Bitcoin (BTC) caught the attention of crypto communities followed by lively discussions after the leading cryptocurrency currency recently crossed the $40,000 psychological barrier.
Market analyst Holger Zschaepitz believes that the three major central banks, namely the Federal Reserve (Fed), the Bank of Japan (BoJ) and the European Central Bank (ECB), were instrumental in adopting Bitcoin. He explained:
“The biggest helpers for the adoption of cryptocurrency are the central banks. Bitcoin rises almost in tandem with Big3’s combined balance sheet. The combined balance sheet of the Fed, BoJ and ECB rose to nearly $25 trillion. ”
Bitcoin is on an upward trajectory after falling to lows of $30,000, driven by factors such as the Chinese authorities’ intensified crackdown on cryptocurrencies.
For example, 16.4% of its total offer is profitable again, as the day-to-day addresses closer to 1 million marks.
Bitcoin exchange inflow and outflow remains latent
According to the Santiment network metrics provider:
“Bitcoiners have [um] reason to celebrate with prices ending the week topping $47,800 for the first time since May 16th. A sign that the BTC will approach ATH levels again, note if currency flows remain latent. At the moment, things continue to look healthy. ”
Therefore, Santiment believes that this dormancy in the in-and-out balance of encryption is a bullish signal for the Bitcoin market. That could lead to an upside momentum close to the all-time high (ATH) price of $64.8 thousand recorded in mid-April.
The number of non-zero BTC addresses reached a monthly high
Encryption analytics firm Glassnode revealed that the number of non-zero Bitcoin addresses reached a high of 38,126,040 in 1 month.
Therefore, it shows that more participants are joining the BTC network. Meanwhile, the correlation performed by Bitcoin has recently dropped to negative.
The two assets were involved in a dispute to court investors as the first safe-haven asset.
The author: Bruno Lugarini
Student of Information Systems, computer technician, passionate about technology, enthusiast of cryptocurrencies and Nerd.