Bitcoin Rockets Past $28,000 Again To Hit 6-Week High: What's Going On?
Portfolio Pulse from Mehab Qureshi
Bitcoin has surged past $28,000, reaching a six-week high due to significant accumulation among large wallets. Over 41,000 BTC have been amassed by major investors known as 'sharks' and 'whales' since September. The positive sentiment in the crypto market is also boosted by the potential approval of a spot Bitcoin ETF by the SEC. CoinGlass data shows that 29,385 traders faced significant liquidation in the past 24 hours, resulting in a total liquidation value of $114.21 million.
October 02, 2023 | 8:10 am
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Bitcoin has surged past $28,000, reaching a six-week high. This surge is due to significant accumulation among large wallets and the potential approval of a Bitcoin ETF by the SEC.
The surge in Bitcoin's price is due to significant accumulation among large wallets, which indicates strong buying pressure. Additionally, the potential approval of a Bitcoin ETF by the SEC could bring more institutional investors into the market, further driving up the price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100