In the span of 24 hours, the value of Bitcoin has increased by 11%, surpassing $24,800 in early trading and now standing at over $24,600.[0] The largest digital asset is at its highest levels since last August, firmly above the $23,000 range in which it had stagnated for weeks.[1] In the last 24 hours, the total market capitalization of the crypto market rose 6.9% to a record high of US$1.10 trillion, while the total trading volume increased 7.9% to US$63.61 billion. This is the highest it’s been since mid-August[2] Bitcoin is up $1921.58 today or 8.64% to $24172.77 and has seen a rise in value of 5.95% over the past seven days.[3]
The performance of the most popular cryptocurrency has lifted the second-leading cryptocurrency, Ether, which was up 8% and hovering near its highest point since September—about $1,700.[4] In that context, Finbold consulted the machine learning algorithms over at the cryptocurrency tracking platform PricePredictions, and at press time, they projected that the price of Bitcoin on March 1, 2023, would be standing at $24,934.[5]
The price of BNB increased by 7[6] After the New York Department of Financial Services ordered Paxos Trust Co. to cease the issuing of the Binance USD (BUSD) stablecoin backed by the U.S. dollar, the token has dropped 3.2%.[6] Paxos and Binance Global Inc., which operates the world’s largest cryptocurrency exchange, have come together to introduce BUSD.[6]
At the time of writing, BTC/USD had regained the losses that occurred around the weekly close, and was nearing the $25,000 mark again, as shown by data from Cointelegraph Markets Pro and TradingView.[7] Order book data for the BTC/USD pair on[7] Source: Material Indicators/ Twitter showed the notorious BTC buy wall had moved again.[7]
The company asserted that the present price activity matched Bitcoin’s earlier four-year halving cycle, as it was expected to be.[7] Filbfilb, CEO of Decentrader, declared that the upside for BTC/USD was estimated at $180,000.[8]
The Consumer Price Index, which was released the day prior, indicated that prices had increased 0.5% in January and 6% overall on Wednesday; these gains followed.[2]
0. “Bitcoin Price Hits a 6-Month High. Watch This Price Level.” Barron’s, 16 Feb. 2023, https://www.barrons.com/articles/bitcoin-ethereum-price-crypto-markets-today-b86262c4
1. “Bitcoin Rises Near $25,000. It Needs to Clear Key Levels to Keep Rallying.” Barron’s, 20 Feb. 2023, https://www.barrons.com/articles/bitcoin-rally-crypto-currency-memecoin-altcoin-ether-price-569bd178
2. “Markets: Bitcoin breaches US$24,000 to highest price since August as short sellers liquidated” Yahoo! Voices, 16 Feb. 2023, https://www.yahoo.com/now/bitcoin-breaches-us-24-000-022519727.html
3. “Bitcoin Gained 8.64% to $24172.77 at 5 p.m. ET — Data Talk” Marketscreener.com, 15 Feb. 2023, https://www.marketscreener.com/news/latest/Bitcoin-Gained-8-64-to-24172-77-at-5-p-m-ET-Data-Talk–42999910/
4. “Bitcoin breaks $25K for first time since mid-2022, some hail thaw of crypto winter” Fortune, 16 Feb. 2023, https://fortune.com/crypto/2023/02/16/bitcoin-ethereum-price-rally-0216-ordinals-inflation
5. “Bitcoin blasts to $24.7k as markets stabilize after massive FUD in last days – Can BTC Reach $30k by the end of Feb?” Crypto News Flash, 16 Feb. 2023, https://www.crypto-news-flash.com/bitcoin-blasts-to-24-7k-as-markets-stabilize-after-massive-fud-in-last-days-can-btc-reach-30k-till-the-end-of-feb/
6. “Bitcoin breaches US$24,000 to reach highest price since August amid short position liquidation” Forkast News, 16 Feb. 2023, https://forkast.news/headlines/bitcoin-highest-august-short-positions
7. “Bitcoin continues to ‘mirror’ 2017 as weekend sees third attack on $25K” FXStreet, 19 Feb. 2023, https://www.fxstreet.com/cryptocurrencies/news/bitcoin-continues-to-mirror-2017-as-weekend-sees-third-attack-on-25k-202302192241
8. “Bitcoin continues to ‘mirror’ 2017 as weekend sees third attack on $25K” Cointelegraph, 20 Feb. 2023, https://cointelegraph.com/news/bitcoin-continues-to-mirror-2017-as-weekend-sees-third-attack-on-25k