavior | Source: Santiment

Data provider Lookonchain reports that they have found that several funds and institutions have put nearly $1.6 billion into the crypto market since February 10. For this, Lookonchain analyzed the data on USDC deposits and withdrawals on Circle from February 10 until today.

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As a result, it turns out that several funds and institutions have withdrawn about $1.6 billion USDC from Circle and only deposited $0.2 billion USDC. One mysterious fund has withdrawn $155 and $397 million USDC from Circle and transferred them to exchanges since February 10.

Another unknown fund has reportedly withdrawn $953.6 million USDC from Circle and transferred it to exchanges. A fund linked to FalconX also withdrew $143 million USDC from Circle.

1/ Why did the price of $BTC/$ETH suddenly rise today?

We found that several funds/institutions poured nearly $1.6B into the crypto market since Feb 10!👇 pic.twitter.com/WRaSv4YtgP

— Lookonchain (@lookonchain) February 16, 2023

Other Factors That Might Play A Role

The crypto market and Bitcoin may also have been positively impacted by the news that Binance is working with U.S. regulators to settle for past misconduct with a fine reportedly ranging from $1 billion to $2 billion.

A rather very vague rumor is that Russian investors may have stormed into Bitcoin and crypto. The rationale behind this is that prior to the announced new sanctions against the two largest Russian banks that were previously allowed to use SWIFT and play the largest role in P2P on Binance, namely Tinkoff and Rosbank – have led Russian investors to rush into of what was almost their last chance to buy Bitcoin.

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Meanwhile, an analysis by CryptoQuant shows that yesterday’s price action resulted from aggression in the futures market. While traders opened short positions, open interest increased and the price moved against the short positions. This resulted in an impulse candle to the upside.

According to Coinglass data, total short liquidations for Bitcoin were $155.3 million yesterday.

At press time, the Bitcoin price stood at $24.612, facing the next major resistance at $25.195.

Bitcoin BTC USD price
Bitcoin price, 1-day chart | Source: BTCUSD on TradingView.com
Featured image from iStock, Chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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