It has been a week of new historical highs for BTC along with the beginning of a new year for the crypto market. What happened?
In the crypto week that ends today, the price of Bitcoin (BTC) broke historical highs almost every day, and since we know it’s too much to process, we’ll tell you everything you need to know.
BTC leaves behind all the historical highs it reaches
The price of Bitcoin Machine has increased steadily over the past few days. However, over the weekend the leading crypto received a boost that led it to exceed USD 24,000, setting a final historical high.
Currently, Bitcoin’s price is at USD 33,400 after a 3.41% growth during the last 24 hours according to Crypto Online, the Crypto Trend tool.
The biggest boost in the price of Bitcoin was experienced during the first hours of January 2nd, when it surpassed USD 31,000 and USD 32,000 to reach the previously mentioned maximum.
This coincides with a significant increase in the volume of „Bitcoin“ searches in Google, according to Google Trends. However, retail investors only explain part of the increase in the price of crypto.
As we reported in CryptTrend, this week Glassnode reported that 78% of the circulating Bitcoin is illiquid and therefore only 22% is available for purchase and sale.
Consequently, BTC is experiencing a significant shortage that has pushed it to break historical highs in its price.
In fact, this week the crypto community learned that Grayscale closed 2020 with $20 billion under its administration, and in December acquired almost three times as much Bitcoin as the amount added to the market by the miners during the month.
Bitcoin flies up to 32k. Does it mark the beginning of the altseason?
Bittrex Dismisses Privacy Coins
Bittrex also started the year by eliminating Monero, ZCash and Dash from January 15 at 11:00 PM UTC.
As previously reported in Crypt Trend, the crypto exchange offered no explanation for the decision. However, the crypto community is not surprised given the increased scrutiny by regulators.
Thus, Bittrex cited „evolving regulatory standards and other compliance issues“ among its reasons for removing tokens from the list.
Wages at Bitcoin: A Reality for 2021?
In 2021 we could see a Bitcoin ETF crypt
Before the end of the year, VanEck reported that it has resubmitted its application for a Bitcoin-listed fund with the U.S. Securities and Exchange Commission. (SEC).
It’s worth remembering that, the last attempt by VanEck was withdrawn on September 17, 2019, after the SEC basically blocked all attempts.
Now, after the SEC is in a transitional phase and after Jay Clayton’s resignation from the presidency on December 23, 2020, it could be a potential opportunity for approval.
A Bitcoin ETF Could Become a Reality
Between BTC crypto and Gold, what do you choose? Bitcoin!
Also during this crypto week, SkyBridge Capital presented its clients with a very positive perspective on Bitcoin where, in fact, it claims that crypto is better than gold.
In this regard, he predicts that the crypto demand for Bitcoin will increase over time and even become much more intense. This means more scarcity and therefore a greater chance that BTC will continue to exceed historical highs.
How did the crypto market start in 2021? We’ll tell you!
eToro crypto platform could launch an IPO in 2021
This week word spread in the crypto community that eToro is working to launch its OPI in 2021. However, for the time being it remains a rumor.
What is interesting is that if true, in 2021 the crypto community would experience the launch of two OPI’s, Coinbase and eToro. The question is: How will the crypto market react?
eToro’s Crypto Exchange could launch its IPO in 2021
XRP had a pretty rough week
Following the SEC’s filing of the lawsuit against Ripple Labs, XRP has had it pretty rough. Especially after multiple crypto exchanges have reported the halting of crypto operations.
Therefore, Ripple Labs issued a statement promising to respond to the allegations. It said the SEC is using Ripple as a mechanism to bring down the entire crypto industry in the United States.