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Bitcoin Rises Above $9,700 to Reach Highest Point in 3 Months
Bitcoin has reached its highest point in over 3 months, above $9,700.
Updated Sep 13, 2021, 12:15 p.m. Published Feb 6, 2020, 2:04 a.m.
Bitcoin has continued its journey north to reach its highest point in over three months after defying expectations of a temporary pullback in its price.
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Over the course of eight hours, starting at 10:00 UTC on Feb. 5, the price of BTC rose 5.9 percent from $9,250 to around $9,775 before a small sell-off ensued that brought prices back to current levels at around $9,559.
Oliver von Landsberg-Sadie, CEO of U.K. crypto firm BCB Group said the recent moves in BTC were likely due to shallow market depth amplifying buyer bids.
“Any meaningful size still rocks the boat while the background bullish drivers are the usual suspects with the upcoming halving,” Landsberg-Sadie said.
Still, the impact to BTC’s latest price rise could also be attributed to activity in the altcoin market.
Su Zhu, co-founder at Three Arrows Capital, said the price movements were being led by large-cap altcoins, especially ether .
“There were some statements from the [Commodities Futures Trading Commission] that ether futures would be coming before the end of the year and some positive technological progress has been recently achieved on both the ethereum base layer as well as the progress to ETH2.0,” Zhu said
The seven-day short-term change in ETH’s price is up 18.5 percent alongside XRP, which is beginning to pull BTC higher; and are up 17.6 and 12.9 percent, respectively, over a 24-hour period, Messari data shows.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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