Main navigation

Bitcoin Surge: These Drivers Pushing BTC up Even Stronger Than Grayscale Win

Advertisement
Wed, 30/08/2023 - 14:28
Bitcoin Surge: These Drivers Pushing BTC up Even Stronger Than Grayscale Win
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Advertisement

Major crypto analyst and trader Michael van de Poppe took to X app (previously called Twitter) to share with his followers a long read with his thoughts on what has been pushing the Bitcoin price up since yesterday.

He believes that the BTC correction might be over now if Bitcoin manages to hold above $27,000.

"Bitcoin's broken out of the tiny range and needs to stay above it"

Poppe tweeted that if Bitcoin manages to stay above $27,000 and can thus omit one more massive liquidation of crypto across exchanges, this may be a confirmation that the correction is over and the flagship crypto is set to target new highs.

The breakout took place on Tuesday after the court decision in the case of Grayscale against the SEC related to the conversion of its Bitcoin Trust into a BTC ETF was announced — Grayscale beat the regulator. This does not mean, however, the emergence of the spot Bitcoin ETF.

Advertisement

Still, it was one of the major drivers that pushed the Bitcoin price up yesterday. According to Poppe, there are some other important factors that have been fueling the current rise of Bitcoin.

Here's what's also pushing Bitcoin up

Per the analyst, the supplementary drivers of the Bitcoin price this time included the X app gaining another license necessary for conducting crypto payments in another U.S. state.

Aside from that, Bitcoin benefited from the employment report coming in "with a massive miss on the downside" and the consumer confidence index staying at the lowest level in a while compared to its numbers during a recession.

As a reaction to these factors, the U.S. dollar dropped, yields went down slightly, and gold and silver prices went up.

Earlier, Poppe tweeted that gold and Bitcoin are currently moving alongside each other. He believes that should the gold price begin to move upward, Bitcoin may go level with it and then outperform it.

Related

"Era of safe haven assets is among us"

The analyst reminded his X audience that when the first gold ETF was launched in 2003, the gold price skyrocketed. Besides, it was the time when this precious metal turned into a hedge. Now, it may be Bitcoin's turn to take gold's place, Poppe wrote.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD