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CATEGORY: why is bitcoin up today


Jul 16, 2024 12:05

Bitcoin Price Surges Past $63,000: The Key Reasons

After a decline to $53,600 last Friday, the Bitcoin price experienced a major recovery over the weekend, exceeding the $63,000 threshold today. This marks a massive 17% increase since last Friday, reaching this level for the first time in two weeks. The rally can be attributed to several factors that collectively propelled the premiers cryptocurrency’s price upward. #1 The Trump Bitcoin Pump The resurgence in the Bitcoin price coincided with the attempted assassination of former President and 2024 presidential hopeful Donald Trump. The incident significantly impacted his odds in the upcoming election, with betting market Polymarket now forecasting a 70% probability of his victory. Crypto expert Will Clemente III highlighted on X, Trump’s odds of winning in November are skyrocketing in prediction markets. He further noted, “Based on Bitcoins reaction so far, looks like markets are going to begin pricing in a full Trump victory.” Related Reading: Bitcoin Accumulation: Whos Been Buying Up All The BTC Dumped By The German Government? Alex Krüger, a macro analyst, elaborated on the implications of a potential Trump presidency for the financial markets: The Trump Trade is now on its way. This what Trump winning, or the expectation of him winning, entails: Bullish for Crypto because Trumps administration might pursue supportive regulations for cryptocurrencies, fostering innovation and adoption. #2 German Selling Exhausted The recent completion of a large-scale Bitcoin sell-off by the German government also contributed to the price recovery. Germany exhausted its cache of 50,000 BTC seized from Movie2k, completing its final transaction of 3846.05 BTC last Friday. James Checkmate Check, a leading on-chain analyst, remarked on the incredible strength of the BTC price on X, Folks, Bitcoin just absorbed a 50k BTC market sell order in a few weeks. It dipped ~25%, in a very structured and orderly correction. Last time something like this happened was LUNA selling ~80k $BTC and price dropped from $46k to $25k, and soon after to $17k. Not the same. #3 DXY Is Showing Weakness The weakening US dollar is probably another driver of BTC’s recent gains. The US Dollar Index (DXY), which measures the dollar against a basket of major currencies, fell 1.8% over the last two weeks to a five-week low of 104. Related Reading: Bitcoin Whales Accumulate 71,000 BTC Amidst Price Dip Details The expectation of an interest rate cut and the growing US government deficit, which reached $1.27 trillion year-to-date in June, have contributed to the dollar’s decline, pushing investors towards riskier assets like Bitcoin and cryptocurrencies. #4 Bitcoin Miner Capitulation Ends Joe Burnett, another noted crypto analyst, highlighted via X yesterday that a month-long period of Bitcoin miner capitulation is nearing its end, indicating a potential reversal in downward pressure on Bitcoins price. Historically, the end of miner capitulation has been associated with subsequent price increases. #5 Technical Breakout From a technical perspective, Bitcoin surpassed the critical 200-day Exponential Moving Average (EMA) and a descending trendline this Saturday. This milestone can be considered a bullish signal among traders, indicating a possible end to the downturn that began in early June. At press time, BTC traded at $63,105. Featured image created with DALL·E, chart from TradingView.com

Apr 09, 2024 12:05

Bitcoin Price Eclipses $72,000: 5 Major Factors

In the early US hours of Monday, Bitcoin witnessed a significant surge, with its price climbing above the $72,000 mark. The ascent, marked by a more than 4.5% increase within a mere five-hour window from below $69,500 to an intra-day high of $72,579, can be attributed to a confluence of factors that have stirred the crypto market. #1 Strong Bitcoin Spot Demand The rally appears to be fueled by robust demand in the Bitcoin spot market, hinting at the potential sustainability of the move. Crypto analyst Daan Crypto Trades (@DaanCrypto) noted the healthy market dynamics, stating on X, “Funding rates still looking solid. Healthy reset, price slowly grinding up. That’s what we want and how we want to keep it. If longs start aping again while spot bid stops, then that will end up in another flush at some point. For now, all good.” Related Reading: 12 Days Until Bitcoin Halving: Why $100,000 Isnt Much Further Away In tandem with the rising spot prices, data from Coinglass reveals that $40.7 million in BTC shorts were liquidated today, further propelling the price upwards. #2 BTC Halving The imminence of the next Bitcoin halving, slated to occur roughly 12 days from now on April 20, has also probably played a pivotal role. Historically, Bitcoin has experienced a pre-halving price retraction followed by a significant rally leading into the event. The halving will reduce the Bitcoin reward from approximately 900 coins per day to 450 coins. Skybridge Capital’s Anthony Scaramucci shared his insights with CNBC recently, highlighting the unpriced nature of the upcoming halving and its potential to further drive Bitcoin’s price. Theyre now saying that the halving is priced in. I dont believe that. I think Bitcoin has a lot more to go here, he stated. At current prices, roughly $65 million in Bitcoin ETF inflows per day are needed to buy up the daily mined supply. In 2.5 weeks, that’s only $32.5 million. #3 BTC Follows Gold The correlation between Bitcoin and gold, both considered safe-haven assets, is another factor contributing to Bitcoin’s price movement. Gold’s strong opening this week, reaching a new all-time high of $2.253, has been mirrored by Bitcoin’s price trajectory. Gold enthusiast Peter Schiff and crypto analyst Michaël van de Poppe have both remarked on the positive correlation between the two assets, suggesting a shared momentum amid economic uncertainties. Gold bug Peter Schiff commented via X: It’s been a volatile Sunday night for gold. After an early $27 sell off, it rallied over $45, hitting a new record high above $2,348. This is an early stage of a major repricing of gold to reflect much higher future inflation. It’s a warning that monetary policy is too loose. Related Reading: $115-Million Bitcoin Whale Wakes Up From 10-Year Slumber Whats Next? Crypto analyst Michaël van de Poppe remarked: “There we go. Gold opening up with a big new upwards candle and Bitcoin is back to $71,000. Given the strength on commodities and the current price action of Bitcoin, I suspect we’ll see a test of the all-time high coming up. #4 Strong Weekly Close The significance of Bitcoin’s weekly candle close was highlighted by CRG, a renowned analyst, who pointed to it as a contributor to the rally. The ability of Bitcoin’s price to close sustainably above its 2021 high for the second consecutive week signals a strong bullish sentiment in the market. Great weekly close Fresh all time highs this week Source: my plums pic.twitter.com/wyxwomdDjZ — CRG (@MacroCRG) April 8, 2024 #5 Hong Kong Readies For Spot ETF Launch Finally, the anticipation of the launch of spot Bitcoin ETFs in Hong Kong may have injected optimism into the market. Reports indicate that major Chinese asset managers, such as Harvest Fund and Southern Fund, managing assets worth over $230 billion and $280 billion, respectively, are positioning themselves through Hong Kong subsidiaries to enter the Bitcoin ETF market, awaiting regulatory approval. #6 Extra: The “Ethena-Effect” Ethena Labs has started purchasing BTC as part of a cash-and-carry trade in order to create a safer USDe synthetic dollar product for users. The move is being critically observed by the crypto community. Ethena now holds more than half a billion in BTC hedged across Binance, OKX and Deribit Ready for the halvening pic.twitter.com/auquK59DfY — Seraphim (@MacroMate8) April 8, 2024 At press time, BTC traded at $72,103. Featured image created with DALL·E, chart from TradingView.com

Apr 24, 2025 12:05

Bitcoin Explodes Above $94,000 Whats Igniting The Fire?

Bitcoins ascent gathered fresh momentum on Tuesday, charging above the $94,000 mark and extending the gains to 26% since April 9. Three interlocking forcesgeopolitics, strategic balance-sheet demand, and resurgent exchange-traded-fund flowscoalesced over the past 24 hours to ignite the rally. Why Is Bitcoin Up Today? The first spark came from Washington, where US President Donald Trump signaled a partial détente in his long-running tariff dispute with Beijing. Sitting behind the lectern at the White House, Trump declared that duties on Chinese imports will come down substantially, but it wont be zero, before insisting he would be very nice to China so long as both sides reach a deal. Macro economist Alex Krüger distilled the presidents remarks in a widely circulated X post, noting that Trump had just ticked most de-escalation / bullish boxes. Among the verbatim phrases Krüger highlighted were: Tariff on China will not be as high as 145%, Itll come down substantially, and, when asked whether he would play hardball, the presidents succinct No. Related Reading: Is The Bitcoin Price Top In At $109,000 Already? What The MVRV Z-Score Says Equity indices responded immediately, but Bitcoins move was more dramatic, underscoring the markets sensitivity to macro uncertaintyand to any sign that the Federal Reserves path could tilt more dovish should trade frictions ebb. While geopolitics set the tone, a second catalyst arrived from Wall Street: the prospect of a multibillion-dollar balance-sheet bid for Bitcoin spearheaded by the next generation of the Lutnick family. According to the Financial Times, Brandon Lutnickthe newly installed chair of Cantor Fitzgerald and son of Commerce Secretary Howard Lutnickis forming Cantor Equity Partners in concert with SoftBank, Tether, and Bitfinex. The consortium plans to seed a new entity, 21 Capital, with approximately $3 billion in Bitcoin. Tether intends to contribute $1.5 billion worth of the asset, SoftBank about $900 million, and Bitfinex roughly $600 million, the report said, cautioning that the numbers could still shift before a formal announcement expected in the coming weeks. On X, Texas Bitcoin Foundation board member Tuur Demeester framed the implications bluntly: This announcement could explain why bitcoin is up 12% in the past week. Related Reading: Bitcoin Rally Ahead? Analysts Say These Key Indicators Look Bullish The third leg of support arrived from the US spot Bitcoin ETF market, where inflows swung decisively back into positive territory. Data compiled across issuers show aggregate net inflows of $911.2 million on Tuesdaythe most forceful daily total since January 17, when pre-inauguration optimism around Trumps crypto president rhetoric produced $975.6 million. Fidelitys FBTC absorbed $253.8 million, Ark Invests ARKB attracted $267.1 million, and BlackRocks market-leading IBIT added $192.1 million, while the smaller Grayscale Bitcoin Trust (GBTC) reversed weeks of redemptions with a $65.1 million intake. The turnaround began Monday, when the cohort drew $381 millionending a multi-week stretch dominated by outflowsand gathered pace as Bitcoin cleared the $90,000 threshold. The two-day, $1.29 billion surge signals a material revival of institutional appetite. At press time, BTC traded at $94,212. Featured image created with DALL.E, chart from TradingView.com

Nov 22, 2024 12:05

Bitcoin Price Almost Hits $98,000: Key Reasons Behind The Rally

Bitcoin has reached a new all-time high, surging to $97,852 on Binance. The cryptocurrency is up 5% in the last 24 hours and has gained an impressive 43% over the past 16 days since November 5. The momentum shows no signs of slowing as BTC price continues its steady ascent. Several key factors are driving this remarkable rally: #1 US Strategic Bitcoin Reserve Trade Following Donald Trump’s victory in the US presidential election, market sentiment has shifted significantly. The initial “Trump trade” has evolved into the “US Bitcoin Reserve Trade,” fueled by speculation that President-elect Trump may establish a Strategic Bitcoin Reserve (SBR). This follows his pledge at the Bitcoin 2024 conference in Nashville. Industry insiders like David Bailey, CEO of BTC Inc and a Trump campaign advisor, and Dennis Porter, CEO of Satoshi Act Fund, have hinted at the possibility of the SBR becoming a reality. Both have urged that the SBR be established within the first 100 days of Trump’s presidency through an executive order. They warn of the United States potentially falling behind in the global race to accumulate BTC. Related Reading: Countries Are Already Buying Bitcoin In Huge Volumes, Says Novogratz Bailey revealed on November 9, “There is at least one nation-state that has been actively acquiring Bitcoin and is now a top 5 holder. Hopefully, we hear from them soon.” He emphasized his certainty with a meme, indicating his information is based on knowledge rather than speculation. Mike Novogratz, CEO of Galaxy Digital, confirmed in a recent interview with Bloomberg TV that “countries are already buying BTC in huge volumes.” The “US Bitcoin Reserve Trade” is expected to continue until Trump’s inauguration on January 20. It remains to be seen whether Trump will follow through on his promises, potentially moving over 208,000 BTC confiscated by law enforcement into the reserve or even adopting Senator Cynthia Lummis’ Bitcoin Act proposal to purchase 1 million BTC over five years. #2 Potential Appointment Of A ‘Crypto Czar’ A leak on Wednesday suggests that President-elect Trump’s team is in discussions about creating a new White House position dedicated solely to Bitcoin and crypto policy. Sources familiar with the transition efforts indicate that candidates are being vetted for this role. If established, it would be the first-ever Bitcoin and crypto-specific White House position, underscoring the influence the nascent industry stands to wield in the incoming administration. It is unclear whether the role will be a senior White House staff position or a “crypto czar” overseeing policy and regulation across the federal government. Crypto industry advocates are pushing for the role to have a direct line to Trump – a massive news for the entire industry. #3 Launch Of Bitcoin ETF Options The introduction of Bitcoin ETF options has had a significant impact on the market. BlackRock’s iShares BTC Trust (IBIT) ETF options, launched on November 19, 2024, saw an unprecedented $1.9 billion in notional exposure on their first day of trading. Bloomberg ETF expert James Seyffart stated, “Final tally of IBIT’s 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts. That’s a ratio of 4.4:1. These options were almost certainly part of the move to the new Bitcoin all-time highs today.” Related Reading: US Bitcoin Reserve Will Push Price Above $1 Million, Expert Predicts Jeff Park, Head of Alpha Strategies at Bitwise Invest, recently highlighted the game-changing nature of Bitcoin ETF options: With the approval by the SEC to list and trade Bitcoin ETF options, we are on the verge of witnessing the most extraordinary upside ‘vol’ of ‘vol’ in financial history. For the first time, Bitcoin’s notional value will be ‘fractionally banked’ with ETF options. This marks the most monumental advancement possible for the crypto market. Park explained that Bitcoin ETF options provide a regulated market where the Options Clearing Corporation (OCC) protects clearing members from counterparty risks, allowing Bitcoin’s synthetic notional exposure to grow exponentially. He emphasized that this could lead to an explosive recursive effect on Bitcoin’s price due to unique volatility characteristics and the “volatility smile.” If there were one thing to read today re the game-changing nature of Bitcoin ETF options, read (and bookmark) this one for 2025 – it’s going to be wild. pic.twitter.com/On2DmUsbHX Jeff Park (@dgt10011) September 20, 2024 #4 Surge In Spot Market And Bitcoin ETFs The latest rally has also been driven by significant activity in the spot market. Heavy spot bids have propelled the price higher, with yesterday’s BTC ETF inflows being a crucial factor. Inflows amounted to $773.4 million, with BlackRock contributing $626.5 million, Fidelity $133.9 million, Bitwise $9.2 million, and ARK Invest $3.8 million. Over the past three days, US spot Bitcoin ETFs have purchased a staggering $1.856 billion worth of Bitcoin. Good morning, Yesterday’s Bitcoin ETF flows were positive for $773.4 million. Blackrock did $626.5 million, Fidelity $133.9 million. (BTC the mini-ETF is still missing data) Price slowly climbing higher from $92K up to $97k now. Shitcoins are getting slaughtered. source: pic.twitter.com/WMYIj7WiYj WhalePanda (@WhalePanda) November 21, 2024 The total net asset value of US Bitcoin spot ETFs has exceeded $100 billion. Twelve Bitcoin ETFs, including those from BlackRock and Fidelity, were issued in January and have reached this milestone in just ten months. At press time, BTC traded at $96,920. Featured image created with DALL.E, chart from TradingView.com

Nov 12, 2024 12:05

Bitcoin Price Blasts Through $82,000: These Are The Key Reasons

Bitcoin surged past the $82,000 mark on Binance, marking a substantial 17% increase since the public announcement of Donald Trumps victory in the recent US presidential election on Wednesday, November 6. Over the past weekend, the BTC price staged a rare weekend pump, rallying by more than 6%. While there are several reasons for this move, one clear main reason stands out: The victory of Donald Trump. #1 The Bitcoin Trump Pump Donald Trump’s victory has significantly bolstered Bitcoin’s market sentiment, primarily due to his campaign promises and supportive legislative initiatives. During his election campaign, Trump pledged to establish a national Bitcoin reserve by retaining ownership of the 208,000 Bitcoins confiscated through various law enforcement actions over the years. Senator Cynthia Lummis, a Republican from Wyoming often dubbed the Bitcoin Senator for her staunch advocacy, introduced the Bitcoin Act. This legislation aims to acquire 1 million BTC within a five-year timeframe. As Bitcoinist reported, the Bitcoin reserve could become a reality quite fast. BTC Inc. David Bailey, who is a key Bitcoin advisor to Trump, said recently that it could be done within the first 100 days of Trump’s term. In light of this, crypto research firm Matrixport writes in their latest investor note: With expectations that Trump will transform US regulatory policies into a more pro-crypto environment, the bullish momentum appears difficult to halt. With his inauguration set for January 20, 2025, the market has several weeks to sustain this rally. Related Reading: How High Can Bitcoin Go In 2025? Legendary Trader Reveals Arthur Hayes, founder of BitMEX, echoed this optimism on X: Some of y’all don’t believe Trump is about to trash the $ and print money. BTC disagrees. Here is Bitcoin leading vs. my new money supply indicator US Bank Credit. The market is speaking, listen up. Renowned crypto analyst MacroScope (@MacroScope17) further elaborated on the implications for institutional investors: Very important for BTC traders to understand how the game has changed since the election. In the institutional world, investments are built around having a thesis […] Its hard to overstate how much the thesis has now changed for BTC in terms of the policy/political element. #2 Rumors About Bitcoin Nation-State Adoption The strategic plans to establish a national Bitcoin reserve under Trump carry substantial geopolitical weight, potentially igniting a global race to amass Bitcoin reserves. David Bailey remarked, The Bitcoin Space Race has begun, noting that the game theory is playing out faster than anyone could have expected. Mike Alfred, founder and Managing Partner of Alpine Fox LP, shared his excitement on X: I just got a call out of the blue. It was someone important and they said someone huge is buying Bitcoin in size tonight. I almost couldnt believe it when they said the name. Wild. We are going so much higher. Related Reading: Economist Predicts Blow-Off Top For Bitcoin At $123,000 Post-Trump Win Bailey commented on November 10, There is at least one nation state that has been actively acquiring Bitcoin and is now a top 5 holder. Hopefully, we hear from them soon. His assertion, accompanied by a meme suggesting certainty over speculation. He added on the size: Top 5 holder of bitcoin across all users. There is at least one nation state that has been actively acquiring Bitcoin and is now a top 5 holder. Hopefully we hear from them soon. David Bailey $0.85mm/btc is the floor (@DavidFBailey) November 9, 2024 #3 Short Squeeze A significant short squeeze has also contributed to Bitcoins price surge. Charles Edwards, founder of Capriole Investments, commented on X: Circa $1B of shorts squeezed! From the weekend move from $76 to $81K. Open interest at the same level as when BTC traded at $62K. Provided funding continues to settle down, a very healthy up move. Data from Coinglass corroborates this, revealing that on Sunday, $133.15 million in BTC shorts were liquidated, with additional $33 million on Saturday. This substantial liquidation of short positions has reduced selling pressure, thereby fueling further upward momentum in Bitcoins price. #4 Retail Is Back The resurgence of retail interest has been another pivotal factor in Bitcoins recent rally. Cameron Winklevoss, founder of Gemini, observed on X: The road to $80k bitcoin was paved with steady ETF demand. Not retail FOMO. Little fanfare. People buy ETFs, they dont sell them. This is sticky HODL-like capital. Floor keeps rising. Where are we in the cycle? We just won the coin toss, innings havent started. Google Trends data supports this narrative, indicating a 53% increase in Bitcoin-related searches since the first weekend of October. On November 10, Bitcoin web searches peaked at 95, up from 42 points at the end of October. This surge in search activity suggests heightened retail interest and potential influxes of new investors into the market. At press time, BTC traded at $81,259. Featured image created with DALL.E, chart from TradingView.com

Oct 30, 2024 12:05

Bitcoin Price Skyrockets Above $71,000: Key Reasons Explained

The Bitcoin price has surged past the $71,000 mark today. Over the past five days, Bitcoin’s price has rallied by more than 8.5%, climbing from $65,600 to as high as $71,118 on October 29. In the last 24 hours alone, the BTC price has increased by 3.8%. This upward momentum can be attributed to four key factors: #1 Bitcoin ETFs Attract Massive Inflows The surge in Bitcoin’s price is closely linked to substantial inflows into Bitcoin Exchange-Traded Funds (ETFs). Yesterday witnessed massive ETF flows totaling $479.4 million. BlackRock led the inflows with $315.2 million, followed by Fidelity at $44.1 million, Ark with $59.8 million, and Bitwise at $38.7 million. These significant investments coincided with Bitcoin’s price movement from $68,000 to over $71,000. Leading on-chain analyst James “Checkmate” Check highlighted a divergence between Bitcoin ETF inflows and CME Open Interest. He noted We have a divergence between Bitcoin ETF Inflows and CME Open Interest. ETF Inflows are ticking meaningfully higher, CME Open Interest is up, but not as much GBTC outflows are also minimal. We’re seeing true directional ETF inflows, and less so cash and carry trades. The divergence suggests that investors are favoring direct exposure to Bitcoin through ETFs rather than engaging in cash and carry trades involving futures contracts. The carry trade strategy in the context of US spot Bitcoin ETFs and CME futures involves buying the ETF (tracking the spot price of Bitcoin) and simultaneously shorting Bitcoin futures on the CME. This approach aims to capitalize on price differences when futures trade at a premium to the spot price (contango). The notable shift toward ETFs indicates a bullish sentiment among investors, anticipating further price appreciation. #2 The “Trump Trade” Political developments are also influencing Bitcoin’s recent rally. Singapore-based QCP Capital commented on the impact of former President Donald Trump’s interview on the Joe Rogan Experience podcast, which has gained over 32 million views and driven his Polymarket odds above 66%. Despite crypto being touted as the “Trump Trade,” Bitcoin’s correlation with Trump’s potential election victory seems to fuel the Bitcoin price rally. QCP Capital also noted that Bitcoin is up only 8% this “Uptober,” compared to an average of 21% in previous Octobers. They stated, “If spot holds at these levels, this October would mark Bitcoins fourth-worst performance in the past decade.” With total BTC perpetual futures open interest across exchanges standing at $27 billionapproaching this year’s peaka breakout above $70,000 could trigger new all-time highs, especially with more leveraged longs joining in. #3 Shorts Squeeze Amplifies Price Surge Market data indicates a significant shorts squeeze contributing to Bitcoin’s price spike. According to Coinglass, in the past 24 hours, 65,622 traders were liquidated, with total liquidations across the entire crypto market amounting to $228.51 million. Of this, $169.47 million were short liquidations. Specifically for Bitcoin, $83.61 million in shorts were liquidated. The largest single liquidation order occurred on Binance’s BTCUSDT pair, valued at $18 million. The substantial liquidation of short positions suggests that many traders were betting on a price decline and were forced to close their positions as the market moved against them. This mass unwinding of shorts can accelerate upward price movements as traders buy back into the market to cover their positions. #4 Whales Increase Buying Activity Large-scale investors, often referred to as “whales,” are playing a pivotal role in the current rally. CryptoQuant analyst Mignolet observed that Bitcoin’s rally continues, led by activity on the Binance exchange. He pointed out that Binance whales began significant involvement in the market two weeks ago during Asian trading hours, and recent declines in the Coinbase Premium Gap (CPG) alongside price increases are “a clear sign of Binance whales’ intervention. Mignolet emphasized that this should not be interpreted as a decline in US demand, but an even stronger buying pressure from Binance. Over the past two weeks, demand for US Bitcoin spot ETFs has surged, with a net inflow of approximately 47,000 Bitcoin. Since most ETF products use Coinbase, movements in CPG data are closely tied to ETF demand. He concluded, “The current Bitcoin price is being driven by Binance whales, with sustained inflows of US capital.” At press time, BTC traded at $71,340. Featured image created with DALL.E, chart from TradingView.com

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