{"id":572300,"date":"2024-01-30T12:00:25","date_gmt":"2024-01-30T12:00:25","guid":{"rendered":"https:\/\/wncen.com\/?p=572300"},"modified":"2024-06-11T07:03:36","modified_gmt":"2024-06-11T07:03:36","slug":"bitcoin-price-up-above-43000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-up-above-43000\/","title":{"rendered":"Why Is Bitcoin Price Up Above $43,000 Today?"},"content":{"rendered":"<p><a href=\"https:\/\/bitcoinist.com\/ceo-these-key-indicators-will-make-or-break-bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin<\/span><\/a><span style=\"font-weight: 400\"> is back above $43,000 just days after making a swift recovery <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/drivers-bitcoin-price-42000\/#:~:text=The%20Fed's%20hawkish%20stance%20is,thereby%20sparking%20a%20price%20surge.\"><span style=\"font-weight: 400\">from below $40,000 to $42,000<\/span><\/a><span style=\"font-weight: 400\">. This trend reversal is believed to be due to a number of recent developments that have painted a bullish narrative for the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-fall-30-top-2-altcoins\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">flagship crypto token<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<h2>The Grayscale Effect Is Wearing Off<\/h2>\n<p><span style=\"font-weight: 400\">Bloomberg analyst James Seyffart recently highlighted how <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/blackrocks-ibit-maintains-lead-in-bitcoetf-market-crosses-2-billion-in-inflows\/\"><span style=\"font-weight: 400\">BlackRock\u2019s Spot Bitcoin ETF, IBIT<\/span><\/a><span style=\"font-weight: 400\">, went toe-to-toe with Grayscale\u2019s GBTC on Day 12 of trading in terms of trading volume. This happened to be the closest that IBIT or any Spot Bitcoin ETF had come close to GBTC, which holds the \u201cliquidity crown.\u201d<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/altcoin\/crypto-altcoins-february-2024\/\">Renowned Crypto Expert Reveals Top 3 Altcoins Ready To Breakout In February 2024<\/a><\/div>\n<p><span style=\"font-weight: 400\">This represents a positive development for Bitcoin\u2019s price since IBIT\u2019s volume, more of inflows, is able to suppress GBTC\u2019s volume, which has been majorly outflows. The <\/span><a href=\"https:\/\/bitcoinist.com\/grayscale-bitcoin-etf-outflows-end-experts\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">outflows recorded by GBTC<\/span><\/a><span style=\"font-weight: 400\"> following its Spot Bitcoin ETF conversion had partly contributed to the flagship crypto token dropping below $40,000.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, GBTC investors seem to be cooling on the profit-taking that had overwhelmed the fund as it has now seen a reduced outflow for the fifth consecutive day. BitMEX research <\/span><a href=\"https:\/\/x.com\/BitMEXResearch\/status\/29368293?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">revealed<\/span><\/a><span style=\"font-weight: 400\"> in an X (formerly Twitter) post that GBTC had seen an outflow of $192 million on January 29.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">That figure also represented GBTC\u2019s lowest daily outflow yet and the first time it was seeing a daily outflow below $200 million. This recent trend of reduced outflows has evidently provided some form of relief to the Bitcoin market, seeing that <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/selling-pressure-subsides-as-grayscale-sends-8-6k-bitcoin-to-coinbase-falling-below-average\/#:~:text=Grayscale's%20Resumed%20Selling%20Spree&amp;text=Furthermore%2C%20Grayscale%20has%20resumed%20its,Coinbase%20for%20selling%20on%20Monday.&amp;text=Related%20Reading%3A%2013%25%20Surge%20Sends,The%20Start%20Of%20Something%20Big%3F\"><span style=\"font-weight: 400\">Grayscale\u2019s selling pressure<\/span><\/a><span style=\"font-weight: 400\"> has subsided.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, the Bitcoin bulls also contributed to ensuring that Bitcoin didn\u2019t stay down for too long. <\/span><a href=\"https:\/\/x.com\/intotheblock\/status\/26028458?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">Data<\/span><\/a><span style=\"font-weight: 400\"> from IntoTheBlock showed that Bitcoin whales have increased their BTC holdings by 76,000 BTC since the start of this year. That suggests that there was a reasonable demand for the crypto token even when Grayscale continued to offload its BTC holdings.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/9y52V3gF\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3266\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">BTC price holding strong above $43,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<h2>Other Factors Behind The Bitcoin Recovery<span style=\"font-weight: 400\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">NewsBTC recently <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/drivers-bitcoin-price-42000\/#:~:text=The%20Fed's%20hawkish%20stance%20is,thereby%20sparking%20a%20price%20surge.\"><span style=\"font-weight: 400\">reported<\/span><\/a><span style=\"font-weight: 400\"> how macroeconomic factors like the latest <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-btc-leading-indicator-cpi-inflation\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">inflation data<\/span><\/a><span style=\"font-weight: 400\"> and the US debt being at an all-time high had contributed to Bitcoin\u2019s recovery to $42,000. These factors are still playing out in Bitcoin\u2019s current momentum, which has seen it <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-rebounds-back-above-43000-heres-why\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">rise above $43,000<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/defi\/top-8-defi-web3-wallets-crypto\/\">What Are The Top 8 DeFi And Web3 Wallets To Use In Crypto?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Moreover, the Federal Open Market Committee (FOMC) meeting is scheduled for January 30 and 31, and the CME FedWatch Tool <\/span><a href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\" rel=\"nofollow\"><span style=\"font-weight: 400\">predicts<\/span><\/a><span style=\"font-weight: 400\"> that there is a 97.9% chance that interest rates remain the same. Rates holding steady, rather <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-recovers-on-fed-hike\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">than a hike<\/span><\/a><span style=\"font-weight: 400\">, are good for the market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This also provides a plausible explanation for the recent surge in Bitcoin\u2019s price since investors are already positioning themselves in anticipation of the likely outcome of the Feds meeting. Another event these investors will be positioning themselves ahead for is the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-bull-market-glassnode\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin Halving<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Market intelligence platform Santiment <\/span><a href=\"https:\/\/x.com\/santimentfeed\/status\/29341534?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">recently revealed<\/span><\/a><span style=\"font-weight: 400\"> that Bitcoin\u2019s supply on exchanges has continued to reduce, with BTC holders moving their tokens to cold storage. This move could well be in anticipation of the likely gains that Bitcoin is expected to see once the Halving event takes place.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is back above $43,000 just days after making a swift recovery from below $40,000 to $42,000. This trend reversal is believed to be due to a number of recent developments that have painted a bullish narrative for the flagship crypto token.\u00a0 The Grayscale Effect Is Wearing Off Bloomberg analyst James Seyffart recently highlighted how BlackRock\u2019s Spot Bitcoin ETF, IBIT, went toe-to-toe with Grayscale\u2019s GBTC on Day 12 of trading in terms of trading volume. This happened to be the closest that IBIT or any Spot Bitcoin ETF had come close to GBTC, which holds the \u201cliquidity crown.\u201d Related Reading: Renowned Crypto Expert Reveals Top 3 Altcoins Ready To Breakout In February 2024 This represents a positive development for Bitcoin\u2019s price since IBIT\u2019s volume, more of inflows, is able to suppress GBTC\u2019s volume, which has been majorly outflows. The outflows recorded by GBTC following its Spot Bitcoin ETF conversion had partly contributed to the flagship crypto token dropping below $40,000. However, GBTC investors seem to be cooling on the profit-taking that had overwhelmed the fund as it has now seen a reduced outflow for the fifth consecutive day. BitMEX research revealed in an X (formerly Twitter) post that GBTC had seen an outflow of $192 million on January 29.\u00a0 That figure also represented GBTC\u2019s lowest daily outflow yet and the first time it was seeing a daily outflow below $200 million. This recent trend of reduced outflows has evidently provided some form of relief to the Bitcoin market, seeing that Grayscale\u2019s selling pressure has subsided.\u00a0 Meanwhile, the Bitcoin bulls also contributed to ensuring that Bitcoin didn\u2019t stay down for too long. Data from IntoTheBlock showed that Bitcoin whales have increased their BTC holdings by 76,000 BTC since the start of this year. That suggests that there was a reasonable demand for the crypto token even when Grayscale continued to offload its BTC holdings.\u00a0 BTC price holding strong above $43,000 | Source: BTCUSD on Tradingview.com Other Factors Behind The Bitcoin Recovery\u00a0 NewsBTC recently reported how macroeconomic factors like the latest inflation data and the US debt being at an all-time high had contributed to Bitcoin\u2019s recovery to $42,000. These factors are still playing out in Bitcoin\u2019s current momentum, which has seen it rise above $43,000.\u00a0 Related Reading: What Are The Top 8 DeFi And Web3 Wallets To Use In Crypto? Moreover, the Federal Open Market Committee (FOMC) meeting is scheduled for January 30 and 31, and the CME FedWatch Tool predicts that there is a 97.9% chance that interest rates remain the same. Rates holding steady, rather than a hike, are good for the market.\u00a0 This also provides a plausible explanation for the recent surge in Bitcoin\u2019s price since investors are already positioning themselves in anticipation of the likely outcome of the Feds meeting. Another event these investors will be positioning themselves ahead for is the Bitcoin Halving. Market intelligence platform Santiment recently revealed that Bitcoin\u2019s supply on exchanges has continued to reduce, with BTC holders moving their tokens to cold storage. This move could well be in anticipation of the likely gains that Bitcoin is expected to see once the Halving event takes place.\u00a0 Chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":572303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[33424,428,91393,656,679,89462,1119,89185,1122,89710,1144,78790,6664,14690],"class_list":["post-572300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-33424","tag-bitcoin","tag-bitcoin-43","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-performance","tag-btc","tag-btc-news","tag-btc-price","tag-btc-price-performance","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Why Is Bitcoin Price Up Above $43,000 Today?<\/title>\n<meta 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. 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