Bitcoin Tops $44K

8 Feb 2024

Continuing advances for U.S. stock markets also likely supported risk assets like crypto, with key indices making new all-time highs

Bitcoin (BTC) surged Wednesday over $44,000 to a fresh four-week high amid increased BTC accumulation by large holders and new all-time highs in U.S. equity indices.
The largest and oldest crypto by market value rose from $42,700 earlier in the day to as much as $44,300, its highest price since Jan. 12, the day after spot bitcoin exchange-traded funds (ETF) began trading in the U.S.
Bitcoin's 2.5% advance over the past 24 hours is pacing the CoinDesk 20's 1.6% gain over the same time frame. Ether (ETH) is among other upside movers, ahead 2.3%. Lagging is Cardano (ADA) with a 0.4% decline.

Bitfinex analysts pointed out earlier this week that increased selling by miners could have been a reason why BTC prices were pressured recently. However, an opposite dynamic today may have overwhelmed sellers.
Crypto analyst Ali Martinez noted in a X post Wednesday that bitcoin whales – large investors – increased their asset accumulation. The number of bitcoin wallets holding over 1,000 tokens (roughly $44 million) rose to a multi-month high of 73, said Martinez, citing Glassnode data.

Continuing advances for U.S. stock markets also likely supported risk assets like crypto, with S&P 500 closing at a record high just shy of the 5,000 level, The Dow Jones Industrial Average was just a few ticks from it all-time high, and the tech-heavy Nasdaq Composite continued to close in on its record.
Concerns about the health of regional bank New York Community Bancorp (NYCB) appeared to ease, with shares erasing big early day losses and closing higher by 6.7%. The lender late Tuesday issued a statement to calm market participants about its liquidity and deposit stability after rating agency Moody's downgraded its credit to junk grade.

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