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Bitcoin (BTC) has experienced a remarkable rally, reaching its highest level since May 2022, fueled by a series of positive factors. CoinDesk reports that over the past two weeks, more than 37,000 BTC, valued at approximately $1.44 billion, exited centralized exchanges, signaling a trend of investors opting for direct custody and long-term holding.
The notable decrease in available coins on exchanges has alleviated sell-side pressure, coinciding with growing optimism about the potential approval of a U.S. spot exchange-traded fund (ETF).
Investors believe that a U.S. ETF would simplify bitcoin trading for both retail and institutional participants, bypassing the complexities associated with crypto custody. Multiple ETF applications await approval from the U.S. Securities and Exchange Commission (SEC), with some analysts predicting a green light by year-end.
US’ Economic Situation Boosting Bitcoin
Bitcoin’s appeal has further surged due to expectations of lower interest rates from major central banks in the coming months. The possibility of reduced rates tends to stimulate economic activity, potentially directing funds towards riskier assets like cryptocurrencies.
Federal Reserve Governor Chris Waller’s recent comments about a potential slowdown in the U.S. economy and the argument for rate cuts have contributed to the positive sentiment. While some Fed officials have hinted at the possibility of rate hikes, Waller’s stance aligns with the prevailing market optimism.
Crypto Market Capitalizes on Bitcoin’s Gains
Bitcoin’s price tapped the $39,000 round figure on Friday, reaching its highest point since the crypto market’s major crash in May 2022.
This rally also bolstered the overall cryptocurrency market capitalization to $1.43 trillion, marking a $402 billion increase since mid-October. Major altcoins, including Chainlink, Litecoin, and Polygon, posted gains of up to 5% in the past 24 hours.
Despite the positive outlook, investors are cautioned to remain vigilant in the dynamic crypto market. Potential volatility and risks persist, including regulatory uncertainties, technical challenges, and cyber threats. As Bitcoin’s exchange outflows historically correlate with price lows and the onset of new uptrends, investors are advised to conduct thorough research and approach investment decisions judiciously.
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