Bitcoin reaches the $69k mark after a series of large investments

As an experienced financial analyst, I’ve been closely monitoring the cryptocurrency market and, specifically, Bitcoin (BTC) price movements for quite some time. The recent surge in BTC price to surpass $69,000 is a significant development that warrants attention.

As a researcher studying the cryptocurrency market, I’ve observed an uptick in the price of Bitcoin (BTC). It recently broke through the psychological barrier of $69,000 following a downturn over the weekend.

In the last 24 hours, Bitcoin has experienced a 1.3% increase in value and is currently priced at $69,080. The total market value of Bitcoin exceeded an impressive $1.35 trillion, accompanied by a significant trading volume of $22.7 billion daily.

Bitcoin reaches the $69k mark after a series of large investments

After some significant investments in the Bitcoin sphere, there’s been a surge of optimism reflected in the market. For instance, as stated in a report on June 1, Paradigm played a role in securing $70 million for the Bitcoin staking protocol Babylon.

Additionally, Tether, the company behind USDT, swiftly purchased approximately $150 million in Bitdeer shares through a private transaction. Bitdeer is a well-known Bitcoin mining business, and the value of its shares ranges from $6 to $7.

The Republic of Tatarstan, frequently referred to as Tataria, is endeavoring to establish the largest Bitcoin mining business in Russia, with an estimated value of around $100 million. Innopolis Tech, a fintech corporation overseen by a former Russian communications minister, is spearheading this venture.

Based on data from Santiment, the Bitcoin network has seen a steady decrease in the number of unique daily active addresses over the past four days. The figure dropped from approximately 683,150 on May 31 to around 538,240 at the time of reporting.

According to Santiment’s data, the number of Bitcoin units in profit has grown slightly – from 18.28 million to approximately 18.33 million coins. It’s also worth mentioning that around 19.707 million Bitcoins have been circulating since their creation.

As a researcher studying the cryptocurrency market, I’ve observed that the Relative Strength Index (RSI) for Bitcoin, as reported by Santiment, stands at 54. This finding suggests that Bitcoin’s price action remains favorable for a sustained bullish trend.

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2024-06-03 11:08