
Bitcoin (BTC) is back in rally mode, surging past the $70,000 level once again after a brief pullback.
The flagship coinโs rebound has helped reinvigorate bullish sentiment across the crypto market.
While Bitcoin leads the charge, eco-friendly upstart Green Bitcoin (GBTC) is also turning heads after passing the $9m milestone in its limited-time ICO.
Bitcoin Reclaims $70k as Millions in Shorts Are Liquidated
Bitcoinโs climb back above $70,000 caps off an impressive three-day run for the worldโs largest cryptocurrency.
After bottoming out around $62,350 this past Friday, BTC has mounted a steady surge โ reclaiming 13% of its value to now trade at $70,780.
This marks Bitcoinโs highest valuation since March 13, when it briefly spiked above $73,000 before retracing.
Unsurprisingly, the coinโs current rally has been accompanied by a significant influx of trading volumes.
Traders have exchanged over $44.6 billion worth of BTC across spot exchanges in the past 24 hours alone, marking a staggering 48% increase from the previous day.
This wave of activity has put huge pressure on short-sellers.
According to data from CoinGlass, a whopping $127 million in BTC short positions have been liquidated during the coinโs latest upswing.
With Bitcoin regaining its footing, some analysts are setting their sights on even loftier targets in the near future.
Popular Twitter analyst @QuintenFrancois stated today that he expects BTC to โpump to $80,000โ within the next week if $75,000 can be reclaimed.
Spot Bitcoin ETF Inflows Bounce Back Ahead of BTC Halving
The surge in Bitcoinโs price appears to be backed by increasing institutional demand via spot ETFs.
After seeing outflows for several days, these ETFs that directly hold BTC snapped that streak yesterday by accumulating over $15 million in new capital.
Data from analytics firm Farside reveals that Fidelityโs ETF led the inflows by raking in $261 million from investors.
Other funds, such as BlackRockโs and BMOโs, also experienced sizable inflows.
However, the Grayscale Bitcoin Trust continues to see enormous outflows, with $350 million exiting the fund on Monday.
Regardless, institutional players’ renewed appetite for spot Bitcoin exposure could be contributing to Bitcoinโs latest rally.
With smart money buyers returning to the market and the next halving event approaching, Bitcoinโs momentum could accelerate in the days ahead.
Green Bitcoin ICO Soars Past $9M Amid Gamified Green Staking Hype
While Bitcoin mounts a recovery, a new eco-friendly project is also generating buzz after its ICO hit a significant milestone.
Green Bitcoinโs GBTC token ICO passed the $9 million mark yesterday amid surging investor demand.
The projectโs developers are clearly confident in the current trajectory, celebrating the accomplishment by launching a $200 GBTC giveaway on Twitter.
To enter, users simply need to like and retweet the teamโs latest post while tagging a friend.
For those looking to get in on the presale itself, GBTC tokens remain discounted at just $1.106 each โ though this price will rise again in two daysโ time.
Despite the looming increase, buyers have been eagerly securing their allocations, with over 63% of all purchased GBTC having already been staked.
Staking is a core utility driving Green Bitcoinsโ popularity so far.
By locking up their tokens, stakers can earn an estimated APY of 74% paid out in GBTC over the course of two years.
Yet Green Bitcoin takes things one step further with its โGamified Green Stakingโ system.
As outlined in the projectโs whitepaper, this system allows GBTC holders to increase their staking rewards by accurately predicting Bitcoinโs price movements through an in-app portal.
In addition to these incentives, Green Bitcoin markets itself as a more sustainable and energy-efficient alternative to Bitcoinโs Proof-of-Work (PoW) setup.
These features position Green Bitcoin as an exciting prospect for eco-conscious crypto investors seeking high potential returns.
Investors can buy GBTC tokens by heading to greenbitcoin.xyz and using ETH, USDT, or a credit/debit card.
Disclaimer and Risk Warning
The content on Coinpedia's sponsored page is provided by third parties and is intended for promotional purposes. Coinpedia does not endorse, guarantee, or take responsibility for the accuracy, quality, or effectiveness of any services, products, or information presented in these sponsored materials. The inclusion of sponsored content does not imply Coinpediaโs approval or support. Readers are advised to exercise due diligence and conduct their research before making decisions or taking action based on the information presented in sponsored content.