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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- May 21, 2024 03:50 UTC
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Top 4 Reasons Why Bitcoin Price is Up Today
Bitcoin price surged 6.8% in 24 hours, short sellers liquidated.
Court rules Bitcoin software remains public. This removes uncertainty and strengthens Bitcoin's foundation.
Whale accumulation, long-term investor buying, and ETF inflows suggest continued Bitcoin price rise.
Amid the ongoing crypto bullish recovery from a two-month correction period, Bitcoin’s (BTC) price pumped around 6.8 percent in the past 24 hours to trade at about $71,273 on Tuesday during the early Asian session. As of this writing, Bitcoin’s daily average traded volume more than doubled in the past 24 hours to about $50 billion.
This price jump led to substantial liquidations among short traders, generating over $345 million in crypto derivatives trading revenue. With bulls firmly in control, a new all-time high for Bitcoin appears imminent.
Here’s what you can expect ahead!
What Caused the BTC Price Pump Today?
COPA vs CSW – Ruling Published
On Monday, May 20, the High Court of Justice Business and Property Courts of England and Wales issued a detailed ruling in the case brought by the Crypto Open Patent Alliance (COPA) against Dr. Craig Wright. The court determined that Wright had significantly fabricated his case in an attempt to prove he is Satoshi Nakamoto, the pseudonymous Bitcoin creator.
This ruling ensures that Bitcoin software remains public property through its open-source technology.
Whales Continue Accumulating
On-chain data shows that several crypto whale traders have recently been buying more Bitcoin. Market intelligence platform Santiment observed that short-term Bitcoin holders are selling their assets to long-term investors.
Significant Inflows
Bitcoin ETFs in both the United States and Hong Kong reported notable cash inflows over the past week, signaling strong investor interest.
Spot Ethereum’s ETF Frenzy
Bitcoin’s price surge is also linked to news that the U.S. SEC has changed its stance on Ethereum and its spot Ether ETFs application. Combined with the recent Bitcoin halving, these factors position Bitcoin for further gains.
In summary, Bitcoin’s recent performance and market developments indicate a strong bullish trend, with increasing investor interest and institutional support driving the potential for further rallies.
Also Check Out : Will Bitcoin Hit ATH this week? Analyst Predicts $72k Price Target
With these positive signals, could a new chapter be unfolding for Bitcoin? Stay tuned.
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