Bitcoin’s Wild Ride: From $96K to $98K and Other Crypto Shenanigans!

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So, here we are, folks. Bitcoin, that digital diva, has decided to strut its stuff again, bouncing back from a cozy little support level of $96.4K like a cat that just discovered a sunbeam. As of Tuesday, February 11, 2024, it’s prancing around at a sprightly $98,054. I mean, who needs a stable job when you can watch numbers dance like this? 💃

Now, let’s talk volatility. A thrilling 0.2% in the last 24 hours! I know, I know, hold onto your hats! And with a market cap of $1.94 trillion, it’s clear that Bitcoin is the prom queen of the crypto world, while the rest of us awkwardly shuffle around the edges, hoping for a slow dance.

But wait, there’s more! Bitcoin is apparently gearing up for a bull run that could take it beyond $109K. I can already hear the collective gasps of crypto enthusiasts everywhere. “Is this real life?” they’ll ask, clutching their wallets like they’re about to be asked to donate to a questionable cause.

Now, let’s not forget the political backdrop. Apparently, Bitcoin has been on a price discovery mission since the re-election of Donald Trump. Because nothing says “let’s invest” like a political circus, right? 🎪

Bitcoin Price Reacts from Mixed Whale Activities

In the world of Bitcoin, it seems the whales are back in town, and they’re not just here for the free snacks. Institutional investors are diving in like it’s a kiddie pool on a hot summer day. MicroStrategy (NASDAQ: MSTR) has resumed its Bitcoin shopping spree, snagging around 7,633 BTC last week. I can only imagine the excitement in their boardroom: “More Bitcoin! Less PowerPoint!”

And then there’s Metaplanet, which has decided to raise ¥4 billion through a bond offering to buy more Bitcoin. Because why not? Who needs a diversified portfolio when you can just go all-in on digital coins?

“In September 2021, the OTC desk balance was around 480k BTC and today it sits at 146k BTC left.” – By @Darkfost_Coc

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— CryptoQuant.com (@cryptoquant_com) February 10, 2025

Meanwhile, centralized exchanges are seeing a surge in Bitcoin supply, up by about 31k coins in the last month. It’s like a yard sale for crypto, and everyone’s trying to cash out before the next big thing comes along. The US spot Bitcoin ETFs recorded a net cash outflow of about $186 million. It’s like watching a game of musical chairs, but with a lot more anxiety and fewer chairs.

Altseason Reckoning

As Bitcoin flirts with bullish sentiment, the altcoin scene is buzzing like a beehive. Layer one coins like Cardano (ADA) at $0.79, Toncoin (TON) at $3.83, and Ethereum (ETH) at $2,700 are all joining the party. It’s like a high school reunion where everyone suddenly looks better than you remember.

And let’s not forget the regulatory landscape, which is apparently improving. Binance and the US SEC are playing nice, filing a joint motion to pause their case for 60 days. It’s like watching two toddlers share a toy—adorable, but you know it won’t last.

With altcoins still undervalued against their Bitcoin pairs, the whales are betting big on an altcoin rally. Because if there’s one thing we’ve learned, it’s that when the big fish swim, the little fish better hold on tight!

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2025-02-11 13:58