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Bitcoin blasts to $24.7k as markets stabilize after massive FUD in last days – Can BTC Reach $30k by the end of Feb?

John KumiBy 0Edited by John Kiguru 16. February 20233 Mins Read
  • According to a report, traders who bet on price shifts were responsible for $65 million worth of Bitcoin liquidation in the last 24 hours. 
  • Bitcoin worth $60 million was found to be in short positions.

Bitcoin has shifted into the zone of bullish sentiment as investors’ confidence keeps soaring high. The asset is trading at $24,494 after breaking a key resistance point to surge by 8.9 percent in the last 24 hours. Investors have had a weekly gain of 8 percent on their portfolio as the asset journey to $30k.

The last time BTC hit over $24,500 is August 2022. Several factors have been linked to the rally but short-selling investors are believed to be the main driving factor. 

According to a report, traders who bet on price shifts were responsible for $65 million worth of Bitcoin liquidation in the last 24 hours. Interestingly, Bitcoin worth $60 million was found to be in short positions. This surge follows the tepid Consumer Price Index that created less anxiety concerning the future of the US economy and the next monetary policy move of the Feds. 

Altcoins join Bitcoin (BTC) in mini rally

Another crypto that saw an interesting rally is ETH which went past $1700 before falling back to $1684. The asset surged by more than 8 percent in the last seven days. Altcoins including YGG, the token of play-to-earn gaming guild Yield Guild Games and, NEAR the native crypto of smart contracts platform Near Protocol, surged by 11 percent each during the day.

The CoinDesk Market Index (CMI) which measures the wider digital asset market performance surged by 10 percent. With the Rich Dad Poor Dad author Robert Kiyosaki predicting a massive market correction before taking off to hit $500k by 2025, Joey Krug, investor, and co-founder of Augur and Eco also believe that Bitcoin bottomed in June last year. 

Markets had bottomed back in June of last year. There’s probably going to continue to be some chop in the markets as inflation doesn’t go as fast as people hoped. My view is things got oversold last summer and things are finally bouncing back. The second half of the year is going to be bullish for crypto. Most people who are going to sell crypto have already sold.

Blur token sees a surge in trading volume

Blur, a Token of the NFT marketplace, recorded a trading volume of over $500 million in less than 24 hours. According to the token’s airdrop tracking page, Dune Analytics, 320 million of the 360 million total airdropped blur tokens, representing about 90 percent of the airdrop, were distributed to users.  

Last year, almost $1.4 trillion was wiped off the crypto market after a series of bankruptcies and the failure of projects. In the wake of regulator crackdowns, Yuya Hasegawa, an analyst at Japanese crypto firm Bitcoin Bank believes that there is a shift from altcoins to Bitcoin. 

Wednesday’s crypto rally was a bit of a surprise but one thing stood out: it was led by bitcoin. The current regulatory environment surely looks like a headwind for the crypto market, but it seems like some money is moving from altcoins to bitcoin since bitcoin is the only cryptocurrency that is labeled ‘commodity’ by the SEC chair. Consequently, bitcoin’s market dominance is on the rise.

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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