Bitcoin (BTC) Recaptures $60K: Is $70K On the Horizon?
The price of Bitcoin is over $60K for the first time in several weeks. Is more upward movement ahead?
Officially, Bitcoin is back up and over the $60K mark after briefly dipping below the line this. BTC originally recaptured $60K after staying in the $50,000s for the better part of a month.
BTC horizon, what might be the reason? eToro’s Simon Peters said in a statement that the rise is due to “a number of factors.” Namely, “new demand from institutional investors and wealth managers offering cryptoasset exposure to clients,” as well as “a decline in on-exchange reserves is reducing supply as more investors move
the currency to their own wallets.”
Could Bitcoin’s current price momentum be the start of a run to $70K?
Finance Magnates has previously made a number of reports on Bitcoin “whales” that are habitually moving their BTC off of exchanges. For example, at the end of March, Finance Magnates reported on massive Bitcoin outflows, $1 billion worth of BTC has left the digital exchange in just 24 hours. On April 6th, Finance Magnates reported on WhaleAlert’s findings that one Bitcoin holder transferred 5,193 BTC to an unknown wallet.
Corporations have also showed an increased appetite for involvement in the crypto world. Earlier, Finance Magnates reported that both Visa and Paypal were making their way into crypto. Visa announced that it was developing plans to begin settling some of its transactions with USDC on the Ethereum network; PayPal announced that it would be giving its users the options to pay merchants with crypto.