As a seasoned researcher with over two decades of experience observing financial markets, I can confidently say that the ongoing Bitcoin rally is nothing short of extraordinary. Having witnessed several market cycles and crashes, I have never seen such resilience and determination from an asset class as I am seeing in Bitcoin now.
In recent times, Bitcoin has been steadily climbing and recently closed above $100,000 for three consecutive weeks. Over the past day, it increased approximately 3%, reaching a new record high of around $107,822. This surge caused Bitcoin’s market capitalization to exceed $2.12 trillion, with its daily traded volume surging by over 24% to approximately $80 billion at the time this report was written.
Looking at it from a technical perspective, Bitcoin’s price seems poised for potential growth over the next few weeks. Furthermore, due to the strong bullish breakout in November, Bitcoin has been exploring new pricing levels, and many experts predict a mid-term goal around $120,000.
Bitcoin Price under High Impact News
In the days to come, we can expect Bitcoin’s price fluctuations to persist, as significant announcements from various regions, particularly spearheaded by the United States, are anticipated. On Wednesday, December 18, 2024, the Federal Reserve is set to share its final interest rate decision for that year.
Following reductions in the benchmark interest rate on two previous occasions, it’s anticipated that the Federal Reserve will lower its rate by a quarter of a percent, bringing it approximately to 4.75%. Additionally, the Federal Reserve is expected to release their policy statement through the Federal Open Market Committee (FOMC).
On Thursday, the Bank of Japan is set to announce its key interest rate, and it’s generally anticipated that they will maintain the rate at 0.25%. Similarly, on Thursday, the Bank of England (BoE) will reveal their primary interest rate, and it’s widely predicted that they will keep it steady at 4.75%.
Whale Investors Accumulate Relentlessly
In more straightforward terms: The significant interest in Bitcoin from large-scale traders (whales) and institutional investors recently has kept the optimistic market trend going strong. As Coinspeaker mentioned, the amount of Bitcoin available on centralized exchanges has been decreasing dramatically, even as some miners have sold off their Bitcoin.
Based on recent market statistics, over 40,000 Bitcoins were taken out of centralized platforms in the past week. This action has lowered the total number of Bitcoin circulating on these exchange platforms to approximately 2.24 million as we speak.
In recent times, major issuers of U.S. Bitcoin Exchange-Traded Funds (ETFs), with BlackRock’s IBIT at the forefront, have been the most significant purchasers of Bitcoins. On Monday alone, these U.S. Bitcoin ETFs saw a net inflow of approximately $636.85 million. This daily influx contributes to a total cumulative net inflow of around $36.24 billion and total net assets worth roughly $120 billion. This figure represents about 5.76% of Bitcoin’s overall market capitalization.
As a crypto investor, it was exciting to see that both BlackRock’s IBIT and Fidelity FBTC experienced a significant inflow of approximately $418 million and $116 million respectively on Monday. What stood out most was the fact that none of the US spot Bitcoin ETF issuers reported a net cash outflow, indicating a strong interest in cryptocurrencies among investors.
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2024-12-17 13:12