Why is Bitcoin (BTC) Price Up Today?
Bitcoin has surged above $102,700, reaching its highest level in three weeks. After falling below $93,000 a week ago, Bitcoin has staged an impressive recovery, rising more than 9% this week. The price increase has fueled hopes that Bitcoin could soon reach an all-time high of $108,000.
Reasons behind Bitcoin price surge
One of the key factors driving Bitcoin’s rise is the decision by major players like MicroStrategy and Metaplanet to buy more Bitcoin. January 6, MicroStrategy Announced It recently purchased 1,070 Bitcoins for $101 million.
Although this figure is small compared to previous multi-billion dollar purchases, it is still considered a positive sign for the Bitcoin market outlook.
Currently, MicroStrategy holds a total of 447,470 BTC, with an acquisition price of approximately US$27.97 billion, and an average acquisition price of US$62,503.
Similarly, Japanese investment company Metaplanet also increased its Bitcoin holdings. They plan to increase their Bitcoin holdings to 10,000 Bitcoins, a fivefold increase from their current holdings.
Metaplanet has been actively acquiring Bitcoin in 2024, including most recently purchasing 619.7 BTC on December 23.
Gemini reaches $5 million settlement with CFTC
besides, Gemini announces reconciliation 2022 lawsuit with the Commodity Futures Trading Commission (CFTC). The exchange paid a $5 million fine but did not admit any wrongdoing over allegations of Bitcoin price manipulation. While this legal issue is still ongoing, it has not stopped the market from rising.
Bitcoin ETFs witness massive inflows
In addition, Bitcoin ETFs have seen large inflows recently According to the distance. On January 3, U.S. spot Bitcoin exchange-traded funds (ETFs) recorded huge inflows of $908 million. This was followed by another large inflow on January 6, totaling $978.6 million.
Leaders include firms such as Fidelity, BlackRock and Ark Investment, which have invested millions of dollars in Bitcoin ETFs. These inflows are seen as a sign of growing institutional confidence in Bitcoin.
What’s next for Bitcoin?
As Bitcoin price rises 3.2% in the past 24 hours, Reaching $101,669investors are now looking for Bitcoin to break through $105,000. If Bitcoin can hold this level, it could move closer to its all-time high of $108,384, making the recent surge even more significant.
As Bitcoin recovers from weeks of sluggish momentum, its uptrend is likely to continue, leaving the market excited about what’s next.
