The reasons for the price increase seen in Bitcoin and cryptocurrencies for two days are discussed. In the background of the rise, it is claimed that the continuation of the downward trend in the US inflation, the claims that the SEC is preparing for the spot Bitcoin ETF approval, and the positive developments regarding cryptocurrencies in Hong Kong. Blockchain data shows that since February 10, funds and institutional investors have poured $1.6 billion into the cryptocurrency market.
They pulled USDC from Circle and sent it to exchanges
LookonchainAccording to , the transactions in question were made by several funds and institutional investors. In the past week, it was determined that only $200 million was invested, while $1.6 billion was withdrawn from USDC’s issuer Circle. The withdrawn amount was sent to the exchanges.
One of these funds withdraws 552 million USDC from Circle and transfers it to different exchanges, while the other withdraws 953 million 600 thousand dollars USDC and sends it to the exchanges. Another FalconX-related fund withdrew 143 million USDC and transferred it to FalconX. It is thought that purchases are made with these stable coins that enter the exchanges.
Bitcoin has experienced an increase of close to 16 percent since the previous day. The number one cryptocurrency by its market value has risen by 50 percent since the beginning of the year. Bitcoin is traded at $ 24 thousand 600 as of 16.00 TSI.
