2023-7-4 11:56 |
As the U.S. celebrates Independence Day, Bitcoin (BTC) bulls are rubbing their hands in glee at the prospects of the asset surpassing its 52-week high.
Onchain analytics indicate a cooling of the virtual currency markets ahead of the holidays marked by dwindling levels of liquidity. Despite the falling liquidity metrics, pundits aver that Bitcoin is poised for a rally, building upon an already impressive streak.
“Historically liquidity is definitely lower around holidays and combined with a relatively large increase in leverage recently, prices will be more susceptible to sharp movements,” remarked Kyle Doane, an executive at Arca. “The market is still leaning bullish and overall sentiments continue to improve.”
At the start of the week, BTC climbed to $31,375 after a strong show of resilience in the face of macroeconomic uncertainties. Pundits are predicting that the asset class will surge past its one-year high of $31,389 over the holidays, but it all hangs in the balance.
Since the start of the year, BTC has climbed by a staggering 80% from lows of around $16,000. Although the current price is still a far cry from the all-time high of $68,789, the steady upward momentum of BTC in 2023 offers a glimmer of hope to investors of the asset class.
Bitcoin’s rise in recent weeks has rubbed off positively on the shares of several digital asset companies in the space, with the stock of U.S,-based exchange, Coinbase climbing by 12% to trade at $79.93. Other firms notching impressive wins in the build-up to the holidays include Marathon Digital, MicroStrategy, and Riot Platforms as they recorded double-digit wins.
Bitcoin ETFs stoking the flamesThere has been significant activity around a spot Bitcoin exchange-traded fund (ETF), with a clutch of firms amending their applications to the U.S. Securities and Exchange Commission (SEC).
Under the new amendments, applicants are naming markets to be monitored in a new surveillance-sharing agreement. Fidelity and BlackRock are jostling for the SEC’s approval for a spot Bitcoin ETF with the potential to send the asset class to new highs.
In the weeks following the SEC’s approval for a future-based Bitcoin ETF, the asset class surged to its peak of $68,789 back in November 2021.
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