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Peter Davis

An writer at FOMOdrive

  • Jun 22, 2023
  • 2 min read

Bitcoin (BTC) Soared Above $28,000 – What's Happening?

On Tuesday, Bitcoin experienced a significant surge, with its value rising above $28,000.

The announcement of BlackRock's plan to introduce a bitcoin ETF has reinvigorated the market.

It is estimated that BTC could reach a new all-time high within 8-18 months.

It is hard to foresee what the effects of the Bitcoin halving in 2024 will be.

Preparations are underway for the halving of Litecoin.

On Tuesday, Bitcoin experienced a significant surge, with its price increasing by $1,500 in the US session. This marked the first time in three weeks that BTC had risen above $28,000, and the highest growth rate in the last three months.

The news of giant BlackRock's intention to launch an ETF focused on spot Bitcoin has sparked increased interest from institutional investors in cryptocurrency, as reported by OrBit Markets. On June 15th, BlackRock applied to launch a crypto fund, however, the SEC has already denied such applications more than 30 times, citing market issues and lack of investor protection.

Hodlers are continuing to amass coins in anticipation of the halving, according to Glassnode. This is a period of "calm" accumulation that usually happens during a long sideways movement, when the market is "getting back on its feet" after a prolonged bearish trend. Based on the length of past similar periods, it is likely that the historical maximum will be reached in 8-18 months.

Santiment reported that the outflow of bitcoins from exchange addresses rose in June. By mid-month, the amount of BTC held on exchanges had fallen to its lowest point since February 2018. This trend of taking cryptocurrency offline has been prevalent since the end of 2022.

According to Coinbase, predicting the consequences of the Bitcoin halving in 2024 is still a challenge. While the halving could potentially have a positive effect on the value of BTC, it is difficult to make any definite predictions.

Germany's biggest financial institution, Deutsche Bank, has applied to BaFin for a license to become a custodian of crypto assets.

The European Parliament has delayed the release of the finalized Digital Euro Bill (CBDC). As reported by CoinDesk, the European Commission is exploring ways to make CBDC more accessible to the public, such as offering it as a retail payment option.

The number of new Litecoin addresses rose by 55% between June 10 and June 17, setting a record high of 200 million. This surpasses the Ethereum blockchain, which has a total of around 180 million wallets created. This surge in Litecoin addresses comes ahead of the halving, which is scheduled to take place on August 4, 2023.

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