Bitcoin
Why did Bitcoin price go up today? BTC price rise above $70K
Amid the continued bullish recovery of cryptocurrencies after a two-month correction period, the price of Bitcoin (BTC) has soared around 6.8% in the last 24 hours to trade at around $71,273 on Tuesday, during the start of the Asian session. At the time of writing, Bitcoin’s average daily trading volume has more than doubled in the last 24 hours to around $50 billion.
Bitcoin’s sudden price pump resulted in a sharp sell-off by short traders, totaling over $345 million in revenue from crypto derivatives trading. As a result, it is safe to assume that Bitcoin bulls are in control and that a new all-time high is on the horizon.
Top Reasons Why Bitcoin Price Soared Today
COPA vs CSW – Decision published
On Monday, May 20, the High Court of Justice of the Business and Property Courts of England and Wales published its detailed decision in the case brought by the Crypto Open Patent Alliance (COPA) against Dr. Craig Wright. According to court documents, Wright significantly fabricated the case in an attempt to influence the court’s decision on whether he is Satoshi Nakamoto.
With the ruling handed down, Bitcoin software will remain public property through its open source technology.
Increased demand from whale traders
According to network data, several cryptocurrency traders have accumulated more Bitcoins recently. Market intelligence platform Santiment has noted that short-term Bitcoin holders have been shifting to long-term investors.
Meanwhile, Bitcoin ETFs in the United States and Hong Kong saw notable cash inflows last week.
Discover the Ethereum ETF frenzy
Bitcoin price reacted to the news that the US SEC changed its position regarding Ethereum and its application of spot Ether ETFs. Combined with other factors such as the recent Bitcoin halving, the major currency is well positioned to rise further.